ENVALITH
株式会社ブルーゾーンホールディングス logo

BLUE ZONES HOLDINGS CO., LTD.

417A・Prime Market・Retail Trade

株式会社ブルーゾーンホールディングス logo
BLUE ZONES HOLDINGS CO., LTD.417A

Business

Blue Zone Holdings, Inc. is a holding company scheduled to be established on October 1, 2025, through a sole share transfer by Yaoko. The group comprises Yaoko, six subsidiaries (AV, Fuucot, Sendo, Yaoko Business Service, Ogawa Trading, and Yaoko Harmony), and one affiliated company (engaged in overseas expansion through investment in Vietnam). Its core business is the Supermarket Business, focused primarily on food products, targeting general consumers mainly in the greater Tokyo metropolitan area. The company itself, as a holding company, is responsible for the management and administration of group companies and related ancillary operations.

Business Model

The Yaoko Group adopts a business model that sells products to consumers through the operation of supermarket stores centered on food, thereby generating retail revenue. The group includes vertically integrated functional companies such as store-related operations (Yaoko Business Service), food and beverage wholesale and import (Ogawa Boeki), and food manufacturing and processing (Yaoko Harmony). The transition to a holding company structure will consolidate group-wide management functions, creating a framework that enables autonomous operation of each business company and optimization of strategic resource allocation.

Company Strengths

In January 2025, Yaoko's Board of Directors resolved a share transfer plan, with a transition to a holding company structure scheduled for October of the same year. By consolidating group management administration functions within the holding company, the structure will ensure the autonomy of each operating company while accelerating strategic decision-making across the group as a whole.

In addition to Yaoko itself, the group encompasses multiple supermarket formats through Avy, Foodcott, and Sendo, wholesale and import functions (Ogawa Trading), and food manufacturing and processing functions (Yaoko Harmony), internalizing diverse functions within the group. In April 2024, Sendo was made a consolidated subsidiary, expanding the scale of the group.

A listing on the Tokyo Stock Exchange Prime Market is planned for October 1, 2025, ensuring access to capital markets and transparency of information disclosure. Given that Yaoko is already listed on the Prime Market, the group is expected to maintain a high level of market credibility even after the transition to a holding company structure.

ENVALITH's Perspective

As the first consolidated fiscal results since the establishment of the holding company in October 2025, the company recorded operating revenue of ¥813,155 million, operating profit of ¥36,392 million, and net income attributable to owners of the parent of ¥23,596 million. Profitability indicators were favorable, with ROE of 12.4% and return on total assets (ordinary profit basis) of 8.9%. However, since year-on-year comparison is not possible, verification of the substantive growth rate will need to wait until the following fiscal period.

As an external factor, continued inflation and a strengthening consumer thrift orientation worked favorably for the discount business format, contributing to same-store sales growth at A-Coop Fucot. On the other hand, personnel expenses (salaries and allowances of ¥80,035 million) and rising construction material costs pushed up selling, general and administrative expenses, keeping the operating profit margin on operating revenue at 4.5%. The recording of an impairment loss of ¥2,994 million was also a factor pressing down on profit.

The forecast for FY2027 (ending March 2027) calls for operating revenue of ¥903,000 million (up 11.0% year on year), operating profit of ¥37,450 million (up 2.9% year on year), and net income of ¥23,900 million (up 1.3% year on year). The full-year consolidation effect of Delight HD and Bunkado is expected to contribute to revenue growth, but the fact that the profit growth rate falls significantly short of the revenue growth rate suggests continued cost pressure. The sales and profit targets of the 11th Medium-Term Management Plan are said to have already been achieved, and a new medium-term plan is scheduled to be formulated in the next fiscal period; clarification of the medium- to long-term growth targets will be an important point to confirm for investment decisions.

Growth Strategy

Building a group-wide framework toward ¥1 trillion in group sales through deepening of the two business formats, continued M&A, and strengthening of common group functions

Yaoko continues to strengthen existing stores and open new stores centered on "enhancing meal solutions" and "reinforcing price consciousness." The discount format (Av-Fucot) has deepened its overwhelmingly low-price positioning and low-cost operations, achieving significant existing-store sales growth in the current period.

In October 2025, the company acquired Delight Holdings (70% equity stake; Cook Mart, 12 stores) and Bunkado (wholly owned subsidiary, 18 stores), building a group structure of 276 stores. The company will continue to consider M&A in the lifestyle format to expand the scale of the group.

The company is strengthening common functions in human resources, finance, internal control, store development, logistics, systems, and manufacturing, while promoting the development of management talent and personnel exchange. Through digital investments such as AI automated ordering, full self-checkout, and electronic shelf labels, the company aims to improve productivity and maintain cost competitiveness amid rising labor costs.

The strategy includes supporting growth and collaboration in the Vietnamese market, as well as creating new value through collaboration with domestic ventures. At present, the contribution to consolidated results is limited, but this is positioned as a mid- to long-term growth option.

Last updated: July 17, 2026