Komori
Happiness and D (3174) · RiskWorsened

Sluggish demand due to consumers’ heightened thriftiness and weak share prices

First written in FY2016-Q3. 20 of 33 entries say "Worsened", first in FY2017-Q2. Latest entry: 2026-08-18.

33entries
11years
3from disclosures
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How it moved
ProgressHeldSoftenedWorseWorsenedFY2019-Q3 – FY2020-Q3WorsenedFY2024-Q3 – 2026-08-182016: 220162017: 420172018: 420182019: 220192020: 420202021: 320212022: 320222023: 320232024: 220242025: 220252026: 42026
Same theme, other companies
Uncertainty surrounding the domestic economy and personal consumption stemming from a slowdown overseas and in China, a stronger yen, and falling stock pricesA theme 176 companies write about · 178 as a headwind · 0 as a tailwind

Happiness and D moved to the "Worse" side of this theme in 2018, 1 year before the typical company in this theme (2019).

The whole theme swung hardest in 2020: 141 of 159 companies on the "Worse" side.

46 other companies' latest entry also says "Worsened".

Ridges = years it wrote progress, valleys = years it wrote worse. Most hopeful companies at the back. Drag to turn, scroll to zoom, right-drag to pan. On a phone, two fingers turn and pinch to zoom; one finger scrolls the page.
Showing 14 of the 176 companies compared. The sentences above are computed from all 176.
Full recordFilings, disclosures and news, newest first
  2. FY2026-H1WorsenedAnnual report

    「During the interim consolidated accounting period, the environment surrounding the Group remained challenging. The effects of the Trump tariffs had eased amid the continuing Russia-Ukraine situation and escalating conflicts in the Middle East, but the trend toward yen depreciation accelerated in Japan, and prices in general continued to rise due to persistently high raw-material costs and weak yen levels. In addition, military action against Iran began at the end of February, raising concerns about further price increases due to soaring crude oil prices, while a recovery in consumer sentiment remained uncertain.」

    In addition to the existing geopolitical tensions, weak yen and high prices, the disclosure newly identifies military action against Iran and concerns about further price increases caused by soaring crude oil prices, while stating that a recovery in consumer sentiment remains uncertain.
  3. FY2025WorsenedAnnual report

    「During the consolidated fiscal year, the environment surrounding the Group became increasingly uncertain due to the prolonged Russia-Ukraine situation, escalating conflicts in the Middle East, the US Trump administration's tariff-increase policies and the slowdown in the Chinese economy, among other factors. In Japan, tourism demand, particularly inbound tourism, was gaining momentum, but concerns about household finances also increased due to persistently high raw-material costs and weak yen levels and soaring rice prices, and a challenging operating environment continued amid an uncertain recovery in consumer sentiment.」

    In addition to the existing geopolitical tensions, weak yen and high prices, the disclosure identifies higher US tariffs, the slowdown in the Chinese economy and soaring rice prices, while stating that a recovery in consumer sentiment remains uncertain.
  4. FY2025-H1WorsenedAnnual report

    「During the interim consolidated accounting period, the environment surrounding the Group became increasingly uncertain due to the prolonged Russia-Ukraine situation, escalating conflicts in the Middle East, the US Trump administration's tariff-increase policies and the slowdown in the Chinese economy, among other factors. In Japan, tourism demand, particularly inbound tourism, was gaining momentum, but prices in general continued to rise due to persistently high raw-material costs and weak yen levels, and a challenging operating environment continued amid an uncertain recovery in consumer sentiment.」

    In addition to the existing geopolitical tensions, weak yen and high prices, the US tariff-increase policies and the slowdown in the Chinese economy have been newly identified, and the disclosure states that uncertainty in the external environment has increased further.
  5. FY2024-Q3WorsenedAnnual report

    「During the nine months ended the third quarter, the environment surrounding the Group remained challenging and the economic outlook uncertain. COVID-19 had almost subsided and tourism demand began to recover, while the stock market remained firm. However, in addition to the prolonged Russia-Ukraine situation, the intensifying confrontation between Israel and Palestine and persistently weak yen levels continued to drive up raw-material costs and prices in general, while real wages also continued to trend lower.」

