July 31, 2025
Consolidated Financial Results (Japanese Accounting Standards) for the Three Months Ended June 30, 2025 (Q1 FY2025)Company name: House Foods Group Inc. Stock exchange listing: Tokyo Stock Exchange Stock code: 2810
URL: https://housefoods-group.com
Representative: Hiroshi Urakami, President
Contact: Eiki Miyake, General Manager, Public & Investors Relations Division Tel. +81-3-5211-6039
Scheduled date of commencement of dividend payment: –Supplementary documents for financial results: Yes
Financial results briefing: None
(Amounts of less than one million yen are rounded to the nearest million yen.)
Consolidated Financial Results for the Three Months Ended June 30, 2025 (April 1, 2025 – June 30, 2025)
Consolidated Results of Operations (Accumulated Total) (Percentages show year-on-year changes.)
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Three months ended
Million yen
%
Million yen
%
Million yen
%
Million yen
%
June 30, 2025
75,699
1.3
3,418
(38.6)
3,666
(36.0)
1,801
(49.4)
June 30, 2024
74,733
6.1
5,572
13.4
5,724
9.0
3,556
(55.4)
(Note) Comprehensive income: 1,090 million yen (-84.1%) for the three months ended June 30, 2025
6,839 million yen (-35.9%) for the three months ended June 30, 2024
Profit per share (basic)
Profit per share (diluted)
Three months ended
June 30, 2025
June 30, 2024
Yen
19.20
36.71
Yen
–
–
(Note) The provisional accounting method pertaining to business combinations was determined on March 31, 2025. The values for the three months ended June 30, 2025 reflect the content of the determined provisional accounting method.
Consolidated Financial Position
Total assets
Net assets
Equity ratio
Net assets per
share
As of
Million yen
Million yen
%
Yen
June 30, 2025
425,533
319,597
68.2
3,102.36
March 31, 2025
435,074
322,878
67.3
3,113.86
(Reference) Shareholders’ equity: As of June 30, 2025: 290,102 million yen
As of March 31, 2025: 292,823 million yen
Dividends
Dividend per share
End of first quarter
End of second quarter
End of third quarter
Year-end
Annual
Year ended March 31, 2025
Year ending March 31, 2026
Yen
–
–
Yen
24.00
Yen
–
Yen
24.00
Yen
48.00
Year ending March 31, 2026
(forecast)
24.00
–
24.00
48.00
(Note) Revisions to dividend forecasts published most recently: None
Consolidated Forecasts for the Fiscal Year Ending March 31, 2026 (April 1, 2025 – March 31, 2026)
(Percentage figures represent the changes from the previous year)
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | Profit per share | |
Year ending March 31, 2026 | Million yen % 333,000 5.6 | Million yen % 21,500 7.5 | Million yen % 22,400 4.7 | Million yen % 13,000 4.1 | Yen 137.98 |
(Note) Revisions to financial forecasts published most recently: None
* Notes
Major changes in the scope of consolidation during the period: None
Application of particular accounts procedures to the preparation of quarterly consolidated financial statements: Yes
Changes in accounting policies and changes or restatement of accounting estimates
Changes in accounting policies caused by revision of accounting standards: None
Changes in accounting policies other than (i): None
Changes in accounting estimates: None
Restatement: None
Number of shares outstanding (common shares):
Number of shares outstanding at end of period (including treasury shares) As of June 30, 2025: 98,498,416 shares
As of March 31, 2025: 98,498,416 shares
Number of treasury shares at end of period
As of June 30, 2025: 4,988,452 shares
As of March 31, 2025: 4,459,697 shares
Average number of shares outstanding during the term
Three months ended June 30, 2025: 93,766,997 shares
Three months ended June 30, 2024: 96,879,806 shares
(Note) Number of treasury shares at end of period includes shares in the Company held by the House Foods Group Employee Shareholding Association Trust (517,200 in the three months ended June 30, 2025, 598,700 in the fiscal year ended March 31, 2025). In addition, treasury shares deducted when calculating the average number of shares outstanding during the term include the Company shares held by the trust (561,933 shares during the three months ended June 30, 2025).
Review of the accompanying quarterly consolidated financial statements by certified public accountants or audit corporations: None
Explanations and other special notes concerning the appropriate use of business results forecasts
The forward-looking statements such as result forecasts included in this document are based on the information available to the Company at the time of the announcement and on certain assumptions considered reasonable, and the Company makes no representations as to their achievability. Actual results may differ materially from the forecast depending on a range of factors.
For other matters relating to the forecasts, please refer to “1. Analysis of Operating Results and Financial Position, (3) Information on the Future Outlook, Including Consolidated Business Results Forecasts” on page 4 of the accompanying materials.
