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” $Food & Life Companies(3563.JP$ In the consolidated financial results for the fiscal year ending 2022/9 announced on the 4th, net profit 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 ingredients in stock resounded.
In June, the Consumer Affairs Agency issued a measures order requesting prevention of recurrence due to a violation of the Prize Labeling Act (decoy advertisement) against “Akindo Sushiro” (Suita City, Osaka Prefecture) under its umbrella. Even after that, there were a series of situations where campaign products were out of stock, etc., and customer traffic became far away, leading to a drastic decline in profit.
Sales were 281.3 billion yen, up 16.8%. The recovery in customer traffic at overseas stores contributed to the increase in sales.
In June, the Consumer Affairs Agency issued a measures order requesting prevention of recurrence due to a violation of the Prize Labeling Act (decoy advertisement) against “Akindo Sushiro” (Suita City, Osaka Prefecture) under its umbrella. Even after that, there were a series of situations where campaign products were out of stock, etc., and customer traffic became far away, leading to a drastic decline in profit.
Sales were 281.3 billion yen, up 16.8%. 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 landed on an upward trend at the end of the previous fiscal year, and profit increased by 66% 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 ending 22/9 fell 72.6% from the previous fiscal year to 3.6 billion yen, but it landed above the previous forecast of 3 billion yen. 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.
The 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 and operating profit and loss ratio deteriorated sharply 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 ending 22/9 fell 72.6% from the previous fiscal year to 3.6 billion yen, but it landed above the previous forecast of 3 billion yen. 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.
The 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 and operating profit and loss ratio deteriorated sharply from 7.5% to -3.2% in the same period last year.
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