Restoring the earnings power of the subscription business
First written in FY2017-Q1. 16 of 42 entries say "Restated". Latest entry: FY2027-H1.
Felissimo moved to the "Worse" side of this theme in 2023, 1 year after the typical company in this theme (2022).
The whole theme swung hardest in 2019: 12 of 76 companies on the "Worse" side.
8 other companies' latest entry also says "Worsened".
- FY2027-H1WorsenedAnnual report
「During the interim consolidated accounting period, in our core subscription-delivery business, we further pursued our distinctive strength, empathy-driven marketing, rather than following the prevailing social preference for cost performance and convenience. As a result, special collaboration products with prominent artists and characters, along with short-form video advertising on social media, resonated with consumers, and new customer acquisitions exceeded the same period of the previous year. However, total customer numbers declined because existing customers purchased less frequently, and net sales were ¥12,184 million, down 2.6% year on year.」
New customer acquisitions exceeded the same period of the previous year through empathy-driven marketing, collaboration products and short-form video advertising, but total customer numbers and subscription-delivery sales fell below the previous year because existing customers purchased less frequently. - FY2026RestatedAnnual report
「In the subscription delivery business, we worked to rebuild the customer experience, strengthen customer engagement online, and actively develop physical retail formats, including a store at Expo 2025 Osaka-Kansai. However, because the cumulative customer count fell below the initial forecast, revenue was ¥26,034 million, down 2.9% year on year.」
In the subscription delivery business, the company advanced initiatives involving the customer experience, web engagement and physical-store development, while sales declined because the cumulative customer count fell below expectations. The full-year results confirm the previous pattern of improving profitability alongside failure to meet customer-count targets. - FY2026-H1Failure to meet customer targets alongside improved profitabilityAnnual report
「During the current interim consolidated accounting period, initiatives focused on improving profitability produced results. In the core subscription delivery business, sales fell below the same period of the previous year because the cumulative customer count failed to meet the plan, although some individual brands performed well.」
The company stated that in the subscription delivery business, sales fell below the same period of the previous year because the cumulative customer count failed to meet the plan, while initiatives to improve profitability produced results. The weakness in the existing customer base and sales coexists with an improvement in profitability. - FY2025WorsenedAnnual report
「Although each produced a certain degree of results, the development of other customer acquisition methods and new business areas was delayed. As a result, the cumulative customer count fell below the previous fiscal year and sales decreased.」
The company explicitly identified delays in developing customer acquisition methods and new business areas, with the cumulative customer count and sales falling below the previous fiscal year. Rebuilding the subscription delivery business remains an ongoing issue. - FY2025-H1WorsenedAnnual report
「During the current interim consolidated accounting period, in the core subscription delivery business, as described above, the development of new customer acquisition methods and new business areas was delayed, while inadequate outreach to potential customers caused traffic to the e-commerce site to decline and reduced new customer acquisition. As a result, the cumulative customer count fell below the same period of the previous year, and sales decreased.」
Delays in developing new customer acquisition methods and new business areas, inadequate outreach to potential customers, and declines in e-commerce traffic and new customer acquisition combined to push the cumulative customer count and sales below the same period of the previous year. - FY2025-Q1WorsenedAnnual report
「In addition to a decline in traffic to the e-commerce site and in new customer acquisition caused by insufficient outreach to potential customers, product development with a clear competitive advantage remained inadequate. As a result, the cumulative customer count fell below the same period of the previous year and sales decreased.」
Traffic to the e-commerce site, the number of new customers and the cumulative customer count all declined, and sales in the subscription delivery business also decreased. The causes have been identified more specifically as insufficiently differentiated product development and inadequate outreach to potential customers. - FY2024WorsenedAnnual report
「The average purchase price and cumulative customer count both declined because the products planned and developed by the group were insufficiently differentiated from competing offerings and the value of the products could not be communicated in an attractive and effective manner.」
In the subscription delivery business, both the average purchase price and cumulative customer count declined because of insufficient product differentiation and inadequate communication of product value. Full-year sales were ¥29,607 million, down 7.9% year on year, and challenges to restoring earnings power remain. - FY2024-Q3WorsenedAnnual report
