Iceco Inc.
7698・Standard Market・Wholesale Trade
Frozen Business
The Company's core segment centered on Frozen Food & Ice Cream Wholesale
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (full year, 74th fiscal period) | ¥50,568 million | ¥47,688 million | ↑ |
| Segment profit (full year, 74th fiscal period) | ¥699 million | ¥554 million | ↑ |
| Segment assets (full year, 74th fiscal period) | ¥15,136 million | ¥11,556 million | ↑ |
| Depreciation and amortization (full year, 74th fiscal period) | ¥286 million | ¥274 million | ↑ |
| Increase in tangible and intangible fixed assets (full year, 74th fiscal period) | ¥3,036 million | ¥1,041 million | ↑ |
Business Details
The Company operates distribution centers, sales offices, satellites, and delivery trucks mainly in the Kanto and Tokai areas, engaging in wholesale of frozen food and ice cream to drugstores, food supermarkets, and other retailers. It provides Full Maintenance Service—handling direct shelf placement and order proxy services—as its core value-added offering. As a new business, it also operates FROZEN JOE'S (Frozen Food Specialty Store), a frozen food specialty retail chain. This core segment accounts for approximately 87.6% of consolidated net sales.
Recent Overview
Sales and profit both increased on solid transactions with drugstores, while construction of the Kanto Mother Distribution Center gained momentum
In the Frozen Business for FY2026 (ending March 2026), driven by continued new store openings by major drugstore customers, net sales increased to ¥50,568 million (up 6.0% year on year) and segment profit increased to ¥699 million (up 26.2% year on year), representing both higher sales and higher profit. The Yokohama Sales Office, which began operations in April 2025, contributed to sales growth in the Kanto area and improved delivery efficiency. On the other hand, due to the construction of the Kanto Mother Distribution Center, which broke ground in September 2025, the increase in tangible and intangible fixed assets expanded to ¥3,036 million, approximately 2.9 times the prior-year level, and segment assets also increased substantially to ¥15,136 million. The center is scheduled to begin operations in December 2026.
Key Products
Growth Drivers
- Expansion of transaction volume driven by continued new store openings by major drugstore customers
- Increased sales in the Kanto area and improved delivery efficiency due to the Yokohama Sales Office, which began operations in April 2025
- Consolidation of logistics, strengthened supply capacity, and improved productivity through the Kanto Mother Distribution Center, scheduled to begin operations in December 2026
- Deepening relationships with existing customers and acquiring new customers through the value-added Full Maintenance Service
- Capturing demand amid growing needs for labor savings and efficiency across the retail industry
- Monetization of the new business through expansion of FROZEN JOE'S (Frozen Food Specialty Store) store openings
Risks
- Risk of sales concentration in major customers (top four drugstore chains: Create SD Holdings ¥12,500 million, Don Quijote Group ¥10,802 million, Cosmos Pharmaceutical ¥8,615 million, Sugi Holdings ¥7,361 million)
- Increased recruitment costs and labor costs due to labor shortages and driver shortages in the logistics industry
- Rising procurement costs due to continued yen depreciation and elevated raw material prices, along with continued high food price levels
- Increased financial burden due to large-scale capital investment associated with the construction of the Kanto Mother Distribution Center (construction in progress of ¥2,293 million), and increased depreciation expenses and initial operating costs after operations begin in December 2026
- Profit pressure from intensifying competition and consolidation in the retail industry and revisions to delivery terms by manufacturers
Last updated: June 23, 2026