VALOR HOLDINGS CO.,LTD.
9956・Prime Market・Retail Trade
Business
Valor Holdings Co., Ltd. was founded in 1958 and is headquartered in Tajimi City, Gifu Prefecture, as a distribution holding company. It operates 1,535 stores across a group that includes 62 consolidated subsidiaries, centered on six segments: supermarkets (SM), drugstores, home centers, pet shops, sports clubs, and distribution-related businesses. The company pursues a "manufacturing retail" model that integrates everything from procurement, manufacturing, and processing to logistics and sales, and has built its own infrastructure including food processing plants and distribution centers. While based in the Chubu region, it is accelerating store openings in the Kansai and Kanto regions, and has set mid- to long-term goals of building the "Valor Economic Zone" and transitioning into a "Destination Company" by 2030.
Business Model
The company has internalized food processing, logistics, and wholesale functions within the group, reducing intermediate distribution costs while achieving product differentiation. The SM business is the mainstay, accounting for approximately 59% of sales, with PB and manufacturer-retailer products such as fresh food, prepared foods, and bakery items serving as the core customer draw. Peripheral formats such as drugstores, home centers, and pet stores complement earnings, and the company also promotes stronger customer touchpoints and data utilization through its proprietary electronic money "Lu Vit" card (5.53 million members) and credit card.
Company Strengths
Owns food processing subsidiaries (Chubu Foods, etc.), distribution centers, and process centers in-house, enabling internal supply of differentiated products such as fresh food, prepared meals, bakery items, and fresh fruit desserts. The Valor Dessert Center, which began operations in November 2025, has expanded the "Yaoya no Nama Fruit Dessert" (greengrocer's fresh fruit dessert) lineup to 90 stores. Continued investment in manufacturing infrastructure underpins both product competitiveness and profit margins.
Operating revenue for FY2026 (ending March 2026) was ¥924,114 million (up 8.2% year on year), marking 31 consecutive periods of revenue growth. Operating profit of ¥27,580 million, ordinary profit of ¥30,019 million, and profit attributable to owners of parent of ¥16,476 million all reached record highs. The company achieved the final-year targets of its medium-term management plan one year ahead of schedule, reflecting an accumulated track record of sustained growth.
The company has continuously executed M&A and alliances, including making Domy a wholly owned subsidiary (November 2025, 32 stores in the Mikawa region), making Inu no Ie a subsidiary (December 2024), and reaching a basic agreement on a capital and business alliance with Konan Shoji (February 2026). Historically, it has made over 20 companies subsidiaries since 2005, accumulating a track record of expanding scale and functions by incorporating external management resources.
ENVALITH's Perspective
Performance Trend
Revenue expanded 26.5% over five periods, from ¥708,484 million in FY2022 to ¥896,199 million in FY2026. Operating profit declined temporarily in FY2023 but has shown a clear recovery trend from FY2024 onward, reaching ¥27,580 million in FY2026, up 30.1% versus FY2022. The profit increase in FY2026 was driven by strong existing-store performance in the SM (supermarket) business (Valor existing-store sales at 105.2% year-on-year), a 0.6 point improvement in gross profit margin, and the effect of making Doumy a wholly owned subsidiary. In terms of the external environment, rising per-customer spending due to food inflation provided a tailwind, while increases in labor costs, utility costs, and interest costs constrained margin improvement. Operating cash flow rose to ¥52,178 million (up 38.2% year-on-year), indicating improved cash-generating capacity.
Growth Strategy
Through expansion in the Kansai and Kanto areas and the alliance with Kohnan Shoji, the company aims for operating revenue of ¥1 trillion in FY2027 (ending March 2028) and ¥1.5 trillion beyond that.
In the Kansai area, the SM group (including Shiga Prefecture) has already expanded to a total of 52 stores with sales of approximately ¥75.0 billion. In Kanto, following the Yokohama Shimonagaya store (ranked No. 1 in the industry association's Store of the Year 2026), preparations are underway to open a second and third store. For FY2027 (ending March 2028), the company plans to open 9 new SM stores and 8 new specialty prepared-food stores.
A basic agreement was concluded in February 2026. The companies are considering sharing PB (private brand) product procurement, logistics collaboration, strengthening of the pet, pro-shop, and nursing care categories, coordination on new store properties, and mutual customer-drawing support in new areas. The alliance aims to generate synergies leveraging the companies' high combined share within the HC (home center) industry.
Manufacturing bases such as the Valor Dessert Center (opened November 2025, supplying 90 stores) and the Hokuo Club Ena Factory (operational since September 2025) have been established. By converting closed stores and acquiring other companies' factories through M&A for turnkey facility utilization, the company has accelerated factory startup, achieving both quality improvement and cost control.
The proportion of stores handling dispensing pharmacy services reached 40.0% (up from 37.9% in the previous fiscal year), and existing-store sales in the dispensing pharmacy segment rose 9.1% year on year due to an increase in the number of prescriptions filled. The company is building an integrated home medical and nursing care support system by opening new nursing care support centers and day-service facilities. For FY2027 (ending March 2028), 28 new stores are planned.
The quantitative targets for FY2027 (ending March 2028) (operating revenue of ¥910.0 billion, operating profit of ¥27.2 billion, etc.) were achieved one year ahead of schedule, in FY2026 (ended March 2027). As the next targets, the company has set operating revenue of ¥1 trillion (FY2027, ending March 2028), ¥1.5 trillion, and ¥1 trillion for the SM business alone, pursuing business scale expansion and internal structural reform in parallel.
Last updated: July 19, 2026