[Company analysis] Matsuya Foods Company (松屋フーズ)

「Matsuya Foods Company (松屋フーズ)」operates a restaurant chain「Matsuya(松屋)」that mainly handles gyudon, curries, and other set menus. 「Matsuya」called “Gyudon” as “Gyumeshi”. It is the third largest gyudon chain in Japan and uses a different strategy from other gyudon chains, such as providing free miso soup and adopting in-store voucher vending machines. The number of consolidated employees is approximately 1,536.

 

1. Company Profile

2. Summary and Features

3. Major Business

4. Financial Information

 

 

 

1. Company Profile

 

※Unit is JPY million, as of 2019

Company name	Matsuya Foods Company
Company name (Japanese)	松屋フーズ
Date of establishment	Tuesday, October 14, 1975
Headquarters location	〒180-0006 東京都武蔵野市中町一丁目14番5号
Capital	6,655
Consolidated sales	98,158
Consolidated operating profit	3,884
Consolidated total assets	65,026
Consolidated capital	40,808
Capital adequacy ratio	62.8%
Consolidated number of employees	1,536

 

 

 

2. Summary and Features

 
In 1966, Kawarabuki Kazutoshi(瓦葺利夫) founded the Chinese restaurant "Chinese restaurant Matsuya(中華飯店 松屋)" in a residential area in Nerima-ku, Tokyo. However, this Chinese restaurant was not successful. Instead, Kawarabuki Kazutoshi was shocked by the taste of gyudon at「Yoshinoya(吉野家)」, which was developing a beef bowl chain. Then, he decided to start research on gyudon and eventually completed his own taste. So, in 1968, 「Matsuya」was opened as a gyudon and yakiniku set meal restaurant.

Then, it has grown considerably, in 2001, it became listed on the first section of the Tokyo Stock Exchange. Currently, in terms of the number of stores and sales,「Matsuya」is the third largest gyudon chain after「Yoshinoya」and「Sukiya」. Usually,「Matsuya」is said that it has advantages in cost-efficiency, because if you order a single gyumesi menu in restaurant, you can get a free miso soup. Another feature is, the ratio of curry rice and set meal on menus is higher than other gyudon chain stores. 

 

The most prominent of feature is, instead of direct order from a store clerk, customer has to purchase voucher from a vending machine near the entrance. Moreover, vending machines at almost all stores are compatible with transportation IC cards. Of course, there is also a counter inside the kitchen, so it is possible to make an additional order directly to the clerk. The most popular menu is gyumesi, but sometimes other set meals get the top sales. The average price per customer is 480 yen.

Since July 2014, they begun sales of a new gyumesi called "Premium gyumesi" at some stores in the Kanto region, Kinki region, and Nagoya city. This "Premium gyumesi" is about 90 to 130 yen more expensive than normal gyumesi. The difference is, in the case of normal gyumesi, they use frozen beef. But in the case of "Premium gyumesi", they use refrigerated beef. However, at the stores sell "Premium gyumesi", does not sell normal gyumesi anymore. So, this new menu strategy is an actual price increasing.

From 2015, the competition in the gyumesi market become more harsh. And, the number of Matsuya stores started to decline. Instead, they started to focus on opening the second main business, the tonkatsu chain store「Matsunoya(松乃家)」. As for the oversea business,「Matsuya」only have 16 stores as of 2019, unlike「Yoshinoya」 which has  959 stores in oversea.

 

 

 

3. Major Business

 

■ Restaurant business

 

 

 

4. Financial information

 

※Unit is JPY million

		2016	2017	2018
Consolidated sales		89,039	93,006	98,158
Consolidated operating profit		4,831	4,119	3,884
Consolidated total assets		57,146	58,309	65,026
Consolidated net assets		37,172	39,078	40,808
Restaurant business		89,039	93,006	98,158