Japan food: Monthly data Global Markets Research EQUITY: JAPAN FOOD, BEVERAGES & TOBACCO Yakult Honsha [2267] Monthly data: Sales volumes continue to fall Monthly data on dairy products in Japan: Sales remain weak in May, down 9.3% y-y Yakult Honsha released monthly data on dairy products in Japan on 25 June. Daily sales volumes of dairy products fell 9.3% y-y in May, with Yakult series products down 10.8% (Yakult 1000 down 19.3%, Y1000 down 19.3%) and fermented milk products down 3.5%. Yakult sales volumes ...

ab 25 June 2026 FY3/27 guidance calls for daily sales volume of 2.68mn bottles for New Yakult, 0.98mn bottles for Y1000, 1.68mn bottles for Yakult 400, and 1.82mn bottles for Yakult 1000. Except for New Yakult, recent monthly sales appear to be behind guidance. We forecast daily sales volume of New Yakult at 2.66mn bottles, Y1000 at 0.9mn bottles, Yakult 400 at 1.56mn bottles, and Yakult 1000 at 1.7mn bottles. We forecast FY3/27 OP of ¥42.7bn (-6% yoy; company guidance ¥44.0bn, IFIS consensus ¥43.4bn). In J ...