St.Cousair CO.,LTD. FY2026 Q2 Earnings Report

Financial Highlights

• Net Sales: ¥9.68B
• Operating Income: ¥264M
• Net Income: ¥2M
• EPS: ¥17.66

Income Statement

Balance Sheet

Cash Flow Statement

Profitability Ratios

Year-over-Year Comparison

Share Information

Dividend Information

Full Year Forecast

Disclaimer

This data was automatically extracted from XBRL files. Please refer to the original disclosure documents for accuracy.

AI Integrated Analysis

Analysis integrating XBRL data (GPT-5) and PDF earnings presentation (Claude)

Executive Summary

SanktCousair Co., Ltd. (29370) reported FY2026 Q2 consolidated results under JGAAP with steady top-line growth and improved operating profitability, alongside a sharp YoY decline in net income likely driven by prior-year non-recurring factors. Revenue grew 5.1% YoY to ¥9.676bn, indicating resilient demand across its food and retail channels. Gross profit is disclosed at ¥3.190bn, implying a 33.0% gross margin; while disclosed cost of sales suggests a different gross profit by arithmetic, we rely on the stated margin due to possible presentation differences. Operating income rose 12.3% YoY to ¥264m, expanding operating margin to approximately 2.7%, signaling positive operating leverage. Ordinary income of ¥269m was slightly above operating income, reflecting minimal net financial burden given low interest expense. Net income was ¥163m, with a net margin of 1.68%; the reported -99.7% YoY decline strongly suggests an unusually high profit base in the prior year, likely from one-off gains, rather than a collapse in underlying earnings. Interest coverage is robust at 57.3x, underpinned by modest interest expense of ¥4.6m. Liquidity is strong with a current ratio of 224.7%, a quick ratio of 166.8%, and working capital of ¥3.399bn. The balance sheet shows total assets of ¥9.509bn and total equity of ¥4.641bn, implying financial leverage of 2.05x and a debt-to-equity ratio of 0.92x, a manageable capital structure for the business model. Operating cash flow of ¥216m exceeds net income (OCF/NI 1.33x), indicating reasonable earnings-to-cash conversion in the half. Free cash flow cannot be assessed because investing cash flows and cash balances are not disclosed in this dataset; therefore, FCF and dividend coverage conclusions are constrained. EBITDA is ¥413.9m (4.3% margin), suggesting ample coverage for maintenance capex assuming typical food manufacturing/retail capex intensity, but this remains an assumption without capex disclosure. Inventory is ¥1.580bn, an important component of working capital; without comparative data, inventory efficiency cannot be fully assessed. The company has not announced dividends (DPS ¥0), consistent with reinvestment or prudence at this stage. Overall, fundamentals point to stable growth, margin improvement, solid liquidity, and conservative financial risk, with headline net income volatility attributable to non-recurring items or base effects. Data limitations (notably unreported cash/investing flows and share data) temper the precision of cash flow and per-share analyses.

From Earnings Presentation: 2026年3月期第2四半期は、売上高9,676百万円（前年比+5.1%）、営業利益264百万円（+12.3%）と増収増益を達成。ホールセールとグローバルが牽引し、売上総利益率は35.9%（前年比+1.3pt）と改善。利益率の高い商品群の販促活動推進やFC卸価格の適正化が奏功した。一方、既存店客数は前年94%と減少傾向が続き、店舗・EC事業は微減。販管費は前年比257百万円（+8.7%）増加したものの、売上総利益の増加が吸収し営業利益率は2.7%（+0.1pt）と改善。SCI事業の営業利益黒字化、食のSPAモデル強化、新規菓子事業の確立など、事業成長への取組みを推進中。26年3月期通期予想に対する進捗率は売上高46.7%、営業利益28.8%と順調。

Financial Analysis

Profitability

ROE_decomposition:

• net_profit_margin: 1.68%
• asset_turnover: 1.018
• financial_leverage: 2.05
• calculated_ROE: 3.51%
• commentary: ROE of 3.51% is driven primarily by moderate asset turnover and modest leverage; margin is the key limiting factor. Ordinary profit closely tracks operating profit, indicating limited non-operating drag. margin_quality:
• gross_margin: 33.0%
• operating_margin: 2.73%
• EBITDA_margin: 4.3%
• net_margin: 1.68%
• notes: Disclosed gross profit implies a 33.0% margin. Cost of sales disclosure implies a different arithmetic gross profit; we defer to the stated gross margin given possible classification differences under JGAAP. Net margin compression versus operating margin reflects taxes and minor non-operating items. operating_leverage: Revenue grew 5.1% YoY while operating income grew 12.3% YoY, evidencing positive operating leverage from scale benefits and/or mix improvement. Fixed-cost absorption appears to be improving, with SG&A growth likely below sales (exact SG&A not disclosed).