Accompanying Materials – Contents
Analysis of Operating Results and Financial Position 2
Analysis of Operating Results 2
Analysis of Financial Position 4
Information on the Future Outlook, Including Consolidated Business Results Forecasts 4
Quarterly Consolidated Financial Statements and Key Notes 5
Quarterly Consolidated Balance Sheets 5
Quarterly Consolidated Statements of Income and Comprehensive Income 7
Notes to Quarterly Consolidated Financial Statements 9
Notes Relating to Application of Particular Accounts Procedures to the Preparation of
Quarterly Consolidated Financial Statements 9
Notes to Segment Information 9
Notes for Case Where Shareholders’ Equity underwent Significant Changes in Value 11
Notes Relating to Assumptions for the Going Concern 11
Notes Relating to Quarterly Consolidated Statements of Cash Flows 11
Supplementary Information 12
Business Results 12
Number of Group Companies 12
Consolidated Statements of Income 13
Consolidated Balance Sheets 17
Capital Investment 18
Depreciation 18
Major Management Indicators, etc 18
Reference Information 19
- Analysis of Operating Results and Financial Position
- Analysis of Operating ResultsThe Group is pursuing its eighth medium-term business plan under the theme of “Striving to become a high quality company that provides “Healthy Life Through Foods” Growth through the establishment of a global value chain (VC). In our mid-term business plan, we are building a global VC structure to lay the foundation for further growth in the future, and at the same time, we are taking steps to increase corporate value from a back-casting perspective, including the introduction of ROIC (return on invested capital) for management that is conscious of the cost of capital. In addition, we are working to strengthen profitability by addressing business costs, which are becoming increasingly severe with every year, and by reforming the profit-and-loss structure of our U.S. Business.
During the three months ended June 30, 2025, our business environment remained uncertain due to interest rate and exchange rate fluctuations caused by the economic policies of various countries and geopolitical risks, rising business costs, especially raw materials, and consumers’ increasing thriftiness.
During the three months ended June 30, 2025, the International Food Business and the Restaurant Business posted higher sales and profits, while the Spice/Seasoning/Processed Food Business was affected by a significant decline in profits due to a preceding rise in business costs, mainly raw materials. However, the impact of the rise in raw material costs on the Spice/Seasoning/Processed Food Business was significant, resulting in an increase in both sales and income on a consolidated basis. Ordinary profit and net profit attributable to owners of the parent also decreased.
The Group finalized the provisional accounting treatment for business combinations in the fiscal year ended March 31, 2025, and amounts for the three months ended June 30, 2024 used for comparison and analysis reflect adjustment associated with the finalization of provisional accounting treatment due to business combinations.
As a result, the Group’s operating results were as shown below.
Three months ended June 30, 2025
Amount (million yen)
Year-on-year change (%)
Net sales
75,699
101.3
Operating profit
3,418
61.4
Ordinary profit
3,666
64.0
Profit attributable to owners of parent
1,801
50.6
The following is an overview of results by segment (before the elimination of inter-segment transactions).
Segment
Net sales
Operating profit (Segment profit (loss))
Amount (million yen)
Year-on-year change (%)
Amount (million yen)
Year-on-year change (%)
Spice / Seasoning / Processed Food Business
29,761
96.8
1,167
40.9
Health Food Business
4,072
95.2
356
45.7
International Food Business
15,912
106.0
1,328
122.4
Restaurant Business
15,744
110.6
933
124.4
Other Food Related Business
12,781
98.8
199
47.5
Subtotal
78,270
101.4
3,982
67.7
Adjustment (elimination)
(2,571)
–
(564)
–
Annual
75,699
101.3
3,418
61.4
(Note) 1. Adjustment (elimination) comprises profit or loss not distributed to segments and the elimination of inter-segment transactions.
Spice / Seasoning / Processed Food BusinessIn the Household Use Business segment, price revisions were made to mainstay products such as curry in May. Due to rush demand that developed ahead of this revision, sales in the current quarter declined. However, the Company is actively implementing measures to stimulate demand in order to achieve an early recovery in sales volume and generate the benefits of the price revision. The Food Service Business recorded an increase in sales due to the impact of rush demand before the price revision implemented in June. Profits decreased due to rising business costs, mainly from raw materials, outpacing sales.
As a result of the above, sales in the Spice/Seasoning/Processed Food Business stood at 29,761 million yen, down 3.2% year on year, and operating profit was 1,167 million yen, down 59.1% year on year. As a result, the ratio of operating profit to net sales was 3.9%, declining 5.4 percentage points from the same period of the previous fiscal year.
Health Food BusinessNet sales decreased due to lower sales of Ukon No Chikara and Ichinichibun No Vitamin Jelly, while C1000 performed well. Profits decreased due to lower sales and soaring raw material prices.
As a result of the above, sales in the Health Food Business declined 4.8% year on year, to 4,072 million yen, and operating profit decreased 54.3%, to 356 million yen. As a result, the ratio of operating profit to net sales was 8.7%, declining 9.5 percentage point from the same period of the previous fiscal year.
International Food Business Period covered by the consolidated financial statements: Mainly from January to March 2025The U.S. soybean business is working to quickly improve profitability through profit-and-loss structural reforms. During the quarter, the TOFU business suffered a decline in sales due to lost sales opportunities caused by temporary production problems, and the PBF business continued to struggle with sales, resulting in an overall decline in sales and profit in the soybean business.
In the Chinese curry business, both sales and profit increased due to a shift to a distribution-based sales strategy and steady sales in the household use business, where sales had declined in the same period of the previous year due to inventory adjustments in the distribution channel. The Food Service Business focused on new business development and secured an increase in both sales and profit. As a result of the above, the business as a whole achieved increases in both sales and profit.
In the Southeast Asia functional drink business, both sales and profits declined due to a drop in the overall beverage market caused by unseasonable weather in Thailand and the impact of Osotspa sales measures. In terms of Japanese yen, both sales and profits increased due to the impact of foreign exchange rates.