「In the core subscription delivery business, amid changes in the external environment, including more opportunities for consumers to go out and lower disposable income due to higher prices, the company’s products were insufficiently differentiated from competitors’ offerings and it was unable to communicate their value in an attractive and effective manner, resulting in declines in both the average purchase price and the cumulative customer count.」
In the subscription delivery business, the average purchase price declined in addition to the cumulative customer count, which had already been falling. The company cited insufficient product differentiation and inadequate communication of product value as the causes, indicating a further deterioration in the situation surrounding the recovery of earnings power. - FY2024-Q2WorsenedAnnual report
「In the core subscription delivery business, the average purchase price remained at roughly the same level as in the same period of the previous year. However, amid changes in the external environment, including more opportunities for consumers to go out and lower disposable income due to higher prices, the company’s products were insufficiently differentiated from competitors’ offerings and it was unable to communicate their value in an attractive and effective manner, resulting in a decline in the cumulative customer count.」
In the subscription delivery business, the cumulative customer count declined because of increased opportunities to go out and lower disposable income, as well as insufficient product differentiation and inadequate communication of product value. The challenges to restoring earnings power have become more specific than in the previous quarter. - FY2024-Q1WorsenedAnnual report
「Although the average purchase price remained at roughly the same level as in the same period of the previous year, sales fell below the year-earlier level as higher prices strengthened customers’ tendency to defer purchases. In addition, the temporary suspension of advertising announcements in March due to the development of the next-generation web system infrastructure reduced new customer acquisition. As a result, the cumulative customer count declined from the same period of the previous year, and sales decreased.」
While pursuing customer-base expansion, the company saw new customer acquisition and the cumulative customer count decline because of customers deferring purchases amid higher prices and the temporary suspension of advertising announcements, with sales also falling below the same period of the previous year. - FY2023WorsenedAnnual report
「As part of efforts to strengthen its customer base, the existing fashion brand Live in comfort developed hit products such as Ponwari Pants and the fleece-lined pants series, and expanded brand awareness through television advertising, securing stable sales. As part of its brand development efforts, FELISSIMO Museum, which plans and sells museum merchandise, actively pursued marketing activities, including collaboration products with museums that attracted attention, contributing to the acquisition of new customers and posting higher sales than in the previous fiscal year. However, the cold weather in early spring 2022 affected orders for spring fashion products, while delays in product procurement caused by the lockdown in Shanghai, China, in late March of the same year also resulted in a decline in shipments to customers. Although the number of new customers acquired exceeded the previous fiscal year, the retention rate declined, causing the cumulative customer count to fall below the previous fiscal year and sales to decrease.」
The company continued measures to strengthen its customer base and develop its brands, and reported sales growth for individual brands. However, the decline in the retention rate caused the cumulative customer count and sales to fall below the previous fiscal year. - FY2023-Q3WorsenedAnnual report
「In addition to the impact of cold weather in early spring on orders for spring fashion merchandise, delays in procuring products caused by the lockdown in Shanghai, China, in late March led to a decline in the number of shipments to customers. As a result, although the average purchase price remained at a high level, as in the same period of the previous year, sales declined because total customer numbers decreased from the same period of the previous year.」
While continuing to strengthen its customer base and develop new brands, the Group saw shipments and total customer numbers fall below the same period of the previous year, and the decline in subscription business sales has continued. - FY2023-Q2WorsenedAnnual report
「As a result, although the average purchase price remained at a high level, as in the same period of the previous year, sales declined because total customer numbers decreased from the same period of the previous year.」
While working to strengthen its customer base and develop new brands, the Group saw shipments and total customer numbers fall below the same period of the previous year, and the decline in subscription business sales has continued. Restoring the earnings power of the subscription business remains an issue. - FY2023-Q1WorsenedAnnual report
「Against this management backdrop, under its management philosophy of “establishing and practicing the sociology of happiness,” the Group worked to strengthen its customer base and develop new brands in its core subscription business.」
While continuing to strengthen its customer base and develop new brands, total customer numbers and sales fell below the same period of the previous year due to weak orders for spring merchandise and shipping delays caused by the lockdown in Shanghai, China. - FY2022AdvancedAnnual report
