Lower Fixed-Cost Burden and Improved SG&A Ratio Through Increased Gross Merchandise Volume
First written in FY2018-Q1. 16 of 29 entries say "Advanced", first in FY2020-Q2. Latest entry: FY2026.
The whole theme swung hardest in 2017: 3 of 20 companies on the "Worse" side.
21 other companies' latest entry also says "Advanced".
- FY2026AdvancedAnnual report
「Selling, general and administrative expenses were ¥143,634 million, up 7.5% year on year, and represented 22.2% of gross merchandise value excluding other GMV, down 1.0 percentage points from the previous fiscal year.」
The SG&A ratio declined due to the limited cost structure for logistics-related expenses, packing and freight under LYST's affiliate model, improved delivery terms and improved logistics operating efficiency. - 2026-04-30AdvancedEarnings
「In addition to lower logistics-related costs as a percentage of GMV resulting from improved operating efficiency through optimization of inventory storage volumes at logistics centers, freight and packing costs as a percentage of GMV also declined because of improved commercial terms with logistics service providers from October 2025 onward, which had not been anticipated when the plan was prepared.」
The ratio of selling, general and administrative expenses declined as logistics operating efficiency and delivery outsourcing terms improved. - FY2026-H1AdvancedAnnual report
「Selling, general and administrative expenses were ¥67,374 million, up 9.5% year on year, and represented 23.0% of gross merchandise value excluding other GMV, down 0.6 percentage points from the same period of the previous year.」
The SG&A ratio declined 0.6 percentage points year on year due to higher GMV following the consolidation of LYST, the affiliate model's cost structure and improved operating efficiency at logistics facilities. Meanwhile, LYST's advertising expenses and amortization of goodwill were factors increasing the ratio. - FY2025-H1Higher SG&A ratio due to new facility expenses and rising freight costs, partly offset by automationAnnual report
「Selling, general and administrative expenses were ¥61,537 million, up 11.3% year on year, and represented 23.6% of gross merchandise value excluding other GMV, up 0.7 percentage points from the same period of the previous year.」
The SG&A ratio rose to 23.6%. Higher delivery charges from Yamato Transport and higher depreciation and rent for ZOZOBASE Tsukuba 3 drove the increase, while labor savings from advancing automation at logistics facilities reduced the logistics-related cost ratio by 0.1 percentage points. - FY2024-Q3Continued increases in the SG&A ratio due to logistics-related costs and new facility expensesAnnual report
「Selling, general and administrative expenses were ¥91,614 million, up 10.3% year on year, and represented 22.9% of gross merchandise value excluding other GMV, up 0.6 percentage points from the same period of the previous year.」
The SG&A ratio rose 0.6 percentage points year on year to 22.9%. Logistics-related personnel expenses due to higher volumes, depreciation and rent for the new logistics facility, and increased TV commercials and web advertising drove the increase. - FY2024-Q2Increase in SG&A ratioAnnual report
「Selling, general and administrative expenses were ¥55,282 million, up 6.9% year on year, and represented 22.9% of gross merchandise value excluding other GMV, up 0.2 percentage points from the same period of the previous year.」
The SG&A ratio rose 0.2 percentage points year on year to 22.9%. TV commercials, web advertising, and rent and depreciation expenses for the new logistics facility drove the increase, while the packing and freight ratio declined 0.4 percentage points due to higher average shipping value. - FY2024-Q1AdvancedAnnual report
「Selling, general and administrative expenses were ¥27,182 million, up 4.4% year on year, and represented 22.0% of gross merchandise value excluding other GMV, down 0.4 percentage points from the same period of the previous year.」
Although SG&A expenses increased, the SG&A ratio declined 0.4 percentage points year on year to 22.0%. The advertising expense ratio rose 0.3 percentage points due to increased TV commercials and web advertising, while the packing and freight ratio declined 0.5 percentage points as a result of higher average shipping value. - FY2023-Q3AdvancedAnnual report
「Selling, general and administrative expenses were ¥83,024 million, up 6.7% year on year, and represented 22.3% of gross merchandise value excluding other GMV, down 0.5 percentage points from the same period of the previous year.」
Although SG&A expenses increased, the SG&A ratio declined 0.5 percentage points year on year to 22.3%. The main factors behind the decline were improved operating efficiency at logistics facilities, higher average shipping value and optimization of packaging material sizes. - FY2023-Q2AdvancedAnnual report
「Selling, general and administrative expenses were ¥51,696 million, up 7.3% year on year, and represented 22.7% of gross merchandise value excluding other GMV, down 0.3 percentage points from the same period of the previous year.」
Although SG&A expenses increased, the SG&A ratio declined 0.3 percentage points year on year. Improved operating efficiency at logistics facilities and a lower packing and freight ratio resulting from higher average shipping value contributed to the improvement. - FY2023-Q1AdvancedAnnual report
「Selling, general and administrative expenses were ¥26,028 million, up 7.0% year on year, and represented 22.4% of gross merchandise value excluding other GMV, down 0.4 percentage points from the same period of the previous year.」
