# RETAIL PARTNERS CO., LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第73期(2025/03/01－2026/02/28) (S100Y650)
> Page: https://vizora.meequs.com/en/company/retail-partners
> Retrieved: 2026-09-30T19:51:08.516Z

## Company

Retail Partners, founded in 1954, is a company in Supermarkets listed on TSE Prime. It has 2,016 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RETAIL PARTNERS CO., LTD. |
| Ticker | 8167 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8167.T) |
| Listing | TSE Prime |
| Head office | 山口県防府市大字江泊1936番地 |
| Representative (per filing) | 代表取締役社長 田中 康男 |
| Founded | Mar 1954 |
| Share capital | ¥7.22B |
| Employees (consolidated) | 2,016 |
| Average salary (parent only) | ¥2.7M |
| Fiscal year end | February |
| Website | retailpartners.co.jp (https://retailpartners.co.jp/) |
| Corporate number | 1250001002242 |
| EDINET | E03094 |
| Industries (Vizora) | Supermarkets |

> Profile source: annual securities report (S100Y650, filed 2026-05-25). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 38.9 | 45 |
| Profitability | 43.9 | 49 |
| Cash conversion | 52.1 | 47 |
| Efficiency | 50 | 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)

- About 100% of Retail Partners's sales come from Supermarket, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +4.4% from the prior year, operating profit -5.2%.

## Company structure

- Segment revenue mix: Supermarket 99.7%、Other 0.3%
- Revenue → net income: ¥268295000000 → ¥5138000000
- Net income → operating cash flow: ¥5138000000 → ¥9631000000（difference ¥4493000000）
- Main uses of operating cash flow: CapEx ¥5825000000 / dividends ¥1886000000 / buybacks ¥0
- Change in cash: ¥799000000
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 | ¥268.3B |  |
| Operating income | ¥6.47B | Margin 2.4% |
| Net income | ¥5.14B | Margin 1.9% |
| Free cash flow | ¥3.81B |  |
| Largest business | Supermarket | of segment revenue 99.7% |
| Employees (consolidated) | 2,016 |  |
| EPS | ¥65.28 |  |
| Book value per share | ¥1050.23 |  |
| Equity ratio | 67.3% |  |
| Shares outstanding | 46,646,059 |  |
| Treasury shares | 3,712,800 |  |
| Shareholders | 29,069 |  |
| Average salary (parent only) | ¥2.7M | Filing company only |
| Cash ratio | 14.3% | Cash ÷ revenue 7.3% |
| Vs. industry median margin | -0.4 pp | Supermarkets |
| ROE | 6.1% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 98% of positive segment profit

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥239044351000 | ¥268295000000 | +12.2% |
| Operating income | ¥8384335000 | ¥6468000000 | -22.9% |
| Operating margin | 3.5% | 2.4% | -1.1 pp |
| Employees | 1,824 people | 2,016 people | +10.5% |
| Cash and equivalents | ¥19035002000 | ¥19545000000 | +2.7% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| スーパーマーケット事業 → スーパーマーケット事業 | 91.8% |
| その他 → その他 | 0.0% |
| ディスカウントストア事業 → 事業再編・廃止 | 8.2% |
| 新設・再編 → スーパーマーケット事業 | 7.9% |
| 新設・再編 → その他 | 0.3% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 268,295 | 100.0% | S100Y650 |
| Cost of revenue | 204,080 | 76.1% | S100Y650 |
| Gross profit | 64,214 | 23.9% | S100Y650 |
| SG&A | 67,648 | 25.2% | S100Y650 |
| Operating income | 6,468 | 2.4% | S100Y650 |
| Ordinary income | 7,557 | 2.8% | S100Y650 |
| Pretax income | 7,230 | 2.7% | S100Y650 |
| Income tax | 2,091 | 0.8% | S100Y650 |
| Net income | 5,138 | 1.9% | S100Y650 |
| Net income attributable to owners | 5,138 | 1.9% | S100Y650 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 25 |
| Other operating | -4 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 23.9% → Operating margin 2.4% → Net margin 1.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.4%; Core profit growth: -5.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.20×
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 | 257,107 | 268,295 | 11,188 | +4.4% |
| Gross profit | 61,328 | 64,214 | 2,886 | +4.7% |
| Operating income | 6,823 | 6,468 | -355 | -5.2% |
| Net income attributable to owners | 5,225 | 5,138 | -87 | -1.7% |
| Operating cash flow | 8,839 | 9,631 | 792 | +9.0% |
| Free cash flow | 4,396 | 3,806 | -590 | -13.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 226,155 | 4,466 | 2.0% | 2,240 | 7,977 | 1,336 | S100LEJQ |
| FY ending Feb 2021 | 239,044 | 8,384 | 3.5% | 4,933 | 12,241 | 5,933 | S100O4T1 |
| FY ending Feb 2022 | 236,783 | 5,373 | 2.3% | 3,371 | 5,011 | -815 | S100QU2T |
| FY ending Feb 2023 | 226,740 | 5,283 | 2.3% | 2,918 | 8,196 | 1,285 | S100THMG |
| FY ending Feb 2024 | 243,463 | 6,740 | 2.8% | 4,717 | 11,505 | 7,287 | S100VUNB |
| FY ending Feb 2025 | 257,107 | 6,823 | 2.7% | 5,225 | 8,839 | 4,396 | S100Y650 |
| FY ending Feb 2026 | 268,295 | 6,468 | 2.4% | 5,138 | 9,631 | 3,806 | S100Y650 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥133.1M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥2.5M |

