# Hokuyu Lucky Co.,Ltd.: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第56期(2025/03/01－2026/02/28) (S100Y6GL)
> Page: https://vizora.meequs.com/en/company/hokuyu-lucky
> Retrieved: 2026-09-30T20:33:52.447Z

## Company

Hokuyu Lucky, founded in 1971, is a company in Supermarkets listed on TSE Standard. It has 383 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hokuyu Lucky Co.,Ltd. |
| Ticker | 2747 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2747.T) |
| Listing | TSE Standard |
| Head office | 北海道札幌市手稲区星置一条二丁目1番1号 |
| Representative (per filing) | 代表取締役社長 桐生 宇優 |
| Founded | Apr 1971 |
| Share capital | ¥641.8M |
| Employees (consolidated) | 383 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | February |
| Website | www.hokuyu-lucky.co.jp (https://www.hokuyu-lucky.co.jp/) |
| Corporate number | 4430001015181 |
| EDINET | E03397 |
| Industries (Vizora) | Supermarkets |

> Profile source: annual securities report (S100Y6GL, filed 2026-05-26). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 16.7 | 45 |
| Profitability | 7.1 | 49 |
| Cash conversion | 96.8 | 47 |
| Efficiency | 52 | 49 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- Hokuyu Lucky brought in ¥37.2B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +0.8% from the prior year, operating profit -5.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥37199649000 → ¥108349000
- Net income → operating cash flow: ¥108349000 → ¥1439389000（difference ¥1331040000）
- Main uses of operating cash flow: CapEx ¥371751000 / dividends ¥63180000 / buybacks —
- Change in cash: ¥177738000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥37.2B |  |
| Operating income | ¥229.6M | Margin 0.6% |
| Net income | ¥108.3M | Margin 0.3% |
| Free cash flow | ¥1.07B |  |
| Employees (consolidated) | 383 |  |
| EPS | ¥85.73 |  |
| Book value per share | ¥4680.89 |  |
| Equity ratio | 34.0% |  |
| Shares outstanding | 1,264,640 |  |
| Treasury shares | 700 |  |
| Shareholders | 1,676 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 3.9% | Cash ÷ revenue 1.8% |
| Vs. industry median margin | -2.2 pp | Supermarkets |
| ROE | 1.9% | Derived from disclosed figures |
| ROA | 0.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 13.3× net income
- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39762572000 | ¥37199649000 | -6.4% |
| Operating income | ¥462519000 | ¥229593000 | -50.4% |
| Operating margin | 1.2% | 0.6% | -0.5 pp |
| Employees | 473 people | 383 people | -19.0% |
| Cash and equivalents | ¥827253000 | ¥685658000 | -17.1% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Feb 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 37,200 | 100.0% | S100Y6GL |
| Cost of revenue | 27,003 | 72.6% | 算出 |
| Gross profit | 10,196 | 27.4% | S100Y6GL |
| SG&A | 10,212 | 27.5% | S100Y6GL |
| Operating income | 230 | 0.6% | S100Y6GL |
| Ordinary income | 222 | 0.6% | S100Y6GL |
| Pretax income | 169 | 0.5% | S100Y6GL |
| Income tax | 61 | 0.2% | S100Y6GL |
| Net income | 108 | 0.3% | S100Y6GL |

## Per ¥100 of revenue（FY ending Feb 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 27 |
| Other operating | -1 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 27.4% → Operating margin 0.6% → Net margin 0.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.8%; Core profit growth: -5.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -7.17×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 36,913 | 37,200 | 287 | +0.8% |
| Gross profit | 10,160 | 10,196 | 37 | +0.4% |
| Operating income | 243 | 230 | -14 | -5.6% |
| Operating cash flow | 231 | 1,439 | 1,208 | +522.3% |
| Free cash flow | -406 | 1,068 | 1,474 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 39,935 | 400 | 1.0% | 220 | 1,377 | 1,223 | S100LDTT |
| FY ending Feb 2021 | 39,763 | 463 | 1.2% | 193 | 741 | 472 | S100O40A |
| FY ending Feb 2022 | 38,965 | 356 | 0.9% | 244 | -148 | -991 | S100QSY7 |
| FY ending Feb 2023 | 37,715 | 376 | 1.0% | 128 | 1,090 | 837 | S100THIP |
| FY ending Feb 2024 | 37,920 | 510 | 1.3% | 307 | 582 | 369 | S100VTHV |
| FY ending Feb 2025 | 36,913 | 243 | 0.7% | 142 | 231 | -406 | S100Y6GL |
| FY ending Feb 2026 | 37,200 | 230 | 0.6% | 108 | 1,439 | 1,068 | S100Y6GL |

## People and productivity（FY ending Feb 2026, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥97.1M |
| Operating income per employee (consolidated) | ¥599.5K |
| Net income per employee (consolidated) | ¥282.9K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 465 | 450 | 418 | 402 | 383 |
| Average salary (parent company) | ¥5.1M | ¥4.9M | ¥4.6M | ¥5.4M | ¥5.1M |
| Average age (parent company) | 45.0 years | 45.6 years | 45.9 years | 46.7 years | 47.1 years |
| Average tenure (parent company) | 19.8 years | 20.2 years | 20.7 years | 20.8 years | 21.0 years |