As a result of the above, sales in the International Food Business rose 6.0% year on year, to 15,912 million yen, and operating profit increased 22.4%, to 1,328 million yen. Consequently, the ratio of operating profit to net sales was 8.3%, rising 1.1 percentage points from a year earlier.
Restaurant Business Periods covered by the consolidated financial statements: From March to May 2025 for Ichibanya Co., Ltd. and from January to March 2025 for subsidiariesNet sales increased due to contributions from the domestic business promoted by Ichibanya Co., Ltd. including price revisions in August last year and sales of limited-time-only menus, as well as business expansion at domestic subsidiaries. Profits increased due to higher sales, despite higher costs for rice and other food ingredients and headquarter expenses. As a result of the above, sales in the Restaurant Business increased 10.6% year on year, to 15,744 million yen, and operating profit increased 24.4% year on year, to 933 million yen. Consequently, the ratio of operating profit to net sales was 5.9%, rising 0.7 percentage points from a year earlier.
Other Food Related BusinessDelica Chef Corporation posted declines in both sales and profit due to struggling sales of side dishes and desserts.
Vox Trading Co., Ltd. posted operating profit at the same level as the same period of the previous year due to delays in the delivery of some commercial products and the price pass-through, while sales of frozen fruits and other products remained strong.
As a result of the above, sales in Other Food Related Business decreased 1.2% year on year, to 12,781 million yen, and operating profit declined 52.5% year on year, to 199 million yen. As a result, the ratio of operating profit to net sales was 1.6%, declining 1.7 percentage point from the same period of the previous fiscal year.
- Analysis of Financial Position
The consolidated financial situation at the end of the first quarter of the fiscal year under review is as follows:
Total assets were 425,533 million yen, a decrease of 9,541 million yen from the end of the previous consolidated fiscal year.
Current assets fell 12,649 million yen, to 177,153 million yen mainly due to decreases in cash and deposits, and notes and accounts receivable-trade, which offset increases in merchandise and finished goods. Noncurrent assets increased 3,108 million yen to 248,380 million yen, mainly due to an increase in investment securities despite a decrease in machinery, equipment and vehicles.
Liabilities stood at 105,935 million yen, a decrease of 6,261 million yen from the end of the previous consolidated fiscal year.
Current liabilities decreased 6,633 million yen to 56,487 million yen, mainly due to decreases in income taxes payable, notes and accounts payable-trade and accounts payable-other. Non-current liabilities increased 373 million yen, to 49,448 million yen, chiefly due to an increase deferred tax liabilities, offsetting a decrease in retirement benefit liability.
Net assets decreased 3,280 million yen from the end of the previous consolidated fiscal year to 319,597 million yen, mainly due to a decrease in foreign currency translation adjustments and an increase in treasury stock due to treasury stock acquisitions, despite an increase in the valuation difference on available-for-sale securities due to the rise in market value of investment securities held.
As a result, the equity ratio stood at 68.2% (compared with 67.3% at the end of the previous fiscal year), and net assets per share amounted to 3,102.36 yen (3,113.86 yen at the end of the previous fiscal year) at the end of the first quarter of the fiscal year under review.
- Information on the Future Outlook, Including Consolidated Business Results Forecasts
The consolidated business performance forecast for the fiscal year ending March 31, 2026 remains unchanged from the business performance forecast announced on May 8, 2025.
- Analysis of Operating ResultsThe Group is pursuing its eighth medium-term business plan under the theme of “Striving to become a high quality company that provides “Healthy Life Through Foods” Growth through the establishment of a global value chain (VC). In our mid-term business plan, we are building a global VC structure to lay the foundation for further growth in the future, and at the same time, we are taking steps to increase corporate value from a back-casting perspective, including the introduction of ROIC (return on invested capital) for management that is conscious of the cost of capital. In addition, we are working to strengthen profitability by addressing business costs, which are becoming increasingly severe with every year, and by reforming the profit-and-loss structure of our U.S. Business.