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) | 1,954 | 1,929 | 2,004 | 1,989 | 2,016 |
| Average salary (parent company) | ¥2.7M | ¥2.7M | ¥3.2M | ¥2.9M | ¥2.7M |
| Average age (parent company) | 57.4 years | 57.6 years | 57.6 years | 53.8 years | 56.8 years |
| Average tenure (parent company) | 25.8 years | 23.4 years | 23.4 years | 19.3 years | 24.0 years |

Year over year: Employees (consolidated) +1.4% · Revenue (consolidated) +4.4%

## Segments（FY ending Feb 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Supermarket | 277,290 | 99.7% | 6,851 | 2.5% |
| Other | 907 | 0.3% | 140 | 15.4% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Supermarket | 99.7% | 98.0% | -1.7 | 2.5% |
| Other | 0.3% | 2.0% | 1.7 | 15.4% |

Segment → industry: Supermarket → Supermarkets

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 9,631 | 3.6% | S100Y650 |
| Capital expenditure | 5,825 | 2.2% | S100Y650 |
| Free cash flow | 3,806 | 1.4% | 算出 |
| Investing cash flow | -6,638 | -2.5% | S100Y650 |
| Financing cash flow | -2,194 | -0.8% | S100Y650 |
| Dividends paid | 1,886 | 0.7% | S100Y650 |
| Share buyback | 0 | 0.0% | S100Y650 |
| Change in cash | 799 | 0.3% | S100Y650 |
| Cash and equivalents | 19,545 | 7.3% | S100Y650 |

## 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 | 15,873 | 15,818 | 19,518 | 18,746 | 19,545 | S100THMG, S100VUNB, S100Y650 |
| Total assets | 114,377 | 117,241 | 126,233 | 127,036 | 136,241 | S100QU2T, S100THMG, S100VUNB, S100Y650 |
| Net assets | 74,115 | 75,158 | 80,978 | 84,682 | 91,701 | S100THMG, S100VUNB, S100Y650 |
| Share capital | 7,218 | 7,218 | 7,218 | 7,218 | 7,218 | S100QU2T, S100THMG, S100VUNB, S100Y650 |
| Trade receivables | 1,961 | 2,109 | — | — | — | S100QU2T |
| Property, plant and equipment | 61,602 | 63,442 | 64,818 | 64,834 | 67,404 | S100QU2T, S100THMG, S100VUNB, S100Y650 |
| Intangible assets excluding goodwill | 1,514 | 1,452 | 1,844 | 1,785 | 1,957 | S100QU2T, S100THMG, S100VUNB, S100Y650 |
| Goodwill | 655 | 572 | 840 | 719 | 599 | S100QU2T, S100THMG, S100VUNB, S100Y650 |
| Investment securities | 9,214 | 9,250 | 11,964 | 12,081 | 16,951 | S100QU2T, S100THMG, S100VUNB, S100Y650 |
| Current assets | 31,947 | 32,859 | 37,306 | 38,398 | 41,158 | S100QU2T, S100THMG, S100VUNB, S100Y650 |
| Current liabilities | 28,393 | 29,680 | 33,569 | 32,473 | 34,369 | S100QU2T, S100THMG, S100VUNB, S100Y650 |
| Trade payables | 13,672 | 13,778 | — | — | — | S100QU2T |
| Short-term borrowings | 5,650 | 5,650 | 6,000 | 6,250 | 6,770 | S100QU2T, S100THMG, S100VUNB, S100Y650 |
| Long-term borrowings | 6,199 | 6,865 | 6,438 | 4,728 | 4,949 | S100QU2T, S100THMG, S100VUNB, S100Y650 |
| Total liabilities | 40,263 | 42,082 | 45,254 | 42,354 | 44,540 | S100QU2T, S100THMG, S100VUNB, S100Y650 |
| Equity attributable to owners of parent | 74,797 | 75,849 | 79,286 | 83,234 | 86,494 | S100QU2T, S100THMG, S100VUNB, S100Y650 |
| Retained earnings | 51,404 | 53,347 | 57,074 | 61,012 | 64,262 | S100QU2T, S100THMG, S100VUNB, S100Y650 |
| Treasury stock | -3,380 | -4,269 | -4,562 | -4,555 | -4,546 | S100QU2T, S100THMG, S100VUNB, S100Y650 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100Y650 |
| Property, plant and equipment | 50% | S100Y650 |
| Intangibles and goodwill | 2% | S100Y650 |
| Investment securities | 12% | S100Y650 |
| Other assets | 22% | S100Y650 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 33% | S100Y650 |
| Equity | 67% | S100Y650 |