「The Group achieved strong results for the second consecutive period and has begun to establish a long-term growth trajectory. It has designated the fiscal year ending February 2023 as a fiscal year for further growth and intends to build a solid foundation for future growth.」
Regarding structural strengthening of the subscription business, the Group, building on strong results for the second consecutive period, positioned the fiscal year ending February 2023 as a year for further growth and progressed toward building a foundation for growth. - FY2022-Q3AdvancedAnnual report
「The number of continuing customers increased from the same period of the previous year as a result of actively proposing products designed for repeat purchases to encourage customers to continue using the subscription service.」
The company stepped up proposals for products designed for repeat purchases, and the number of continuing customers increased year on year. Specific progress has been shown in strengthening the structure of the subscription business. - FY2022-Q2AdvancedAnnual report
「The customer retention rate improved through an expanded product lineup and the introduction of products with high repeat-purchase potential, resulting in higher sales than in the previous fiscal year.」
The customer retention rate improved through an expanded product lineup and the introduction of products with high repeat-purchase potential, and sales of the subscription business exceeded those of the previous fiscal year. Specific progress has been shown in strengthening the structure of the subscription business. - FY2022-Q1AdvancedAnnual report
「As a result of expanding the product lineup, strengthening coordination with social media and enhancing Web content, the number of customers increased significantly from the same period of the previous year. In particular, the number of continuing customers increased sharply year on year as a result of improving product appeal and sales methods to encourage repeat purchases.」
The number of customers increased significantly year on year, with the number of continuing customers increasing particularly sharply. Specific measures, including improving product appeal and sales methods, were also presented, indicating progress in the policy centered on expanding the customer base. - FY2021ReframedAnnual report
「The fiscal year ending February 2022 was positioned as an important milestone for consolidating the trend of customer growth and putting the business on a long-term growth trajectory, and the company worked on marketing initiatives focused on expanding its customer base.」
Regarding the rebuilding of the subscription business, the emphasis has shifted from improving earnings power and strengthening the structure to putting the business on a long-term growth trajectory centered on expanding the customer base. - FY2021-Q3RestatedAnnual report
「Against this management backdrop, under its management philosophy of “establishing and practicing the sociology of happiness,” the Group worked to strengthen the structure of its core subscription business and develop new businesses to drive the next generation.」
The Group continues to pursue “strengthening the structure” of the subscription business and developing new businesses. No new numerical target or deadline has been provided. - FY2021-Q2RestatedAnnual report
「Against this management backdrop, under its management philosophy of “establishing and practicing the sociology of happiness,” the Group worked to strengthen the structure of its core subscription business and develop new businesses to drive the next generation.」
Regarding the rebuilding of the subscription business, the Group continues to use the recent expression “strengthening the structure” and pursue the development of new businesses. No new numerical target or deadline has been provided. - FY2021-Q1ReframedAnnual report
「Against this backdrop, under its management philosophy of “establishing and practicing the sociology of happiness,” the Group worked to strengthen the structure of its core subscription business and develop new businesses to drive the next generation.」
Regarding the rebuilding of the subscription business, the wording has recently changed from “improving earnings power” to “strengthening the structure.” - FY2020RestatedAnnual report
「Against this backdrop, under its management philosophy of “establishing and practicing the sociology of happiness,” the Group worked to improve the earnings power of its core subscription business and develop new businesses to drive the next generation.」
Improving the earnings power of the subscription business remains an issue. No specific numerical target or deadline has been provided. - FY2020-Q3RestatedAnnual report
「Against this backdrop, under its management philosophy of “establishing and practicing the sociology of happiness,” the Group worked to improve the earnings power of its core subscription (collection) business and develop new businesses to drive the next generation.」
Improving the earnings power of the subscription business remains an issue. No change in the numerical targets or deadlines has been disclosed. - FY2020-Q2RestatedAnnual report
「Against this backdrop, under its management philosophy of “establishing and practicing the sociology of happiness,” the Group worked to improve the earnings power of its core subscription (collection) business and develop new businesses to drive the next generation.」
