Margin improvement driven by growth in ZOZOUSED and other revenue
First written in FY2017-Q3. 18 of 29 entries say "Advanced", first in FY2018-Q1. Latest entry: 2026-04-30.
Zozo moved to the "Worse" side of this theme in 2026.
0 other companies' latest entry also says "Softened".
- 2026-04-30SoftenedEarnings
「Gross profit as a percentage of GMV excluding other GMV, or the gross margin, was 33.0%, down 1.5 percentage points from the previous fiscal year.」
The decline in gross margin was mainly attributable to a change in the business mix resulting from the consolidation of LYST. - FY2026-H1Lower gross margin due to changes in the business mix following the consolidation of LYSTAnnual report
「As described above for revenue, the main factor behind the gross margin decline was a change in the business mix accompanying the consolidation of LYST.」
The gross margin fell 1.7 percentage points year on year to 33.6% because LYST’s performance-based, low-commission-rate business became part of the consolidated group. - FY2025-H1AdvancedAnnual report
「As described above for revenue, the main factor driving gross margin improvement was growth in the advertising business and an increase in other revenue accompanying higher shipping revenue.」
The gross margin was 35.3%, up 0.4 percentage point year on year. Growth in the advertising business and an increase in shipping revenue were cited as factors driving the improvement. - FY2024-Q3AdvancedAnnual report
「As described above for revenue, the main factor driving gross margin improvement was that growth in USED sales and the advertising business, together with an increase in other revenue accompanying higher shipping revenue, outweighed the year-on-year increase in point-related expenses.」
The gross margin was 34.4%, up 0.1 percentage point year on year. The company explained that increases in USED sales, the advertising business and shipping revenue outweighed the increase in point-related expenses and drove the improvement. - FY2024-Q2AdvancedAnnual report
「As described above for revenue, the main factor driving gross margin improvement was that growth in the purchasing and private-label manufacturing and sales businesses, USED sales and the advertising business, together with an increase in other revenue accompanying higher shipping revenue, outweighed the year-on-year increase in point-related expenses.」
The gross margin was 34.9%, up 0.2 percentage point year on year. Growth in the purchasing and private-label manufacturing and sales businesses, USED sales, the advertising business and shipping revenue was cited as a factor driving the improvement. - FY2024-Q1AdvancedAnnual report
「As described above for revenue, the main factors driving gross margin improvement were growth in the purchasing and private-label manufacturing and sales businesses, USED sales and the advertising business, an increase in other revenue accompanying higher shipping revenue, and a decline in the mix of GMV from the lower-margin B2B business within GMV excluding other GMV.」
The gross margin was 34.9%, up 0.1 percentage point year on year. Growth in the purchasing and private-label manufacturing and sales businesses, USED sales, the advertising business and other revenue, and a decline in the mix of the B2B business were cited as factors driving the improvement. - FY2023-Q3AdvancedAnnual report
「As described above for revenue, the main factors driving gross margin improvement were growth in the purchasing and private-label manufacturing and sales businesses, USED sales and the advertising business, as well as a decline in the mix of GMV from the lower-margin B2B business within GMV excluding other GMV.」
The gross margin was 34.3%, up 0.2 percentage point year on year. Growth in the purchasing and private-label manufacturing and sales businesses, USED sales and the advertising business, and a decline in the mix of the B2B business were cited as factors driving the improvement. - FY2023-Q2AdvancedAnnual report
「Gross profit as a percentage of GMV excluding other GMV, or the gross margin, was 34.7%, up 0.3 percentage point from the same period of the previous year. As described above for revenue, the main factors driving gross margin improvement were growth in the purchasing and private-label manufacturing and sales businesses, USED sales and the advertising business, as well as a decline in the mix of GMV from the lower-margin B2B business within GMV excluding other GMV.」
The gross margin rose to 34.7%. Growth in the purchasing and private-label manufacturing and sales businesses, USED sales and the advertising business, and a decline in the mix of the lower-margin B2B business were cited as factors driving the improvement. - FY2023-Q1AdvancedAnnual report
「As described above for revenue, the main factors driving gross margin improvement were growth in the purchasing and private-label manufacturing and sales businesses, USED sales and the advertising business, as well as a decline in the mix of GMV from the lower-margin B2B business within GMV excluding other GMV.」
