Maruyoshi Center Inc.
7515・Standard Market・Retail Trade
Business
Maruyoshi Center Co., Ltd. was founded in 1961 and is headquartered in Takamatsu City, Kagawa Prefecture, operating as a regionally focused supermarket company in the Kita-Shikoku (Northern Shikoku) area. Its consolidated subsidiaries include Fresh Depot Co., Ltd., engaged in food manufacturing, and Rex Co., Ltd., which handles Distribution Center Operations (Rex Co., Ltd.), forming a vertically integrated system spanning manufacturing, distribution, and retail. The company has entered into a capital and business alliance with Izumi Co., Ltd., an other affiliated company, to promote integration in purchasing, logistics, and systems. In addition to its core Retail Business (supermarkets), the company also operates a Restaurant Business and, through affiliated companies, a Motorboat Sales & Storage Business, although the Retail Business accounts for the majority of revenue. The company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
Guided by its corporate philosophy of "health and deliciousness," the company differentiates itself from competitors through its self-manufactured (Fresh Depot Co., Ltd.) differentiated product "Original BOX (Private Brand Products)" and by enhancing the quality of fresh food and prepared meals. Through the integration of procurement, logistics, and systems with Izumi Co., Ltd. (fully operational from June 2024), the company aims to reduce procurement costs and improve logistics efficiency, thereby improving gross profit. Revenue is derived primarily from retail sales of food and daily necessities, with rising customer spending per transaction driving sales growth.
Company Strengths
In November 2019, the company entered into a capital and business alliance with Izumi Co., Ltd., progressively advancing the integration of procurement, logistics, and systems. Full-scale operations commenced in June 2024, achieving reductions in procurement costs and improved logistics efficiency. Operating revenue for FY2026 (ending February 2026) reached ¥42,991 million, with the alliance with Izumi contributing to the strengthening of the revenue base.
The company operates under a quality control framework that spans manufacturing through delivery and sales, encompassing its food manufacturing subsidiary Fresh Depot Co., Ltd. (meat and seafood processing, prepared foods manufacturing) and its logistics subsidiary Rex Co., Ltd. It maintains "Maruyoshi Quality" through taste and quality checks conducted by its "Aji G-Men" (Taste G-Men) inspectors and time-of-day sales floor management.
The company has continued to implement planned energy-saving investments, such as replacement of refrigeration equipment, reducing utility costs from ¥1,014 million in the previous fiscal year to ¥954 million in the current fiscal year (a decrease of approximately ¥60 million year on year). The company is working to improve its cost structure amid an environment of continued rising energy prices.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years has been on a recovery trend, bottoming out at ¥37,238 million in FY2023, and expanding to ¥40,755 million in FY2026. Operating profit, on the other hand, peaked at ¥722 million in FY2022, declined to ¥133 million in FY2025, and then recovered to ¥340 million in FY2026. However, in Q1 of FY2027 (ending February 2027), operating profit deteriorated again to ¥80 million (down 20.3% year on year). The main external factors were an increase in labor costs (salaries, allowances and bonuses: up 7.2% year on year) due to price inflation and minimum wage hikes, and an increase in repair and maintenance costs (up 19.8% year on year). Utility costs improved, down 8.6% year on year thanks to energy-saving investments, but this was not enough to offset the increases in other costs. The full-year forecast remains unchanged at operating revenue of ¥44,000 million and operating profit of ¥180 million.
Growth Strategy
Aiming to improve profitability through strengthening individual store competitiveness via the Shikoku Strategy and maximizing the integration effects with Izumi Co., Ltd.
Promoting the "Shikoku Strategy" to raise the "strength/competitiveness of individual stores" and expand individual store share in each region. Using the Mikamo store as the first case, the company is horizontally deploying improvement examples in labor productivity per man-hour, aiming to increase average customer spend through time-slot-based sales floor management, digital signage utilization, and enhanced hospitality.
Continuing to pursue cost reductions through integration of procurement, logistics, and systems. Cost reductions in procurement leveraging scale merits are expected to contribute to improving the gross profit margin. The gross profit margin for Q1 FY2027 (ending February 2027) improved slightly year on year to 23.2%.
Subsidiary Fresh Depot Co., Ltd. has already implemented a review of manufacturing lines and updated manufacturing equipment. The company is improving manufacturing efficiency and raising quality through selection and concentration of products, while strengthening differentiation through original products such as fresh prepared foods.
Continuing energy-saving investments such as the planned replacement of refrigerators. Utility costs for Q1 FY2027 (ending February 2027) were ¥202 million, a reduction of approximately ¥19 million from ¥221 million in the same period of the previous year (down 8.6% year on year). This has partially offset cost increases such as higher labor costs.
Last updated: July 17, 2026