ENVALITH
株式会社東京一番フーズ logo

TOKYO ICHIBAN FOODS CO.,LTD.

3067・Standard Market・Retail Trade

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株式会社東京一番フーズ logo
TOKYO ICHIBAN FOODS CO.,LTD.3067

Business

Tokyo Ichiban Foods Co., Ltd. operates 63 food and beverage outlets (as of end-September 2025) across multiple brands centered on "Oyogi Torafugu Ryori Senmonten Torafuguetei" (a specialty restaurant serving live-swimming tiger pufferfish cuisine), including Sushisho, Uo no Ii, Uo-oh KUNI, and the US-based WOKUNI. Its subsidiary Nagasaki Farm produces tiger pufferfish, true bluefin tuna, and other seafood at marine aquaculture farms in Hirado City, Nagasaki Prefecture, while a processing plant in Koto Ward, Tokyo manufactures dressed pufferfish fillets, supplying both group restaurants and external customers under a vertically integrated business model. The restaurant business accounts for approximately 90% of consolidated net sales, with the external sales business and real estate leasing business serving as supplementary revenue sources. The company is listed on the Prime Market of the Tokyo Stock Exchange.

Business Model

The Group's revenue is derived primarily from the provision of cuisine and services at directly operated restaurants. In-house aquaculture (Torafugu and Hon Maguro) by Nagasaki Farm reduces intermediate distribution costs and contributes to stabilizing procurement costs. In the Wholesale Business, farmed fish and Migaki Fugu (Detoxified Processed Product) are sold to corporate and individual customers, creating inter-segment synergies with the Food & Beverage Business. The Real Estate Leasing Business functions as a stable revenue source, leveraging the real estate expertise accumulated through operating the Food & Beverage Business.

Company Strengths

Nagasaki Farm produces tiger pufferfish (torafugu), true bluefin tuna, and other species at its marine aquaculture facilities in Hirado City, Nagasaki Prefecture. In FY2025 (ended September 2025), external sales production reached ¥319 million (on a manufacturing cost basis), up 42.4% year on year, while procurement costs for the restaurant business were significantly reduced to ¥1,650 million, down 13.3% year on year. This has enabled the company to achieve a competitive advantage of offering high-quality ingredients at reasonable prices while hedging against market price volatility risk.

A fugu (pufferfish) preparation license is legally required to process live torafugu in-store, and the company maintains a large pool of licensed craftsmen to sustain a high-quality service system across all stores. The number of license holders serves as a clear differentiating factor versus competitors, functioning as a structural barrier to entry that makes imitation of the business model difficult.

The company has developed and operates an in-house traceability system for its key ingredient, premium domestic torafugu, building a mechanism to deliver production origin information directly to customers. In 2016 (Heisei 28), it obtained permission to use the HACCP mark and has also handled overseas sales of processed fugu fillets (migaki-fugu). In March 2022 (Reiwa 4), it completed construction of a HACCP-compliant seafood processing plant in Hirado City, Nagasaki Prefecture, achieving differentiation through an emphasis on food safety.

ENVALITH's Perspective

For the interim period of FY2026 (ending March 2026), revenue was ¥4,018 million (down 4.3% year on year), continuing the decline, while profitability improved with operating profit of ¥330 million (up 5.4%) and ordinary profit of ¥371 million (up 10.5%). However, against the full-year forecast (revenue of ¥7,348 million, operating profit of ¥231 million), the interim operating profit of ¥330 million already exceeds the full-year forecast, suggesting a significant increase in expenses is anticipated in the second half. Interim net profit of ¥242 million substantially exceeds the full-year net profit forecast of ¥115 million, warranting close scrutiny of whether the full-year forecast is conservative or whether the outlook for second-half expense recognition needs review.

The external sales business turned profitable, moving from a segment loss of ¥12 million in the same period last year to a segment profit of ¥29 million in the current interim period. Increased shipments of medium-weight and larger bluefin tuna from the Hirado farm contributed to the improved profitability. The real estate leasing business expanded rapidly, with revenue of ¥28 million (up 349.1% year on year) and segment profit of ¥41 million (up 460.7%), reflecting progress in reducing dependence on the restaurant business and establishing a stable revenue source. However, the rapid expansion of real estate leasing has been accompanied by a substantial increase in fixed assets (buildings), up ¥969 million from the end of the previous fiscal year, necessitating ongoing monitoring of the level of interest-bearing debt (¥2,775 million in combined long- and short-term borrowings) and repayment capacity.

The company opened its second store in the U.S. in May 2026, accelerating its overseas expansion. WOKUNI (its first U.S. store), the existing operation, continues to contribute to consolidated profit even amid wage and price inflation and uncertainty over tax reform, demonstrating a certain degree of brand strength. On the other hand, overseas stores incur upfront opening costs (¥69 million as of the end of the current interim period) and initial investment, which increases the financial burden in the short term. The equity ratio improved to 31.8% (from 28.9% at the end of the previous fiscal year), but caution is warranted regarding rising financial leverage if investment expansion reliant on interest-bearing debt continues.

Growth Strategy

Multi-axis growth through deepening vertically integrated SCM, overseas expansion, and expansion of the real estate leasing business

Through strengthened collaboration with Nagasaki Farm Co., Ltd., in-house farmed torafugu and hon maguro ingredients are supplied stably to all group stores. At the Hirado fish farm, shipments of medium-weight and larger hon maguro are on an increasing trend, and improvements in unit sales prices and profitability are expected. Results have become evident in cost ratio improvement in the first half of FY2026 (ending September 2026).

The existing WOKUNI (USA) (US store No. 1) is contributing to consolidated profit even amid an environment of rising wages and prices and tax uncertainty. A second US store will open in May 2026, aiming to expand the overseas brand. The policy is to also apply the seafood SCM scheme to the overseas wholesale business.

Expanding leasing of residential and commercial real estate primarily in Tokyo. New properties completed in the second half of FY2025 (ended September 2025) saw rising occupancy rates, and in the first half of FY2026 (ending September 2026), Real Estate Leasing Business sales surged 349.1% year-on-year to ¥28 million, with segment profit reaching ¥41 million (up 460.7% year-on-year). This is being actively expanded as a stable revenue source for the group.

Continuing to close unprofitable stores, primarily under the Sushi Tsune brand, and promoting optimal staffing structures for each store. In the first half of FY2026 (ending September 2026), salaries and allowances decreased by ¥67 million year-on-year, and rent expenses also decreased by ¥37 million, with the results of fixed cost reductions becoming evident in the figures.

Last updated: July 17, 2026