Yoshinoya Holdings Co., Ltd. (TSE: 9861), the Tokyo-based restaurant group that runs the Yoshinoya beef-bowl (gyudon) chain, Hanamaru Udon and a growing overseas network, reported results for the first quarter of the fiscal year ending February 2027 — the three months to May 31, 2026. Net sales rose 12.5% to ¥58,771 million, operating profit surged 140.8% to ¥2,544 million, ordinary profit climbed 125.0% to ¥2,793 million and net profit attributable to owners of the parent jumped 144.2% to ¥1,814 million. Quarterly EPS was ¥28.03, up from ¥11.48, and group-wide existing-store sales rose 9.8% year on year.
Gyudon focus drives traffic
The group attributed the profit surge to a renewed focus on its core gyudon menu and stronger customer counts. New toppings and set meals — including a beef-bowl-and-abura-soba set that sold more than 1.5 million portions in about a month after launch — helped win new diners and lift repeat visits. In March, Yoshinoya merged six domestic operating companies into a single entity to centralize decision-making and sharpen execution. The group ended the quarter with 2,890 stores worldwide after opening 15 domestic and 30 overseas outlets.
Yoshinoya brand leads the gains
The flagship Yoshinoya segment posted sales of ¥39,064 million, up 13.7%, and segment profit of ¥2,498 million, up 169.3% — by far the largest contributor to group earnings. Store count reached 1,287 after 10 openings and 13 closures, with the number of outlets converted to the group's new service model rising to 600.
Hanamaru and overseas
The Hanamaru udon segment grew sales 10.4% to ¥8,834 million and segment profit 19.8% to ¥861 million across 421 stores, helped by seasonal tsukemen dishes and a new kishimen format. The overseas segment lifted sales 13.7% to ¥7,797 million and profit 26.3% to ¥524 million across 1,041 stores, as the U.S. business extended its recovery on app-based promotions and China leaned on membership-driven marketing. (Overseas operations are consolidated on a January–March calendar-year basis.)
Balance sheet and dividend
Total assets rose to ¥131,829 million from ¥124,824 million at the prior year-end, driven by higher cash, receivables and buildings. Net assets increased to ¥70,124 million, leaving the equity ratio at 52.6%. The company kept its full-year dividend forecast unchanged at ¥22.00 per share (¥11.00 interim plus ¥11.00 year-end).
Guidance unchanged
Yoshinoya left its full-year forecast intact, guiding for net sales of ¥242,000 million (+7.2%), operating profit of ¥8,500 million (+5.1%), ordinary profit of ¥8,800 million (flat) and net profit of ¥4,900 million (+5.0%), for EPS of ¥75.71. The first-quarter result already represents about 30% of the full-year operating-profit target and 37% of the net-profit target.
| Metric | Q1 FY2/27 | Q1 FY2/26 | YoY |
|---|---|---|---|
| Net sales (¥m) | 58,771 | 52,218 | +12.5% |
| Operating profit (¥m) | 2,544 | 1,056 | +140.8% |
| Ordinary profit (¥m) | 2,793 | 1,241 | +125.0% |
| Net profit attrib. (¥m) | 1,814 | 742 | +144.2% |
| EPS (¥) | 28.03 | 11.48 | +144.2% |
| Equity ratio | 52.6% | 54.5% | −1.9pp |
| Dividend (¥, FY forecast) | 22.00 | 22.00 | ±0% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.