SHOKUBUN CO., LTD.
9969・Standard Market・Retail Trade
Business
Shokubun Corporation was founded in 1977 and is a food retail company that delivers dinner ingredient sets and other products to households in parts of Aichi, Gifu, Mie, Kyoto, Osaka, and Shiga prefectures. The company has established a proprietary prepared-food delivery system that integrates in-house factory production with delivery and sales by its sales staff, with menu products accounting for approximately 90% of net sales. It also handles corporate food sales to nursing care facilities and serviced housing for the elderly, as well as management guidance for franchise member companies. In October 2025, the company completed the absorption merger of its consolidated subsidiary Shokubunka Kenkyusho Co., Ltd., completing business integration as a single-segment company. Shinmei Holdings Co., Ltd. is the parent company, holding 50.10% of issued shares, and Shokubun is positioned to handle last-mile delivery for the Shinmei Group.
Business Model
The company adopts a vertically integrated direct-sales model in which products are manufactured and processed at its own fresh centers, with sales staff delivering and selling directly to customers' homes. Building on ongoing relationships with customers, it sells menu products on a weekly and monthly basis, while boosting spend per customer through additional sales of special-offer products and daily necessities and sundries. In FY2026 (ending March 2026), purchasing results totaled ¥2,860 million (menu products ¥2,565 million, special-offer products ¥295 million), and sales results totaled ¥6,008 million, with a cost of sales ratio of 61.6%.
Company Strengths
Has a track record of building and operating a home-delivery network over approximately 47 years in parts of Aichi, Gifu, Mie, Kyoto, Osaka, and Shiga prefectures. Its integrated delivery-and-sales system, combining its own factories (Fresh Centers) with sales staff, constitutes a proprietary infrastructure that is difficult for competitors to replicate in a short period, and it is also positioned as the last-mile delivery function for the Shineimaru Group.
The company entered into a capital and business alliance with Shineimaru Holdings Co., Ltd. in 2017, and following a third-party allotment of new shares in 2021, Shineimaru Holdings became the parent company holding 50.10% of the company's outstanding shares. The contract explicitly stipulates the establishment of a joint procurement and product development framework for ingredients and food products between the two companies, as well as the expansion of the sales structure, and the strengthened procurement capability through collaboration with a major rice wholesaling group constitutes the company's own distinctive competitive advantage.
As of the end of FY2026 (ending March 2026), against total assets of ¥4,397 million, the company maintains net assets of ¥2,342 million and an equity ratio of 53.3%. Reduction of interest-bearing debt is also progressing, with the company repaying ¥500 million in short-term borrowings during the fiscal year, continuing its efforts toward financial soundness. It holds ¥3,355 million in fixed assets, underpinned by its equipment base.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥6,876 million in FY2022 and has declined for five consecutive periods, reaching ¥6,008 million in FY2026 (down 0.8% year on year). On the other hand, a reduction in cost of sales (cost of sales ratio: 62.7% in the previous period → 61.6% in the current period) led to an improvement in gross profit to ¥2,309 million, and operating profit recovered to ¥28 million (versus ¥18 million in the previous period). Ordinary profit also improved to ¥17 million (versus ¥6 million in the previous period). However, the recognition of an impairment loss of ¥28 million resulted in a pre-tax net loss of ¥15 million, and net loss for the period was ¥32 million (versus ¥65 million in the previous period); although the loss narrowed, the company remained in the red. As external factors, heightened consumer thrift consciousness amid price increases and soaring fuel costs have acted as headwinds on both revenue and costs.
Growth Strategy
Advancing last-mile strengthening and customer acquisition measures to build a sustainable earnings structure
Established a system to reduce the burden of cash collection operations and redirect delivery personnel toward new customer acquisition. Also achieves prevention of cash-handling accidents and reduction of crime risk. Implemented in FY2026 (ending March 2026), but customer count has not yet recovered, and quantitative confirmation of the effect remains a future challenge.
Considering a review of the order system to allow customers to order according to their dining table circumstances, as well as expanding sales of daily necessities and general merchandise. Aims to increase purchase frequency and average spend among existing customers by deploying value-added services leveraging the last-mile delivery network.
Implemented strengthened operation of the LINE official account, renewal of the corporate website, TV commercials, and direct mail to target demographics. While certain results were assessed as achieved in FY2026 (ending March 2026), customer count has not yet recovered; the policy is to continue rolling out measures in FY2027 (ending March 2027) while thoroughly quantifying their effects.
Promoting improved treatment, including wage increases, and better working environments to raise the retention rate of sales staff. Pursues both efficient execution of SG&A expenses and enhancement of sales capability through personnel training and cost-consciousness reform.
Last updated: July 19, 2026