NAKAYAMAFUKU CO.,LTD.
7442・Standard Market・Wholesale Trade
Business
Nakayamafuku Co., Ltd. originated from a household goods wholesaling specialist company founded in 1925, and currently consists of a four-company group: Nakayamafuku (wholesale), LIV PLUS Co., Ltd. (household goods manufacturing & sales), Interform Co., Ltd. (interior goods manufacturing & sales), and Greenpal Co., Ltd. (plastic daily goods manufacturing). Its main customers are retailers such as home centers, supermarkets, discount stores, mail-order companies, and consumer co-operatives. The company handles a wide range of home-use products including Cooking Utensils, kitchen goods, Sanitary Goods, Storage Goods, Outing & Leisure Goods, and Exterior Goods & Gardening Goods, and has a nationwide sales network through 9 branches and sales offices across the country. Consolidated net sales for FY2026 (ending March 2026) were ¥43,053 million.
Business Model
In the core Household Goods Wholesale Business (net sales of ¥39,486 million), the company supplies merchandise to retailers through nine locations nationwide, earning revenue from purchase margins. Meanwhile, the manufacturing subsidiaries Greenpal, Interform, and LIV PLUS develop and manufacture their own original products, enhancing added value by selling them through wholesale channels and e-commerce sites. Interform on a standalone basis achieves a high operating margin of 26.7%, and the manufacturing and sales business serves as a structure that lifts the profitability of the group as a whole.
Company Strengths
The company operates 9 branches/sales offices nationwide, covering Hokkaido, Tohoku & Kanto, Chubu, Kinki, Chushikoku, Kyushu, and Okinawa. In FY2026 (ending March 2026), the Household Goods Wholesale Business posted net sales of ¥39,486 million, achieving year-on-year sales growth in all regions. The company is pursuing sales operations that combine cross-channel proposal capabilities with the digitalization of in-store sales promotion.
Subsidiary Interform's Interior Goods Manufacturing & Sales Business achieved an operating margin of 26.7% on net sales of ¥1,372 million. Green Pal's Plastic Daily Goods Manufacturing Business also posted net sales of ¥2,044 million and segment profit of ¥114 million. Through the development of proprietary original products and sales channel expansion including e-commerce, the company has secured higher profitability than the wholesale business alone.
The equity ratio as of the end of FY2026 (ending March 2026) was 71.7% (improved from 68.3% in the previous fiscal year). Total liabilities were ¥9,369 million against total net assets of ¥23,681 million. As a result of reducing short-term borrowings by ¥1,700 million and curbing interest-bearing debt, the financial base has been strengthened. The interest coverage ratio stood at 13.1x, maintaining a stable capacity to cover interest payments.
ENVALITH's Perspective
Performance Trend
Net sales peaked at ¥42,720 million in FY2022 (ended March 2022) and declined for two consecutive periods to ¥38,593 million in FY2024 (ended March 2024), but then turned to growth for two consecutive periods, reaching ¥40,950 million in FY2025 (ended March 2025) and ¥43,053 million in FY2026 (ending March 2026), with the most recent period marking a new record high. Operating profit fell into a loss of ¥(470) million in FY2024 (ended March 2024), but recovered sharply to ¥155 million in FY2025 (ended March 2025) and ¥531 million in FY2026 (ending March 2026). Amid persistently high raw material and energy prices and continued consumer thrift-consciousness as external factors, high-growth categories such as Exterior Goods & Gardening Goods (up 19.9% year on year) and Outing & Leisure Goods (up 6.0% year on year) drove the recovery. The equity ratio improved to 71.7%, further strengthening the financial position.
Growth Strategy
Promoting NFG2026 through four strategies: wholesale expansion, strengthening manufacturing, EC expansion, and logistics reinforcement
Utilizing information gained from the nationwide sales network and procurement network to promote the restructuring of product strategy and the strengthening of sales capabilities. Continued promotion of sales of new products aligned with consumer values and demand, along with proposals for new sales floor layouts. In FY2026 (ending March 2026), sales in the Household Goods Wholesale Business reached ¥39,486 million (up 4.6% year on year), with segment profit of ¥1,167 million (up 30.9% year on year).
Promoting the development of proprietary new products emphasizing design and functionality across the Household Goods, Interior Goods, and Plastic Daily Goods categories, along with the expansion of sales channels including EC. Segment profit in the Household Goods Manufacturing & Sales Business was ¥163 million (a significant increase year on year), while Interform maintained an operating profit margin of 26.7%.
Promoting the expansion of the EC business through unified group operations. Integrated the Internet Mail-Order Business and export operations, among others, into the Household Goods Wholesale Business to restructure the EC business framework. Strengthening the expansion of the company's own sales site and the development and selection of products suited to EC.
Promoting the sophistication and efficiency of sales and logistics operations through preparation of the environment for DX, multifaceted utilization of the nationwide branch network, and the introduction of new systems tailored to the business environment of each location. Of the total capital expenditure of ¥241 million, the primary component was the expansion of manufacturing facilities at Green Pal.
Promoting an operating holding company structure aimed at improving group governance. In October 2024, Nakayamafuku Service Co., Ltd. was absorbed through merger, streamlining the group structure. Through a review of segment classifications, the independence of the manufacturing and sales businesses was enhanced, transitioning to a framework that more appropriately discloses the actual state of the business.
Last updated: July 19, 2026