Food & Life Companies, the Tokyo-listed operator of the Sushiro conveyor-belt sushi chain, reported record results for the year to September 2026: revenue of ¥515.3bn, up 26.9%, and operating profit of ¥51.5bn, up 47.0%. Profit attributable to owners rose 54.2% to ¥35.4bn.
Overseas Sushiro does the heavy lifting
Overseas Sushiro revenue was ¥212.9bn, up 62.0%, with segment profit of ¥27.5bn, up 68.4%. Domestic Sushiro grew far more slowly: revenue of ¥293.7bn rose 10.5% and segment profit of ¥20.2bn rose 12.3%.
The store count shows why. Overseas outlets went from 234 to 340 after 108 openings and two closures, and mainland China accounted for 72 of the new stores, taking its total to 135, according to the company's results presentation. China revenue was ¥79.9bn, against ¥29.2bn a year earlier.
At home, Sushiro had 671 stores at the end of the year. Same-store sales came in at 107.9% of the prior year's level, which the company split into customer numbers at 102.5% and average spend per customer at 105.2%. The company credited character collaborations, campaigns and its Digiro store refits, and said 227 domestic stores now have the Digiro format.
Kyotaru sale changes the base
Food & Life completed the sale of all shares in its subsidiary Kyotaru to SRS Holdings on 1 September 2026. The company now reports the Kyotaru business as a discontinued operation, and revenue, operating profit and pre-tax profit for both years are shown for continuing businesses only.
The group's store count fell from 1,198 to 1,117 as a result. It records 135 openings, 39 closures and 177 stores removed from consolidation. Profit attributable to owners still includes ¥1.77bn from discontinued operations. On a continuing basis, basic earnings per share were ¥148.04, against ¥96.17. Total basic earnings per share were ¥155.82, against ¥101.35, with both years adjusted for the two-for-one stock split effective 1 July 2026.
One item cut against the trend. A revised estimate of lease restoration costs reduced operating profit by ¥1.52bn.
Next year's guidance
| Measure | Year to Sept 2025 | Year to Sept 2026 |
|---|---|---|
| Revenue | ¥406.1bn | ¥515.3bn |
| Operating profit | ¥35.0bn | ¥51.5bn |
| Profit attributable to owners | ¥22.9bn | ¥35.4bn |
| Basic earnings per share | ¥101.35 | ¥155.82 |
For the year to September 2027, Food & Life guides revenue of ¥610.0bn (up 18.4%), adjusted EBITDA of ¥87.0bn (up 20.0%), operating profit of ¥61.3bn (up 19.0%) and profit attributable to owners of ¥39.0bn (up 10.2%). The presentation says the company plans 150 to 160 openings.
The year-end dividend is ¥20.00 a share, set after the split. The prior year's ¥35.00 equals ¥17.50 on a split-adjusted basis. The company forecasts ¥22.50 for the coming year, conditional on meeting its guidance.