ENVALITH
株式会社みのや logo

MINOYA CO.,LTD.

386A・Standard Market・Retail Trade

株式会社みのや logo
MINOYA CO.,LTD.386A

Business

Minoya Co., Ltd. operates "Okashi no Machioka," a confectionery specialty retail chain that opened its first store in Itabashi Ward, Tokyo in 1997. It is a regional chain operating a total of 208 directly-managed stores (as of the end of June 2025): 161 stores in the Kanto region (Tokyo and 5 prefectures), 24 stores in the Chukyo region (3 prefectures), and 23 stores in the Kansai region (2 metropolitan prefectures and 4 prefectures). The company operates two store formats—83 Roadside Stores and 125 Shopping Center Stores—handling a wide range of confectionery categories including candy, chocolate, snack foods, biscuits, and rice crackers. Its main customer base spans a broad range of ages from children to the elderly, capturing everyday confectionery demand through locations in station-front shopping streets and large shopping centers. The company listed on the Standard Market of the Tokyo Stock Exchange in July 2025.

Business Model

The company's revenue source is confectionery retail sales through directly-operated stores nationwide, with confectionery (¥23,079 million) accounting for the majority of net sales of ¥24,016 million. While securing stable customer traffic through standard national brand products from major manufacturers, the company also stimulates purchasing desire by bulk-purchasing spot merchandise—such as discontinued specifications and clearance items—on favorable terms by leveraging scale advantages, then displaying large volumes at discount prices. The gross profit margin is 37.6%. A regular delivery system utilizing the company's own logistics centers (2 locations in the Kanto region, 2 in the Kansai region) supports product supply.

Company Strengths

Since opening its first store in 1997, the company has expanded entirely through direct management without any use of franchising. In May 2025, it reached its 300th cumulative store (LaLaterrace Kawaguchi store). Under this integrated direct-management system, headquarters controls product assortment, store layout, and pricing across all stores, maintaining uniform brand quality.

The company adopts a spot merchandise strategy in which it bulk-purchases discontinued or period-limited products from manufacturers under favorable terms by leveraging scale advantages, then displays them in large volumes at discounted prices. In FY2025 (ended June 2025), the gross profit margin was 37.6% (up 0.2 points year on year), achieving differentiation from convenience stores and supermarkets.

In the interim period, the Chukyo region recorded 123.5% year-on-year growth and the Kansai region recorded 114.7% year-on-year growth, both marking high growth. As of the end of June 2025, the company had expanded to 24 stores in the Chukyo region and 23 stores in the Kansai region, moving away from its dependence on the Kanto region. Stabilization of its earnings base through regional diversification is progressing.

ENVALITH's Perspective

For the cumulative nine months of Q3 FY2026 (fiscal year ending June 2026), net sales were ¥19,217 million (up 7.4% year-on-year) and operating income was ¥503 million (up 7.2% year-on-year), indicating solid core business performance. However, in addition to recording an impairment loss on store assets of ¥104 million (up 836.3% year-on-year), total income taxes ballooned to ¥238 million (versus ¥182 million in the same period last year) due to the application of the size-based portion of local corporate tax following the listing and changes in the statutory effective tax rate, among other factors. As a result, quarterly net income fell sharply to ¥209 million (down 34.0% year-on-year). The continued recording of impairment losses suggests challenges in the profitability of existing stores, and future trends warrant close monitoring.

The full-year earnings forecast (net sales of ¥26,356 million, operating income of ¥786 million, and net income of ¥479 million) remains unchanged. Given cumulative net income of ¥209 million through Q3, achieving the full-year forecast of ¥479 million would require net income of ¥270 million in Q4 alone. Amid headwinds from continued price increases, rising labor costs, and heightened consumer defensive spending behavior due to geopolitical risks, the strength of the earnings recovery in Q4 will serve as a litmus test for achieving the full-year forecast.

Following the listing on the TSE Standard Market in July 2025 (public offering of 500,000 shares plus third-party allotment of 105,000 shares), both capital stock and capital surplus increased by ¥428 million each, improving net assets to ¥3,925 million (equity ratio of 38.5%). While the strengthened financial foundation has laid the groundwork for accelerating store openings, one-time listing-related expenses of ¥22 million were incurred during the period. Externally, elevated raw material and energy prices, along with rising labor costs, are pushing up SG&A expenses, and the underlying structure in which fixed-cost absorption through sales growth is a prerequisite for earnings improvement remains unchanged.

Growth Strategy

Continued dominant store openings in the three major metropolitan areas and expansion of the revenue base through high growth in the Chukyo and Kansai regions

Aiming to improve the precision of store openings with a focus on profitability, primarily in the Kanto, Chukyo, and Kansai regions, resulting in a net increase in store count. In the cumulative third quarter, 15 new stores were opened and 4 stores were closed, achieving 219 stores as of the end of March 2026 (a net increase of 11 stores from 208 stores at the end of the previous fiscal year).

Maintaining high growth in the Chukyo region (up 122.5% year-on-year) and the Kansai region (up 114.7% year-on-year) while reducing dependence on the Kanto region. In the cumulative third quarter, 3 new stores were opened in the Chukyo region and 5 new stores in the Kansai region, reducing the Kanto region's share of sales composition from 80.0% to 78.0%.

Strengthening procurement of Spot Product Sales and SNS-trending products to offer a wide range of products in line with trends. Promoting the acquisition of new customers utilizing SNS through the expansion of manufacturer collaboration projects, gift campaigns, and seasonal event products.

Renovations are being carried out at some stores with the aim of creating sales floors that are easier to shop in. This aims to improve the profitability of existing stores and increase average customer spending, thereby also helping to reduce impairment risk.

Continuing efforts to strengthen internal management systems and promote compliance following the listing on the TSE Standard Market. A one-time burden of listing-related expenses of ¥22 million has already been recorded in the cumulative third quarter and is expected to disappear from the next fiscal year onward.

Last updated: July 17, 2026