Year over year: Employees (consolidated) -4.7% · Revenue (consolidated) +0.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,439 | 3.9% | S100Y6GL |
| Capital expenditure | 372 | 1.0% | S100Y6GL |
| Free cash flow | 1,068 | 2.9% | 算出 |
| Investing cash flow | 776 | 2.1% | S100Y6GL |
| Financing cash flow | -2,037 | -5.5% | S100Y6GL |
| Dividends paid | 63 | 0.2% | S100Y6GL |
| Change in cash | 178 | 0.5% | S100Y6GL |
| Cash and equivalents | 686 | 1.8% | S100Y6GL |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 592 | 645 | 568 | 508 | 686 | S100THIP, S100VTHV, S100Y6GL |
| Total assets | 18,654 | 17,696 | 17,917 | 18,176 | 17,385 | S100QSY7, S100THIP, S100VTHV, S100Y6GL |
| Net assets | 5,248 | 5,329 | 5,616 | 5,716 | 5,916 | S100THIP, S100VTHV, S100Y6GL |
| Share capital | 642 | 642 | 642 | 642 | 642 | S100QSY7, S100THIP, S100VTHV, S100Y6GL |
| Property, plant and equipment | 11,414 | 10,446 | 10,753 | 11,239 | 11,333 | S100QSY7, S100THIP, S100VTHV, S100Y6GL |
| Intangible assets excluding goodwill | 84 | 57 | 53 | 72 | 57 | S100QSY7, S100THIP, S100VTHV, S100Y6GL |
| Goodwill | — | — | — | 15 | 11 | S100Y6GL |
| Investment securities | 189 | 203 | 254 | 281 | 511 | S100QSY7, S100THIP, S100VTHV, S100Y6GL |
| Current assets | 4,883 | 4,975 | 4,977 | 5,111 | 4,099 | S100QSY7, S100THIP, S100VTHV, S100Y6GL |
| Current liabilities | 10,239 | 9,294 | 8,902 | 6,490 | 5,764 | S100QSY7, S100THIP, S100VTHV, S100Y6GL |
| Short-term borrowings | 4,950 | 3,950 | 3,550 | 1,950 | 550 | S100QSY7, S100THIP, S100VTHV, S100Y6GL |
| Long-term borrowings | 1,664 | 1,597 | 1,546 | 4,090 | 3,794 | S100QSY7, S100THIP, S100VTHV, S100Y6GL |
| Total liabilities | 13,406 | 12,367 | 12,301 | 12,460 | 11,469 | S100QSY7, S100THIP, S100VTHV, S100Y6GL |
| Equity attributable to owners of parent | 5,226 | 5,291 | 5,535 | 5,614 | 5,659 | S100QSY7, S100THIP, S100VTHV, S100Y6GL |
| Retained earnings | 4,235 | 4,300 | 4,544 | 4,623 | 4,668 | S100QSY7, S100THIP, S100VTHV, S100Y6GL |
| Treasury stock | -2 | -2 | -2 | -2 | -2 | S100QSY7, S100THIP, S100VTHV, S100Y6GL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100Y6GL |
| Property, plant and equipment | 65% | S100Y6GL |
| Intangibles and goodwill | 0% | S100Y6GL |
| Investment securities | 3% | S100Y6GL |
| Other assets | 28% | S100Y6GL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 66% | S100Y6GL |
| Equity | 34% | S100Y6GL |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 18,654 | 17,696 | 17,917 | 18,176 | 17,385 |
| Equity | 5,248 | 5,329 | 5,616 | 5,716 | 5,916 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 592 | 645 | 568 | 508 | 686 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 30.5% | S100Y6GL |
| Fixed assets ÷ total assets | 65.2% | S100Y6GL |
| Goodwill ÷ parent equity | 0.2% | S100Y6GL |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 3.9% |
| Cash ÷ revenue | 1.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 626.9% |
| Cash vs. profit gap | 1,331 JPY mn (of net income 1228.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 58.3% |
| Shareholder payments — dividends / FCF | 5.9% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 53.9% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 0.6% | 2.09× | 1.3% | 3.57× | 4.7% | S100QSY7 |
| 2023 | 0.3% | 2.08× | 0.7% | 3.46× | 2.4% | S100THIP |
| 2024 | 0.8% | 2.13× | 1.7% | 3.29× | 5.7% | S100VTHV |
| 2025 | 0.4% | 2.05× | 0.8% | 3.24× | 2.6% | S100Y6GL |
| 2026 | 0.3% | 2.09× | 0.6% | 3.15× | 1.9% | S100Y6GL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社桐生興産 | Major shareholder | 23.0% | 2026-02-28 |
| 横山 清 | Major shareholder | 5.8% | 2026-02-28 |
| 株式会社北洋銀行 | Major shareholder | 4.9% | 2026-02-28 |
| 田中 寛密 | Major shareholder | 4.8% | 2026-02-28 |
| 株式会社北海道銀行 | Major shareholder | 2.4% | 2026-02-28 |
| 有限会社まるせん商事 | Major shareholder | 2.2% | 2026-02-28 |
| ノースパシフィック株式会社 | Major shareholder | 2.1% | 2026-02-28 |
| 千葉 サカヱ | Major shareholder | 1.9% | 2026-02-28 |
| 株式会社桐生商店 | Major shareholder | 1.8% | 2026-02-28 |
| グリーンスタンプ株式会社 | Major shareholder | 1.6% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第56期(2025/03/01－2026/02/28) | S100Y6GL | 2026-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6GL,, |
| 有価証券報告書－第55期(2024/03/01－2025/02/28) | S100VTHV | 2025-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTHV,, |
| 有価証券報告書－第54期(2023/03/01－2024/02/29) | S100THIP | 2024-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THIP,, |
| 有価証券報告書－第53期(2022/03/01－2023/02/28) | S100QSY7 | 2023-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QSY7,, |
| 有価証券報告書－第52期(令和3年3月1日－令和4年2月28日) | S100O40A | 2022-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O40A,, |
| 有価証券報告書－第51期(令和2年3月1日－令和3年2月28日) | S100LDTT | 2021-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LDTT,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).