United Super Markets Holdings Inc.
3222・Standard Market・Retail Trade
Supermarket Business
The sole core business of one of Japan's largest supermarket holding companies, based in the Greater Tokyo area
| Period | Current | Previous | Change |
|---|---|---|---|
| Operating revenue (cumulative Q1) | ¥273,635 million | ¥234,322 million | ↑ |
| Net sales (cumulative Q1) | ¥268,079 million | ¥229,612 million | ↑ |
| Gross profit (cumulative Q1) | ¥74,792 million | ¥65,471 million | ↑ |
| Operating profit (cumulative Q1) | -¥805 million | ¥747 million | ↓ |
| Ordinary profit (cumulative Q1) | -¥823 million | ¥565 million | ↓ |
| Quarterly net profit/loss attributable to owners of parent (cumulative Q1) | -¥2,077 million | -¥129 million | ↓ |
| Number of group stores (end of Q1) | 763 stores | 665 stores (end of FY2026, ending February 2026) | ↑ |
| Total assets | ¥421,464 million | ¥379,211 million | ↑ |
| Equity ratio | 48.8% | 52.9% | ↓ |
| Full-year operating revenue forecast | ¥1,133,200 million | ¥963,762 million (FY2026 actual, ending February 2026) | ↑ |
| Full-year operating profit forecast | ¥10,000 million | ¥5,050 million (FY2026 actual, ending February 2026) | ↑ |
Business Details
The Supermarket Business sells food and daily necessities primarily in the Greater Tokyo area, centered on four core companies: Maruetsu, Co., Ltd., Kasumi Co., Ltd., Inageya Co., Ltd., and AEON Food Style Co., Ltd. As of the end of the first quarter of FY2027 (ending February 2027), the company operated 763 stores. This is effectively the sole segment accounting for nearly all of the group's operating revenue, and it has a vertically integrated business structure that also includes support subsidiaries handling fresh food processing, prepared food manufacturing, and quality control, among others.
Recent Overview
Sales expanded sharply following the AEON Food Style integration, but a rise in costs pushed the segment into an operating loss
In March 2026, Maxvalu Kanto Co., Ltd. integrated the Daiei Kanto business and AEON Market Co., Ltd. to form AEON Food Style Co., Ltd. With this contribution (standalone Q1 operating revenue of ¥43,652 million, up 294% year on year), consolidated operating revenue increased substantially to ¥273,635 million (up 16.8% year on year). On the other hand, in response to rising material costs driven by petroleum products (such as naphtha) and intensifying competition, the company strengthened pricing and promotional measures centered on processed foods, resulting in a 0.6 percentage point deterioration in the gross profit margin year on year (a decline of approximately ¥1,600 million in profit terms). Furthermore, selling, general and administrative expenses rose to ¥81,154 million (up 16.9% year on year) due to increased labor costs, promotional expenses, and renovation costs, outpacing the growth in gross profit. As a result, the company recorded an operating loss of ¥805 million, an ordinary loss of ¥823 million, and a quarterly net loss attributable to owners of parent of ¥2,077 million. Extraordinary losses of ¥712 million, including integration-related expenses of ¥466 million, impairment losses of ¥88 million, and a provision for store closure losses of ¥149 million, also contributed to the widening net loss. During the first quarter, three Maruetsu stores and three Kasumi stores were newly opened, while one Maruetsu store and two Kasumi stores were closed, bringing the total number of stores at quarter-end to 763 (including an increase of 95 stores from the AEON Food Style integration).
Key Products
Growth Drivers
- Strengthening of the Greater Tokyo dominant strategy and pursuit of scale benefits from over ¥1 trillion in sales through the establishment of AEON Food Style Co., Ltd. (March 2026)
- Increase in customer traffic at existing stores (Maruetsu, Kasumi, and Inageya all saw year-on-year increases in store visitor numbers)
- Improved regional adaptability through the combination of the area strategy (three categories: downtown, urban, and rural) and store models (100 tsubo, 300 tsubo, and over 500 tsubo)
- Cost improvement through structural reforms such as procurement integration, consolidation of frozen food logistics, and review of fresh food/delicatessen procurement
- Expansion of the customer base and marketing utilization through the rollout and adoption of AEON Group's shared services (such as WAON POINT)
- Faster decision-making and cost reduction through the full integration of head office functions into the company
- Reduction of infrastructure costs through joint use of distribution centers and migration to AEON's shared systems
Risks
- Downward pressure on gross profit margin from continued cost-push inflation (Q1 results showed a 0.6 percentage point deterioration year on year)
- Increase in SG&A expenses due to rising labor costs, material costs, promotional expenses, and renovation costs (Q1 SG&A expenses of ¥81,154 million, up 16.9% year on year)
- The need to strengthen pricing measures amid intensifying cross-format competition in the Greater Tokyo area and heightened consumer cost-consciousness
- Uncertainty regarding system and functional integration costs and the realization of integration benefits associated with the AEON Food Style integration (integration-related expenses of ¥466 million recorded in Q1)
- Continued risk of extraordinary losses such as impairment losses and store closure losses (total extraordinary losses of ¥712 million in Q1)
- Risk of deteriorating financial soundness due to a decline in the equity ratio (from 52.9% at the end of FY2026, ending February 2026, to 48.8% at the end of Q1 FY2027) and an increase in interest-bearing debt
- Widening regional disparities within the Greater Tokyo area and rising costs of regional adaptation due to the declining birthrate, aging population, and demographic changes
Last updated: May 26, 2026