Growth

revenue_sustainability: Top-line growth of 5.1% YoY indicates steady demand; absent channel mix detail, growth appears broad-based. Asset turnover at ~1.02x is consistent with a stable retail/manufacturing mix. profit_quality: Operating profit growth outpaced sales, suggesting underlying efficiency gains. Ordinary profit is in line with operating profit due to low interest expense, supporting quality of earnings. outlook: Assuming similar demand trends and cost discipline, modest margin expansion is plausible. However, the sharp YoY decline in net income signals prior-year non-recurring gains or unusual items; normalized earnings growth trajectory appears healthier than headline YoY net income suggests.

Financial Health

liquidity:

• current_ratio: 224.7%
• quick_ratio: 166.8%
• working_capital: 3398580000
• commentary: Strong near-term liquidity with substantial buffers relative to current liabilities. solvency:
• debt_to_equity: 0.92x
• interest_coverage: 57.3x
• equity_ratio_note: Equity ratio reported as 0.0% is an unreported metric in this dataset; based on assets and equity, implied equity ratio is roughly 48.8%.
• commentary: Leverage is moderate and interest burden is minimal, indicating low solvency risk. capital_structure: Assets ¥9.509bn, equity ¥4.641bn, liabilities ¥4.284bn. Financial leverage (A/E) at 2.05x is appropriate for the business profile.

Cash Flow

earnings_quality: OCF/NI at 1.33x indicates earnings are supported by cash generation this period. FCF_analysis: Free cash flow cannot be determined as investing cash flows and capex are not disclosed (investing CF shown as 0 indicates unreported). Hence, FCF coverage and reinvestment intensity cannot be reliably assessed. working_capital: Inventory of ¥1.580bn is significant; without period-on-period detail, we cannot assess turnover. Positive OCF suggests manageable working capital movements in the half.

Dividend Sustainability

payout_ratio_assessment: No dividend declared (DPS ¥0; payout ratio 0%). Withholding dividends is consistent with reinvestment or prudence given modest margins and growth investments. FCF_coverage: Not assessable due to unreported investing cash flows and capex; FCF coverage metric is not meaningful in this dataset. policy_outlook: Given current profitability, strong liquidity, and moderate leverage, the company could consider dividends longer term; near-term priority likely remains reinvestment and margin expansion. Any policy change will depend on visibility of stable FCF.

Business Outlook

26年3月期通期は売上高20,716百万円、営業利益918百万円、営業利益率4.4%を計画。2Q時点で売上高進捗率46.7%、営業利益進捗率28.8%と順調だが、3Q以降の売上拡大と利益率改善が焦点。ホールセールは取引先ポートフォリオ強化と商品ポートフォリオ充実でリスク分散と安定成長を目指す。グローバルは米国既存ブランドの売上増とアジア・その他地域の販路拡大を推進。店舗・ECは既存店客数増加への取組み（売り場改革、商品経営の推進）により客数前年比改善を図る。SCI事業は営業利益黒字化を継続し、通期で黒字定着を目指す。原材料高騰影響は26年3月期2Q累計で約40百万円（前期比△136百万円改善）と落ち着きつつあり、粗利率の改善基調を継続。販管費は人件費・販促費の増加が見込まれるが、荷造運搬費の削減と効率化でコントロール。通期営業利益率4.4%達成に向け、売上総利益率の維持・向上と販管費管理を徹底。