    Although a recovery in tourism demand and the stock market was indicated, the disclosure states that geopolitical tensions, the weak yen and high prices, as well as the continued decline in real wages, were adding downside factors to the consumption environment.
  6. FY2024-Q2RestatedAnnual report

    「During the six months ended the second quarter, the environment surrounding the Group remained challenging and the economic outlook uncertain. The effects of COVID-19 subsided and tourism demand began to recover, while the stock market remained firm. However, the Russia-Ukraine situation was prolonged, the confrontation between Israel and Palestine intensified, and high raw-material costs and persistently weak yen levels continued to drive up prices in general.」

    Although a recovery in tourism demand and strength in the stock market were indicated, the disclosure reconfirms that a challenging operating environment has continued due to geopolitical tensions, high raw-material costs, the weak yen and high prices.
  7. FY2023-Q3SoftenedAnnual report

    「During the nine months ended the third quarter, although the transition of COVID-19 to Category 5 and the easing of activity restrictions and immigration controls created conditions in which a gradual economic recovery was expected, price increases for essentials such as electricity and food continued due to the prolonged Russia-Ukraine situation, the weakening yen and rising energy prices, among other factors. Concerns about weaker consumer sentiment persisted, and a challenging operating environment continued.」

    Although expectations of a recovery were indicated due to COVID-19 being reclassified as a Category 5 disease and the easing of activity restrictions and immigration controls, concerns about price increases for essentials and weaker consumer sentiment continued.
  8. FY2023-Q2WorsenedAnnual report

    「During the six months ended the second quarter, although a gradual economic recovery was expected due to the easing of activity restrictions and immigration controls despite the remaining effects of COVID-19, the prolonged Russia-Ukraine situation, the weakening yen and rising energy prices led to continued price increases for essentials such as electricity and food, strengthening thrift-oriented spending and resulting in a challenging operating environment due to weaker consumer sentiment.」

    Continued price increases for essentials, increasingly thrift-oriented spending and weaker consumer sentiment are specifically described, showing that the challenging environment surrounding personal consumption has continued.
  9. FY2023-Q1WorsenedAnnual report

    「In the retail industry, a challenging operating environment has continued amid concerns about a downturn in consumption activity resulting from increasingly thrift-oriented spending.」

    Amid continuing price inflation, the downturn in consumption activity resulting from increasingly thrift-oriented spending has been newly identified, and the disclosure states that the environment surrounding personal consumption remains challenging.
  10. FY2022WorsenedAnnual report

    「Initially, a gradual economic recovery was expected as COVID-19 cases declined and restrictions on activity were fully lifted. However, consumer sentiment weakened and a challenging, uncertain operating environment continued due to the renewed spread of infections caused by the Omicron variant, Russia's invasion of Ukraine after the start of the year, and growing concerns about inflation caused by the rapid depreciation of the yen, among other factors.」

    The environment deteriorated from expectations of a recovery following the lifting of restrictions on activity to one in which consumer sentiment weakened due to the renewed spread of infections, the situation in Ukraine, the rapid depreciation of the yen, and concerns about rising prices.
  11. FY2022-Q2WorsenedAnnual report

    「During the six months ended the second quarter, a gradual economic recovery was expected in Japan due to increased COVID-19 vaccination and the easing of restrictions, but the spread of a new variant led to the issuance of priority preventive measures in regions across the country, and the retail industry continued to face a challenging operating environment, including an impact on customer traffic.」

    The environment deteriorated from expectations of a recovery due to the easing of restrictions to challenging conditions in which customer traffic was affected by the spread of a new variant and the issuance of priority preventive measures.
  12. FY2022-Q1SoftenedAnnual report

    「In the retail industry, consumption activity was on a recovery track but had not recovered sufficiently, and a challenging operating environment has continued.」

    The description of personal consumption changed from a renewed decline and challenging conditions to a recovery trend, while stating that it had not recovered sufficiently and that challenging conditions continued.
  13. FY2021WorsenedAnnual report

    「During the fiscal year, COVID-19 resurged, the second state of emergency declaration was issued in January and the third in April, and many of the Company's stores were forced to close or shorten their opening hours from late April through the end of May. In addition, a fourth state of emergency declaration was issued from mid-July through August, with the areas covered expanded and the period extended.」

