Price Hikes for Both Sukiya and Hama-sushi Have Limited Impact on Customer Traffic

研报英文原文证据摘录

Price Hikes for Both Sukiya and Hama-sushi Have Limited Impact on Customer Traffic

Update

August 3, 2026 09:17 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MZensho Holdings (7550) | Japan Katsumi Arai

Equity Analyst

Price Hikes for Both Sukiya and Katsumi.Arai@morganstanleymufg.comNatsuko Seto +81 3 6836-8918

Research Associate

Natsuko.Seto@morganstanleymufg.com +81 3 6836-8940

Hama-sushi Have Limited

Impact on Customer Traffic

July domestic Sukiya same-store sales rose 10.9% YoY, marking the fourth

Zensho Holdings (7550.T, 7550 JP)

consecutive month of double-digit growth. The company raised prices on several

Mid Small Cap/Non-Manufacturer | Japan

menu items on July 8. For example, the price for a regular-size gyudon beef bowl

Stock Rating Overweight

was increased from ¥450 to ¥480. As a result, average spend per customer Industry View In-Line

improved to +1.7% YoY in July, up roughly 2ppt from the -0.3% YoY figure for June. Price target ¥12,000

Shr price, close (Aug 3, 2026) ¥10,115

Although the change in customer traffic is more difficult to analyze due to the Mkt cap, curr, basic (bn) ¥1,583.0

impact of last year’s foreign-object contamination incident, Zensho says that Avg daily trading value (bn) ¥5.3

customer traffic was only modestly impacted by the price hikes.

July domestic Hama-sushi same-store sales were also strong, rising 8.8% YoY. Hama-

sushi raised prices from May 26, including increasing the price of its maguro (tuna)

piece from ¥110 to ¥132, but this change also does not appear to have caused a

major decline in customer traffic. Weather, instead, appears to have been a negative

factor for traffic. According to the Japan Meteorological Agency, the rainy season in

the Kanto region ended around July 20 this year, later than last year’s unusually