United Super Markets Holdings took on the Aeon Food Style stores in March, and the extra sales arrived. The profit did not. In the six months to 31 August 2026, operating revenue rose 14.0% to ¥544.78bn, but the supermarket group reported an operating loss of ¥3.28bn, against an operating profit of ¥168mn a year earlier. The net loss attributable to owners was ¥4.65bn, up from ¥1.21bn, or ¥22.43 a share against ¥6.19.
Where the margin went
The company's half-year report credits the sales gain to Aeon Food Style, formed in March 2026 when MaxValu Kanto absorbed Daiei's Kanto business and Aeon Market. Gross profit rose 13.6% from a year earlier, but selling, general and administrative expenses rose 16.3%.
The report gives three reasons gross profit came in below plan: higher materials prices linked to petroleum products such as naphtha, price and promotion measures taken against tougher competition, and customer counts and items per customer that fell short of expectations. It attributes the cost increase to higher labour costs and more spending on promotions and store renovations. Extraordinary losses included ¥476mn of integration-related costs.
Four subsidiaries, four results
The group is a holding company for Maruetsu, Kasumi, Inageya and Aeon Food Style. Kasumi's operating profit rose but it still ended with operating and ordinary losses, while Maruetsu and Inageya reported lower operating profit.
| Subsidiary | Operating revenue | Change on year | Profit result |
|---|---|---|---|
| Maruetsu | ¥207.71bn | +2.4% | Operating and ordinary profit fell |
| Kasumi | ¥139.82bn | -0.5% | Operating profit rose, but operating and ordinary losses |
| Inageya | ¥109.89bn | +0.7% | Operating and ordinary profit fell |
| Aeon Food Style | ¥87.14bn | +287.6% | Operating and ordinary losses |
Cash, debt and the payout
Operating cash flow was a ¥4.43bn inflow, against ¥20.40bn a year earlier. Financing flipped to a ¥2.39bn inflow as the group took ¥14.3bn of long-term loans and repaid ¥8.45bn. The equity ratio was 49.7% at the end of August, against 52.9% at the end of February 2026.
The board resolved on 9 October to pay an interim dividend of ¥8 a share, unchanged per share, totalling ¥1.657bn, with payment starting 16 October. The group ended August with 760 stores, including 95 that came with the Aeon Food Style combination. Aeon is the largest shareholder at 55.38%. In a separate statutory confirmation letter filed the same day, the company's president confirmed that the report is properly stated under securities law.