- Quarterly Consolidated Financial Statements and Key Notes
- Quarterly Consolidated Balance Sheets
End of previous fiscal year (As of March 31, 2025)
Assets
Current assets
(Million yen)
End of first quarter of the fiscal year under review (As of June 30, 2025)
Cash and deposits
97,484
85,635
Notes and accounts receivable - trade
53,664
50,688
Securities
999
1,000
Merchandise and finished goods
19,602
21,262
Work in process
4,255
4,429
Raw materials and supplies
8,800
9,394
Other
5,070
4,832
Allowance for doubtful accounts
(72)
(87)
Total current assets
189,802
177,153
Non-current assets
Property, plant and equipment
Buildings and structures, net
39,357
39,993
Machinery, equipment and vehicles, net
24,001
22,472
Land
30,702
30,525
Lease assets, net
1,847
2,305
Construction in progress
8,606
8,870
Other, net
6,184
5,824
Total property, plant and equipment
110,698
109,989
Intangible assets
Goodwill
3,734
3,873
Trademark right
18,081
17,914
Software
3,699
4,064
Contract-related intangible assets
16,602
16,402
Customer-related intangible assets
4,650
4,312
Software in progress
1,211
657
Other
1,402
1,368
Total intangible assets
49,379
48,590
Investments and other assets
Investment securities
48,344
52,846
Long-term loans receivable
16
18
Deferred tax assets
1,749
1,781
Long-term time deposits
1,000
1,000
Retirement benefit asset
27,626
27,579
Distressed receivables
171
169
Long-term deposits
985
983
Other
6,555
6,671
Allowance for doubtful accounts
(1,251)
(1,247)
Total investments and other assets
85,195
89,800
Total non-current assets
245,272
248,380
Total assets
435,074
425,533
End of previous fiscal year (As of March 31, 2025)
(Million yen) End of first quarter of the fiscal year under review
(As of June 30, 2025)
Liabilities
Current liabilities
Notes and accounts payable - trade
22,261
21,568
Electronically recorded obligations - operating
1,422
1,829
Short-term borrowings
7,859
7,989
Lease liabilities
856
867
Accounts payable - other
10,637
9,953
Income taxes payable
4,506
1,929
Provision for bonuses
658
324
Provision for bonuses for directors (and other officers)
80
21
Provision for shareholder benefit program
236
202
Asset retirement obligations
14
4
Other
14,591
11,800
Total current liabilities
63,121
56,487
Non-current liabilities
Long-term borrowings
6,549
6,284
Lease liabilities
5,022
5,108
Long-term accounts payable - other
132
416
Deferred tax liabilities
23,358
24,965
Retirement benefit liability
7,333
6,097
Asset retirement obligations
1,228
1,237
Long-term guarantee deposits
3,588
3,592
Other
1,864
1,749
Total non-current liabilities
49,075
49,448
Total liabilities
112,196
105,935
Net assets
Shareholders’ equity
Share capital
9,948
9,948
Capital surplus
22,849
22,849
Retained earnings
232,501
232,030
Treasury shares
(13,008)
(14,470)
Total shareholders’ equity
252,290
250,357
Accumulated other comprehensive income
Valuation difference on available-for- sale securities
20,346
23,359
Deferred gains or losses on hedges
98
(102)
Foreign currency translation adjustment
16,626
13,102
Remeasurements of defined benefit plans
3,463
3,386
Total accumulated other comprehensive income
40,533
39,745
Non-controlling interests
30,055
29,495
Total net assets
322,878
319,597
Total liabilities and net assets
435,074
425,533
- Quarterly Consolidated Statements of Income and Comprehensive Income
(First three-month period)
First three-month period of previous fiscal year
(April 1, 2024 -
June 30, 2024)
(Million yen)
First three-month period of the fiscal year under review (April 1, 2025 -
June 30, 2025)
Net sales
74,733
75,699
Cost of sales
46,456
48,209
Gross profit
28,277
27,490
Selling, general and administrative expenses
22,705
24,072
Operating profit
5,572
3,418
Non-operating income
Interest income
56
76
Dividend income
106
131
Rental income from buildings
220
221
Foreign exchange gains
9
67
Other
74
104
Total non-operating income
466
599
Non-operating expenses
Interest expenses
8
90
Rental expenses
169
168
Share of loss of entities accounted for using equity method
48
58
Other
88
36
Total non-operating expenses
313
351
Ordinary profit
5,724
3,666
Extraordinary income
Gain on sale of non-current assets
274
11
Gain on sale of restaurants
65
15
Gain on revision of retirement benefit plan
–
72
Other
38
3
Total extraordinary income
378
100
Extraordinary losses
Loss on retirement of non-current assets
25
87
Loss on valuation of investment securities
153
–
Impairment losses
–
10
Other
–
1
Total extraordinary losses
177
98
Profit before income taxes
5,924
3,667
Income taxes
1,865
1,508
Profit
4,059
2,159
Profit attributable to
Profit attributable to owners of parent
3,556
1,801
Profit attributable to non-controlling interests
503
359
Other comprehensive income
First three-month period of previous fiscal year
(April 1, 2024 -
June 30, 2024)
(Million yen)
First three-month period of the fiscal year under review (April 1, 2025 -
June 30, 2025)
Valuation difference on available-for- sale securities
(1,106)
3,035
Deferred gains or losses on hedges
171
(222)
Foreign currency translation adjustment
3,843
(3,791)
Remeasurements of defined benefit plans, net of tax
(129)
(68)
Share of other comprehensive income of entities accounted for using equity method
2
(23)
Total other comprehensive income
2,780
(1,069)
Comprehensive income
6,839
1,090
Comprehensive income attributable to
Comprehensive income attributable to owners of parent
6,181
1,013
Comprehensive income attributable to non-controlling interests
658
77
- Notes to Quarterly Consolidated Financial Statements
Notes Relating to Application of Particular Accounts Procedures to the Preparation of Quarterly Consolidated Financial Statements
(Calculation of tax expenses)
The Company calculates tax expenses by reasonably estimating the effective tax rate after applying tax effect accounting to profit before income taxes for the consolidated fiscal year and multiplying profit before income taxes for the third quarter under review by the estimated effective tax rate.
However, if the calculation of tax expenses using the estimated effective tax rate results in a markedly unreasonable outcome, tax expenses are calculated by using the statutory effective tax rate after adding and subtracting important differences that do not fall under temporary differences to and from profit before income taxes.