### 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 | 114,377 | 117,241 | 126,233 | 127,036 | 136,241 |
| Equity | 74,115 | 75,158 | 80,978 | 84,682 | 91,701 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 15,873 | 15,818 | 19,518 | 18,746 | 19,545 |

## 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) | 25.1% | S100Y650 |
| Fixed assets ÷ total assets | 49.5% | S100Y650 |
| Goodwill ÷ parent equity | 0.7% | S100Y650 |

Goodwill over 4 years: 655 → 599 JPY; total investing cash flow: -31,316 JPY. This does not imply causation.

### 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) | 14.3% |
| Cash ÷ revenue | 7.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 148.9% |
| Cash vs. profit gap | 4,493 JPY mn (of net income 87.4%) |
| Shareholder returns / net income | 36.7% |
| Shareholder returns / FCF | 49.6% |
| Shareholder payments — dividends / net income | 36.7% |
| Shareholder payments — dividends / FCF | 49.6% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 68.9% |

## 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 | 1.4% | 2.07× | 2.9% | 1.53× | 4.5% | S100QU2T |
| 2023 | 1.3% | 1.96× | 2.5% | 1.54× | 3.9% | S100THMG |
| 2024 | 1.9% | 2.00× | 3.9% | 1.57× | 6.1% | S100VUNB |
| 2025 | 2.0% | 2.03× | 4.1% | 1.56× | 6.4% | S100Y650 |
| 2026 | 1.9% | 2.04× | 3.9% | 1.55× | 6.1% | S100Y650 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社バローホールディングス | Major shareholder | 7.3% | 2026-02-28 |
| 株式会社アークス | Major shareholder | 7.3% | 2026-02-28 |
| 池田興産有限会社 | Major shareholder | 6.5% | 2026-02-28 |
| 日本マスタートラスト信託銀行 株式会社（信託口） | Major shareholder | 6.4% | 2026-02-28 |
| 株式会社山口銀行 | Major shareholder | 3.3% | 2026-02-28 |
| 株式会社西日本シティ銀行 | Major shareholder | 2.8% | 2026-02-28 |
| マルキョウ取引先持株会 | Major shareholder | 2.4% | 2026-02-28 |
| ヤマエ久野株式会社 | Major shareholder | 2.3% | 2026-02-28 |
| 丸久共栄会 | Major shareholder | 2.3% | 2026-02-28 |
| 宮野 美代子 | Major shareholder | 2.2% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第73期(2025/03/01－2026/02/28) | S100Y650 | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y650,, |
| 有価証券報告書－第72期(2024/03/01－2025/02/28) | S100VUNB | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUNB,, |
| 有価証券報告書－第71期(2023/03/01－2024/02/29) | S100THMG | 2024-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THMG,, |
| 有価証券報告書－第70期(2022/03/01－2023/02/28) | S100QU2T | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QU2T,, |
| 有価証券報告書－第69期(令和3年3月1日－令和4年2月28日) | S100O4T1 | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4T1,, |
| 有価証券報告書－第68期(令和2年3月1日－令和3年2月28日) | S100LEJQ | 2021-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEJQ,, |

## 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).