Choushimaru Co.,Ltd.
3075・Standard Market・Retail Trade
Business
Choshimaru Co., Ltd. was founded in 1977 and established the gourmet conveyor-belt sushi format "Sushi Choshimaru" in 1998. The company is listed on the TSE Standard market and operates as a sushi specialist. It has established a gourmet conveyor-belt sushi positioning that differentiates itself from low-price uniform-pricing chains by offering high-quality sushi hand-formed by skilled craftsmen at prices more affordable than market rates. Its main trading area is the greater Tokyo metropolitan region, covering Chiba, Tokyo, Saitama, and Kanagawa, with 91 directly-operated stores as of the end of February 2025. Its primary customer base centers on dining-out demand from families, with product strength rooted in the company's expertise in selecting fresh fish—such as bluefin tuna and shiny-skinned fish—serving as the source of its competitive advantage. In recent years, the company has also begun developing new business formats such as Sushimoto and Standing Sushi Bar Yasuke, as well as expanding overseas through the establishment of a joint venture in the United States.
Business Model
The company thoroughly enforces quality control through a company-operated, single-format model with no franchising, and maximizes customer traffic and average spending per customer by leveraging its distinctive product strength derived from sourcing development, careful ingredient selection, and product development. While maintaining a cost of sales ratio of 38.6% (FY2025), it builds up sales through price revisions, renovation effects, and event initiatives, and maintains financial discipline by funding capital expenditures in principle within the scope of retained earnings and operating cash flow.
Company Strengths
Emphasizes differentiated strengths in hand-crafted sushi by skilled chefs, bluefin tuna, and blue-backed fish selection, backed by keen product expertise. The company achieved a Guinness World Record for a simultaneous tuna-carving show across 71 stores, boosting media exposure and customer traffic. Product initiatives such as grand menu renewals and seasonal events have directly contributed to increased customer counts.
Since opening its first conveyor-belt sushi store in 1987, the company has continued to expand exclusively through company-operated stores. As of the end of February 2025, it operates 91 stores concentrated in the greater Tokyo metropolitan area (Chiba, Tokyo, Saitama, and Kanagawa). By not adopting a franchise model, the company maintains uniform quality and service, protecting its brand value.
Interest-bearing debt (including lease obligations) stood at an extremely low ¥494 million at the end of FY2025. The company maintains a policy of funding capital expenditures in principle through retained earnings and operating cash flow, confirming a healthy financial base with a maintained capital adequacy ratio.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal periods trended ¥17,795 million→¥17,033 million→¥19,310 million→¥21,360 million→¥23,667 million, showing an expansion trend following the dip in FY2022. Cumulative Q1 of FY2027 (ending February 2027) posted revenue of ¥6,338 million (+10.8% year-on-year), operating profit of ¥787 million (+47.1% year-on-year), and quarterly net profit of ¥507 million (+95.6% year-on-year), a strong start. As an external environment factor, price revisions raising per-customer spending are providing a tailwind across the industry as a whole, while headwinds from rising raw material and energy prices and higher labor costs continue. The disappearance of the ¥142 million impairment loss recorded in the same period last year contributed to the sharp increase in net profit, and the +46.9% increase in ordinary profit serves as a reference figure for the underlying improvement on a like-for-like basis. The full-year forecast maintains a conservative setting of operating profit of ¥1,203 million (down 23.6% year-on-year).
Growth Strategy
Pursuing sustainable growth across five pillars: refining existing business formats, new store openings, DX, human resource development, and overseas business expansion.
Continued strengthening of the five differentiating elements: sushi made by craftsmen, honmaguro (bluefin tuna), hikarimono (silver-skinned fish), discerning ingredient selection, and hospitality-focused presentation. Promoting improved product appeal and customer traffic through development of direct fresh fish procurement routes, Chiba Prefecture-sourced products, PB (private brand) processed products, region-specific events, and anniversary festivals. A core initiative directly linked to profit improvement through higher average customer spend.
Opened a new location, Park City Nakano (Nakano-ku, Tokyo), in May 2026, bringing the store count to 93 at the end of the first quarter. Meanwhile, the fully reservation-based premium sushi restaurant "Sushimoto" was closed in May 2026, reflecting efforts to streamline unprofitable formats. Continued expansion into untapped areas remains a key driver of sales growth.
Added a visit-stamp feature and takeout reservation/ordering function to the official Choshimaru "En App". Aiming to strengthen customer acquisition through push notifications delivering campaign and event information from favorited stores. Laying the groundwork for advanced marketing through accumulated customer data.
Strengthening new graduate and mid-career hiring, enhancing skills training, improving craftsmanship through product and technical skill contests, and developing candidates for management roles through tiered training programs. Also implementing three consecutive days of store closures to allow employees to refresh, aiming to maintain service quality and prevent employee turnover.
The U.S. local subsidiary, a joint venture among the Company, Royal Holdings, and Sojitz, opened its second store in March 2026. Continuing to build operational structures using locally hired personnel and enhance brand recognition, in preparation for multi-store expansion. The scale and timing of profit contribution have not been disclosed.
Last updated: July 17, 2026