Notes to Segment Information
First three-month period of previous fiscal year (April 1, 2024 - June 30, 2024)
Information on net sales and profits or losses by reported segment
(Million yen)
Reported segments
Other
Annual
Adjustment (Note 1)
Amount on consolidated financial
statements (Note 2)
Spice / Seasoning / Processed Food Business
Health Food Business
International Food Business
Restaurant Business
Other Food Related Business
Total
Net sales
Sales – outside customers
29,470
4,155
14,919
14,205
11,939
74,688
–
74,688
46
74,733
Sales and transfer –inter-segment
1,279
121
95
35
995
2,526
–
2,526
(2,526)
–
Total
30,749
4,276
15,014
14,240
12,935
77,214
–
77,214
(2,480)
74,733
Segment profit (loss)
2,853
779
1,085
749
418
5,884
–
5,884
(312)
5,572
(Notes) 1. The details of the adjustments listed are as follows:
Sales-outside customers are mainly real estate rental revenues recorded by the Company.
Segment profit (loss) includes a loss of 312 million yen of the Company and House Business Partners Corporation, etc., which is not distributed to business segments.
Segment profit was adjusted with operating profit on the consolidated financial statements.
2. Information on impairment losses on non-current assets and goodwill by reportable segment Not applicable.
First three-month period of the fiscal year under review (April 1, 2025 - June 30, 2025)
Information on net sales and profits or losses by reported segment
(Million yen)
Reported segments
Other
Annual
Adjustment (Note 1)
Amount on consolidated financial
statements (Note 2)
Spice / Seasoning / Processed Food Business
Health Food Business
International Food Business
Restaurant Business
Other Food Related Business
Total
Net sales
Sales – outside customers
28,608
3,945
15,794
15,717
11,601
75,665
–
75,665
34
75,699
Sales and transfer –inter-segment
1,152
127
118
27
1,181
2,605
–
2,605
(2,605)
–
Total
29,761
4,072
15,912
15,744
12,781
78,270
–
78,270
(2,571)
75,699
Segment profit (loss)
1,167
356
1,328
933
199
3,982
–
3,982
(564)
3,418
(Notes) 1. The details of the adjustments listed are as follows:
Sales-outside customers are mainly real estate rental revenues recorded by the Company.
Segment profit (loss) includes a loss of 564 million yen of the Company and House Business Partners Corporation, etc., which is not distributed to business segments.
Segment profit was adjusted with operating profit on the consolidated financial statements.
The Group finalized the provisional accounting treatment for business combinations in the fiscal year ended March 31, 2024, and segment information for the three months ended June 30, 2024 discloses amounts after reflecting adjustments for the finalization of provisional accounting treatment.
2. Information on impairment losses on non-current assets and goodwill by reportable segment (Important impairment losses on non-current assets)
In the first quarter of the consolidated fiscal year under review, the Company recorded impairment losses of 10 million yen associated with a fall in profitability of store assets, etc. in the Restaurant Business segment.
Notes for Case Where Shareholders’ Equity underwent Significant Changes in Value
The Company completed the purchase of 610,200 treasury shares based on a resolution at the meeting of the Board of Directors held on May 8, 2025. As a result, treasury shares increased by 1,694 million yen during the first three months under review, and treasury shares amounted to 14,470 million yen as of June 30, 2025.
Notes Relating to Assumptions for the Going Concern
Not applicable.
Notes Relating to Quarterly Consolidated Statements of Cash Flows
The Company did not prepare quarterly consolidated statements of cash flows for the first three months under review. Depreciation (including amortization of intangible assets except for goodwill) and amortization of goodwill for the three-month period under review are as follows:
First three-month period of previous fiscal year
(April 1, 2024 - June 30, 2024)
First three-month period
of the fiscal year under review (April 1, 2025 - June 30, 2025)
Depreciation 3,123 million yen 3,253 million yen
Amortization of goodwill 281 million yen 129 million yen
- Quarterly Consolidated Balance Sheets
- Supplementary Information
Allocation of the purchase price paid for LFD JAPAN Co., Ltd. in the acquisition of shares implemented by Ichibanya Co., Ltd., which is a consolidated subsidiary of the Company, on December 28, 2023 was completed during the fiscal year ended March 31, 2025. Accordingly, figures for the previous fiscal year are amounts after the allocation of the purchase price.
