Intensifying competition across business formats, for store openings and on price

「The drugstore industry to which our Group belongs continues to face a challenging environment, owing to the increase in store openings by competitors and the strengthening of demand-stimulation measures by retailers, among other factors.」

「In the drugstore industry to which the Group belongs, retailers are implementing demand-stimulation measures in response to consumers holding back on purchases following price increases for various products, while competitors continue to open more stores. Competition across business formats is becoming increasingly intense, and the challenging environment persists.」

「競合各社の出店増に加え、各種商材の値上げによる買い控え等に対し、小売各社による需要喚起策が図られる等、業態の垣根を超えた戦いは一層激しさを増しており、厳しい環境が続いております。」

「In the drugstore industry to which the Group belongs, retailers are implementing demand-stimulation measures in response to consumers holding back on purchases following price increases for various products, while competitors continue to open more stores. Competition across business formats is becoming increasingly intense, and the challenging environment persists.」

「As retailers and competitors continue to open more stores and consumers hold back on purchases as price increases for various products continue, demand-stimulation measures are being implemented. Competition across business formats is becoming increasingly intense, and the challenging environment persists.」

「In the drugstore industry to which the Group belongs, beauty-related products and other products have begun to recover as the movement of people increases. However, demand has declined following the increase in mask demand in the previous year, while competitors continue their aggressive store openings and competition with other business formats following price increases for various products, so the challenging environment persists.」

「In the drugstore industry to which the Group belongs, recovery driven by inbound demand and other factors has begun as the movement of people increases in Japan and overseas, while beauty-related products such as cosmetics have also begun to recover as opportunities to go out increase. However, demand has declined following the previous year's demand for antigen test kits and rush demand ahead of price increases, and competitors continue their aggressive store openings and competition with other business formats following price increases for various products, so the challenging environment persists.」

「In the drugstore industry to which the Group belongs, recovery driven by inbound demand and other factors has begun as the movement of people increases in Japan and overseas, while beauty-related products such as cosmetics have also begun to recover as opportunities to go out increase. However, competitors continue their aggressive store openings, and competition with other business formats following price increases for various products continues, so the challenging environment persists.」

「In the drugstore industry to which the Group belongs, hygiene products and antipyretic analgesics remained firm due to the effects of the spread of infectious diseases, while cosmetics and other products began to recover as opportunities to go out increased. However, competition across business formats following price increases for various products and competitors' aggressive store openings continue, and the challenging environment persists.」

「Compared with the previous year, when the effects of the spread of infectious diseases continued, this fiscal year has been affected by a decline in shopping opportunities resulting from increased opportunities to go out and the reversal of the special demand seen through the previous year. In addition, consumers are holding back on purchases following price increases for various products, while competitors continue their aggressive store openings, and the challenging environment therefore persists.」

「Compared with the previous year, when the effects of the spread of infectious diseases continued, this fiscal year has been affected by a decline in shopping opportunities resulting from increased opportunities to go out and the reversal of the special demand seen through the previous year. In addition, competitors continue their aggressive store openings, and the challenging environment therefore persists.」

「Over the medium to long term, the drugstore industry is expected to remain challenging as competition to open stores continues and competition intensifies as companies from other industries enter the market.」

「During the nine-month period ended December 31, there were no new business risks or material changes to the business risks described in the securities report for the previous fiscal year.」

「Competitors continue to open more stores, and competition between companies in different industries and business formats is intensifying, making the operating environment increasingly challenging.」

「Inbound demand remains weak, while competitors continue to open more stores and price competition between companies in different industries and business formats continues to intensify, making the operating environment increasingly challenging.」

「In the drugstore industry to which the Group belongs, sales trends for products related to infectious disease prevention and products associated with requests to refrain from going out have remained firm. However, inbound demand remains weak, competitors continue to open more stores and price competition between companies in different industries and business formats continues to intensify, making the operating environment increasingly challenging.」

「In the drugstore industry to which the Group belongs, sales trends have remained firm as demand has increased for products related to infectious disease prevention, daily necessities associated with requests to refrain from going out and prepared-at-home meals. However, inbound demand remains weak, competitors continue to open more stores and price competition between companies in different industries and business formats continues to intensify, making the operating environment increasingly challenging.」

「In the drugstore industry to which the Group belongs, sales trends have remained firm as demand has increased for products related to infectious disease prevention, daily necessities associated with requests to refrain from going out and prepared-at-home meals. However, inbound demand remains weak, competitors continue to open more stores and price competition between companies in different industries and business formats continues to intensify, while industry consolidation is gaining momentum, making the operating environment increasingly challenging.」

「In the drugstore industry to which the Group belongs, the operating environment is becoming increasingly challenging as competitors continue to open more stores and price competition between companies in different industries and business formats intensifies.」

「During the nine-month period ended December 31, there were no new business risks or material changes to the business risks described in the securities report for the previous fiscal year.」

「In the drugstore industry to which the Group belongs, the operating environment is becoming increasingly challenging as competitors continue to open more stores and price competition between companies in different industries and business formats intensifies.」

「In the drugstore industry to which the Group belongs, the operating environment is becoming increasingly challenging as competitors continue to open more stores and price competition between companies in different industries and business formats intensifies.」

「In the drugstore industry to which the Group belongs, the operating environment is becoming increasingly challenging as competitors continue to open more stores and price competition between companies in different industries and business formats intensifies.」

「In the drugstore industry to which the Group belongs, the operating environment is becoming increasingly challenging as competitors continue to open more stores and price competition between companies in different industries and business formats intensifies.」

「In the drugstore industry to which the Group belongs, the operating environment is becoming increasingly challenging as competitors continue to open more stores and price competition between companies in different industries and business formats intensifies.」

「In the drugstore industry to which the Group belongs, the operating environment is becoming increasingly challenging as competitors continue to open more stores and price competition between companies in different industries and business formats intensifies.」

「In the drugstore industry to which the Group belongs, the operating environment is becoming increasingly challenging as competitors continue to open more stores and price competition between companies in different industries and business formats intensifies.」

「In the drugstore industry to which the Group belongs, the operating environment is becoming increasingly challenging as competition between different retail formats continues, alongside increased store openings by competitors and intensifying price competition.」

「In the drugstore industry to which the Group belongs, the operating environment is becoming increasingly challenging as competition between different retail formats continues, alongside increased store openings by competitors and intensifying price competition.」

「In the drugstore industry to which the Group belongs, the operating environment is becoming increasingly challenging as competition between different retail formats continues, alongside increased store openings by competitors and intensifying price competition.」

「In the drugstore industry to which the Group belongs, the operating environment is becoming increasingly challenging as competition among retailers, increased store openings by competitors and intensifying price competition continue, while companies from other industries are entering the market and industry consolidation, including companies from other industries, is also under way.」

「In the drugstore industry to which the Group belongs, the operating environment is becoming increasingly challenging as competition between different retail formats continues, alongside increased store openings by competitors and intensifying price competition.」

「In the drugstore industry to which the Group belongs, the operating environment is becoming increasingly challenging as competition between different retail formats continues, alongside increased store openings by competitors and intensifying price competition.」

「In the drugstore industry to which the Group belongs, the operating environment is becoming increasingly challenging as competition between different retail formats continues, alongside increased store openings by competitors and intensifying price competition.」