Sales up, margins down
Amiyaki Tei Co., Ltd. (TSE: 2753), the Aichi-based operator of yakiniku (Japanese barbecue), yakitori and steak-restaurant chains, reported consolidated first-half results for FY3/2027, the six months from April 1 to September 30, 2026, on October 5, 2026 under Japanese GAAP. Net sales rose 10.1% to ¥19,960 million, helped by new openings and renovated stores, but the gross margin slipped 1.3 points to 58.5% as ingredient prices climbed, and selling, general and administrative expenses rose 9.8% to ¥10,822 million on wages, logistics and utilities. Operating profit fell 14.0% to ¥847 million, a margin of 4.2% against 5.4% a year earlier, and ordinary profit fell 12.9% to ¥901 million.
An impairment loss of ¥181 million on store assets took pre-tax profit down 28.1% to ¥672 million, and profit attributable to owners of the parent fell 33.0% to ¥362 million, or ¥17.64 per share against ¥26.32. In the first quarter alone net profit had still been up 13%, so the second quarter carried the whole decline.
Every business grew sales
The yakiniku business, Amiyaki Tei's core with 162 outlets, grew sales 2.7% to ¥11,094 million; the company is leaning on whole-carcass buying of wagyu to offer higher-grade cuts. Yakitori sales rose 8.4% to ¥2,122 million across 54 outlets, and the restaurant business, led by the 55-store Kando no Niku to Kome chain, grew 16.8% to ¥5,412 million. Other businesses, including ramen and sushi formats, jumped 78.7% to ¥1,331 million. During the half the group opened six stores, renovated six and closed five, ending September with 311 outlets.
A debt-light balance sheet
Total assets fell 1.4% to ¥29,225 million from March 31, mainly because of lower cash, while net assets were almost unchanged at ¥22,530 million. The equity ratio rose to 77.1% from 75.9%.
Profit forecast cut by a fifth
Amiyaki Tei revised the forecast it published on April 3, 2026. Net sales are now expected at ¥41,060 million (+8.9%), little changed from ¥41,100 million, but operating profit is cut to ¥2,000 million (−9.5%) from ¥2,500 million, ordinary profit to ¥2,070 million (−11.7%) from ¥2,540 million and net profit to ¥1,070 million (−15.8%) from ¥1,450 million. Earnings per share are now forecast at ¥52.08 against ¥70.57 before. The new plan implies second-half operating profit of about ¥1,153 million. The dividend is unchanged at ¥34.00 a year, paid as ¥17.00 at the half-year and ¥17.00 at year-end.
| Metric | H1 FY3/2027 | H1 FY3/2026 | Change |
|---|---|---|---|
| Net sales (¥ million) | 19,960 | 18,136 | +10.1% |
| Gross profit (¥ million) | 11,670 | 10,839 | +7.7% |
| Gross margin | 58.5% | 59.8% | −1.3 pt |
| SG&A expenses (¥ million) | 10,822 | 9,853 | +9.8% |
| Operating profit (¥ million) | 847 | 986 | −14.0% |
| Operating margin | 4.2% | 5.4% | −1.2 pt |
| Ordinary profit (¥ million) | 901 | 1,035 | −12.9% |
| Pre-tax profit (¥ million) | 672 | 935 | −28.1% |
| Net profit attrib. to owners of parent (¥ million) | 362 | 540 | −33.0% |
| EPS (¥) | 17.64 | 26.32 | −33.0% |
| Yakiniku — revenue (¥ million) | 11,094 | — | +2.7% |
| Yakitori — revenue (¥ million) | 2,122 | — | +8.4% |
| Restaurants — revenue (¥ million) | 5,412 | — | +16.8% |
| Other — revenue (¥ million) | 1,331 | — | +78.7% |
| Total assets (¥ million) | 29,225 | 29,652 | −1.4% |
| Net assets (¥ million) | 22,530 | 22,516 | +0.1% |
| Equity ratio | 77.1% | 75.9% | +1.2 pt |
| FY3/2027 guidance — revenue (¥ million) | 41,060 | — | +8.9% |
| FY3/2027 guidance — operating profit (¥ million) | 2,000 | — | −9.5% |
| FY3/2027 guidance — ordinary profit (¥ million) | 2,070 | — | −11.7% |
| FY3/2027 guidance — net profit (¥ million) | 1,070 | — | −15.8% |
| FY3/2027 guidance — EPS (¥) | 52.08 | — | n.m. |
| Annual dividend per share (¥) | 34.00 | 34.00 | unchanged |
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.