- Business Results
Consolidated (Million yen)
First quarter of FY2024
First quarter of FY2025
Amount
Year-on-year change
Amount
Year-on-year change
Net sales
74,733
106.1%
75,699
101.3%
Operating profit
5,572
113.4%
3,418
61.4%
Ordinary profit
5,724
109.0%
3,666
64.0%
Profit attributable to owners of parent
3,556
44.6%
1,801
50.6%
Comprehensive income
6,839
64.1%
1,090
15.9%
FY2024
FY2025 Forecast
Amount
Year-on-year change
Amount
Year-on-year change
315,418
105.3%
333,000
105.6%
20,004
102.7%
21,500
107.5%
21,388
101.4%
22,400
104.7%
12,493
71.1%
13,000
104.1%
15,292
54.0%
–
–
Net sales by business segment
Net sales
Amount
Year-on-year change
Amount
Year-on-year change
Spice / Seasoning / Processed Food Business
30,749
103.9%
29,761
96.8%
Health Food Business
4,276
103.4%
4,072
95.2%
International Food Business
15,014
111.7%
15,912
106.0%
Restaurant Business
14,240
110.4%
15,744
110.6%
Other Food Related Business
12,935
100.6%
12,781
98.8%
Adjustment
(2,480)
–
(2,571)
–
Amount
Year-on-year change
Amount
Year-on-year change
131,402
104.1%
135,500
103.1%
17,043
101.1%
19,500
114.4%
62,407
110.7%
67,800
108.6%
60,986
110.6%
67,300
110.4%
54,405
98.8%
54,100
99.4%
(10,824)
–
(11,200)
–
Operating profit by business segment
Operating profit
Amount
Year-on-year change
Amount
Year-on-year change
Spice / Seasoning / Processed Food Business
2,853
159.0%
1,167
40.9%
Health Food Business
779
132.3%
356
45.7%
International Food Business
1,085
92.3%
1,328
122.4%
Restaurant Business
749
80.6%
933
124.4%
Other Food Related Business
418
78.7%
199
47.5%
Adjustment
(312)
–
(564)
–
Amount
Year-on-year change
Amount
Year-on-year change
12,816
118.3%
12,500
97.5%
2,437
98.9%
2,500
102.6%
3,044
99.2%
4,800
157.7%
3,604
106.2%
4,100
113.8%
1,235
64.0%
1,500
121.5%
(3,132)
–
(3,900)
–
- Number of Group Companies
First quarter of FY2024
First quarter of FY2025
Consolidated subsidiaries
44
49
Japan
18
21
Overseas
26
28
Equity-method affiliate
4
5
Japan
2
2
Overseas
2
3
FY2024
48
21
27
5
2
3
- Consolidated Statements of Income
Consolidated Statements of Income (Million yen)
First quarter of FY2024
First quarter of FY2025
Year-on-year change
Amount
Percentage
Amount
Percentage
Amount
Rate of
change
Net sales
74,733
100.0%
75,699
100.0%
966
1.3%
Spice / Seasoning / Processed Food Business
30,749
41.1%
29,761
39.3%
(988)
(3.2%)
Health Food Business
4,276
5.7%
4,072
5.4%
(204)
(4.8%)
International Food Business
15,014
20.1%
15,912
21.0%
898
6.0%
Restaurant Business
14,240
19.1%
15,744
20.8%
1,504
10.6%
Other Food Related Business
12,935
17.3%
12,781
16.9%
(154)
(1.2%)
Adjustment
(2,480)
(3.3%)
(2,571)
(3.4%)
(91)
–
Cost of sales
46,456
62.2%
48,209
63.7%
1,752
3.8%
Selling, general and administrative expenses
22,705
30.4%
24,072
31.8%
1,367
6.0%
Operating profit
5,572
7.5%
3,418
4.5%
(2,153)
(38.6%)
Spice / Seasoning / Processed Food Business
2,853
3.8%
1,167
1.5%
(1,686)
(59.1%)
Health Food Business
779
1.0%
356
0.5%
(423)
(54.3%)
International Food Business
1,085
1.5%
1,328
1.8%
243
22.4%
Restaurant Business
749
1.0%
933
1.2%
183
24.4%
Other Food Related Business
418
0.6%
199
0.3%
(220)
(52.5%)
Adjustment
(312)
(0.4%)
(564)
(0.7%)
(251)
–
Non-operating income
466
0.6%
599
0.8%
133
28.6%
Non-operating expenses
313
0.4%
351
0.5%
38
12.0%
Ordinary profit
5,724
7.7%
3,666
4.8%
(2,058)
(36.0%)
Extraordinary income
378
0.5%
100
0.1%
(278)
(73.6%)
Extraordinary losses
177
0.2%
98
0.1%
(79)
(44.5%)
Profit before income taxes
5,924
7.9%
3,667
4.8%
(2,257)
(38.1%)
Income taxes
1,865
2.5%
1,508
2.0%
(357)
(19.1%)
Profit
4,059
5.4%
2,159
2.9%
(1,900)
(46.8%)
(breakdown)
Profit attributable to owners of parent
3,556
4.8%
1,801
2.4%
(1,756)
(49.4%)
Profit attributable to non-controlling interests
503
0.7%
359
0.5%
(144)
(28.7%)
Comprehensive income
6,839
9.2%
1,090
1.4%
(5,749)
(84.1%)
Major Changes in Selling, General and Administrative Expenses (Million yen)
First quarter of FY2024
First quarter of FY2025
Year-on-year change
Advertising expenses
1,760
1,767
7
Transportation and storage costs
3,305
3,276
(29)
Sales commission
18
34
15
Promotion expenses
837
987
151
Personnel expenses
8,590
9,256
666
Research and development expenses
1,121
1,179
57
Amortization of goodwill
281
129
(151)
Other
6,794
7,445
651
Total selling, general and administrative
expenses
22,705
24,072
1,367
Non-Operating Income (Expenses) (Million yen)
First quarter of FY2024
First quarter of FY2025
Year-on-year change
Interest income
56
76
20
Dividend income
106
131
25
Rental income from buildings
220
221
1
Foreign exchange gains
9
67
58
Other
74
104
29
Total non-operating income
466
