Rising Labor and Logistics Costs Due to Labor Shortages
First written in FY2018. 10 of 25 entries say "Restated". Latest entry: 2026-11-06.
Nafco moved to the "Worse" side of this theme in 2023, 3 years after the typical company in this theme (2020).
The whole theme swung hardest in 2022: 73 of 114 companies on the "Worse" side.
35 other companies' latest entry also says "Materialised".
- 2026-11-06MaterialisedRevisions to earnings forecasts
「営業利益、経常利益につきましては、人件費や配送費など販売一般管理費は当初予想よりも下回ることができましたが、原材料価格やエネルギー価格の高騰により想定していた利益率を達成することができず、予想を下回る結果となりました。」
原材料価格・エネルギー価格の高騰が想定利益率の未達と営業利益・経常利益の予想下振れとして表れている。一方、人件費・配送費などは当初予想を下回っている。 - FY2027-H1RestatedAnnual report
「In the retail industry, employment and income conditions have improved against the backdrop of wage increases, but consumers have continued to favor saving because of rising prices, particularly for food and energy. In addition, raw material prices have remained high and cost pressures have continued, resulting in a challenging business environment.」
It identifies consumers' increased focus on saving because of higher prices, persistently high raw material prices and continued cost pressures as factors contributing to the challenging business environment. - FY2026RestatedAnnual report
「Although the employment and income environment is improving against the backdrop of wage increases, concerns about inflation affecting household budgets remain because of higher raw material, personnel and logistics costs, personal consumption remains sluggish, and the retail industry continues to face a challenging operating environment.」
The filing continues to identify higher raw material, personnel and logistics costs, concerns about inflation affecting household budgets, and sluggish personal consumption as factors contributing to the challenging environment. - FY2026-H1WorsenedAnnual report
「In the retail industry, personal consumption has stagnated as consumers have become more cost-conscious amid rising prices, while raw material, personnel and logistics costs have increased, making the operating environment increasingly challenging.」
The filing states that the operating environment is becoming increasingly challenging because rising prices have stagnated personal consumption and raw material, personnel and logistics costs have increased. - FY2025WorsenedAnnual report
「Although the employment and income environment is improving against the backdrop of wage increases, concerns about inflation affecting household budgets remain because of higher raw material, personnel and logistics costs, personal consumption remains sluggish, and the retail industry continues to face a challenging operating environment.」
The filing describes a challenging operating environment marked by continued increases in raw material, personnel and logistics costs and persistent concerns about inflation affecting household budgets. - FY2025-H1WorsenedAnnual report
「Although the employment and income environment is improving against the backdrop of wage increases, concerns about inflation affecting household budgets remain because of higher raw material, personnel and logistics costs, and the retail industry continues to face a challenging operating environment.」
The filing explicitly identifies higher raw material, personnel and logistics costs and concerns about inflation affecting household budgets, describing a challenging environment in which costs continue to rise. Selling, general and administrative expenses also increased from the previous fiscal year because of higher depreciation and utilities expenses. - FY2024WorsenedAnnual report
「Because of the weaker yen and soaring raw material prices, purchasing costs for products increased. Cost of sales was ¥127.062 billion, down 4.2% year on year, while the cost-of-sales ratio increased 0.5 percentage points year on year to 66.1%. Advertising and promotional expenses and personnel expenses also increased, resulting in selling, general and administrative expenses of ¥60.220 billion, down 0.9% year on year, and a selling, general and administrative expense ratio to net sales of 31.3%, up 1.3 percentage points year on year.」
Higher purchasing costs due to the weaker yen and soaring raw material prices, and increases in advertising and promotional expenses and personnel expenses, were reflected in actual results, raising the cost-of-sales ratio and the selling, general and administrative expense ratio. - FY2024-Q3WorsenedAnnual report
「The retail industry continues to face a challenging operating environment because of persistently high electricity costs, higher prices for necessities and other goods, and rising costs including personnel expenses.」
The filing explicitly identifies higher electricity costs, rising prices for necessities and other goods, and higher costs including personnel expenses as factors contributing to the challenging operating environment. - FY2024-Q1WorsenedAnnual report
「Selling, general and administrative expenses increased from the previous fiscal year because electricity costs remained elevated and personnel expenses rose.」
The impact of persistently high electricity costs and higher personnel expenses is reflected in actual results as an increase in selling, general and administrative expenses. - FY2023-Q2RestatedAnnual report
「Selling, general and administrative expenses increased because advertising and promotional activities that had been curtailed during the COVID-19 pandemic were gradually resumed. Utilities expenses, affected by soaring electricity costs, also rose substantially, but the expenses were kept below the previous fiscal year’s level, partly because of improvements in logistics costs.」
Although costs such as electricity expenses increased, selling, general and administrative expenses were kept below the previous fiscal year’s level through improvements in logistics costs. - FY2023-Q1MitigatedAnnual report
「Selling, general and administrative expenses were affected by soaring electricity costs, but were kept below the previous fiscal year’s level through lower logistics costs.」
Although electricity costs rose, selling, general and administrative expenses were kept below the previous fiscal year’s level through lower logistics costs. Among the risks related to higher logistics costs, the filing shows that logistics costs have in fact decreased. - FY2021DroppedAnnual reportThe description of the business environment and risks in this filing contains no explicit reference to higher labour-related costs due to labour shortages or higher logistics costs.