SG&A expenses increased, but the SG&A ratio declined 0.4 percentage points year on year to 22.4%. The company cited improved logistics operating efficiency, higher average shipping value and the timing of advertising expense recognition as factors behind the decline. - FY2022AdvancedAnnual report
「Selling, general and administrative expenses were ¥106,516 million, up 11.1% year on year, and represented 23.0% of GMV excluding other GMV, down 0.5 percentage point from the same period of the previous year.」
SG&A expenses increased, but the SG&A ratio to GMV fell from 23.5% to 23.0%. Improvements in logistics operating efficiency, payment collection terms and packaging materials were cited as factors driving the improvement. - FY2022-Q3AdvancedAnnual report
「Selling, general and administrative expenses were ¥77,841 million, up 12.5% year on year, and represented 22.8% of GMV excluding other GMV, down 0.2 percentage point from the same period of the previous year.」
The SG&A ratio fell 0.2 percentage point year on year to 22.8%. Improvements in operating efficiency at logistics centers, payment collection terms and packaging materials were cited as factors behind the decline, while the advertising expense ratio rose due to TV commercials, web advertising and the free distribution of ZOZOGLASS. - FY2022-Q2RestatedAnnual report
「Selling, general and administrative expenses were ¥48,184 million, up 10.9% year on year, and represented 23.0% of GMV excluding other GMV, down 0.4 percentage point from the same period of the previous year.」
The SG&A ratio fell 0.4 percentage point year on year. Improvements in operating efficiency at logistics centers, payment collection terms and packaging materials were cited as factors behind the decline. - FY2022-Q1AdvancedAnnual report
「Selling, general and administrative expenses were ¥24,333 million, up 11.3% year on year, and represented 22.8% of GMV excluding other GMV, down 0.1 percentage point from the same period of the previous year.」
The SG&A ratio fell 0.1 percentage point year on year to 22.8%. Improvements in operating efficiency at logistics centers, payment collection terms and packaging materials were cited as factors behind the decline. - FY2021AdvancedAnnual report
「Selling, general and administrative expenses were ¥95,889 million, up 11.7% year on year, and represented 23.5% of GMV excluding other GMV, down 1.4 percentage points from the same period of the previous year.」
Although SG&A expenses increased, the SG&A ratio to GMV fell from 24.9% to 23.5%. Declines in the ratios of point-related, logistics-related, rental and other expenses were cited as factors driving the improvement. - FY2021-Q3AdvancedAnnual report
「Selling, general and administrative expenses were ¥69,174 million, up 7.2% year on year, and represented 23.0% of GMV excluding other GMV, down 2.4 percentage points from the same period of the previous year.」
The SG&A ratio fell 2.4 percentage points year on year to 23.0%. Declines in point-related expenses, advertising expenses, rent, logistics personnel expenses and other expenses as a percentage of GMV were factors driving the improvement. - FY2021-Q2AdvancedAnnual report
「Selling, general and administrative expenses were ¥43,431 million, up 10.9% year on year, and represented 23.4% of GMV, down 1.1 percentage points from the same period of the previous year.」
Although SG&A expenses increased, the SG&A ratio fell 1.1 percentage points year on year. Declines in point-related expenses, rent and other expenses as a percentage of GMV were cited as factors driving the improvement. - FY2021-Q1AdvancedAnnual report
「Selling, general and administrative expenses were ¥21,860 million, up 18.3% year on year, and represented 22.9% of GMV, down 0.3 percentage point from the same period of the previous year.」
Although SG&A expenses increased, the SG&A ratio to GMV fell 0.3 percentage point to 22.9%, while the operating margin rose 1.1 percentage points to 10.9%. - FY2020AdvancedAnnual report
「Selling, general and administrative expenses were ¥85,832 million, up 8.2% year on year, and represented 24.9% of GMV, down 0.4 percentage point from the same period of the previous year.」
SG&A expenses increased, but the ratio to GMV fell 0.4 percentage point year on year. The company cited higher point-related, logistics-related and rental expenses, together with lower advertising expenses and other costs. - FY2020-Q3Continued year-on-year decline in SG&A ratio and changes in expense compositionAnnual report
「Selling, general and administrative expenses were ¥64,549 million, up 6.8% year on year, and represented 25.4% of GMV, down 0.3 percentage point from the same period of the previous year.」
The SG&A ratio fell 0.3 percentage point year on year, although point-related expenses, logistics-related expenses and rent for additional logistics centers increased. The ratios of advertising expenses and packing and delivery expenses declined due to the reduced number of ZOZOSUIT units distributed, among other factors. - FY2020-Q2AdvancedAnnual report
「Selling, general and administrative expenses were ¥39,167 million, up 0.6% year on year, and represented 24.8% of GMV, down 2.8 percentage points from the same period of the previous year.」
The SG&A ratio fell 2.8 percentage points year on year to 24.8%, while the operating margin rose 1.3 percentage points year on year to 8.4%. The main factor cited was a decline in advertising, other, personnel, and packing and delivery expenses as a percentage of GMV. - FY2020-Q1Reversal to a lower SG&A ratio and higher operating marginAnnual report
