ENVALITH
株式会社フジタコーポレーション logo

FUJITA CORPORATION Co.,Ltd.

3370・Standard Market・Retail Trade

Official website
株式会社フジタコーポレーション logo
FUJITA CORPORATION Co.,Ltd.3370

Business

Fujita Corporation is a corporate group founded in 1978 and headquartered in Tomakomai City, Hokkaido. Its core Food Service & Retail Division operates 47 stores (as of end-March 2026) across the Hokkaido and Tohoku regions as a franchisee of multiple brands including Mister Donut, MOS Burger, Hanamaruudon, and Gyu-Kaku. In addition, the company operates a Food Manufacturing & Wholesale Division producing cheese, ham, and other products, managing the Kuromatsunai Town special-products hand-processing center (Towa Vert) in Hokkaido as a designated manager, and a dairy farming division through its subsidiary TOMONI Yume Bokusha, building a food value chain rooted in the Hokkaido region. Since April 2025, the company has also taken on the operation of "Michi-no-Eki Aioi" in Tsubetsu Town, Hokkaido, expanding its business scope. Its main customers are general consumers, and its basic policy is to pursue community-based business development.

Business Model

In the Food Service & Retail Division, which accounts for approximately 89% of net sales, the company operates multiple stores by receiving brands and know-how from several franchise headquarters, leveraging their stable customer-drawing power while paying royalties and advertising expenses. In parallel, it also runs a franchisor business for its own original brand, "Katsuten." In the Manufacturing & Wholesale Division, the company manufactures and sells food products utilizing public facilities as a designated administrator, and pursues a revenue structure aimed at cross-business synergies by internally procuring raw milk and other materials from the Agriculture & Livestock Division.

Company Strengths

Operates 47 stores across 10 formats, including Mister Donut, MOS Burger, Hanamaru Udon, Gyu-Kaku, and Baby Face Planets, in the Hokkaido and Tohoku areas. The company can open stores combining multiple brands, achieving a wide range of location options and risk reduction through business format diversification. The store operation know-how accumulated as a franchisee is also leveraged in the franchisor development of the company's own brand, "Katsuten."

The company holds three segments—Food Service & Retail, Food Manufacturing, and Dairy Farming—and has built a business foundation utilizing regional resources through a comprehensive collaboration agreement with Kuromatsunai Town (signed December 2023) and a designated administrator contract (October 2021 to March 2027). Business-to-business collaboration is progressing, with raw milk and agricultural products from the Agriculture & Livestock Division being supplied to the Manufacturing & Wholesale Division and the Food Service Division, forming a unique vertically integrated model that also contributes to reducing food mileage.

The company recorded an operating loss of ¥135 million in FY2022 (ended March 2022), but after restructuring unprofitable stores and businesses, it returned to operating profit of ¥94 million in FY2024 (ended March 2024). In FY2026 (ending March 2026), the company achieved operating profit of ¥161 million (up 40.9% year on year) and net income of ¥125 million (up 29.2% year on year), while the equity ratio improved from 8.5% to 12.3%. The strengthening of profitability through the execution of the scrap-and-build strategy is confirmed numerically.

ENVALITH's Perspective

In FY2026 (ending March 2026), net sales reached ¥5,068 million (up 3.6% year on year), operating profit reached ¥160 million (up 40.9%), and profit attributable to owners of parent reached ¥125 million (up 29.2%), with all major profit and loss indicators improving together. The equity ratio also rose from 8.5% to 12.3%, and net assets increased from ¥238 million to ¥345 million. Financial structure reorganization through capital reduction and deficit offsetting has also been implemented, and the direction toward improved financial soundness can be positively assessed.

Interest-bearing debt at the end of FY2026 (ending March 2026) remained at a high level of ¥2,025 million (71.9% of total liabilities and net assets), and the company continues to receive relaxed repayment terms from certain financial institutions. The interest coverage ratio declined from 4.6x in the previous period to 3.9x, and the cash flow-to-interest-bearing debt ratio worsened from 9.2 years to 10.5 years. Although the going concern note has been resolved, financial vulnerability remains a risk that investors should continue to monitor closely.

The earnings forecast for FY2027 (ending March 2027) projects net sales of ¥5,216 million (up 2.9% year on year), but operating profit of ¥150 million (down 6.0%) and ordinary profit of ¥142 million (down 7.3%), indicating a decline in profit. As an external factor, elevated raw material costs, labor costs, and utility costs are expected to continue, with the structure in which cost increases absorb the gains from higher sales likely to persist. While progress is being made in narrowing the loss in the Agriculture & Livestock Division (from ¥(32) million to ¥(13) million), it has not yet achieved profitability, and achieving profitability across all segments remains a challenge.

Growth Strategy

Building a 'Food' value chain through four pillars: strengthening existing stores, opening new business formats, monetizing food manufacturing, and achieving profitability in agriculture and livestock

Acquired repeat customers through efficient promotional activities utilizing smartphone apps and SNS, along with seasonal limited-edition products and regular menu launches. In FY2026 (ending March 2026), the Food Service & Retail Division achieved net sales of ¥4,529 million (up 5.0% year on year) and segment profit of ¥176 million (up 13.9% year on year), confirming the effectiveness of these measures.

Carefully selected business formats expected to generate high profitability and promoted new store openings and renovations accordingly. In FY2026 (ending March 2026), the company began operating the Michi-no-Eki Aioi in Tsubetsu Town, Abashiri District, Hokkaido, under a contract, realizing entry into a new business domain. On the other hand, the number of operating stores decreased by one, from 48 to 47, as the consolidation of unprofitable stores also proceeded in parallel.

In addition to expanding sales channels through new product development and new client acquisition, the company also began enhancing non face-to-face sales channels such as online retail and trial sales overseas. Segment profit in FY2026 (ending March 2026) improved significantly to ¥12 million (up 91.5% year on year), but net sales contracted to ¥332 million (down 9.4% year on year), leaving the challenge of balancing both the quality and quantity of earnings.

With a target of increasing milk yield, the company has promoted cost reductions through improved nutritional management, barn environment improvements, and in-house pasture cultivation. The segment loss narrowed significantly from ¥32 million in the previous fiscal year to ¥13 million in FY2026 (ending March 2026), showing a clear improving trend. However, profitability has not yet been achieved, and continued productivity improvement and cost reduction remain necessary.

Last updated: July 19, 2026