The gross margin was 34.8%, up 0.2 percentage point year on year. The factors were growth in the purchasing and private-label manufacturing and sales businesses, USED sales and the advertising business, and a decline in the mix of the lower-margin B2B business. - FY2022Full-year gross margin decline due to the adoption of the revenue recognition accounting standardAnnual report
「The main factor behind the gross margin decline was that the downward impact of adopting the revenue recognition accounting standard and related standards outweighed the improvement in gross margin from growth in the advertising business and a reduction in the cost ratio of USED sales.」
The full-year gross margin was 33.8%, down 0.5 percentage point year on year, as the downward impact of adopting the revenue recognition accounting standard outweighed improvements in the advertising business and USED sales. - FY2022-Q3Gross margin decline due to the adoption of the revenue recognition accounting standardAnnual report
「The main factor behind the gross margin decline was that the downward impact of adopting the revenue recognition accounting standard and related standards outweighed the improvement in gross margin from growth in the advertising business and an increase in other revenue.」
The gross margin was 34.1%, down 0.1 percentage point year on year. The company explained that the downward impact of adopting the revenue recognition accounting standard outweighed the improvement from growth in the advertising business and an increase in other revenue. - FY2022-Q2RestatedAnnual report
「The main factors driving gross margin improvement were growth in the advertising business and an increase in other revenue.」
The gross margin was 34.4%, up 0.3 percentage point year on year. Growth in the advertising business and an increase in other revenue were cited as the factors driving the improvement. - FY2022-Q1AdvancedAnnual report
「As mentioned above, the main factors driving gross margin improvement were the absence of free-shipping initiatives, growth in the higher-margin USED and advertising businesses, and an increase in other revenue.」
The gross margin was 34.6%, up 0.7 percentage point year on year. The factors were the absence of free-shipping initiatives, growth in the USED and advertising businesses, and an increase in other revenue. - FY2021AdvancedAnnual report
「Gross profit as a percentage of GMV, excluding other GMV, or the gross margin, was 34.3%, an improvement of 1.3 percentage points from the same period of the previous year.」
The gross margin improved to 34.3%. The company explained that the main factors were an improvement in the consignment sales commission rate due to the reduced scale of company-funded discount initiatives, and growth in the advertising business and other revenue. - FY2021-Q3AdvancedAnnual report
「Gross profit as a percentage of GMV, excluding other GMV, or the gross margin, was 34.2%, an improvement of 1.1 percentage points from the same period of the previous year.」
The gross margin improved to 34.2%. The company explained that the main factors were an improvement in the consignment sales commission rate due to the reduced scale of company-funded discount initiatives, and growth in the advertising business and other revenue. - FY2021-Q2AdvancedAnnual report
「Gross profit as a percentage of GMV, or the gross margin, was 34.1%, an improvement of 1.3 percentage points from the same period of the previous year.」
The gross margin improved to 34.1%. The company explained that the main factor was an improvement in the consignment sales commission rate as the volume of company-funded discount initiatives declined from the same period of the previous year. - FY2021-Q1Changes in the factors driving gross margin improvementAnnual report
「The main factors driving gross margin improvement were an improvement in the consignment sales commission rate (as a percentage of GMV) following the end of the previously mentioned “ZOZOARIGATO” initiative and similar effects, as well as the downsizing of the private-label business.」
The gross margin was 33.9%, up 1.0 percentage point year on year. In addition to growth in other revenue items mentioned above, the main factors were an improvement in the consignment sales commission rate following the end of ZOZOARIGATO and the downsizing of the private-label business. - FY2020AdvancedAnnual report
「The gross profit margin for the consolidated fiscal year was 33.0% as a percentage of GMV.」
The gross profit margin as a percentage of GMV rose from 32.4% in the previous fiscal year to 33.0%, improving for the full year. - FY2020-Q3Continued margin decline due to discount measures and PB inventory impairment lossesAnnual report
「The net gross profit margin as a percentage of GMV was 33.1%, down 1.3 percentage points year on year, because the negative impact of discounts arising from company-funded discount measures, including the aforementioned “ZOZOARIGATO,” and the recognition of impairment losses on products and raw materials in the private-label business outweighed the positive factors of higher advertising business revenue and other revenue, including shipping revenue.」
Although advertising business revenue and shipping revenue increased, the net gross profit margin declined to 33.1% due to the impact of company-funded discount measures and impairment losses on products and raw materials in the private-label business. - FY2020-Q2Margin decline due to discount measures and PB inventory impairment lossesAnnual report