「Selling, general and administrative expenses were ¥18,483 million, up 0.6% year on year, and represented 23.3% of GMV, down 2.8 percentage points from the same period of the previous year. The decline was attributable to lower advertising expense ratios because the change in policy for the private-label business eliminated the need for mass distribution of “ZOZOSUIT” and no large-scale promotional initiatives were implemented; lower personnel expense ratios as the impact of the previous period’s change in bonus payment policy subsided during the cumulative first quarter; and lower packing and delivery expense ratios due to higher average shipping prices and fewer ZOZOSUIT units distributed.」
The SG&A ratio fell 2.8 percentage points year on year to 23.3%, while the operating margin rose 1.5 percentage points to 9.8%. The company explained that the factors were reduced mass distribution of ZOZOSUIT and lower advertising, personnel, and packing and delivery expense ratios. - FY2019-Q3Continued increase in SG&A ratio and decline in operating marginAnnual report
「Selling, general and administrative expenses were ¥60,426 million, up 43.8% year on year, and represented 25.7% of GMV, an increase of 4.4 percentage points from the same period of the previous year. The increase was attributable to higher advertising expenses associated with the free distribution of “ZOZOSUIT,” higher packing and delivery expenses following delivery-charge revisions, and an increase in other expenses, including development costs for the marker-based “ZOZOSUIT,” one-time costs such as donations for flood relief in western Japan, and higher communication expenses associated with system replacement.」
The SG&A ratio rose 4.4 percentage points year on year to 25.7%, while the operating margin declined to 8.8%. The increase in expenses associated with the free distribution of ZOZOSUIT, delivery-charge revisions, marker-based development and system replacement was cited as a factor. - FY2019-Q2Continued increase in SG&A ratio and decline in operating marginAnnual report
「Selling, general and administrative expenses were ¥38,936 million, up 52.4% year on year, and represented 27.6% of GMV, an increase of 6.2 percentage points from the same period of the previous year. The increase was attributable to higher advertising expenses associated with the free distribution of “ZOZOSUIT,” higher packing and delivery expenses following delivery-charge revisions, and an increase in other expenses, including development costs for the marker-based “ZOZOSUIT” and one-time costs such as donations for flood relief in western Japan.」
The SG&A ratio rose to 27.6%, while the operating margin fell 4.5 percentage points year on year to 7.1%. The factors were advertising expenses related to the free distribution of ZOZOSUIT, packing and delivery expenses following delivery-charge revisions, and marker-based development costs, among others. - FY2019-Q1Sharp increase in SG&A ratio and decline in operating marginAnnual report
「Selling, general and administrative expenses were ¥18,376 million, up 54.9% year on year, and represented 26.1% of GMV, an increase of 6.2 percentage points from the same period of the previous year. The increase was attributable to higher advertising expenses associated with the free distribution of “ZOZOSUIT” and an increase in packing and delivery expenses.」
The SG&A ratio rose to 26.1%, while the operating margin fell 5.1 percentage points year on year to 8.3%. The company explained that the factors were higher advertising expenses associated with the free distribution of ZOZOSUIT and increased packing and delivery expenses. - FY2018Continued increase in SG&A ratioAnnual report
「Selling, general and administrative expenses were ¥57,794 million, up 34.6% year on year. They represented 21.4% of GMV, an increase of 1.2 percentage points from the same period of the previous year.」
The full-year SG&A ratio rose to 21.4% due to changes in delivery charges, an increase in outsourcing expenses related to the private-label business, and higher outsourcing expenses resulting from the addition of logistics centers. - FY2018-Q3Continued increase in SG&A ratioAnnual report
「Selling, general and administrative expenses were ¥42,023 million, up 43.1% year on year, and represented 21.3% of GMV, an increase of 1.5 percentage points from the same period of the previous year. The increase resulted from rises in packing and delivery expenses of 0.8 percentage point, payment collection fees of 0.7 percentage point and outsourcing expenses of 1.0 percentage point, partly offset by declines in personnel expenses of 0.6 percentage point and goodwill amortization of 0.3 percentage point, each as a percentage of GMV.」
The SG&A ratio rose 1.5 percentage points year on year due to increases in packing and delivery expenses, payment collection fees and outsourcing expenses. - FY2018-Q2Increase in SG&A ratioAnnual report
「The SG&A ratio to GMV was 21.4%, up 0.6 percentage point from the same period of the previous year, as payment collection fees rose 0.8 percentage point, outsourcing expenses rose 0.9 percentage point, personnel expenses fell 0.6 percentage point, and goodwill amortization fell 0.4 percentage point.」
While personnel expenses and goodwill amortization declined as a percentage of GMV, the SG&A ratio rose 0.6 percentage point year on year due to increases in payment collection fees and outsourcing expenses. - FY2018-Q1First statedAnnual report
「Selling, general and administrative expenses were ¥11,863 million, up 35.0% year on year, and represented 19.9% of GMV, down 0.9 percentage point year on year. The decline was attributable to a lower relative burden of fixed costs, including personnel expenses and goodwill amortization, as GMV increased.」
The company explained that the relative burden of fixed costs, including personnel expenses and goodwill amortization, declined as GMV expanded, resulting in a 0.9-percentage-point year-on-year decline in the SG&A ratio.