SFP Holdings Co., Ltd.
3198・Prime Market・Retail Trade
Business
SFP Holdings is a restaurant-focused group with roots in "Toriyoshi," founded in 1984, operating izakaya chains centered on its core formats "Omotenashi Toriyoshi" and "Toriyoshi Shoten," both known for their signature fried chicken wings (tebasaki karaage), as well as "Isomaru Suisan," known for live shellfish and seafood. As of the end of February 2026, the company operated 198 directly managed stores and 20 franchise stores, totaling 218 stores, concentrated in prime station-front locations in major metropolitan areas. Including consolidated subsidiaries Joe Smile Co., Ltd. (13 stores) and Crook Dining Co., Ltd. (13 stores), the group positions itself as a "specialty food service group" encompassing diverse business formats. Its parent company is Create Restaurants Holdings Inc. (voting rights ratio: 58.94%), and the company is scheduled to be absorbed by merger into Create Restaurants Holdings Inc., effective July 1, 2026.
Business Model
Revenue is composed primarily of food and beverage sales at directly operated stores (FY2026 (ending March 2026): ¥31,119 million). The Isomaru business segment also pursues franchise expansion, with royalty income from FC franchisee stores serving as a supplementary revenue source. Purchasing is centered on seafood and alcoholic beverages, with cost control achieved through joint procurement with group companies. Fund procurement is based primarily on internal funds, with a conservative financial management policy that utilizes bank borrowing as needed.
Company Strengths
Since opening its first store in 2009, Isomaru Suisan achieved a 100-store network in 2015. As of the end of February 2026, it operates a total of 120 stores, consisting of 100 directly-operated stores and 20 franchise stores, with the Isomaru business segment recording sales of ¥18,047 million, accounting for approximately 58% of total company sales. The company has established high format recognition through concentrated store openings in prime locations near train stations.
The company maintains diverse business formats, including the Toriyoshi business segment (34 stores), the Isomaru business segment (120 stores), the Other Business Formats segment (38 stores), and two consolidated subsidiaries (26 stores in total). As an example of converting unprofitable formats, one Isomaru Suisan store was converted into a "Toriheichan" store, demonstrating a system that allows flexible format shifts utilizing existing space.
As of the end of February 2026, net assets stood at ¥9,181 million, and against total assets of ¥13,512 million, the equity ratio was approximately 68%, a high level. The company held cash and deposits of ¥4,308 million and had repaid short-term borrowings of ¥700 million. It maintains a conservative financial management approach, primarily funding capital expenditures and working capital through its own funds, resulting in a high level of financial stability.
ENVALITH's Perspective
Performance Trend
Revenue expanded roughly threefold over five periods, from ¥10,405 million in FY2022 (ended February 2022) to ¥31,119 million in FY2026 (ended February 2026), but growth has decelerated (+2.4% YoY). Operating profit peaked at ¥2,187 million in FY2025 (ended February 2025) before declining to ¥1,707 million in FY2026 (ended February 2026) (-21.9%), and net income also fell from ¥1,485 million to ¥1,085 million (-26.9%). While inbound demand remains a persistent external tailwind, structural cost increases in labor and food costs have squeezed profitability. The profit improvement trend that had continued through the recovery phase from the COVID-19 pandemic has clearly reached a turning point.
Growth Strategy
Continued organic growth through aggressive rollout of the mass-market izakaya format, regional expansion, and franchise expansion
The company utilizes a mass-market izakaya format with reduced initial investment for both new store openings and format conversion of existing underperforming stores, expanding store count while containing opening costs. Conversion from lower-profitability formats also aims to improve the overall quality of the existing store portfolio.
The company continues to expand franchising of the Isomaru Suisan brand, growing brand scale while limiting directly-operated investment. In the previous fiscal year, two new franchise stores were opened, and the company is pursuing revenue diversification through the accumulation of royalty income.
The company is expanding store openings from a Tokyo metropolitan area concentration to regional cities, aiming for risk diversification and new customer acquisition through trading area diversification. By expanding into prime locations near stations in regional areas, the company seeks to establish a first-mover advantage in markets with less competition.
Amid severe labor shortages in the restaurant industry, the company is actively promoting the hiring and utilization of foreign specified skilled workers, achieving both stabilization of store operations and appropriate labor cost management. As human resource availability constrains the pace of store openings, the company is responding by diversifying its recruitment channels.
Last updated: July 19, 2026