PICKLES HOLDINGS CO., LTD.
2935・Prime Market・Foods
Business
Pickles Holdings Co., Ltd. is a TSE Prime-listed company established in September 2022 as a holding company for Pickles Corporation. It has 14 subsidiaries and 3 affiliated companies, operating manufacturing and sales sites nationwide from Hokkaido to Kyushu. Its main products are shallow-pickled vegetables (asazuke), kimchi, and prepared foods, with the "Gohan ga Susumu Kimchi" series as its flagship brand. Convenience stores and mass retailers are its primary sales channels, with sales to Seven-Eleven Japan accounting for approximately 16% of the total. It uses domestically sourced raw vegetables (such as Chinese cabbage and cucumber), emphasizing food safety and peace of mind.
Business Model
Group companies produce shallow-pickled vegetables (asazuke), kimchi, and prepared foods at manufacturing sites nationwide and sell them to convenience stores, mass merchandisers, and other retailers. The business operates on a two-pronged basis of manufactured products (in-house production) and merchandise (procured and resold); of the ¥40,923 million in net sales for FY2026 (ending February 2026), manufactured products account for approximately 70% and merchandise for approximately 30%. The company is pursuing production cost reductions through mechanization and efficiency improvements at the Ibaraki plant (operational since December 2024), while also driving profitability improvements through product price revisions and optimization of sales terms.
Company Strengths
The company owns multiple manufacturing sites spanning from Hokkaido to Kyushu (Tokorozawa, Chiba, Miyagi, Sapporo, Kyoto, Hiroshima, Saga, Ibaraki, etc.), establishing a system capable of stable supply to convenience stores and mass merchandisers nationwide. In December 2024, a new Ibaraki plant was established, further strengthening production capacity and efficiency.
The "Gohan ga Susumu Kimchi" (Kimchi that Makes Rice Delicious) series, characterized by the sweetness of apples and the savory taste of seafood, has maintained solid sales even amid a stronger consumer thrift orientation. In FY2026 (ending March 2026), this series also continues to support earnings, and the brand strength is such that a price increase was implemented from May 2025.
The company has obtained and maintains the food safety standard JFS-B and the international environmental management standard ISO14001 across all business sites collectively. It continues to invest in quality and safety management, including strengthening food defense initiatives and obtaining Excellent Health Management Corporation 2025 certification (for both the company and Pickles Corporation).
ENVALITH's Perspective
Performance Trend
Sales over the past five fiscal years have trended downward since peaking at ¥43,028 million in FY2024, with the full-year forecast for FY2027 (ending February 2027) projected at ¥41,000 million (up 0.2% year on year), indicating a flat trend. On the profit side, after a decline in FY2025, operating profit recovered sharply to ¥2,085 million in FY2026. In Q1 of FY2027 (ending February 2027), sales were ¥10,498 million (down 4.9% year on year), while operating profit rose to ¥696 million (up 12.5% year on year), maintaining profit growth. External factors such as stabilization in raw vegetable prices contributed, and cost of sales ratio improvement (from 78.7% to 76.5% year on year) driven by production efficiency gains and item rationalization boosted profit. The full-year forecast of ¥1,820 million in operating profit (down 12.7% year on year) is conservatively set, and given the strong Q1 progress rate, there is room for upward revision.
Growth Strategy
Expansion of commercial-use and frozen food products combined with leveraging the nationwide network to improve profitability and cultivate new demand
Actively promoting proposals to new customers through commercial-use kimchi, prepared foods, and frozen foods. Positioned as a priority area of the medium- to long-term strategy, aiming to diversify away from dependence on the CVS channel and broaden the sales base.
Continuing to narrow down the number of items handled as part of the medium- to long-term strategy. The effect is showing in the numbers as an improvement in the cost of sales ratio (78.7% in the same quarter of the previous year → 76.5% in Q1 of the current fiscal year), contributing to improved profit margins.
Hannō Bakery POCO-POCO, part of the Restaurant and Retail Business "OH!!! - Fermentation, Health, the Magic of Food!!! -", is working to boost customer traffic through event pop-up stores and similar initiatives. The scale remains limited at this stage, and generating substantial profit contribution remains a future challenge.
Ahead of the 50th anniversary of its founding in February 2027, a commemorative logo has been established, and initiatives to raise awareness and strengthen the brand are being rolled out. Efforts continue to enhance customer loyalty through the launch of collaboration products and the official fan community "Pickles Shokudo."
The Company and Pickles Corporation have been certified as "Excellent Health Management Corporation 2026 (Large Enterprise Category)" for the second consecutive year. This continues to be promoted as an initiative that contributes to enhancing corporate value from an ESG perspective and to securing and retaining human resources.
Last updated: July 17, 2026