Management Guidance

経営陣は26年3月期の事業方針として、①ホールセールの売上回復、②SCI事業の営業利益黒字化、③製造分野における食のSPAモデル強化、④新規事業の確立を掲げ、既存店客数増加と売上総利益率の改善を課題に位置づけ。具体的には、店舗・EC事業では3年後の既存店平均年商1.2倍（約120百万円）、ロイヤル顧客数20万人（現在6.7万人の約3倍）を目指す。粗利率は33.0%から35.9%へ改善しており、FC卸価格の適正化（24年7月、25年4月実施済）、販売価格の見直し（継続）、製造原価の低減施策（強化）により、39.3%（23年3月期水準）への回復を目指す。販管費は人件費のベースアップ、グローバル事業の戦略的販促費増加、SCI事業の売上増に伴うコスト増が見込まれるが、荷造運搬費の削減（商品運搬の見直し、セット加工の内製化）と減価償却費の計画管理で販管費率の低減を図る。資本配分は現時点で内部留保・成長投資優先（配当0円）だが、中期的にはキャッシュ創出力の向上と資本効率改善により、配当原資の創出を視野に入れる。

Strategic Initiatives

• 既存店客数増加への取組み：①売り場改革（試飲試食による体験価値提供、五感を刺激する演出、手に取りやすい商品ポップ、今日の晩ご飯が想起できるディスプレイ）、②商品経営の推進（定番商品のリニューアル、お客様の『あったらいいな』に応える商品開発、便利な新商品カテゴリ開発、ギフト強化、添加物ガイドライン策定・運用）
• ホールセール事業：取引先ポートフォリオの強化（複数お取引先との販促間口拡大）、商品ポートフォリオの充実（商品カテゴリ増でお客様ニーズに柔軟対応）、ニーズに基づいた商品開発（お客様要望対応の商品改良推進）
• グローバル事業：米国はKUZE FUKU & SONSの売上増とBonnie's Jams、KELLY'S JELLYの寄与拡大、台湾は米系大手小売チェーンの販売減を大手との新規取引でカバー、その他地域（オーストラリア）の取引増加と韓国販売回復
• SCI事業の黒字化：①M&Aや営業強化による売上高増加、②製造工場での生産性向上、③固定費・変動費の管理強化、④限界利益の改善。2Q累計のEBITDAは約87百万円まで回復（前年同期比プラス転換）
• 製造分野における食のSPAモデル強化：長野市内に新工場取得（26年6月稼働）により、自社製造商品の生産・供給能力+20%増、自社商品製造比率+25%増、外部委託費△50%削減、営業利益率+1.0%増を実現。開発・製造・販売のフィードバックループ強化
• 新規菓子事業の確立：M&Aにより長野市善光寺での新規菓子事業（26年7月予定）を開始。全国の観光エリアにおける名物菓子の創出をビジョンとし、内部環境（ブランド構築力、商品開発力、全国のサプライヤーネットワーク、地方創生の実績）と外部環境（国内旅行者増加、土産菓子ニーズの高まり、事業継承問題、地方の食文化再興課題）を活かす
• ロイヤル顧客育成：店舗会員数432千人（25年9月末）のうち、ロイヤル顧客比率16.6%（約72千人推計）を28年3月期に200千人へ拡大。公式アプリ活用と購入金額ベースのロイヤル顧客定義により、LTV向上とリピート促進
• 売上総利益率の改善：FC卸価格の適正化（24年7月、25年4月実施済）、販売価格の見直し（継続）、製造原価の低減施策（強化）により、23年3月期水準（39.3%）への回復を目指す

Risk Assessment

Business Risks:

• Input cost volatility (agricultural and food ingredients) impacting gross margin.
• Channel mix and store productivity risks in retail/EC affecting asset turnover.
• Brand concentration and product cycle risk within specialty food categories.
• Supply chain and logistics costs affecting SG&A efficiency.
• Seasonality around gift and holiday demand potentially skewing intra-year cash flows.

Financial Risks:

• Moderate leverage (D/E ~0.92x) could constrain flexibility if profitability weakens.
• Working capital intensity (notably inventory) exposes cash flow to demand shocks.
• Limited disclosure on cash and capex hinders visibility on liquidity runway and FCF.
• Potential exposure to interest rate normalization, albeit current interest burden is low.

Key Concerns:

• Headline net income down 99.7% YoY suggests prior-year one-offs; normalization path needs clarification.
• Margin structure remains thin (operating margin ~2.7%), leaving limited cushion against shocks.
• Insufficient disclosure on investing cash flows and cash position constrains FCF and dividend analysis.

