Full operation of 4 logistics centers

「Although higher depreciation and personnel expenses and other costs associated with the logistics centers that began operations in the most recent 2 periods weighed on profit, handling volumes, including mainly frozen foods and livestock products, particularly chicken, increased, and total inbound, outbound and inventory volumes across the business exceeded those of the previous period.」

「The depreciation expense burden and increases in personnel expenses and other costs associated with the 6 distribution centers newly brought into operation over the past 2 fiscal years, comprising 5 domestic centers and 1 Vietnamese center, weighed on earnings. However, handling of frozen foods increased mainly, and inbound volume, outbound volume and inventory volume all exceeded the previous fiscal year. In addition, negotiations on rate revisions progressed, resulting in higher revenue and higher earnings.」

「There were also factors weighing on earnings, including the depreciation expense burden related to 3 domestic distribution centers completed in the previous fiscal year and 2 domestic and 1 Vietnamese distribution centers completed in the current fiscal year, as well as higher costs due to increases in personnel expenses, power costs and other expenses. However, high inventory levels continued from the previous fiscal year, and inbound volume, outbound volume and inventory volume all exceeded the previous fiscal year, resulting in increases in both storage-fee revenue and cargo-handling revenue.」

「Although the depreciation expense burden increased for the 3 distribution centers that began operations in the fiscal year ended September 2024 and other facilities, inbound volume, outbound volume and inventory volume all exceeded the previous fiscal year.」

「In addition, the Chiba Research Park Distribution Center, newly established last year, has also been operating smoothly and contributed to higher revenue.」

「Inbound and outbound volumes were broadly in line with the previous fiscal year, but the easing of restrictions on activities and customers' efforts to secure inventory in anticipation of a recovery in inbound tourism and eating out led to particularly high inventory levels for livestock products. Storage-fee revenue therefore significantly exceeded the previous year's level, resulting in higher revenue. However, earnings declined slightly because of soaring electricity prices and higher temporary start-up expenses when the Chiba Research Park Distribution Center, newly established in March this year, began operations.」

「Although the easing of restrictions on activities related to COVID-19 led to increases in inbound volume, outbound volume and inventory volume compared with the previous fiscal year, resulting in higher revenue, earnings declined because electricity prices rose more than expected and temporary start-up expenses increased when the Chiba Research Park Distribution Center, newly established in March this year, began operations.」

「After the container shortage that began last summer was resolved, high inventory levels continued, increasing storage-fee revenue. However, warehouse capacity constraints reduced inventory turnover, resulting in declines in cargo-handling revenue and transport-handling commission revenue.」

「The Fukuoka ISLANDCITY Distribution Center, newly established last year, has also been operating smoothly and contributed to higher earnings.」

「In addition, the newly established Tsukuba Distribution Center increased its inventory volume from immediately after beginning operations and is contributing to higher earnings.」

「Because inventory levels, which were already high at the end of March, increased further, storage-fee revenue grew, offsetting the decline in cargo-handling revenue and contributing to higher earnings.」

「However, high inventory levels continued from the previous fiscal year, increasing storage-fee revenue and contributing to higher earnings.」

「Storage-fee revenue increased because high inventory levels, centered on livestock products, continued from the previous fiscal year, making a significant contribution to higher earnings.」

「Because the Tokyo Haneda Distribution Center and the Meiko Distribution Center, both newly established last year, operated smoothly, storage-fee revenue and cargo-handling revenue increased.」

「The Tokyo Haneda Distribution Center and the Meiko Distribution Center, both newly established last year, operated smoothly, increasing storage-fee revenue and cargo-handling revenue.」

「Although the temporary start-up expenses and higher depreciation expenses incurred when the Meiko Distribution Center, newly established in November 2018, began operations were factors behind the decline in earnings, the center, together with the Tokyo Haneda Distribution Center, newly established in February 2018, contributed to increases in storage-fee revenue and cargo-handling revenue.」

「The Tokyo Haneda Distribution Center, which began operations in February 2018, and the Meiko Distribution Center, which began operations in November 2018, both contributed to increases in storage-fee revenue and cargo-handling revenue.」

「The newly established and recently opened centers steadily improved their utilization rates and contributed to earnings.」

「However, the newly established and recently opened centers steadily improved their utilization rates and made a steady contribution to earnings,」

「The Satte Distribution Center, which began operations last June, reached full utilization, and」

「The Satte Distribution Center, which began operations in June 2017, had already reached full utilization, and storage-fee revenue increased, offsetting the impact of the 2 centers closed in the previous fiscal year.」

「The distribution centers brought into operation in recent years, including the Satte Distribution Center, which began operations in June 2017, have steadily improved their utilization rates,」

「The distribution centers brought into operation in stages in recent years steadily improved their utilization rates and」

「In addition, the distribution centers brought into operation in stages in recent years steadily improved their utilization rates and contributed to earnings.」

「In addition, the distribution centers brought into operation in stages in recent years steadily improved their utilization rates and contributed to earnings.」

「The utilization rate improved at the 4 distribution centers brought online between the fiscal years ending September 2014 and September 2015 (Building 2 of the Wang Noi facility, Ishikari No. 2, Yumeshima and Miyakonojo No. 2).」

「The full operation of the 4 distribution centers brought online sequentially from the fiscal year ending September 2014, and」