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7698 東証スタンダード(卸売業)




(公開日 2021.04.13)


Iceco(7698 TSE Standard)

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Decrease in revenue forecasted for fiscal year ending March 2022, but expectations on growth potential of frozen business

Two Pillars; Wholesale of Ice Creams and Frozen Foods and Operation of Food Supermarket
Iceco develops the food wholesale business specialized in frozen products such as ice creams and frozen foods for the retail market. It was originally a wholesaler specialized in ice creams, and launched wholesale of frozen foods for the retail market in 1996. In addition, it started operation of food supermarkets in April 2009 through an M&A.

The company’s business is comprised of two report segments; the frozen business, in which it conducts wholesale of ice creams and frozen foods, and the supermarket business. Sales composition of the frozen business is continuing to increase, accounting for 74.4% of the net sales of the fiscal year ended March 2020.

Frozen Business
The company develops its frozen business centering on the Kanto and Tokai regions and has an in-house logistics function. The company has 13 logistics bases (two logistics centers and 11 business offices) and approximately 300 distribution trucks. Around 90% of the deliverers that conduct distribution and display are the company’s employees.

Therefore, it has strength in full maintenance services, delivering products using the company’s deliverers directly displaying products in the shops’ selling spaces, for small shops with small backyards where refrigerators cannot be installed. Major customers of the company are the drug store operator CREATE SD and general discount store operator Don Quijote and they respectively account for 28.9% and 25.7% of the net sales of the frozen business for the fiscal year ended March 2020.

Supermarket Business
In the supermarket business, the company operates eight directly-operated supermarkets (seven in Kanagawa Prefecture and one in Shizuoka Prefecture) and two tenant supermarkets. It focuses on fruits and vegetables, fresh fish and meat to differentiate itself from major supermarkets.












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