JM HOLDINGS CO.,LTD.

Business Details

Originally founded as a specialty butcher shop, the company operates differentiated food supermarkets combining expertise in produce, fresh fish, and prepared foods. It comprises six formats, including four main store formats—"Japan Meat Seisenkan" (17 stores inside large commercial facilities), roadside standalone stores such as "Japan Meat Wholesale Market" (22 stores), the urban wholesale format "Niku no Hanamasa" (Urban Wholesale) (64 stores), and the regionally focused "Super Mirabelle" (12 stores)—plus produce wholesale and rice retail operations. Its competitive advantage stems from bulk single-item sales leveraging large-scale stockpiling and meat processing capabilities at its processing and logistics centers. This is the flagship segment, accounting for approximately 97% of consolidated revenue.

Recent Overview

Existing stores performed well, with revenue up 7.7% year on year, though segment profit declined slightly due to a lower gross margin.

In the Supermarket Business for the cumulative nine months of FY2026 (ending March 2026) (August 2025 to April 2026), existing-store sales trended favorably, achieving revenue of ¥146,024 million (up ¥10,494 million, or 7.7%, year on year). However, as a result of cautiously passing on rising food procurement costs, the gross profit margin declined by 0.3 percentage points year on year, and segment profit decreased slightly to ¥7,074 million (down ¥41 million, or 0.6%, year on year). An impairment loss of ¥268 million on closed-store assets was recorded as an extraordinary loss. New store openings included the Koriyama store in October 2025 and the Angyo store and Sentai store (Osaka) in November 2025, bringing the total number of stores at period-end to 115.

Key Products

Growth Drivers

• Steady growth in existing-store sales (both the Supermarket Business and the Restaurant Business performed well at existing stores)
• Aggressive new store openings (3 stores opened in the cumulative nine months of FY2026 (ending March 2026), bringing the period-end total to 115 stores)
• Expansion of the trade area into the Kansai region, centered on Osaka City, through the opening of "Niku no Hanamasa PLUS" stores
• Strengthened customer-drawing power through bulk single-item sales (special-value sales) leveraging the processing and logistics centers and JM Trade Center
• Differentiation and gross margin improvement through the development and expansion of the private brand "Pro Shiyo" (Professional Grade)
• Continued growth investment based on the medium-term management plan (FY2026-FY2029 (ending March 2026-2029)), targeting revenue of ¥250,000 million and operating income of ¥15,000 million

Risks

• Profit margin pressure from rising labor costs, logistics costs, electricity charges, and other various costs
• Difficulty in passing on price increases amid food price hikes driven by yen depreciation and rising raw material costs, combined with growing consumer thrift and preference for low prices
• Risk of impairment losses on closed-store assets (¥268 million recorded in the cumulative nine months of FY2026 (ending March 2026))
• Increased capital expenditure and rising talent acquisition costs associated with accelerated new store openings
• Economic slowdown due to geopolitical risks such as U.S. tariff policy, Japan-China friction, and continued yen depreciation
• Risks related to food safety (food safety issues such as BSE and avian influenza)