Belc CO., LTD.
9974・Prime Market・Retail Trade
Belc Co., Ltd. (single segment: retail business)
A supermarket chain based in the Tokyo metropolitan area, operating in a single segment: retail.
| Period | Current | Previous | Change |
|---|---|---|---|
| Operating revenue (Q1 FY2027 (ending March 2027), cumulative) | ¥107,750 million (+3.9% YoY) | ¥103,712 million | ↑ |
| Operating profit (Q1 FY2027 (ending March 2027), cumulative) | ¥3,302 million (-15.0% YoY) | ¥3,885 million | ↓ |
| Ordinary profit (Q1 FY2027 (ending March 2027), cumulative) | ¥3,426 million (-14.1% YoY) | ¥3,991 million | ↓ |
| Quarterly net income attributable to owners of parent (Q1 FY2027 (ending March 2027), cumulative) | ¥2,294 million (-16.0% YoY) | ¥2,730 million | ↓ |
| Gross profit margin | 25.8% (+0.1 point YoY) | 25.7% | — |
| SG&A ratio to net sales | 24.3% (+0.7 point YoY) | 23.6% | ↑ |
| Quarterly net income per share | ¥110.14 | ¥131.02 | ↓ |
| Total assets (as of May 31, 2026) | ¥229,276 million | ¥221,376 million (as of February 28, 2026) | ↑ |
| Equity ratio (as of May 31, 2026) | 53.0% | 54.5% (as of February 28, 2026) | ↓ |
| Non-consolidated existing store sales (YoY) | 100.1% | — | — |
| Full-year operating revenue forecast (FY2027, ending March 2027) | ¥434,500 million to ¥454,600 million (+2.6% to +7.4% YoY) | ¥423,432 million | ↑ |
| Full-year operating profit forecast (FY2027, ending March 2027) | ¥18,000 million to ¥19,800 million (+0.6% to +10.6% YoY) | ¥17,900 million | ↑ |
| Annual dividend forecast (FY2027, ending March 2027) | ¥132 (interim ¥66, year-end ¥66) | ¥124 (FY2026 (ended March 2026) actual) | ↑ |
Business Details
Belc Co., Ltd. operates a chain of retail stores selling fresh food, processed food, daily necessities, and other items primarily in the Tokyo metropolitan area centered on Saitama Prefecture. Under the concept of "Better Quality & Lower Price," the company leverages standardized chain operations and its own logistics network as core strengths. Its group companies include Home Delica Co., Ltd., which manufactures prepared foods (delicatessen items), and Joytec Co., Ltd., which supplies sales materials, both supporting merchandising strength and operational efficiency. As of the end of May 2026, the company operated a total of 152 stores, comprising 149 Belc stores and 3 Kurube stores.
Recent Overview
Despite higher revenue, rising SG&A expenses squeezed profits, resulting in a substantial revenue increase but profit decline in Q1.
In Q1 FY2027 (ending March 2027) (March to May 2026), operating revenue increased to ¥107,750 million (+3.9% YoY), while operating profit declined significantly to ¥3,302 million (-15.0% YoY). Non-consolidated existing store sales remained at 100.1% YoY due to the impact of competing stores and a year-on-year decline in rice sales, among other factors; the SG&A ratio exceeded the prior-year level as sales fell short of plan. Rising employee wages were the primary driver of increased SG&A expenses. The company newly opened the Kawasaki-Shimosakunobe store in April 2026 and the Ariake store in May 2026, bringing the total store count to 152 as of the end of May. The full-year earnings forecast remains unchanged from the figures announced on April 10, 2026.
Key Products
Growth Drivers
- Expansion of sales scale through new store openings (Kawasaki-Shimosakunobe store and Ariake store opened in Q1 FY2027 (ending March 2027); 152 stores as of end of May 2026)
- Product differentiation and acquisition of purpose-driven customers through expansion of the "Kurabelc" private brand and in-house developed products
- Maintaining price competitiveness through bulk procurement directly from producing regions and manufacturers, leveraging proprietary logistics
- Building customer loyalty through point card promotions, enhanced flyer pricing, and expansion of proprietary payment services
- Strengthened supply system for prepared foods and convenience products and improved product appeal through operation of the Home Delica third plant
- Maintaining high productivity through standardized chain operations and use of labor-saving equipment
Risks
- Pressure on gross profit margin due to rising merchandise procurement prices resulting from higher raw material prices and product manufacturing costs
- Adverse impact on personal consumption from continued price inflation, leading to sluggish existing store sales growth
- Increased SG&A expenses due to rising employee wages, and deterioration of profit margins if sales plans are not achieved
- Sluggish existing store sales due to the impact of competing stores (Q1: 100.1% YoY)
- Downward pressure on the economy and impact on merchandise procurement from geopolitical risks such as U.S. trade policy and Middle East tensions
- Risk of year-on-year sales decline for specific products such as rice
Last updated: May 20, 2026