KABUKI-ZA CO., LTD.
9661・Standard Market・Services
Real Estate Leasing Business
Core revenue segment of the Group, leasing the KABUKI-ZA theater and ancillary facilities
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment Sales (External Customers) | ¥504 million (Q1 FY2027, ending March 2027) | ¥502 million (Q1 FY2026, ending March 2026) | ↑ |
| Segment Profit | ¥172 million (Q1 FY2027, ending March 2027) | ¥165 million (Q1 FY2026, ending March 2026) | ↑ |
| Segment Profit Margin | 34.2% (Q1 FY2027, ending March 2027) | 32.9% (Q1 FY2026, ending March 2026) | ↑ |
| Lease Income and Other (Other Revenue) | ¥490 million (Q1 FY2027, ending March 2027) | ¥486 million (Q1 FY2026, ending March 2026) | ↑ |
| Share of Group Sales | Approx. 55.7% (Q1 FY2027, ending March 2027) | Approx. 58.8% (Q1 FY2026, ending March 2026) | ↓ |
Business Details
A business in which the Company and its consolidated subsidiary, Kabuki-za Service Co., Ltd., own the land and buildings, and lease the theater and ancillary facilities primarily to Shochiku Co., Ltd. Most of the revenue consists of lease income (other revenue) based on lease transactions; of the ¥504 million in sales to external customers in the first quarter of FY2027 (ending March 2027), ¥490 million was lease income and other. This is a core business accounting for approximately 55.7% of the Group's total sales, with Shochiku Co., Ltd. as the main customer. The segment continues to achieve stable revenue growth through revisions to tenant rents.
Recent Overview
Both segment sales and profit increased year on year due to the effect of rent revisions
In the first quarter of FY2027 (ending March 2027) (March–May 2026), following revisions to tenant rents, segment sales were ¥504 million (up 0.5% year on year) and segment profit was ¥172 million (up 4.3% year on year). While sales growth remained modest, the profit margin improved to 34.2% from 32.9% in the same quarter of the prior year. Due to strong growth in the Dining & Food Service Business and Retail Shop Business, this segment's share of Group sales declined from 58.8% in the same quarter of the prior year to 55.7%.
Key Products
Growth Drivers
- Increase in lease income through upward revisions to tenant rents
- Increase in visitors and improvement in theater utilization rates driven by growing attention to Kabuki
- Stable leasing demand linked to Shochiku Co., Ltd.'s KABUKI-ZA performance schedule
- Revenue enhancement measures such as the use of owned properties as advertising media to increase asset value
- Resolution of the cost pressure factor from the prior year through planned implementation of theater facility maintenance work
Risks
- High dependence on sales to Shochiku Co., Ltd., creating a risk that changes in the company's performance schedule directly affect results
- Risk of increased maintenance and repair costs due to the aging of theater facilities (maintenance work postponed during the COVID-19 pandemic previously pressured profit)
- Structural cash flow constraints due to the periodic amortization of long-term advances received (fixed liabilities of ¥10,492 million)
- Risk that cost increases from inflation and rising labor costs cannot be fully absorbed through rent revisions
- Risk of economic downturn due to the situation in the Middle East and the impact of monetary policy changes on domestic consumption and theatrical demand
Last updated: May 26, 2026