KOBE BUSSAN CO.,LTD.
3038・Prime Market・Wholesale Trade
Business
Kobe Bussan Co., Ltd. is a comprehensive food company that, as the FC headquarters of "Gyomu Super," handles everything from product planning, development, procurement, and manufacturing to wholesale and retail on an integrated basis. It launched its FC system in 2000 and, as of the end of October 2025, operates 1,122 stores nationwide (1,118 FC stores + 4 directly-operated stores). Its main customer base has expanded from commercial-use customers to general consumers, and under its EDLP (Everyday Low Price) strategy, it offers private-brand products centered on items manufactured at its own group factories in Japan and overseas, as well as products imported directly from overseas. In addition to the Gyomu Super business, it also operates a restaurant and prepared-foods business (3 formats, over 190 stores) and an eco/renewable energy business (19 solar power sites and 1 woody biomass site), forming a diversified food group with 25 consolidated subsidiaries.
Business Model
The foundation of Kobe Bussan's earnings lies in supplying merchandise to its franchised stores (713 stores operated by 88 companies in directly-managed areas; 405 stores operated by 14 companies in regional areas). FC owners pay a royalty equivalent to 1% of their purchase amount, while Kobe Bussan secures margin by supplying products manufactured at its own group factories in Japan and overseas, as well as directly imported private-brand (PB) products from overseas. The increase in the in-house manufacturing ratio (production results of ¥52,309 million in FY2025 (ending October 2025)) has enabled the company to offer high-value-added products while containing procurement costs, making its integrated manufacturing-and-retail system the key driver of margin improvement.
Company Strengths
Built a PB product supply system combining manufacturing at its own group factories (China, Egypt, Myanmar, etc.) both domestically and overseas with direct imports from overseas. In-house manufacturing results in the Gyomu Super Business for FY2025 (ending October 2025) reached ¥52,309 million (up 9.7% year on year), realizing the low-cost procurement capability that underpins the EDLP pricing strategy.
In FY2025 (ending October 2025), the company opened 49 stores, closed 11 stores, achieving a net increase of 38 stores, expanding the total store count to 1,122. FC owners continue to show strong enthusiasm for opening new stores, having already achieved store openings in all 47 prefectures as of February 2021. Sales to G-7 Supermart, the major FC owner, continued to expand, reaching ¥101,058 million (up 13.5% year on year).
At the end of FY2025 (ending October 2025), the equity ratio stood at 60.5% (up 5.1 percentage points year on year), with net assets of ¥161,400 million. Operating cash flow reached ¥42,113 million (up ¥11,340 million year on year), and cash and cash equivalents totaled ¥130,498 million, securing ample liquidity on hand to support M&A and capital investment.
ENVALITH's Perspective
Performance Trend
Revenue increased for five consecutive fiscal years, from ¥362,064 million in FY2021 to ¥551,701 million in FY2025. In the first half of FY2026 (ending October 2026), revenue was ¥286,172 million (up 5.1% year on year), maintaining the growth trend, but the growth rate has been decelerating from FY2024 (up 10.0%) and FY2025 (up 8.6%). On the profit side, an improvement in the gross profit margin (cost of sales ratio 87.6% → 87.6%) and the recording of ¥2,537 million in foreign exchange gains under non-operating income contributed to a 16.8% year-on-year increase in ordinary profit, an acceleration. However, the full-year forecast anticipates a decline in both ordinary profit and net income attributable to owners of the parent compared with the previous fiscal year, with foreign exchange movements and fluctuations in procurement costs in the second half serving as the key variables for the full-year outcome.
Growth Strategy
Pursuing sustainable growth through a three-pronged approach: strengthening PB products, increasing domestic production capacity, and expanding franchise operations in food service and takeout/ready-made meals
Against a backdrop of strong store-opening appetite among franchise owners, the company continues to expand its store network by combining the relocation of aging stores with new store openings. In the interim period of FY2026 (ending October 2026), it achieved a net increase of 15 stores, bringing the total store count to 1,137. Nationwide expansion is being accelerated through balanced store openings across directly managed and regional areas.
The company aims to further enhance the competitiveness of its integrated manufacturing-and-sales system through increased production capacity at its own group plants and active product development. It is strengthening efforts to address growing interest in food safety and security by conducting voluntary residual pesticide inspections on all imported agricultural product containers, thereby increasing the added value of PB (private brand) products.
Franchise owners' appetite for opening new stores is rising, driven by synergy effects with the Gyomu Super business, resulting in a net increase of 8 stores in the interim period of FY2026 (ending October 2026), bringing the total to 157 stores. The company continues to expand its menu and accelerate store openings while maintaining a price advantage through efficient cooking operations.
In March 2026, the company opened its first FC store, "Premium Calbee Utsunomiya Station East" (Premium Calbee Utsunomiya-Eki Higashi-ten), in Tochigi Prefecture, moving into a phase of nationwide expansion centered on franchise development. In April, it opened "Premium Calbee Kobe Nishi" (Premium Calbee Kobe-Nishi-ten), its first directly operated store in the Kansai region. The company is also promoting improvements to store operations through labor-saving initiatives.
The company is expanding new store-opening possibilities by establishing a small-store format that has been under evaluation since last year. It continues to revise its menu with an eye toward capturing inbound demand and balancing customer needs with profitability, thereby increasing appeal to a broad range of customer segments. Currently operating 19 stores with no openings or closures.
Last updated: July 17, 2026