「The net gross profit margin relative to GMV was 33.2%, down 1.5 percentage points year on year. This was because the negative impact of discounts borne by the company and inventory write-downs on products and raw materials in the private-label business outweighed the positive factors of higher advertising revenue and increased other revenue, including shipping income.」
Although advertising business revenue and shipping revenue increased, the net gross profit margin declined 1.5 percentage points year on year to 33.2% due to the impact of company-funded discount measures and impairment losses in the private-label business. - FY2020-Q1Margin decline following the termination of paid membership servicesAnnual report
「The net gross profit margin as a percentage of GMV was 33.2%, down 1.2 percentage points year on year, because the negative impact of discounts associated with the aforementioned paid membership service outweighed the positive factors of higher shipping revenue and advertising business revenue.」
The net gross profit margin declined to 33.2% because the impact of discounts related to the paid membership service outweighed the increases in shipping revenue and advertising business revenue. - FY2019-Q3AdvancedAnnual report
「The net gross profit margin as a percentage of GMV rose to 34.5%, up 1.2 percentage points year on year, due to increases in other revenue, including freight revenue and payment processing fee revenue, and the higher consignment sales commission rate as a percentage of GMV.」
The net gross profit margin rose to 34.5% due to increases in other revenue and the higher consignment sales commission rate, improving 1.2 percentage points year on year. - FY2019-Q2AdvancedAnnual report
「The net gross profit margin as a percentage of GMV rose to 34.7%, up 1.8 percentage points year on year, due to increases in other revenue, including freight revenue and payment processing fee revenue, and the higher consignment sales commission rate.」
The net gross profit margin rose to 34.7% due to increases in other revenue and the higher consignment sales commission rate. - FY2019-Q1AdvancedAnnual report
「The net gross profit margin as a percentage of GMV rose to 34.4%, up 1.1 percentage points year on year, due to an increase in other revenue, including freight revenue and payment processing fee revenue.」
The net gross profit margin rose to 34.4% due to an increase in other revenue. - FY2018AdvancedAnnual report
「The net gross profit margin as a percentage of GMV rose 0.8 percentage points year on year to 33.4% due to an increase in other revenue, including freight revenue and payment processing fee revenue.」
The full-year net gross profit margin rose to 33.4% due to increases in shipping revenue, payment processing fee revenue and other revenue. - FY2018-Q3AdvancedAnnual report
「The net gross profit margin as a percentage of GMV was 33.3%, up 0.4 percentage points year on year, mainly because freight revenue increased as a result of the introduction in November 2017 of a uniform shipping fee of ¥200, including tax, among other revenue.」
The net gross profit margin rose 0.4 percentage points year on year to 33.3%, driven by higher freight revenue following the change to a uniform shipping fee of ¥200, including tax. - FY2018-Q2Decline in the net gross profit marginAnnual report
「The net gross profit margin as a percentage of GMV was 32.9%, down 0.2 percentage points year on year, as the increase in freight revenue among other revenue was offset by a decline resulting from the termination of services for paid members.」
Although freight revenue increased, the net gross profit margin declined 0.2 percentage points year on year to 32.9% due to lower revenue following the termination of services for paid members. - FY2018-Q1AdvancedAnnual report
「The net gross profit margin as a percentage of GMV was 33.3%, up 0.7 percentage points year on year, due to changes in the sales mix of consignment shops in the ZOZOTOWN business and an increase in other revenue, including freight revenue and payment processing fee revenue.」
The net gross profit margin rose to 33.3% due to changes in the sales mix of consignment shops and an increase in other revenue. The operating margin also rose 1.5 percentage points year on year to 13.4%. - FY2017-Q3First statedAnnual report
「The net gross profit margin as a percentage of GMV rose 1.8 percentage points year on year to 32.9%, driven by growth in ZOZOUSED, which has a higher net gross profit margin as a percentage of GMV than the core consignment shops, and an increase in other revenue, including shipping revenue and paid membership revenue. As a result, operating income for the first 3 quarters of the consolidated fiscal year was ¥19,291 million, up 64.3% year on year, and the operating margin as a percentage of GMV rose 2.5 percentage points year on year to 13.0%.」
The company attributed the increases in the net gross profit margin and operating margin to growth in ZOZOUSED and other revenue, including shipping revenue and paid membership revenue.