    In addition to the resurgence of COVID-19, the disclosure covers the expansion of the areas covered by and extension of the fourth state of emergency declaration, showing that the challenging environment surrounding personal consumption and store operations continued throughout the fiscal year.
  14. FY2021-Q2WorsenedAnnual report

    「During the six months ended the second quarter, the resurgence of COVID-19 and the reissuance of the state of emergency declaration in 11 prefectures and cities created a challenging operating environment, with many of the Company's stores forced to shorten their opening hours in January and February.」

    The resurgence of COVID-19 and the reissuance of the state of emergency declaration have prolonged the challenging environment surrounding personal consumption and store operations.
  15. FY2021-Q1WorsenedAnnual report

    「Although signs of a recovery were seen temporarily due to various economic stimulus measures, including the government's GoTo campaign, personal consumption declined again as COVID-19 resurged, and a challenging operating environment has continued.」

    The disclosure states that personal consumption, which had shown temporary signs of recovery due to economic stimulus measures, declined again as COVID-19 resurged.
  16. FY2020RestatedAnnual report

    「During the fiscal year, Japan's economy saw a substantial decline in personal consumption following the consumption tax increase in October 2019, but it had gradually begun to recover after the start of the year. However, the spread of COVID-19 created a challenging operating environment due to the effects of the growing adoption of stay-at-home measures and lifestyles designed to reduce person-to-person contact.」

    The decline in personal consumption after the consumption tax increase and the effects of stay-at-home measures and contactless lifestyles resulting from COVID-19 are being reconfirmed as the external environment for the full fiscal year.
  17. FY2020-Q3WorsenedAnnual report

    「During the nine months ended the third quarter, Japan's economy saw a substantial decline in personal consumption following the consumption tax increase in October, but it had gradually begun to recover after the start of the year. However, the spread of COVID-19 created a challenging operating environment due to the effects of the growing adoption of stay-at-home measures and lifestyles designed to reduce person-to-person contact.」

    In addition to the decline in personal consumption caused by the consumption tax increase, stay-at-home measures and other effects of the spread of COVID-19 compounded the situation, making the environment surrounding personal consumption even more challenging.
  18. FY2020-Q2WorsenedAnnual report

    「During the six months ended the second quarter, Japan's economy saw a substantial decline in personal consumption following the consumption tax increase in October, but it had gradually begun to recover after the start of the year. However, the situation changed completely due to the spread of COVID-19, making a slowdown in economic activity unavoidable.」

    In addition to the consumption tax increase, the slowdown in economic activity caused by the spread of COVID-19 has added to the downside factors affecting personal consumption.
  19. FY2020-Q1MaterialisedAnnual report

    「In the retail industry in particular, although various mitigation measures have been implemented since the consumption tax increase in October, the decline in sales has been substantial, and a challenging operating environment has continued alongside the prolonged difficulty in recruiting personnel.」

    The disclosure states that sales actually declined after the consumption tax increase, indicating that the risk of stagnant personal consumption has materialised as a specific impact on performance.
  20. FY2019-Q3WorsenedAnnual report

    「Although signs of a recovery were seen in personal consumption, mainly of high-priced goods, consumers became increasingly thrift-oriented due to price increases, mainly for food, and it had not achieved a strong recovery.」

    Although the recovery in high-priced goods continued, price increases, mainly for food, strengthened consumers' thrift-oriented spending, adding a downside factor for personal consumption.
  21. FY2019-Q2SoftenedAnnual report

    「Personal consumption showed signs of recovery, particularly for high-priced goods, but had not achieved a strong recovery.」

    The addition of a recovery trend centered on high-priced goods suggests a modest improvement, while overall personal consumption had not achieved a strong recovery.
  22. FY2018WorsenedAnnual report

    「Although personal consumption showed signs of recovery, particularly for high-priced goods, its recovery remained sluggish and continued to be subdued due to consumers' persistent cost-consciousness, consecutive days of extreme summer heat, damage caused by major typhoons and other factors.」