599
133
Interest expenses
8
90
82
Rental expenses
169
168
(2)
Share of loss of entities accounted for using equity method
48
58
10
Other
88
36
(53)
Total non-operating expenses
313
351
38
Extraordinary Income (Losses) (Million yen)
First quarter of FY2024
First quarter of FY2025
Year-on-year change
Gain on sale of non-current assets
274
11
(263)
Gain on sale of restaurants
65
15
(51)
Gain on revision of retirement benefit plan
–
72
72
Other
38
3
(36)
Total extraordinary income
378
100
(278)
Loss on retirement of non-current assets
25
87
62
Loss on valuation of investment securities
153
–
(153)
Impairment losses
–
10
10
Other
–
1
1
Total extraordinary losses
177
98
(79)
Quarterly Statements
Consolidated (Million yen)
FY2024
FY2025
1Q
2Q
3Q
4Q
Cumulative
total
1Q
2Q
3Q
4Q
Cumulative
total
Net sales
Year-on-year change
74,733
80,231
84,393
76,061
315,418
75,699
4,280
7,860
1,520
2,158
15,818
966
Operating profit
Year-on-year change
5,572
3,686
8,442
2,304
20,004
3,418
658
533
(161)
(496)
534
(2,153)
Ordinary profit
Year-on-year change
5,724
3,914
8,757
2,993
21,388
3,666
472
397
(72)
(493)
303
(2,058)
Profit attributable to owners of parent
Year-on-year change
3,556
1,954
6,662
321
12,493
1,801
(4,422)
(893)
1,125
(896)
(5,086)
(1,756)
Comprehensive income
Year-on-year change
6,839
6,173
(1,289)
3,569
15,292
1,090
(3,838)
(532)
(12,523)
3,862
(13,031)
(5,749)
Net sales by business segment
Net sales
FY2024
FY2025
1Q
2Q
3Q
4Q
Cumulative total
1Q
2Q
3Q
4Q
Cumulative total
Spice / Seasoning / Processed Food Business
Year-on-year change
30,749
32,521
37,607
30,525
131,402
29,761
1,154
1,692
1,945
325
5,116
(988)
Health Food Business
Year-on-year change
4,276
4,445
4,786
3,535
17,043
4,072
140
(22)
62
(3)
178
(204)
International Food Business
Year-on-year change
15,014
15,748
15,848
15,797
62,407
15,912
1,573
2,733
367
1,359
6,032
898
Restaurant Business
Year-on-year change
14,240
15,338
15,391
16,016
60,986
15,744
1,342
1,423
1,046
2,042
5,854
1,504
Other Food Related Business
Year-on-year change
12,935
15,142
13,435
12,892
54,405
12,781
77
2,252
(1,752)
(1,216)
(640)
(154)
Adjustment
Year-on-year change
(2,480)
(2,964)
(2,675)
(2,704)
(10,824)
(2,571)
(6)
(217)
(147)
(350)
(721)
(91)
Operating profit by business segment
Operating profit
FY2024
FY2025
1Q
2Q
3Q
4Q
Cumulative total
1Q
2Q
3Q
4Q
Cumulative total
Spice / Seasoning / Processed Food Business
Year-on-year change
ROS
2,853
2,532
5,414
2,018
12,816
1,167
1,059
660
449
(183)
1,985
(1,686)
9.3%
7.8%
14.4%
6.6%
9.8%
3.9%
Health Food Business
Year-on-year change
ROS
779
608
978
72
2,437
356
190
18.2%
(33)
13.7%
(87)
20.4%
(96)
2.0%
(27)
14.3%
(423)
8.7%
International Food Business
Year-on-year change
ROS
1,085
613
832
515
3,044
1,328
(91)
7.2%
692
3.9%
(356)
5.2%
(269)
3.3%
(23)
4.9%
243
8.3%
Restaurant Business
Year-on-year change
ROS
749
983
1,165
707
3,604
933
(180)
106
69
214
209
183
5.3%
6.4%
7.6%
4.4%
5.9%
5.9%
Other Food Related Business
Year-on-year change
ROS
418
226
437
154
1,235
199
(113)
(329)
(43)
(210)
(695)
(220)
3.2%
1.5%
3.3%
1.2%
2.3%
1.6%
Adjustment
Year-on-year change
(312)
(1,275)
(383)
(1,162)
(3,132)
(564)
(206)
(563)
(193)
48
(914)
(251)
Factors of Changes in Operating Profit by Business Segment (Billion yen)
Billion yen
Year-on-year change
Spice / Seasoning / Processed Food Business
(1.7)
Change in sales*
(0.3)
Change in cost of sales ratio*
(0.3)
Marketing costs*
(0.3)
Other expenses*
(0.7)
Affiliated companies, adjustment
(0.1)
Health Food Business
(0.4)
Change in sales
(0.1)
Change in cost of sales ratio
(0.1)
Marketing costs
(0.1)
Other expenses
(0.1)
International Food Business
+0.2
Business in the United States
(0.1)
Business in China
+0.3
Businesses in Southeast Asia
(0.0)
Exports and others
+0.0
Restaurant Business
+0.2
Other Food Related Business
(0.2)
Delica Chef Corporation
(0.1)
Vox Trading Co., Ltd. (Consolidated)
(0.1)
Adjustment (elimination)
(0.3)
(2.2)
Changes in operating profit
* Calculated based on results of House Foods Corporation and House Gaban Corporation
- Consolidated Balance Sheets
Consolidated Balance Sheets (Million yen)
FY2024
First quarter of FY2025
Increase/decrease from end of FY2024
Major factors for increase/decrease
Amount
Percentage
Amount
Percentage
Amount
Current assets
189,802
43.6%
177,153
41.6%
(12,649)
Decrease in cash and deposits
Decrease in notes and accounts receivable - trade Increase in merchandise and finished goods
(11,848)
(2,976)
1,660
Non-current assets
245,272
56.4%
248,380
58.4%
3,108
Increase in investment securities
Decrease in machinery, equipment and vehicles
4,502
(1,529)
Total assets
