MINOYA CO.,LTD.

Business Details

The directly-operated chain business of the confectionery specialty store "Okashi no Machioka," operated by Minoya Co., Ltd. The company offers a wide range of candy, chocolate, snacks, and other confectionery, differentiating itself through a unique product lineup that combines standard national brand products with spot products such as manufacturer overstock items. The company promotes a regional chain expansion strategy based on dominant store openings in the Kanto, Chukyo, and Kansai regions. Store sales account for over 90% of total sales, with 219 stores in operation as of the end of March 2026.

Recent Overview

Net sales and operating profit increased, but net profit declined 34% due to impairment losses, listing-related expenses, and tax rate changes

In the cumulative nine months of FY2026 (ending March 2026) (July 2025 to March 2026), the company achieved increased sales and profit, with net sales of ¥19,217 million (up 7.4% year-on-year) and operating profit of ¥503 million (up 7.2% year-on-year). However, due to the recording of ¥104 million in impairment losses on store assets and ¥22 million in listing-related expenses, combined with the application of the pro forma standard taxation resulting from increased capital following the listing on the TSE Standard Market, total corporate taxes and other levies amounted to ¥238 million, resulting in quarterly net profit of only ¥209 million (down 34.0% year-on-year). During the period, the company opened 7 new stores in the Kanto region, 3 in the Chukyo region, and 5 in the Kansai region, while closing 4 stores in the Kanto region, bringing the total number of stores at period end to 219. By region, the Chukyo region (up 122.5% year-on-year) and Kansai region (up 114.7% year-on-year) drove high growth. There has been no change to the full-year earnings forecast, which remains at net sales of ¥26,356 million, operating profit of ¥786 million, and net profit of ¥479 million.

Key Products

Growth Drivers

• Net increase in store count through continued dominant store openings in the Kanto, Chukyo, and Kansai regions (from 208 stores at end of June 2025 to 219 stores at end of March 2026)
• Progress in regional diversification and expansion of the sales base driven by high growth in the Chukyo region (up 122.5% year-on-year) and Kansai region (up 114.7% year-on-year)
• Enhanced sales floor variety and customer traffic through active procurement of spot merchandise and socially trending products
• Acquisition of new customers through social media utilization via expanded manufacturer collaboration projects, gift campaigns, and seasonal event products
• Improved sales floor environment and purchasing experience through renovation of some stores
• Increase in average customer spending by capturing event and seasonal demand such as Valentine's Day

Risks

• Pressure on selling, general and administrative expenses from rising raw material prices, energy costs, and labor costs
• Impact on demand for discretionary goods due to growing consumer cost-consciousness and thrift orientation
• Intensifying cross-format competition with convenience stores, supermarkets, discount stores, and other retail formats
• Risk of impairment losses at stores with declining profitability (¥104 million recorded in cumulative Q3, up 836.3% year-on-year)
• Rise in effective tax rate due to the application of pro forma standard taxation following listing on the TSE Standard Market (statutory effective tax rate changed from 34.6% to 30.6%, etc.) and application of the special defense corporate tax
• Challenges in securing and retaining personnel in store operations centered on part-time and temporary staff
• Rising procurement costs due to resource price fluctuations associated with yen depreciation and geopolitical risks