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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Welcia
Welcia (3141) investor relations material
Welcia has been acquired by Tsuruha Holdings Inc
Welcia Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary8 Oct, 2025
Executive summary
Revenue and profit rose year-over-year, driven by M&A, existing store growth, improved gross margin, and effective SG&A control despite higher system investments and labor costs.
Private brand sales grew 18.4% YoY, now comprising 10.1% of total sales, with notable gains in food and health categories; private brand lineup expanded to 451 items.
Dispensing business expanded, supported by digital initiatives and increased number of prescriptions, with gross margin improvement despite NHI drug price revisions; dispensing pharmacies increased to 2,287 stores.
Store operations were streamlined through digital tools, new POS systems, and labor hour management, reducing personnel cost ratio by 0.3 pts YoY.
Integration with TSURUHA Holdings Inc. is planned, with delisting scheduled for November 27, 2025.
Financial highlights
Net sales: ¥678,793 million (+7.6% YoY), operating income: ¥22,809 million (+20.8% YoY), net income: ¥15,923 million (+35.9% YoY), ordinary income: ¥25,418 million (+21.6% YoY), net income per share: ¥76.62.
Gross profit margin improved to 30.5% (+0.4 pts YoY); EBITDA reached ¥35,898 million (+16.4% YoY).
Dispensing pharmacy sales: ¥152,104 million (+11.2% YoY); number of prescriptions: 14,324 thousand (+8.4% YoY).
Category sales (YoY): OTC ¥119,604m (+3.5%), cosmetics ¥109,371m (+7.9%), household goods ¥91,314m (+6.3%), food ¥160,553m (+9.6%), dispensing ¥152,104m (+11.2%).
SG&A expenses rose 7.7% YoY, but the ratio to sales remained flat at 27.1%.
Outlook and guidance
H1 FY2026 projections: net sales ¥685.1 billion (+8.6% YoY), operating income ¥20.5 billion (+8.6% YoY), net income ¥12.5 billion (+6.7% YoY).
Focus on opening new pharmacies, renovations, and expanding private brand product ratio to 11.0%.
No full-year forecast due to planned integration with TSURUHA Holdings Inc. and upcoming delisting.
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Latest events from Welcia
- Profit and sales soared, driven by M&A, dispensing, and food sales growth.3141
Q1 2026 - Sales up, profits down as higher costs and competition offset dispensing growth.3141Q2 2025
- Sales up 2.2%, net income down 44.9%; outlook steady, dividend to rise.3141Q1 2025
- Sales grew 4.6% but net income dropped 27.5% due to higher costs and competition.3141Q3 2025
- Integration forms Japan's top drugstore group, aiming for 3 trillion yen sales by FY2032.3141Q4 2025
Welcia
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Frequently asked questions
Welcia Holdings Co Ltd is a Japan-based company engaged in the operation of drugstores and pharmacies. The company offers a wide range of products and services, including pharmaceuticals, cosmetics, daily necessities, food, and health-related items. It also provides prescription dispensing services through in-store pharmacies. Welcia operates a large network of stores across Japan and integrates retail and healthcare services. The company is headquartered in Tokyo, Japan, and its shares are listed on the TSE.