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Sushiro's net profit falls 72% for the fiscal year ending 22/9, yen depreciation and scandals resonate
Food & Life Companies that operate the major kaiten-zushi company “Sushiro” $Food & Life Companies (3563.JP)$ Net profit for the consolidated financial results for the fiscal year ending 2022/9 announced on the 4th was 3.6 billion yen, down 72.6% from the previous fiscal year. In addition to rising food procurement costs due to the depreciation of the yen, scandals such as continuing advertisements without sushi toppings in stock resounded.
In June, the Consumer Affairs Agency issued a measure order against “Akindo Sushiro” (Suita-shi, Osaka), which is under its umbrella, requesting prevention of recurrence due to violation of the Prize Labeling Act (decoy advertisement). After that, there were situations where campaign products were sold out one after another, and customer traffic was far away, leading to a drastic decline in profit.
Sales increased 16.8% to 281.3 billion yen. The recovery in customer traffic at overseas stores contributed to the increase in sales.
In June, the Consumer Affairs Agency issued a measure order against “Akindo Sushiro” (Suita-shi, Osaka), which is under its umbrella, requesting prevention of recurrence due to violation of the Prize Labeling Act (decoy advertisement). After that, there were situations where campaign products were sold out one after another, and customer traffic was far away, leading to a drastic decline in profit.
Sales increased 16.8% to 281.3 billion yen. The recovery in customer traffic at overseas stores contributed to the increase in sales.
Author: Kyodo News
Last Updated: 11/4 (Fri) 13:50
F&LC gains ground at the end of the previous fiscal year, leading to a 66% increase in profit this fiscal year
<3563>FOOD & LIFE COMPANIES [Tokyo Stock Exchange P] announced financial results (international accounting standards = IFRS) on 11/4 a.m. (10:15). Consolidated final profit for the fiscal year ended 22/9 fell 72.6% from the previous fiscal year to 3.6 billion yen, but it surpassed the previous forecast of 3 billion yen and landed. The fiscal year ending 23/9 is expected to recover to 6 billion yen, up 66.3% from the previous fiscal year. Sales will increase for 8 consecutive terms.
Consolidated final profit and loss for the fiscal year ending 7/9 (4Q), which is the result of the most recent 3 months, fell to a deficit of 1.64 billion yen (surplus of 2.41 billion yen in the same period last year), and the sales operating profit and loss ratio deteriorated rapidly from 7.5% to -3.2% in the same period last year.
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<3563>FOOD & LIFE COMPANIES [Tokyo Stock Exchange P] announced financial results (international accounting standards = IFRS) on 11/4 a.m. (10:15). Consolidated final profit for the fiscal year ended 22/9 fell 72.6% from the previous fiscal year to 3.6 billion yen, but it surpassed the previous forecast of 3 billion yen and landed. The fiscal year ending 23/9 is expected to recover to 6 billion yen, up 66.3% from the previous fiscal year. Sales will increase for 8 consecutive terms.
Consolidated final profit and loss for the fiscal year ending 7/9 (4Q), which is the result of the most recent 3 months, fell to a deficit of 1.64 billion yen (surplus of 2.41 billion yen in the same period last year), and the sales operating profit and loss ratio deteriorated rapidly from 7.5% to -3.2% in the same period last year.
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