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We would like to express our sincerest gratitude for your continued support.
FY2023 brought a series of challenges, with changes in the market environment associated with the resumption of economic activity after the COVID pandemic, soaring raw material prices, changes in consumer behavior in face of inflation, and a dramatic weakening of the yen as a product of monetary policy divergence between countries. These challenges produced a significant impact on business operations.
Under these conditions, the House Foods Group pushed ahead with business restructuring by backcasting from the vision set out in the Seventh Medium-term Business Plan of striving to be a high-quality company with a global presence. We also made progress adapting to the rapidly changing business environment. As a result, while the International Food Business reported a significant decline in profit due to the changing market environment in each area of operation, the other four business segments all achieved profit growth, resulting in gains in sales and profit overall.
Our Eighth Medium-term Business Plan launched in April 2024 is positioned as the stage for building a value chain structure enabling all Group companies to demonstrate their strengths through collaborative creation and for laying the foundations enabling further growth in the future. The plan sets out themes for our Three Responsibilities, namely that we aim to achieve value chain management that delivers healthy life through foods globally for customers, that we will turn diversity into a strength and support initiatives to become a quality company in powerful terms for employees and their families, and that we will tackle the environmental impact caused by our global corporate activities as corporate responsibility for society, and our targets for FY2026, which is the final fiscal year under the plan, are net sales of 360 billion yen and operating profit of 27 billion yen.
We hope that our shareholders will continue to extend their support and encouragement to the House Foods Group in the future.
House Foods Group Inc.
Representative Director and President
Hiroshi Urakami