Zensho Holdings: 27/3 Q1 results: Strong performance at growth drivers Quick Note

研报英文原文证据摘录

Global Markets Research

Zensho Holdings

7 August 2026

7550.T 7550 JP / EQUITY: JAPAN RETAILING

27/3 Q1 results: Strong performance at growth

drivers

Quick Note

First impression positive: Global Hamasushi segment drives growth

Zensho Holdings generated 27/3 Q1 sales of ¥324.8bn (up 16.8% y-y) and operating

profits of ¥24.80bn (up 57.5%) versus our forecasts of ¥327.6bn and ¥21.35bn.

Global Sukiya sales rose 22.7% y-y to ¥81.1bn and segment profits saw a ¥3.1bn

improvement to ¥2.4bn, versus our respective forecasts of ¥74.1bn and ¥2.3bn. Global

Hamasushi sales rose 32.2% to ¥93.5bn and segment profits rose 70.4% to ¥8.8bn,

versus our respective forecasts of ¥92.9bn and ¥6.0bn. The global prepared food segment

generated sales of ¥48.1bn (up 10.7%) and segment profits of ¥8.6bn (up 10.3%) versus

our respective forecasts of ¥47.1bn (¥59.4bn minus the ¥12.3bn impact of the change in

accounting policy) and ¥8.1bn.

Margins have been improving at the global Hamasushi segment. Proactive store openings

in China have boosted the weighting of high-margin overseas Hamasushi restaurants, and

same-store sales in Japan have also been solid. The segment profit margin improved

2.1ppt y-y to 9.4%. The company opened 52 stores (13 in Japan, 39 overseas), with no

store closures.

Buy

Rating

Target price

JPY 10,800

Closing price

JPY 10,475

7 August 2026

(Note: Quick Note reports are not a

vehicle for changes to ratings, target

prices, or earnings forecasts)

Research Analysts

Japan retailing

Yusuke Sakamoto - NSC

Sales and profits also rose at the global prepared food segment, with a net increase of

118 stores (274 openings, 156 closures), marking a second straight quarter of net growth.

While the improvement in margins at other businesses has been lackluster, we take a

positive view of strong earnings at the two growth drivers.

The company lowered its 27/3 sales guidance from ¥1,424.0bn to ¥1,402.0bn and raised

its operating profit guidance from ¥92.0bn to ¥102.0bn, versus our respective forecasts of

¥1,407.2bn and ¥94.4bn.