First-half concentration of earnings due to seasonal factors
First written in FY2017. 3 of 4 entries say "Restated". Latest entry: FY2021.
No other company in this theme has enough history to compare yet.
- FY2021RestatedAnnual report
「Performance tends to be weighted toward the first half because demand for envelopes for the new fiscal year tends to increase in the first half, as does demand for envelopes used for notices convening general meetings of shareholders and other purposes. Similar seasonal fluctuations are expected to continue for the same reasons, which should be taken into account when assessing the Group’s performance. For the fiscal year ended January 2021, first-half sales were ¥11.659 billion and second-half sales were ¥9.578 billion, representing 54.9% and 45.1% of total sales, respectively.」
The disclosure continues to describe the structural factors behind first-half weighting and presents the first-half and second-half sales composition for the fiscal year ended January 2021. - FY2020RestatedAnnual report
「Performance tends to be weighted toward the first half because demand for envelopes for the new fiscal year tends to increase in the first half, as does demand for envelopes used for notices convening general meetings of shareholders and other purposes. Similar seasonal fluctuations are expected to continue for the same reasons, which should be taken into account when assessing the Group’s performance.」
The disclosure continues to identify first-half weighting due to envelopes for the new fiscal year and notices convening general meetings of shareholders as a seasonal factor affecting performance. - FY2018RestatedAnnual report
「Performance tends to be weighted toward the first half because demand for envelopes for the new fiscal year tends to increase in the first half, as does demand for envelopes used for notices convening general meetings of shareholders and other purposes. For the fiscal year ended January 2018, first-half sales were ¥12.03 billion and second-half sales were ¥10.594 billion, representing 53.2% and 46.8% of total sales, respectively.」
The disclosure continues to describe first-half weighting due to envelopes for the new fiscal year and notices convening general meetings of shareholders, and also presents the first-half and second-half sales composition for the fiscal year. - FY2017First statedAnnual report
「The company’s sales trends show some seasonality for the following reasons. Performance tends to be weighted toward the first half because demand for envelopes for the new fiscal year tends to increase in the first half, as does demand for envelopes used for notices convening general meetings of shareholders and other purposes.」
The disclosure describes the structural risk of first-half-weighted performance due to increased demand for envelopes for the new fiscal year and notices convening general meetings of shareholders.