    Against a backdrop of continued sluggish recovery, persistent consumer thrift and damage caused by extreme heat and major typhoons are identified as additional downside factors.
  23. FY2018-Q3WorsenedAnnual report

    「Personal consumption showed signs of recovery, particularly for high-priced goods, but downside risks are a concern because consumers remain strongly cost-conscious and the stock market suffered a sharp drop triggered by rising long-term U.S. interest rates in February.」

    In addition to persistent consumer thrift, downside risks from the stock market's sharp fall triggered by rising long-term U.S. interest rates are newly identified, broadening the risk factors affecting personal consumption.
  24. FY2018-Q2RestatedAnnual report

    「Personal consumption showed signs of recovery, particularly for high-priced goods, but had not achieved a strong recovery, and uncertainty about the outlook persisted.」

    A recovery trend centered on high-priced goods is noted, but overall personal consumption had not achieved a strong recovery and uncertainty about the outlook continued.
  25. FY2018-Q1SoftenedAnnual report

    「Japan's economy during the first quarter remained on a gradual recovery track amid improving corporate earnings and employment conditions and continued strength in the stock market. Although personal consumption showed signs of recovery, particularly for high-priced goods, it had not achieved a strong recovery, and uncertainty about the outlook persisted.」

    While the stock market shifted from its previous stagnation to strong conditions and consumption of high-priced goods showed signs of recovery, overall personal consumption had not achieved a strong recovery and the outlook remained uncertain.
  26. FY2017RestatedAnnual report

    「Although Japan's economy during the fiscal year remained on a recovery track, supported by improvements in corporate earnings and employment conditions, personal consumption continued to recover only slowly and remained sluggish.」

    The slow recovery and continued sluggishness of personal consumption are identified as an external-environment risk, as in the previous fiscal year.
  27. FY2017-Q3RestatedAnnual report

    「Although Japan's economy during the first nine months remained on a recovery track, supported by improvements in corporate earnings and employment conditions, personal consumption remained sluggish, compounded by increasing instability in the international situation.」

    Sluggish personal consumption and increasing instability in the international situation continue to be identified as external-environment risks.
  28. FY2017-Q2WorsenedAnnual report

    「Although Japan's economy during the first six months remained on a recovery track, supported by improvements in corporate earnings and employment conditions, personal consumption remained sluggish, compounded by increasing instability in the international situation.」

    The weakness in personal consumption is attributed not only to its previous stagnation but also to increasing instability in the international situation, and is described as remaining sluggish.
  29. FY2017-Q1RestatedAnnual report

    「Although the Japanese economy remained on a gradual recovery track during the first quarter, supported by improvements in corporate earnings and employment conditions, personal consumption remained stagnant.」

    The persistently stagnant level of personal consumption is reaffirmed as an external environmental factor.
  30. FY2016RestatedAnnual report

    「Personal consumption remained sluggish as consumers’ heightened thriftiness was compounded by stagnant share prices.」

    Consumers’ thriftiness and stagnant share prices continue to be identified as a challenging external environment.
  31. FY2016-Q3First statedAnnual report

    「Personal consumption remained generally sluggish as consumers became more inclined to save, compounded by weak share prices.」

    The weakness in personal consumption is identified as a risk arising from the external environment.
Moved together

"Weak demand for high-priced international-brand watches" moved the same way as this thread, in the same document, in 15 of its 33 moves.

15151110106★123456
  1. ★This thread
  2. 1Weak demand for high-priced international-brand watches15×
  3. 2Collection risk for deposits placed with shopping-center operators15×
  4. 3Declining store traffic and store closures due to the spread of COVID-1911×
  5. 4Impairment Risk from Declining Store Profitability10×
  6. 5Reliance on Interest-Bearing Debt and Financing Risk10×
  7. 6Greater uncertainty over corporate earnings due to the slowdown in the Chinese economy6×

★ is this thread; numbers match the list above. The number on a line is how many documents both moved the same way in; lines between the other threads count the documents they moved together in too. Threads that move together often sit closer.

When this could move next
Happiness and D's next results are scheduled for 2026-10-15. Read the earnings preview It last moved in the Revision of earnings forecasts of 2026-08-18: "Worsened".
News
No news is linked to this thread yet. When an article touches it, it will appear here by date.