UORIKI CO.,LTD.
7596・Prime Market・Retail Trade
Business
Uoriki Co., Ltd. is a seafood specialty company founded in 1930, listed on the Prime Market of the Tokyo Stock Exchange. Its core business is fresh fish and sushi retail, operating primarily through tenant stores in station buildings, department stores, and supermarkets in the greater Tokyo metropolitan area. In March 2025, the company made Mogami Sengyo Co., Ltd. a consolidated subsidiary, expanding operations into the Kyushu/Fukuoka area, and the group now operates 141 stores in total. In Thailand, CP-Uoriki Co., Ltd. (a joint venture) operates 32 stores, while Uoriki Shoji Co., Ltd. handles wholesale operations both domestically and internationally. Under the mission of "making people around the world healthy and happy through fish," the company aims to become a comprehensive "fish" enterprise, building on its domestic retail foundation while promoting overseas expansion.
Business Model
The Retail Business, which accounts for approximately 88% of net sales, expands through multi-store development by opening tenant stores in commercial facilities, thereby restraining fixed asset investment. It secures a competitive edge through strong sourcing capability—leveraging fresh procurement from the Toyosu Market and direct shipments from production areas—together with buying power, and secures average customer spend through an assortment of 200 to 300 fresh fish items combined with takeout sushi. The Food Service Business operates sushi and seafood restaurants that leverage retail know-how, while the Wholesale Business is cultivating a new earnings pillar through sales of seafood products both domestically and overseas. The company's basic policy is debt-free management, funding capital expenditure and working capital through internal funds.
Company Strengths
Since obtaining approval as a trading participant at the Tokyo Metropolitan Wholesale Market (Tsukiji Market) in 1973, the company has built long-term relationships with wholesalers and distributors at Toyosu Market. In addition to securing favorable procurement terms backed by buying power, it has achieved cost reductions through logistics reforms such as relocating its collection center to the Saitama Fish Market and restructuring delivery routes.
As of the end of FY2026 (ending March 2026), the equity ratio stood at 76.9%, and cash and cash equivalents at fiscal year-end totaled ¥11,261 million against interest-bearing debt of only ¥21 million, maintaining virtually debt-free management. The company has the financial flexibility to fund M&A and investments internally, and it financed the consolidation of Mogami Sengyo in March 2025 using its own funds.
In March 2025, the company made Mogami Sengyo Co., Ltd. (51 stores in the Kyushu and Chugoku regions) a consolidated subsidiary, expanding the group's store count to 141. In Thailand, CP-Uoriki Co., Ltd. operated 32 stores as of March 2026, and in Dubai, the company entered into a business alliance with Country Hill International LLC, building a track record of multi-regional expansion through M&A, joint ventures, and business alliances.
ENVALITH's Perspective
Performance Trend
Revenue for FY2026 (ending March 2026) reached ¥43,600 million (up 19.0% year on year), marking the largest increase in the past five fiscal periods, but this was primarily driven by the additive effect of Mogami Sengyo's consolidation (March 2025). On the other hand, selling, general and administrative expenses increased substantially to ¥16,288 million (from ¥13,369 million in the prior period), and the operating margin declined to 3.6% (from 4.1% in the prior period). As impairment losses under extraordinary losses expanded to ¥417 million (from ¥277 million in the prior period), net income attributable to owners of the parent decreased to ¥1,303 million (down 8.8% year on year). External factors such as soaring fish prices, higher logistics costs, and price increases driven by yen depreciation weighed on earnings. For FY2027 (ending March 2027), the company forecasts a further decline in operating profit to ¥1,180 million (down 24.1%), making improvement of the cost structure an urgent priority.
Growth Strategy
Evolution into a comprehensive "fish" enterprise through qualitative strengthening of domestic stores and capturing overseas seafood demand
In March 2025, the company made Mogami Sengyo Co., Ltd. a consolidated subsidiary, acquiring a business foundation of 51 stores in the Kyushu/Fukuoka area. It is promoting stronger logistics centered on the Nagahama Market and building a lean store network (closing unprofitable stores, opening large-format stores). This contributed significantly to Retail Business sales of ¥38,229 million (up 21.3% year on year) in FY2026 (ending March 2026).
CP-Uoriki Co., Ltd., established in May 2023, has been rolling out Japanese-style fresh fish and sushi stores mainly in large shopping malls within Thailand. As of March 2026, it had expanded to 32 stores, and has also begun supplying takeout sushi to major convenience store chains. Product supply to these channels is expected to contribute to growth in Wholesale Business sales.
In February 2026, the company concluded a business alliance agreement with Country Hill International LLC (CHI), a Dubai-based food import wholesale and retail company. Sales to CHI expanded sharply to more than three times the level of the same period of the previous year. However, the company is closely monitoring the impact on Dubai from the military conflict involving Iran, and securing alternative sales channels in the event geopolitical risk materializes remains a challenge.
In light of rising costs for new store openings and labor shortages, the company is curbing unlimited new store openings and instead promoting the closure of unprofitable stores together with concentrated investment in large-format multi-purpose stores (combining retail and food service). In FY2026 (ending March 2026), on a standalone Uoriki basis, the company opened 1 and closed 3 retail stores, and opened 1 and closed 1 food service store. It aims to improve profitability through efficient use of limited management resources.
In December 2025, the company opened its first "Kaisen Shokudo Toto Ichiba Akiruno" store, a new business format offering rice bowls and set meals, in Akiruno City, Tokyo. This captures everyday dining demand distinct from conventional sushi and Seafood Izakaya / Seafood-Focused Restaurants formats, diversifying the earnings base of the Food Service Business. The Food Service Business improved to near break-even in FY2026 (ending March 2026), with operating profit of ¥12 million (up 1,373% year on year).
Last updated: July 19, 2026