Belc CO., LTD.
9974・Prime Market・Retail Trade
Business
Belc Co., Ltd. was founded in 1959 in Chichibu City, Saitama Prefecture, and currently operates 144 supermarket stores (as of the end of February 2025) under the "Belc" and "Kurube" brands, primarily in the Greater Tokyo area centered on Saitama Prefecture. The company is a food retailer handling a wide range of products, from fresh food (produce, seafood, meat, and delicatessen items) to grocery items (general food products, confectionery, and sundries). Its consolidated subsidiaries include Home Delica Co., Ltd., which manufactures prepared foods, and Joytec Co., Ltd., which handles materials and cleaning services, and the group works together to enhance merchandising capabilities and store operation efficiency. In 2022, while maintaining its capital and business alliance with Aeon Co., Ltd., the company listed on the Prime Market of the Tokyo Stock Exchange. Its main customers are general consumers in the Greater Tokyo area, and it practices its management philosophy of "Better Life with Community" through community-based food retailing.
Business Model
By leveraging bulk procurement from production areas and manufacturers together with its own distribution centers (three sites in Saitama and Chiba), the company keeps procurement costs down while securing product freshness and price competitiveness. It pursues scale merit through planned store openings based on a standardized format, and thoroughly manages costs via vertical integration with in-group prepared-food manufacturing (Home Delica) and materials supply (Jointec). It seeks differentiation through the private brand "Kurabeku" and directly imported products, and promotes customer retention through point cards, the electronic money "Belc Pay," and its online supermarket. With a target management indicator of an ordinary income margin on sales of 4.5% or higher, the company pursues both low-cost operations and profitability.
Company Strengths
The company owns three logistics centers in Saitama and Chiba, and maintains relatively low prices even amid rising procurement costs by combining bulk purchasing from producing regions and manufacturers with its own delivery operations. In FY2025 (ended February 2025), purchases expanded to ¥277,083 million (110.7% year on year), while the company still secured a gross profit margin of 27.0%.
The company opened 7 new stores in FY2025 (ended February 2025), bringing its store network to 144 stores as of the end of February 2025. Existing store sales remained solid, rising 104.7% year on year, and with both new store contributions and existing store growth driving results, net sales reached ¥381,440 million (110.2% year on year). Net sales have expanded for four consecutive fiscal periods.
Ordinary income in FY2025 (ended February 2025) was ¥17,388 million (116.1% year on year), with the ordinary income to net sales ratio reaching 4.6%, achieving the target management indicator of 4.5% or higher. Cash flow from operating activities was secured at ¥22,690 million, demonstrating financial strength sufficient to fund capital expenditures of ¥21,372 million from internal resources.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years rose consistently from ¥297,019 million (FY2022) to ¥416,514 million (FY2026). However, in the first quarter of FY2027 (ending February 2027) (March–May 2026), while operating revenue continued to grow to ¥107,750 million (up 3.9% year on year), operating profit fell sharply to ¥3,302 million (down 15.0% year on year), ordinary profit to ¥3,426 million (down 14.1% year on year), and quarterly net profit to ¥2,294 million (down 16.0% year on year), with declines at every profit level. Amid continued increases in raw material and merchandise procurement costs, higher SG&A expenses driven by employee wage increases (SG&A ratio of 24.3%, up 0.7 percentage points year on year) combined with sluggish existing-store sales growth (100.1% year on year) to push the company into a pattern of rising revenue but falling profit. Depreciation expense also increased from ¥1,959 million in the same period last year to ¥2,218 million, with rising costs associated with new store openings and capital investment also weighing on profit.
Growth Strategy
Strengthening the revenue base through planned dominant store expansion, low-cost operations, and enhanced product competitiveness
In Q1 FY2027 (ending February 2027), the company opened new stores in Kawasaki-Shimosakunobe (Kanagawa Prefecture) and Ariake (Tokyo), bringing the total to 152 stores (149 Belc stores and 3 Crevé stores) as of end-May 2026. The company aims to expand sales scale and strengthen regional market share through continued planned store openings. Note that the Green Walk store (Hachioji City, Tokyo) closed in May 2026.
The company is expanding its lineup of in-house developed products, including the private brand "Claire Belc," to attract destination customers and differentiate from competitors. The new operation of the Home Delica Third Plant has strengthened the supply system for delicatessen and ready-to-eat products, aiming to enhance product competitiveness and increase sales.
The company's policy is to achieve both wage increases for employees and improved productivity with cost control, through standardized chain operations, use of labor-saving equipment, and review of appropriate staffing levels. In Q1 FY2027 (ending February 2027), SG&A expense levels were maintained as planned, but the SG&A ratio exceeded the previous year's level due to sales falling short of plan.
The company is promoting increased store visit motivation and customer retention by combining the expansion of its proprietary payment services with point card promotions and enhanced flyer pricing. It continues to improve customer service levels and appeal of specialty products, aiming to improve existing store sales.
Last updated: July 17, 2026