The Quick Take
Pepper Food Service (KPFS) is a Japanese company that operates and franchises two styles of steakhouse restaurants, Pepper Lunch and Ikinari Steak. Both restaurants focus on delivering high-quality steak quickly and affordably, with Pepper Lunch focusing on serving families at a lower cost and Ikinari focusing more on business clientele. Although the company's name would indicate that Pepper Lunch is their primary focus, it is their Ikinari restaurants that drive their business results. Through Q3 2018, revenue from the Ikinari segment was almost seven times that of the Pepper