RINGERHUT CO., LTD.
8200・Prime Market・Retail Trade
Business
Ringer Hut Co., Ltd. is a foodservice company that operates chain stores domestically and overseas under two core business formats: "Nagasaki Champon Ringer Hut" and "Tonkatsu Hamakatsu." As of the end of FY2026 (ending February 2026), the company operates a total of 646 stores—635 domestic and 11 overseas (including 156 franchise stores). The Nagasaki Champon Business is the core segment, accounting for approximately 83% of net sales, complemented by the Tonkatsu Business and the Facility Maintenance Business, forming a three-segment structure. The company differentiates itself through 100% domestically sourced vegetables (implemented in 2009), targeting a broad range of age groups as its main customer base. The group consists of 9 companies, including 8 consolidated subsidiaries, and adopts an in-house manufacturing and direct sales model using three factories located in the Kanto, Kansai, and Kyushu regions.
Business Model
The core of profitability is the "manufacturing-direct sales" orientation, whereby Champon noodles, fried noodles for Sara Udon, gyoza, and other items are produced in-house at the company's three factories (Kanto, Kansai, and Kyushu) and supplied to stores. In addition to sales from company-operated stores, the company also earns royalty income from franchise stores. The in-group Facility Maintenance Business internalizes store operating costs, while the wholesale business (Ringer Foods) complements earnings through retail sales of branded products. The company has set management target indicators of a sales-to-FL cost ratio of 60% or less and an ordinary income margin (as a percentage of sales) of 10% or more.
Company Strengths
In 2009, the company was the first in the industry to switch to domestically produced vegetables for all stores. It has promoted JGAP certification for cabbage, its primary vegetable, and approximately 50% of purchased cabbage is now JGAP-certified. Its efforts toward food safety, security, and health have also been recognized externally, including receiving the "GAP JAPAN Award 2024."
Champon noodles, gyoza, and other products are produced in-house at three plants in the Kanto region (Fuji-Oyama), Kansai region (Kyoto), and Kyushu region (Saga). Production results for the Nagasaki Champon Business in FY2026 (ending March 2026)... [Note: fiscal period appears as 2026年2月期] were ¥8,330,627 thousand on a manufacturing cost basis (117.4% year-on-year). The company has introduced proprietary image processing inspection equipment at its plants, achieving both quality control and cost reduction.
Net sales grew for four consecutive fiscal years, rising from ¥32,868 million in FY2022 to ¥44,265 million in FY2026. Operating profit turned positive in FY2024 at ¥1,005 million, recovering from losses in FY2022 and FY2023, and expanded to ¥1,694 million in FY2025. The equity ratio at the end of FY2026 improved to 46.7% (up 1.9 percentage points year-on-year), reflecting a strengthened financial base.
ENVALITH's Perspective
Performance Trend
Revenue increased for four consecutive periods, from ¥32,868 million in FY2022 to ¥44,265 million in FY2026. Operating profit recovered from losses in FY2022 and FY2023, progressing from ¥1,005 million in FY2024 to ¥1,694 million in FY2025, then declining to ¥1,418 million in FY2026 (down year on year). In Q1 of FY2027 (ending February 2027), revenue was ¥11,439 million (up 2.9% year on year) and operating profit was ¥599 million (up 51.0% year on year), showing significant improvement in profitability. Amid continued external pressures such as rising raw material and utility costs and higher labor costs, solid customer traffic—with same-store sales at 104.3% year on year for Nagasaki Champon and 102.3% for Tonkatsu—drove the improvement in earnings. The full-year forecast calls for revenue of ¥47,300 million (up 4.9% year on year), operating profit of ¥2,200 million (up 55.1% year on year), and net income of ¥1,200 million (down 30.5% year on year), with the year-on-year decline in net income mainly attributable to an increase in extraordinary losses and continued impairment charges.
Growth Strategy
Under the Medium-Term Management Plan (FY2026-FY2028), the company is pursuing enhancement of existing stores, franchise expansion, and overseas development
Under the Medium-Term Management Plan that started from FY2026, the company is rolling out corporate value enhancement measures with all employees united. The 51.0% increase in operating profit in Q1 of FY2027 (ending February 2027) demonstrates solid results as an initial start to the first year of the plan.
The company regularly introduces seasonal and area-limited products such as Chilled Champon, Spicy Mala Soup Champon, and Beef Champon with Green Chili Soup, aiming to increase customer spending and strengthen customer acquisition. The effects are reflected in the numbers, with existing-store sales at 104.3% year-on-year (Nagasaki Champon) and 102.3% (Tonkatsu).
With 152 franchise stores (approximately 23.7% of the total), the company is advancing a shift toward an asset-light model that accumulates royalty income and material sales. The policy is to maintain and expand the store network while curbing investment burden by increasing the franchise ratio.
The company operates 13 stores overseas (10 Nagasaki Champon Ringer Hut stores and 3 Tonkatsu stores). It conducted its first overseas food education activities at 2 stores in Cambodia and Vietnam, aiming to expand brand awareness. While the contribution to scale and profitability remains limited at present, the company continues to build its foundation in Southeast Asia.
In the current Q1, the company raised ¥2,200 million in long-term borrowings as capital investment funds. It aims to maintain competitiveness through renewal of store facilities and new store openings (2 new domestic stores opened in the current Q1). Since this involves an increase in interest-bearing debt, balancing this with financial discipline remains a challenge.
Last updated: July 17, 2026