- FY2020RestatedAnnual report
「The furniture and home improvement retail industries also continue to face a challenging operating environment due to intensifying competition across industries and business formats, market contraction resulting from population aging and decline, rising costs including logistics and construction materials, labor shortages caused by difficulties in hiring, and the effects of adverse weather such as torrential rain and record-high temperatures.」
The filing continues to identify higher costs for logistics and construction materials and labour shortages caused by difficulties in recruiting as factors contributing to the challenging business environment. - FY2020-Q3RestatedAnnual report
「The furniture and home improvement retail industries also continue to face a challenging operating environment due to intensifying competition across industries and business formats, market contraction resulting from population aging and decline, rising costs including logistics and construction materials, labor shortages caused by difficulties in hiring, and the effects of adverse weather such as torrential rain and record-high temperatures.」
The filing continues to identify higher costs for logistics and construction materials, as well as labour shortages caused by difficulties in recruiting, as factors contributing to the challenging business environment. - FY2020-Q2RestatedAnnual report
「The furniture and home improvement retail industries also continue to face a challenging operating environment due to intensifying competition across industries and business formats, market contraction resulting from population aging and decline, rising costs including logistics and construction materials, labor shortages caused by difficulties in hiring, and the effects of adverse weather such as torrential rain and record-high temperatures.」
The filing continues to identify higher costs for logistics and construction materials, as well as labour shortages caused by difficulties in recruiting, as factors contributing to the challenging business environment. - FY2019RestatedAnnual report
「The furniture and home improvement retail industries also continue to face a challenging operating environment due to intensifying competition across industries and business formats, market contraction resulting from population aging and decline, rising costs including logistics and construction materials, labor shortages caused by difficulties in hiring, and the effects of adverse weather such as torrential rain and record-high temperatures.」
The filing continues to identify higher costs for logistics and construction materials, as well as labour shortages caused by difficulties in recruiting, as factors contributing to the challenging business environment. - FY2019-Q2RestatedAnnual report
「The furniture and home improvement retail industries also continue to face a challenging operating environment due to intensifying competition across industries and business formats, market contraction resulting from population aging and decline, rising costs including logistics and construction materials, labor shortages caused by difficulties in hiring, and the effects of adverse weather such as torrential rain and record-high temperatures.」
The filing continues to identify higher costs for logistics and construction materials, as well as labour shortages caused by difficulties in recruiting, as factors contributing to the challenging business environment. - FY2019-Q1RestatedAnnual report
「The furniture and home improvement retail industries also continue to face a challenging operating environment due to intensifying competition across industries and business formats, market contraction resulting from population aging and decline, rising costs including logistics and construction materials, and labor shortages caused by difficulties in hiring.」
The filing continues to identify higher costs for logistics and construction materials, as well as labour shortages caused by difficulties in recruiting, as factors contributing to the challenging business environment. - FY2018First statedAnnual report
「In the retail industry, competition with other companies in the same industry and with other business formats is intensifying, while risks such as higher labour-related costs due to labour shortages and rising logistics costs are becoming apparent. In addition, personal consumption remains uncertain because of consumers’ cost-consciousness, and the business environment surrounding the industry continues to become more challenging.」
For the first time in the description of the business environment, the filing explicitly states that labour-related costs have increased because of labour shortages and identifies the risk of higher logistics costs.