U.S. Cost Inflation Depressed Nissin's Profits Despite Solid Domestic Performance
Narrow-moat Nissin’s first-quarter sales and core business profits (gross profits minus selling, general, and administrative expenses, or SG&A) fell short of our expectation, with sales up 2% and core profits down 10% year on year. While the moaty domestic instant noodle business managed to expand margins amid cost inflation, overseas weakness, specifically in the U.S. and China, has wiped out domestic profit growth. Still, gain on sale of a domestic property contributed JPY 5.2 billion prof...Nissin Foods Holdings is a holding company. Through its affiliates, Co. is mainly engaged in the manufacture and sale of instant noodles and other food products in Japan and overseas. Co. manufactures cup and bag-type instant noodles under the names of "Chicken Ramen," "Cup Noodle," "Nissin-no-Donbei," "Demae Iccho," "Myojo Charumera, " "Myojo Ippeichan," and others. Co. also manufactures chilled and frozen food products including ramen noodles, yakisoba noodles, pasta, snacks, and cooked rice. In addition, Co., through its affiliates, is engaged in the manufacture and sale of confectionery and dairy products, the real estate business, and the operation of restaurants and golf courses.
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