ST. COUSAIR Co., Ltd.
2937・Growth Market・Foods
Business
St. Cousair Co., Ltd. is a food manufacturing and retail company operating six brands centered on "St. Cousair" and "Kuze Fuku Shoten". It features a "food SPA" model that integrates marketing, product planning, manufacturing, store design, and sales in a single value chain. In addition to 177 domestic stores (56 directly operated, 121 franchised), the company operates its own e-commerce site, wholesale operations, and a global business anchored by a factory in Oregon, USA. Approximately 90% of its products are developed in-house, and the company has built a diversified, small-lot production system leveraging a network of over 500 food manufacturers nationwide. Consolidated net sales for FY2026 (ending March 2026) were ¥20,601 million.
Business Model
Diversifies revenue across four channels: merchandise sales at directly-operated and franchise stores (royalty income from franchises), gift and personal-use sales via its own e-commerce site and Rakuten Ichiba, wholesale to major retail chains, and global sales through its US subsidiary St. Cousair, Inc. Aims to enhance LTV by leveraging purchase data through its proprietary POS-linked ERP system and membership app, while improving profit margins through cost structure improvements driven by in-house production.
Company Strengths
The company handles the entire process in-house—from product planning, manufacturing, and store design to sales—with in-house engineers developing the majority of its inventory management, POS-linked ERP, membership app, and e-commerce systems. This has enabled a structure that rapidly reflects customer feedback in product development and store layout improvements, forming a competitive advantage that is difficult for other companies to replicate in a short period.
In addition to domestic brands such as Kuze Fuku Shoten and Saint Cousair, the company owns U.S. brands including Portlandia, Bonnie's Jams, and KELLY'S JELLY. In FY2026 (ending March 2026), sales by channel showed strong growth, with wholesale sales of ¥3,246 million (up 22.9% year on year) and global sales of ¥2,669 million (up 29.5% year on year), reflecting progress in diversifying revenue away from a store-dependent model.
As of the end of March 2026, the company maintains a procurement network with over 500 food manufacturers across Japan. It has achieved both low-cost procurement through large-lot purchasing and a system of small-lot, multi-item production, offering an assortment of over 600 items at small-format stores and over 1,200 items at large-format stores. This has built a win-win structure that also serves as a nationwide distribution channel for regional manufacturers.
ENVALITH's Perspective
Performance Trend
Revenue rose steadily from ¥17,866 million in FY2023 (ended March 2023) to ¥19,163 million in FY2024, ¥19,467 million in FY2025, and ¥20,601 million in FY2026 (ending March 2026). Meanwhile, operating profit declined for four consecutive periods, from ¥1,600 million to ¥1,289 million to ¥836 million to ¥791 million, with operating margin falling from 8.9% to 6.7% to 4.3% and then to 3.8%. Net income of ¥618 million in FY2026 (up 76.4% year on year) was mainly attributable to the disappearance of a ¥121 million impairment loss recorded in the prior period, and is difficult to characterize as a genuine improvement in underlying earnings. As for the external environment, yen depreciation and rising food prices have intensified domestic consumers' cost-saving mindset, and the decline in existing-store customer traffic has continued. Operating cash flow improved substantially to ¥1,533 million (versus ¥247 million in the prior period), and cash balances increased to ¥2,312 million.
Growth Strategy
Advancement of the food SPA model through domestic sales floor reform, in-house production, and global M&A
Creating store visit motivation through the trinity of sales floor presentation, product development, and store sales capability. Also advancing CRM enhancement and LTV improvement in parallel through utilization of purchasing data. In FY2026 (ending March 2026), the decline in existing-store customer traffic has continued throughout the fiscal year, and the effects of these initiatives are only halfway realized.
Aiming to improve the cost structure through stable operation of already-acquired manufacturing plants and phased in-house conversion of outsourced processes. A target has been set for obtaining FSSC22000 certification at the company's own plant by April 2027. In FY2026 (ending March 2026), the company continued active investment, with acquisition of property, plant and equipment of ¥568 million.
Continuing to acquire food brand businesses, mainly in the U.S. market. In April 2025, the company acquired KELLY'S JELLY (acquisition cost of ¥197 million), establishing a four-brand structure. Cross-selling between brands has progressed, and global sales reached ¥2,669 million, up 29.5% year on year.
In addition to continued steady sales centered on Taiwan, the company established a Korean subsidiary (St. Cousair Korea Co., Ltd.) in September 2025 to build a local sales structure. The company also plans to explore and consider future manufacturing bases in Asia.
Advancing sophistication of demand forecasting, production planning, and inventory management through AI utilization, as well as seamless integration from production planning to ordering and cost management. Aiming to build a stable supply structure for a wide variety of high-value-added products.
Last updated: July 19, 2026