Deterioration in Retail Market Conditions Due to Sluggish Personal Consumption and a Record Warm Winter

「Across the retail industry in which our Group operates, the income environment improved against a backdrop of rising wages and inbound demand remained firm, but consumers became more inclined to save and more selective in their purchases.」

「Across the retail industry in which our Group operates, personal consumption has begun to recover as a result of wage increases, and inbound demand has also recovered」

「Across the retail industry in which our Group operates, inbound demand remained strong, while the recovery in personal consumption paused due to higher prices and the weaker yen.」

「Although inbound demand remains strong, the recovery in personal consumption has paused due to high prices and the impact of warm winter weather.」

「Across the retail industry in which our group operates, personal consumption is recovering as the flow of people returns, and further recovery is expected as the number of visitors to Japan increases.」

「Across the retail industry in which our group operates, personal consumption is recovering as the flow of people returns. In addition, the government abolished COVID-19 border measures during the second quarter of the fiscal year, and inbound demand is expected to recover at an accelerating pace as the number of visitors to Japan is expected to increase further.」

「Across the retail industry in which our group operates, personal consumption is recovering more rapidly as the flow of people returns. In addition, the government is easing border measures, including those governing the acceptance of individual travelers, and inbound demand is expected to recover at an accelerating pace as the number of Chinese tourists is also expected to increase.」

「Although the government has resumed accepting foreign tourists, the number of entrants will remain capped for the time being, making a rapid recovery in inbound demand unlikely. Accordingly, sales are expected to continue declining and profits to continue deteriorating.」

「Although personal consumption across the retail industry in which our group operates is showing signs of bottoming out, the number of entrants will remain capped for the time being, making a rapid recovery in inbound demand unlikely. As a result, sales are expected to continue declining and profits to continue deteriorating. Meanwhile, the e-commerce market to which our group belongs continues to expand as stay-at-home demand has become established through the prolonged spread of COVID-19 and the adoption of working from home.」

「Across the retail industry in which our group operates, the downward trend in inbound demand and personal consumption continued, causing a marked deterioration in profits due to the sharp drop in sales. Meanwhile, the e-commerce market to which our group belongs continued to expand as stay-at-home demand became established through the prolonged spread of COVID-19 and the adoption of working from home.」

「Across the retail industry in which our group operates, inbound demand and personal consumption declined sharply, causing a marked deterioration in profits due to the sharp drop in sales. Meanwhile, the e-commerce market to which our group belongs continued to expand as more people refrained from going out and worked from home.」

「Across the retail industry to which our group belongs, profits deteriorated markedly due to the sharp decline in inbound demand caused by continued restrictions on overseas travel worldwide and the substantial decline in personal consumption, resulting in a sharp drop in sales.」

「The business environment surrounding our group is extremely uncertain with respect to the future economic outlook, personal consumption and business performance due to the COVID-19 pandemic. In the retail industry, the operating environment is expected to remain challenging due to intensifying competition with competitors across industry and business categories, labor shortages resulting from a lack of workers, and soaring energy and logistics costs, including electricity charges.」

「Across the retail industry to which our group belongs, inbound demand and personal consumption declined sharply following the declaration of a state of emergency, and earnings deteriorated markedly due to the sharp drop in sales as retail stores and restaurants were forced to close. Meanwhile, the e-commerce market grew sharply as increased restrictions on going out and working from home in response to COVID-19 stimulated e-commerce and stay-at-home demand among consumers.」

「In the e-commerce market to which our group belongs, demand was substantially stimulated and the market grew sharply as the COVID-19 pandemic led to more people refraining from going out and working from home, even as the government declaration of a state of emergency caused inbound demand and personal consumption to decline sharply across the retail industry, resulting in a marked deterioration in earnings due to the sharp drop in sales.」

「During the first quarter of the fiscal year, the Japanese economy continued to see improvements in employment and income conditions, but consumption declined due to the consumption tax increase and natural disasters. International conditions remained unstable due to the prolonged US-China trade dispute and the slowdown in the Chinese economy, raising concerns that the economy could move downward from its gradual recovery phase.」

「The economy has remained in a situation where there are concerns about downside risks following the consumption tax increase in October 2019.」

「Although personal consumption was trending gradually upward amid a continued gradual economic recovery, the operating environment became increasingly challenging due to higher logistics costs and labor costs resulting from labor shortages.」

「In the retail industry in which our group operates, sales of winter merchandise were weak due to the warm winter, while consumer sentiment deteriorated because of falling stock prices and uncertainty about the economic outlook, and consumers' strong preference for saving continued.」

「In the retail industry in which our group operates, consumers' preference for saving remained strong, as consumer sentiment deteriorated due to weak stock prices and repeated natural disasters, and personal consumption failed to recover even when incomes increased.」

「Although personal consumption is showing signs of recovery in the retail industry in which our group operates, the operating environment is becoming increasingly challenging as the cost of adapting to changes in delivery conditions continues to rise following recent large-scale increases in delivery charges by transport companies.」

「Although personal consumption is showing signs of recovery in the retail industry in which our group operates, the operating environment is becoming increasingly challenging as we are forced to absorb higher costs due to large-scale increases in delivery charges by transport companies and rapid changes in delivery conditions.」

「In the retail industry in which our group operates, consumers continue to have a strong preference for saving, while the operating environment remains challenging due to competitors' aggressive store openings and higher procurement and delivery costs as we respond to diversifying consumer needs.」

「Although consumers' preference for saving and selective consumption in response to concerns about the future remains in the retail market in which our group operates, the market is showing a gradual recovery trend.」

「Although consumers' preference for saving and selective consumption in response to concerns about the future is becoming even more pronounced in the retail market in which our group operates, the BtoC and BtoB e-commerce markets continue to expand, and purchasing activity among individual consumers in Japan and overseas continues to trend upward.」

「Although consumers' preference for saving and selective consumption is becoming increasingly pronounced in the retail market, purchasing activity among individual consumers in Japan and overseas continues to trend upward in the e-commerce market to which our group belongs, despite concerns including higher delivery charges.」

「Although consumers' preference for saving and the trend toward selective consumption in the retail market in which our group operates are becoming increasingly pronounced, purchasing activity among individual consumers in Japan and overseas continues to trend upward in the e-commerce market to which our group belongs.」

「Although the recovery in domestic demand remains gradual in the retail market in which our group operates, partly due to consumers' preference for saving, purchasing activity among individual consumers in Japan and overseas continues to trend upward in the e-commerce market to which our group belongs.」