Risk Factors from Presentation:

• 既存店客数の減少傾向（前年比94%）が継続するリスク。お客様の購買行動の変化、食品価格高騰による消費抑制が背景
• EC売上の自家需要減少（ギフト需要は堅調だが、自家需要の減少を吸収できず）。デジタル広告やSNS活用による認知向上と新規顧客獲得が課題
• 原材料価格高騰の再燃リスク。26年3月期2Q累計で影響額約40百万円まで縮小したが、為替・原材料市況の変動により粗利率圧迫の可能性
• SCI事業の営業利益黒字化の持続性。売上高は順調だが、固定費・変動費の管理、製造工場の生産性向上、限界利益の改善が継続的に必要
• 新規菓子事業（長野市善光寺）の立ち上げリスク。26年7月開始予定だが、事業モデルの確立と収益化の進捗が不透明
• グローバル事業の為替リスク。米国売上は堅調だが、円高進行時の減益リスク、台湾の米系大手小売チェーン販売減の影響
• ホールセールの大手小売チェーン依存リスク。取引先ポートフォリオ拡大を推進中だが、大手チェーンの販売方針変更による売上変動リスク
• 人件費・賃料の固定費上昇リスク。ベースアップ実施済で人件費は前年比+7.0%増、賃借料も増加傾向。営業レバレッジの負側発現懸念

Investment Implications

Key Takeaways:

• Stable top-line growth (+5.1% YoY) with improving operating leverage (+12.3% YoY OI).
• Solid liquidity (current ratio ~225%, quick ratio ~167%) and strong interest coverage (57x).
• ROE at 3.5% constrained by thin margins; margin expansion is the main lever for returns.
• Cash conversion reasonable (OCF/NI 1.33x), but FCF unassessable due to missing capex data.
• Headline net income volatility likely due to one-offs; underlying operations appear stable.

Metrics to Watch:

• Like-for-like sales and gross margin progression (input cost pass-through).
• SG&A ratio and store/EC productivity to sustain operating leverage.
• Inventory days and working capital turns to safeguard OCF.
• Capex and new store/plant investments to gauge FCF trajectory.
• Any disclosure on extraordinary gains/losses clarifying YoY NI swing.

Relative Positioning: Versus domestic specialty food manufacturers/retailers, SanktCousair exhibits moderate growth, better-than-average liquidity, low financial risk, but lower profitability (mid-2% operating margin) and mid-single-digit ROE; execution on margin improvement is key to closing the gap.

Supplementary Insights (Key Highlights)

• ホールセール売上は前年比+31.8%と大幅増。大手小売チェーンとの取引回復、商品ラインナップ見直し、お客様ニーズ起点の商品開発が奏功
• グローバル売上は+19.7%増。米国のKUZE FUKU & SONSやBonnie's Jams、KELLY'S JELLYの売上計上により米国売上が+26.6%増
• SCI事業は営業利益の黒字化に向けてM&Aや営業強化による売上高増加、製造工場の生産性向上、固定費・変動費の管理強化、限界利益の改善を推進中
• 既存店売上高は前年比1.7%減だが、売上総利益率は35.9%と改善。商品経営の推進、売り場改革（試飲試食、ディスプレイ改善）でお客様満足度向上を図る
• 新規菓子事業として長野市善光寺での菓子事業を26年7月開始予定（M&A）。全国観光エリアへの展開を目指す
• 長野市内に新工場取得（敷地面積3,958㎡）、26年6月稼働予定。自社製造商品の生産・供給能力+20%増、自社商品製造比率+25%増、外部委託費△50%削減、営業利益率+1.0%増を見込む
• 添加物ガイドラインを新たに策定・運用開始。お客様が安心して手に取れる商品を提供
• ロイヤル顧客数は67千人（25年3月期23千人→24年3月期47千人→25年3月期67千人）と順調に増加。28年3月期に20万人を目標
• 既存店平均年商は26年3月期2Q時点で約110百万円だが、商品経営と売り場改革により28年3月期には120百万円超を目指す

Disclaimer

This analysis was auto-generated by AI. Please note the following:

• No Guarantee of Accuracy: The accuracy and completeness of this analysis are not guaranteed. For accurate financial data, please refer to the original disclosure documents published on TDnet or other official sources
• Not Investment Advice: This analysis is for general informational purposes only and does not constitute investment advice under applicable securities laws. It is not a recommendation to buy or sell any specific securities
• At Your Own Risk: Investment decisions should be made at your own discretion and risk. We assume no liability for any losses incurred based on this analysis