Higher investment costs amid intensifying competition and industry restructuring
First written in FY2016. 8 of 12 entries say "Restated". Latest entry: FY2027-H1.
No other company in this theme has enough history to compare yet.
- FY2027-H1WorsenedAnnual report
「In the distribution industry, the business environment is changing significantly as a result of active realignment among retailers, while cost increases caused by inflation are also expected to continue. The company recognizes that it is entering a major turning point.」
The document identifies continuing changes in the business environment from restructuring in the retail industry and rising costs due to inflation as major turning points for the distribution industry and the Company. The risks related to competition, industry restructuring and investment costs are described in greater detail. - FY2026RestatedAnnual report
「To support further active sales growth, the company will continue to develop its nationwide logistics network. Although initial investment costs and depreciation are expected to increase, it will continue to accelerate the recovery of investment costs, as before, by integrating and closing existing centers, reducing inventories, and cutting operating and delivery costs.」
The risks of increased investment and depreciation expenses associated with developing the logistics network, together with measures to recover those costs through the integration and closure of existing centers, are reiterated. - 2026-05-14WorsenedEarnings presentation materials
「Uncertainty due to heightened geopolitical risks」
2027年3月期の業績予想の要因として、地政学リスクの高まりによる不透明感を記載している。 - FY2025RestatedAnnual report
「To support further active sales growth, the company will continue to develop its nationwide logistics network. Although initial investment costs and depreciation are expected to increase, it will continue to accelerate the recovery of investment costs, as before, by integrating and closing existing centers, reducing inventories, and cutting operating and delivery costs.」
The risks of higher initial investment and depreciation expenses associated with developing the logistics network, together with measures to recover those costs through the integration and closure of existing centers, are reiterated. - FY2022RestatedAnnual report
「To support further active sales growth, the company will continue to develop its nationwide logistics network. Although initial investment costs and depreciation are expected to increase, it will continue to accelerate the recovery of investment costs, as before, by integrating and closing existing centers, reducing inventories, and cutting operating and delivery costs.」
The risks of higher initial investment and depreciation expenses associated with developing the logistics network, together with measures to recover those costs through the integration and closure of existing centers, are reiterated. - FY2020RestatedAnnual report
「In the wholesale industry for cosmetics and daily necessities in which our Group operates, industry-wide restructuring across product categories is possible, and similar developments may also occur in the retail industry, our primary customer base.」
The risks of increased investment costs from industry restructuring, restructuring in the retail industry and bringing logistics functions in-house are reiterated. Measures to accelerate the recovery of investment costs through the integration and closure of existing centers are also described. - FY2020-Q3RestatedAnnual report
「Against this backdrop, during the first nine months of the fiscal year, the business environment was challenging because, in addition to intensifying competition as the market contracted due to population decline, there was a decline in the rebound from front-loaded demand ahead of the consumption tax increase and weak sales of seasonal products amid an unusually warm winter,」
The document continues to cite intensifying competition resulting from market contraction due to population decline, and describes the decline following front-loaded demand ahead of the consumption tax increase and weak sales of seasonal products amid an unusually warm winter as factors contributing to the challenging business environment during the period. - FY2020-Q2RestatedAnnual report
「Against this backdrop, during the first six months of the fiscal year, the business environment was challenging because, in addition to intensifying competition as the market contracted due to population decline, stores operated by retail customers were damaged by torrential rains caused by a succession of typhoons and other events,」
The document continues to cite intensifying competition resulting from market contraction due to population decline, and describes torrential rains caused by typhoons and other events and damage to retail stores as factors contributing to the challenging business environment during the period. - FY2020-Q1WorsenedAnnual report
「Against this backdrop, during the cumulative first-quarter consolidated period, the company faced challenging conditions as competition intensified due to the shrinking market caused by population decline, in addition to sluggish sales of seasonal products due to unfavorable weather conditions, among other factors.」
The contraction of the market due to population decline is explicitly identified as a factor contributing to intensifying competition, providing a more specific description of the competitive environment. - FY2018RestatedAnnual report
「To respond to changes in the business environment, including industry realignment and the resulting changes in logistics formats, the company believes it will need to enter new business fields and invest in large logistics centers and other facilities to enhance its logistics functions. In that case, performance could be affected by temporary increases in depreciation and various logistics-related expenses.」
The risks of investment to respond to industry restructuring and changes in logistics models, together with higher depreciation and logistics expenses, are reiterated. - FY2017RestatedAnnual report
「To respond to changes in the business environment, including industry realignment and the resulting changes in logistics formats, the company believes it will need to enter new business fields and make capital investments in large logistics centers and other facilities to enhance its logistics functions.」
The risks of increased investment and expenses for new businesses and large-scale distribution centers amid competition, industry restructuring and changes in logistics models are reiterated. - FY2016First statedAnnual report
「To respond to changes in the business environment, including industry realignment and the resulting changes in logistics formats, the company believes it will need to enter new business fields and invest in large logistics centers and other facilities to enhance its logistics functions. In that case, performance could be affected by temporary increases in depreciation and various logistics-related expenses.」
The possibility of retailers bringing logistics functions in-house and the entry of foreign-affiliated retailers are also cited.