Iceco Inc.
7698・Standard Market・Wholesale Trade
Business
Aisuko Co., Ltd. operates two businesses: the Frozen Business (approximately 88% of net sales), which wholesales frozen food and ice cream primarily in the Kanto and Tokai areas, and the Supermarket Business (approximately 12%), which operates seven "Super Seisenkan TAIGA" stores within Kanagawa Prefecture. The Frozen Business serves mainly retail customers such as drugstores and supermarkets, and has built a proprietary logistics network utilizing 15 distribution centers, sales offices, and satellite locations along with approximately 400 delivery trucks. The company listed on the Tokyo Stock Exchange Standard Market in 2021, and is pursuing enhanced profitability and business expansion under its "ICECO VISION 2030" initiative.
Business Model
In the Frozen Business, rather than "drop-off delivery" where products are simply left in the backroom, the company provides a paid "Full Maintenance Service" in which delivery staff also handle shelf display and order placement on behalf of retailers, collecting compensation for the added value of resolving retailers' labor shortages. Approximately 90% of deliveries are handled by the company's own employees, maintaining service quality. In the Supermarket Business, the company differentiates itself from major competitors by emphasizing freshness through same-day procurement and same-day sales at early-morning markets, generating retail revenue.
Company Strengths
The company provides a paid "Full Maintenance Service" in which delivery staff also handle in-store product display and order placement on behalf of clients, compensating for labor shortages at drugstores and other stores operated with minimal staff. Approximately 90% of deliveries are handled by the company's own employees, and thorough training in service quality has established a customer-focused wholesale model that is difficult for competitors to replicate in a short period.
The company has built a proprietary logistics network comprising 15 locations—distribution centers, sales offices, and satellites—across the Kanto and Tokai regions, along with approximately 400 delivery trucks. In April 2025, it newly established the Yokohama Sales Office to improve delivery efficiency in the Kanto area, and it plans to consolidate logistics and improve productivity through the Kanto Mother Distribution Center (with a planned frozen automated storage system), scheduled to begin operations in December 2026.
In sales results for the 74th fiscal period, the top four customers—Create SD Holdings (21.7%), the Don Quijote Group (18.7%), Cosmos Pharmaceutical (14.9%), and Sugi Holdings (12.8%)—together accounted for 68.1% of net sales. Ongoing transactional relationships with major drugstore chains form a stable base for revenue, and transactions with each company remained solid in the 74th fiscal period as well.
ENVALITH's Perspective
Performance Trend
Revenue increased for five consecutive fiscal periods, rising from ¥42,265 million in FY2022 to ¥57,716 million in FY2026. Operating income recovered from a trough of ¥117 million in FY2023, reaching ¥782 million (operating margin of 1.4%) in FY2026, marking the highest level in the past five fiscal periods. However, net income decreased to ¥374 million (down from ¥481 million in the prior period) due to the recognition of extraordinary losses, including an impairment loss of ¥217 million and a loss on sale of fixed assets of ¥16 million. As an external factor, the continued yen depreciation trend kept logistics costs and raw material prices elevated, pressuring the gross margin, while the continued opening of drugstore-format stores drove revenue growth. For FY2027 (ending March 2027), operating income and ordinary income are expected to temporarily decline due to increased costs associated with the operation of the Kanto Mother Distribution Center, but net income is projected to reach ¥488 million (up 30.8% year on year) due to the absence of special losses.
Growth Strategy
Aiming for sustainable growth through three pillars: logistics automation, expansion in the Kanto area, and cultivation of new businesses
Construction began in September 2025, with operation scheduled to commence in December 2026. This will fundamentally strengthen supply capacity in the Kanto area and establish a foundation for medium- to long-term sales expansion in the Frozen Business. While the initial phase of operation will result in a temporary increase in costs due to higher depreciation expenses, among other factors, efficiency gains from logistics consolidation are expected to materialize over time.
The Yokohama Sales Office began operations in April 2025, addressing sales growth in the Kanto area and improving delivery efficiency. Sales in the Frozen Business for FY2026 (ending March 2026) increased steadily to ¥50,568 million (up 6.0% year on year), with improved delivery efficiency contributing to restraining the rate of increase in selling, general and administrative expenses.
The company is developing a frozen food specialty store as a new business. The fourth store opened in September 2025 inside Chofu PARCO, and the company continues to expand this business. It aims to generate profits as a retail business that leverages the wholesale know-how of the Frozen Business.
For TAIGA Fujigaoka Store, whose profitability has continued to be low, the company recorded an impairment loss of ¥217 million in FY2026 (ending March 2026) to appropriately reflect its asset value. Meanwhile, the company plans to open Super Seisenkan TAIGA Ebisukubo Store from summer 2026 onward, strengthening its dominant strategy in locations where it can leverage its strengths.
Last updated: July 19, 2026