Improving the earnings power of the subscription business remains a management issue. No new numerical target or deadline has been provided. - FY2020-Q1ReframedAnnual report
「Against this backdrop, under its management philosophy of “establishing and practicing the sociology of happiness,” the Group worked to strengthen the structure of its core subscription (collection) business and develop new businesses to drive the next generation.」
The wording has changed from “improving earnings power” and “structural reform” to “strengthening the structure.” The direction of continuing to rebuild the subscription business remains unchanged. - FY2019RestatedAnnual report
「Against this backdrop, under its management philosophy of “establishing and practicing the sociology of happiness,” the Group worked to improve the earnings power of its core subscription (collection) business and develop new businesses to drive the next generation.」
Improving the earnings power of the subscription business remains a management issue. No change in the specific numerical targets or deadlines has been disclosed. - FY2019-Q3RestatedAnnual report
「Against this backdrop, under its management philosophy of “establishing and practicing the sociology of happiness,” the Group worked to improve the earnings power of its core subscription (collection) business and develop new businesses to drive the next generation.」
Improving the earnings power of the subscription business remains a management issue. No change in the numerical targets or deadlines has been disclosed. - FY2019-Q2RestatedAnnual report
「Against this backdrop, under its management philosophy of “establishing and practicing the sociology of happiness,” the Group worked to improve the earnings power of its core subscription (collection) business and develop new businesses to drive the next generation.」
Improving the earnings power of the subscription business remains an issue. There has been no change in the numerical targets or deadlines. - FY2019-Q1RestatedAnnual report
「Against this backdrop, under its management philosophy of “establishing and practicing the sociology of happiness,” the Group worked to improve the earnings power of its core subscription (collection) business and develop new businesses to drive the next generation.」
Improving the earnings power of the subscription business remains a management issue. There has been no change in the numerical targets or deadlines. - FY2018RestatedAnnual report
「Against this backdrop, under its management philosophy of “establishing and practicing the sociology of happiness,” the Group worked to improve the earnings power of its core subscription (collection) business and develop new businesses to drive the next generation.」
The Group continues to target improved earnings power for its core subscription business. Although the fashion division’s fourth-quarter sales recovered to exceed those of the same period of the previous year, sales for the subscription business as a whole declined for the full year, and the filing does not state that the target was achieved. - FY2018-Q3RestatedAnnual report
「Against this backdrop, the Group worked to shift its core subscription (collection) business toward “cluster marketing,” centered on providing value based on empathy with customers and maintaining continuous relationships, while pursuing business-structure reform and restoring earnings power.」
The Group continues to pursue structural reform and restore the earnings power of the subscription business through the shift to cluster marketing. - FY2018-Q2RestatedAnnual report
「Against this backdrop, the Group worked to shift its core subscription (collection) business toward “cluster marketing,” centered on providing value based on empathy with customers and maintaining continuous relationships, while pursuing business-structure reform and restoring earnings power.」
The Group continues to pursue business-structure reform and restore the earnings power of the subscription business by shifting to cluster marketing. - FY2018-Q1ReframedAnnual report
「Against this backdrop, the Group worked on structural reform of its core subscription (collection) business and the development of new businesses.」
The emphasis has shifted from the previous expressions “restoring and improving earnings power” to “structural reform.” - FY2017RestatedAnnual report
「Against this backdrop, the Group worked to improve the earnings power of its core subscription (collection) business and develop new businesses to drive the next generation.」
Improving the earnings power of the subscription business remains an issue. No numerical target or deadline has been provided. - FY2017-Q3RestatedAnnual report
「Against this backdrop, the Group worked to improve the earnings power of its core subscription (collection) business and develop new businesses.」
The previous issue of restoring the earnings power of the subscription business is now expressed as “improving earnings power” and remains a priority alongside the development of new businesses. No specific numerical target or deadline has been provided. - FY2017-Q2RestatedAnnual report
「Against this backdrop, the Group worked to restore the earnings power of its core subscription (collection) business and develop new businesses.」
Restoring the earnings power of the core business remains a management issue. There has been no change in the numerical targets or deadlines. - FY2017-Q1First statedAnnual report
「Restoring the earning power of the Group’s core subscription (collection) business」
The restoration of the core business’s earning power is identified as a management objective. No numerical targets or timeframe have been provided.