AMIYAKI TEI, the yakiniku and grill-restaurant operator listed in Tokyo (code 2753), sold roughly what it planned in the six months to September 2026 and earned well under what it expected. Operating profit was ¥847mn against a forecast of ¥1.14bn, a shortfall of 25.6%, and management has cut its full-year operating profit forecast to ¥2.0bn from ¥2.5bn.
Sales on plan, profit not
First-half sales were ¥19.96bn, 0.2% under the ¥20.0bn forecast issued on 3 April. Ordinary profit came in 22.3% below forecast, and profit attributable to owners of the parent was ¥362mn against a forecast of ¥650mn, a gap of 44.2%.
The company's explanation is cost-driven. It cites higher raw-material prices and store operating costs, including labour, logistics and utilities, plus sales-promotion spending above its original assumption. Those pushed up both the cost-of-sales ratio and the selling and administrative expense ratio. The earnings release shows cost of sales at ¥8.29bn against ¥7.30bn a year earlier, and selling, general and administrative expenses at ¥10.82bn against ¥9.85bn.
Year on year, a separate picture
Against the same period a year earlier, sales rose 10.1% while operating profit fell 14.0% from ¥986mn. Net profit fell 33.0% from ¥540mn. The group ended the half with 311 stores after six openings and five closures.
Impairment sits below the operating line
An impairment loss booked as an extraordinary loss explains part of the net profit miss, the company said. The earnings release puts it at ¥181mn, up from ¥79mn a year earlier, within total extraordinary losses of ¥230mn against ¥100mn. Because it falls below operating profit, the ¥292mn operating profit shortfall against forecast comes from the recurring cost lines, not the write-down.
What the new full-year forecast says
| Metric | First-half forecast | First-half actual | Full-year forecast, before | Full-year forecast, revised |
|---|---|---|---|---|
| Sales | ¥20.0bn | ¥19.96bn | ¥41.1bn | ¥41.06bn |
| Operating profit | ¥1.14bn | ¥847mn | ¥2.5bn | ¥2.0bn |
| Net profit attributable to owners of parent | ¥650mn | ¥362mn | ¥1.45bn | ¥1.07bn |
The company says higher ingredient, labour, logistics, utility and promotion costs are expected to continue into the second half, so full-year profit will also fall short of the original plan. It adds that external uncertainty and consumers' growing thrift after food and drink price rises are also weighing on results. That is management's own assessment.
The revised forecast still implies a year-on-year fall: operating profit down 9.5% from ¥2.21bn, and net profit down 15.8% from ¥1.27bn. Full-year sales guidance is almost unchanged at ¥41.06bn, from ¥41.1bn. The dividend forecast is unchanged at ¥34 a share, with ¥17 at the interim stage.
The interim results are not subject to review by an auditor, and the company says its forecasts rest on information available now and could differ from actual results.