寿司郎运营商F&LC剑指1万亿日元营收

Core Viewpoint - Sushiro's overseas business, particularly in China, is performing exceptionally well, with expectations that overseas revenue will exceed 35% by the fiscal year 2026 [2][4]. Group 1: Company Performance and Strategy - F&LC's market capitalization surpassed 1 trillion yen in August, driven by growth expectations in overseas markets, especially in China and Southeast Asia [2]. - The company aims to increase operating profit to 1 trillion yen by the fiscal year 2035, which is 2.3 times the previous fiscal year's profit [2]. - As of October 2024, the number of overseas stores reached 232, a 30% increase from the previous year, with overseas revenue growing by 43% to 131.4 billion yen, accounting for 31% of total revenue [4][5]. Group 2: Competitive Landscape - Competitor Kura Sushi is exiting the Chinese market, while Sushiro is expanding its store network in Asia, including a recent entry into Malaysia [4][5]. - Kura Sushi has established a presence in the U.S. with 81 stores and reported sales of $282.8 million for the fiscal year ending August 2025 [8]. - Sushiro's strategy focuses on delivering authentic Japanese sushi, which may face challenges in gaining recognition in the U.S. market [9]. Group 3: Financial Outlook - F&LC's financial report for the fiscal year 2025 showed better-than-expected results, with a stock price increase of 4% following the announcement [7]. - The company anticipates a record net profit of 24 billion yen for the fiscal year 2026, although this is below market expectations [7]. - F&LC's equity ratio is 24%, which is lower compared to competitors, indicating reliance on debt for growth, raising concerns about financial pressure amid rising interest rates [11]. Group 4: Future Expansion Plans - F&LC plans to increase the number of stores in the U.S. to 100 and in China to 500 by the fiscal year 2035, aiming for a total revenue of 1 trillion yen [11].