FUJI CO.,LTD.
8278・Prime Market・Retail Trade
Business
Fuji Co., Ltd. is the No.1 super-regional retailer in the Chugoku, Shikoku, and Hyogo areas, having been reborn as "Shinsei Fuji" (New Fuji) in March 2024 through the absorption-type merger of former Fuji Retailing and Maxvalu Nishinihon. Centered on its Supermarket Business, Discount Store Business, and Mobile Supermarket Business, the group comprises 22 subsidiaries and 3 affiliated companies, and operates a diversified range of Lifestyle-Related Services Business including food processing, real estate, fitness, nursing care, and travel. In FY2025 (ending February 2025), net sales reached ¥778,238 million and operating revenue reached ¥814,260 million, forming a corporate group that broadly supports the daily lives of local residents.
Business Model
In its core Supermarket and Discount Store formats, the company sells daily necessities centered on groceries, aiming to improve gross profit margin by expanding AEON Group's private brand TOPVALU and its own original products. It combines DX investments such as electronic shelf labels and self-checkout registers to reduce labor-saving costs, with WAON POINT to retain customers and the Mobile Supermarket Business to capture new demand. Related businesses such as Real Estate Leasing & Tenant Business, fitness, and nursing care form a structure that complements overall earnings.
Company Strengths
Following the three-company merger in March 2024, the company relaunched as the No.1 super-regional retailer in the Chugoku, Shikoku, and Hyogo areas. Through a multi-format approach combining the Supermarket Business, Discount Store Business, and Mobile Supermarket Business, it covers a wide range of customers from urban to depopulated areas, achieving net sales of ¥778,238 million and operating revenue of ¥814,260 million in FY2025 (ended February 2025).
Electronic shelf labels have been installed at a cumulative 210 stores and self-checkout registers, etc. at a cumulative 379 stores (FY2026 (ending February 2026) plan). In FY2025 (ended February 2025) alone, 69 stores added electronic shelf labels and 40 stores added self-checkout registers, with concrete measures underway to curb operating costs even amid rising labor costs.
The Mobile Supermarket Business expanded to 87 stores, 137 vehicles, and 752 routes as of the end of FY2025 (ended February 2025), maintaining high growth with sales up 14.8% year on year. In regional areas facing declining birthrates, an aging population, and population decline, the company is converting the social need to support those with difficulty shopping into a business opportunity.
ENVALITH's Perspective
Performance Trend
Operating revenue over the past five fiscal years expanded from ¥304,822 million in FY2022 to ¥784,256 million in FY2026 (with a sharp jump in FY2023 due to the Marunaka consolidation effect). Meanwhile, operating profit peaked at ¥15,110 million in FY2024, then deteriorated for two consecutive periods, falling to ¥12,953 million in FY2025 and ¥11,217 million in FY2026. In the first quarter of the fiscal year ending February 2027 (March–May 2026), operating revenue fell sharply to ¥198,026 million (down 1.7% year on year), operating profit dropped to ¥391 million (down 79.4% year on year), and quarterly net profit attributable to owners of the parent fell to ¥66 million (down 94.2% year on year). External factors included a rebound from the prior year's surge in agricultural produce prices and rice shortage-driven special demand, sharp increases in energy and raw material prices stemming from Middle East tensions, and a weaker yen that pushed up procurement costs, while appeals to consumers' cost-conscious, value-seeking behavior through low-price positioning squeezed gross profit margins. Although SG&A expenses were reduced by 2.1% year on year, this was not enough to offset the decline in gross profit. The full-year forecast (operating revenue of ¥825,000 million, operating profit of ¥17,000 million) has been left unchanged, which presupposes a substantial recovery in the second half.
Growth Strategy
In the final year of the medium-term management plan, the company aims to restore profitability through a three-pronged approach combining a stronger 'value/low-price' appeal, cost structure reform, and existing store renovations.
Renovations of 8 stores were carried out as planned in Q1 FY2027 (ending March 2027) (sales at renovated stores up 4.6% year-on-year). Opened a new store, M Kannonji Kunita, in March. The renovations are expected to contribute to sales growth this fiscal year and to operating profit improvement from next fiscal year onward. Renovations are planned to continue as scheduled from Q2 onward.
The company is working to appeal 'value' while curbing rises in procurement costs, through improved delivery efficiency by reducing delivery distances, promoting adoption of the Topvalu private brand, and integrating operational systems in fresh food. However, in Q1 FY2027 (ending March 2027), it was difficult to balance rising product procurement costs with the 'value' appeal, resulting in a decline in gross profit margin; improvement remains halfway achieved.
The company is promoting productivity improvements through advanced automatic ordering systems, introduction of electronic shelf labels, and multi-skilling of staff, along with a review of all types of expenses. Selling, general and administrative expenses in Q1 FY2027 (ending March 2027) were ¥58,450 million (down 2.1% year-on-year), showing results, and the company will continue these efforts from a long-term, continuous perspective.
Expanded the Mobile Supermarket Business to a cumulative total of 96 stores, 148 vehicles, and 805 routes (sales up 3.7% year-on-year). Also engaged in community creation initiatives such as the 'Chii Fuji' program in Ozu City, Ehime Prefecture. Continued efforts to reduce environmental impact through energy-saving refrigerated cases, LED lighting, and expanded installation of solar panels.
On June 1, 2026, the company implemented a transition between retirement benefit systems in connection with the partial termination of its defined benefit corporate pension plan. This is expected to be recorded as extraordinary income in the consolidated accounting period for Q2 (the amount is currently being calculated). This may serve as a supporting factor for full-year net profit.
Last updated: July 17, 2026