Japan's Yoshinoya bets big on ramen noodles for next phase of expansion
TOKYO, May 19 (Reuters) - Japan's Yoshinoya (9861.T), opens new tab said on Monday it was betting on ramen noodles for its next phase of growth, looking to turn it into a third business pillar along with 'gyudon' beef bowls and udon noodles.
Announcing a growth plan for the next five years, the fast-food chain operator best known for its gyudon, or stewed beef over rice, said it would target a 10-fold jump in operating profit from the ramen business to 4 billion yen ($28 million).
By the financial year ending in February 2035, it hopes to become the world's top seller of ramen, it said.
The new business plan comes as Japanese restaurant chains struggle from higher food prices - particularly of domestic rice and U.S. beef - and the difficulty of raising product prices in a country just emerging from years of deflation.
"I see significant potential for ramen," incoming CEO Tetsuya Naruse told a press conference to announce the plan.
Yoshinoya expects its ramen business to garner revenues of 40 billion yen by the 2029 financial year and account for 13% or total sales, versus 4% last year.
Setting the stage for growth, Yoshinoya bought two Kyoto-based ramen shop operators, Takara Sangyo and Kiramekino Mirai, last business year, adding to its portfolio of ramen brands including Withlink in Hiroshima and Setagaya in Tokyo.
Yoshinoya said its ramen expansion would involve further inorganic growth with more acquisitions.
($1 = 145.1600 yen)
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