435,074
100.0%
425,533
100.0%
(9,541)
Current liabilities
63,121
14.5%
56,487
13.3%
(6,633)
Decrease in other current liabilities
(2,791)
Decrease in income taxes payable
(2,576)
Decrease in notes and accounts payable - trade
(693)
Decrease in accounts payable - other
(685)
Non-current liabilities
49,075
11.3%
49,448
11.6%
373
Increase in deferred tax liabilities
1,607
Decrease in retirement benefit liability
(1,236)
Total liabilities
112,196
25.8%
105,935
24.9%
(6,261)
Total shareholders’ equity
252,290
58.0%
250,357
58.8%
(1,933)
Increase in treasury shares
(1,463)
Total accumulated other comprehensive income
40,533
9.3%
39,745
9.3%
(788)
Decrease in foreign currency translation adjustment
Increase in valuation difference on available-for-sale securities
(3,524)
3,013
Non-controlling interests
30,055
6.9%
29,495
6.9%
(559)
Total net assets
322,878
74.2%
319,597
75.1%
(3,280)
Total liabilities and net assets
435,074
100.0%
425,533
100.0%
(9,541)
- Capital Investment
Consolidated (Million yen)
First quarter of FY2024
First quarter of FY2025
Capital investment
2,924
3,752
Leases
39
595
Total
2,963
4,346
FY2025 Forecast
23,000
200
23,200
- Depreciation
Consolidated (Million yen)
First quarter of FY2024
First quarter of FY2025
Depreciation
3,123
3,253
Lease payments
177
217
Total
3,300
3,470
FY2025 Forecast
13,170
1,070
14,240
* Lease payments for leased property which is recorded as an asset according to the method for sales transactions are included in “depreciation.”
- Major Management Indicators, etc.
Consolidated
FY2024
First quarter of FY2025
Profit per share
131.86 yen
19.20 yen
Net assets per share
3,113.86 yen
3,102.36 yen
Return on invested capital
4.5%
–
ATO
0.73 times
–
Ratio of operating profit to net sales
6.3%
4.5%
EBITDA margin
10.8%
8.9%
Ratio of ordinary profit to net sales
6.8%
4.8%
Ratio of operating profit to total assets
4.6%
–
ROE (Return on equity)
4.3%
–
Equity ratio
67.3%
68.2%
Dividend per share
48.00 yen
–
Dividend payout ratio
36.4%
–
Total payout ratio
84.4%
–
FY2025 Forecast
137.98 yen
3,200.29 yen
4.7%
0.76 times
6.5%
10.7%
6.7%
4.9%
4.4%
67.6%
48.00 yen
34.8%
–
*1. For the purpose of calculating quarterly profit per share, the Company’s shares held by the House Foods Group Employee Shareholding Association Trust, which is a Trust-Type Employee Shareholding Incentive Plan (E-Ship®), are included in the number of treasury shares that are deducted from average number of common shares outstanding during the period.
*2. For the purpose of calculating net assets per share, the Company’s shares held by the House Foods Group Employee Shareholding Association Trust, which is a Trust-Type Employee Shareholding Incentive Plan (E-Ship®), are included in the number of treasury shares that are deducted from the total number of common shares outstanding at the end of the period.
Number of employees
6,666 people
6,860 people
–
* Excluding those on leave of absence and part-time workers
- Reference Information
Domestic market size (Billion yen)
FY2022
FY2023
FY2024
Curry roux
47.1
50.6
52.3
Stew roux
18.4
19.0
19.1
Hashed beef sauce roux
6.4
7.1
7.3
Retort pouched curry
83.3
87.7
89.3
Spice in total
90.5
94.8
98.2
Source: Prepared by the Company based on Intage SRI+ and SCI data (April 2022 - March 2025)
Curry roux market trends (SRI+)
FY2025
1Q
2Q
3Q
4Q
1H
2H
Full year
Overall market
Average selling price
Change from the previous year
244 yen
+7 yen
House Foods Corporation
Average selling price
Change from the previous year
256 yen
+ 10 yen
Share of amount
61.3%
Source: SRI+ monthly data of INTAGE Inc. (April 2025 – June 2025)
Trends by Business (Net Sales – Year on Year)
FY2025 | 1Q | 2Q | 3Q | 4Q | 1H | 2H | Full year | |
Spice / Seasoning / Processed Food Business (House Foods) | ||||||||
Curry roux *1 | 98.5% | |||||||
Retort pouched curry *1 | 89.6% | |||||||
Stew roux *1 | 103.3% | |||||||
Spice *1 | 98.8% | |||||||
Health Food Business (House Wellness Foods) | ||||||||
Ukon No Chikara *1 | 98.9% | |||||||
C1000 *1 | 107.3% | |||||||
Ichinichibun No Vitamin *1 | 92.2% | |||||||
International Food Business (Local currency basis) | ||||||||
Business in the United States | 97.7% | |||||||
Business in China | 129.7% | |||||||
Functional drinks business in Thailand | 98.8% | |||||||
Restaurant Business (Ichibanya) | ||||||||
Net sales of all domestic restaurants | 104.0% | |||||||
Net sales of existing domestic restaurants | 103.6% | |||||||
Number of customers | 93.9% | |||||||
Average sales per customer | 110.3% | |||||||
*1: Results by product are based on shipments and are for reference only.