JM HOLDINGS CO.,LTD.
3539・Prime Market・Retail Trade
Business
JM Holdings Co., Ltd. originated in 1945 as a meat retail and wholesale business, and has grown from a specialty meat shop into a comprehensive food supermarket operator through its holding company structure. With 10 consolidated subsidiaries, the company centers its operations on the Supermarket Business (accounting for over 97% of sales), alongside four additional businesses: Restaurant, Events, Outsourcing, and Facility Management. In the Supermarket Business, the company operates 114 stores across six formats—including Japan Meat Seisenkan, Niku no Hanamasa (Urban Wholesale), and Super Mirabelle—in the Kanto region and other urban areas, serving a broad customer base ranging from restaurant operators (professional users) to general households. The company moved to the Prime Market of the Tokyo Stock Exchange in April 2022.
Business Model
The company suppresses ingredient costs through large-scale stockpiling and bulk purchasing via its processing and distribution centers and JM Trade Center, while boosting customer traffic through "abnormal-value sales" (high-volume sales of single items). In-store meat processing capabilities minimize lost sales opportunities. At "Niku no Hanamasa," the company is expanding its private-brand "Pro Spec" products to improve gross margins. The company has set a management target of maintaining a stable operating margin (recurring profit to sales ratio) of 4% or higher, pursuing both scale expansion through new store openings and the maintenance and improvement of existing-store sales as twin pillars of growth.
Company Strengths
Originating from a specialty butcher shop founded in 1945, the company builds sales floors within each store that leverage the specialized expertise of meat, produce, seafood, and prepared foods. By combining large-scale meat processing at its processing and logistics center with in-store processing capabilities, it prevents stockouts and reduces lost sales opportunities. It has institutionalized its quality control system by obtaining ISO9001 certification at major stores and its processing and logistics center.
Through its processing and logistics center equipped with freezing and refrigeration functions and the JM Trade Center (established May 2023), the company has built a bulk stockpiling and consolidated purchasing system that is resilient to fluctuations in food material prices. Purchases in FY2025 (ended July 2025) reached ¥131,824 million (up 9.4% year on year), achieving both affordable product offerings to customers and stable profitability through high-volume sales of individual items.
Revenue grew for five consecutive periods, from ¥129,823 million in FY2021 (ended July 2021) to ¥186,207 million in FY2025 (ended July 2025). Operating profit also expanded over the same period from ¥6,575 million to ¥10,048 million. In FY2025 (ended July 2025), the company achieved revenue growth of 8.1% year on year and operating profit growth of 9.8% year on year. Steady performance at existing stores and active new store openings (10 stores opened in FY2025 (ended July 2025), bringing the total to 114 stores at period-end) are driving growth.
ENVALITH's Perspective
Performance Trend
For the cumulative nine months of FY2026 (ending March 2026) (August 2025 to April 2026), net sales were ¥149,579 million (up 7.6% year on year), maintaining a revenue growth trend. Both the Supermarket Business (¥146,024 million, up 7.7% year on year) and Other business (¥5,783 million, up 4.9% year on year) posted revenue growth. On the other hand, external factors such as yen depreciation and rising raw material costs continued to push up food procurement prices, causing the gross profit margin to decline by 0.3 percentage points year on year. Operating profit rose only slightly to ¥7,536 million (up 0.1% year on year). Profit attributable to owners of parent decreased to ¥3,859 million (down 10.3% year on year) due to the recording of ¥407 million in extraordinary losses, including an impairment loss of ¥268 million and a loss on sale of investment securities of ¥123 million. The full-year forecast remains unchanged, with net sales of ¥196,000 million (up 5.3% year on year), operating profit of ¥10,900 million (up 8.5% year on year), and net profit of ¥7,000 million (up 8.4% year on year).
Growth Strategy
Through aggressive new store openings, expansion into the Kansai area, and enhanced private-brand products, the company aims to achieve net sales of ¥250,000 million in FY2029 (ending July 2029)
In the cumulative nine months of FY2026 (ending July 2026), three new stores—Koriyama, Angyo, and Sentai—were opened, expanding the number of Supermarket Business stores to 115. Continued store-opening investment will be carried out based on the medium-term management plan to expand sales scale.
In November 2025, the "Niku no Hanamasa PLUS" Sentai store was opened in Osaka City, marking the start of trading area expansion from a Kanto/urban-area focus into the Kansai area. The company aims to acquire customers in the Kansai market by leveraging the characteristics of the urban wholesale business format.
The company continues to develop and roll out the private-brand "Pro Shiyo" (professional-grade) products, primarily at "Niku no Hanamasa," to strengthen differentiation from general supermarkets. This initiative continues to be promoted as a measure contributing to gross margin improvement even amid rising procurement prices.
The company continues to strengthen customer traffic through abnormal-value sales (high-volume single-item sales) leveraging its in-house processing and logistics system. In response to consumers' preference for lower prices amid rising food prices, the company aims to improve customer count and average spend per customer while maintaining price competitiveness.
Last updated: July 17, 2026