Monthly earnings volatility caused by the catalog publication cycle
First written in FY2017. 4 of 5 entries say "Restated". Latest entry: FY2023.
No other company in this theme has enough history to compare yet.
- FY2023RestatedAnnual report
「When a new catalog is published, orders peak 1 to 2 months after distribution. Accordingly, in line with the basic publication cycle for the Group's core catalogs, sales tend to decline before a catalog is published.」
The risk of fluctuations in sales, advertising expenses and monthly operating income or loss associated with the catalog publication cycle continues. - FY2021RestatedAnnual report
「When a new catalog is published, orders peak 1 to 2 months after distribution. Accordingly, in line with the basic publication cycle for the Group's core catalogs, sales tend to decline before a catalog is published.」
The risk of fluctuations in sales, advertising expenses and monthly operating income or loss associated with the catalog publication cycle continues. - FY2020RestatedAnnual report
「When a new catalog is published, orders peak 1 to 2 months after distribution. Accordingly, in line with the basic publication cycle for the Group's core catalogs, sales tend to decline before a catalog is published.」
The risk of fluctuations in sales, advertising expenses and monthly operating income or loss associated with the catalog publication cycle continues. - FY2019RestatedAnnual report
「When a new catalog is published, orders peak 1 to 2 months after distribution. Accordingly, in line with the basic publication cycle for the Group's core catalogs, sales tend to decline before a catalog is published.」
The risk of fluctuations in sales, advertising expenses and monthly operating income or loss associated with the catalog publication cycle continues. - FY2017First statedAnnual report
「When a new catalog is published, orders peak 1 to 2 months after distribution. Accordingly, in line with the basic publication cycle for the Group's core catalogs, sales tend to decline before a catalog is published.」
Because orders peak 1 to 2 months after catalog distribution, the disclosure describes the resulting structure in which sales, advertising expenses and monthly operating income or loss fluctuate depending on the publication timing.