Risk of higher protein ingredient costs and reduced supply
First written in FY2021. 3 of 6 entries say "Materialised", first in FY2026-H1. Latest entry: 2026-10-13.
Curves Holdings moved to the "Worse" side of this theme in 2025, 3 years after the typical company in this theme (2022).
The whole theme swung hardest in 2022: 45 of 64 companies on the "Worse" side.
26 other companies' latest entry also says "Materialised".
- FY2026-H1MaterialisedAnnual report
「Although the trend of higher costs due to rising raw material expenses continues, the increase in the subscription delivery retention rate through enhanced, attentive customer service has enabled steady sales growth exceeding the initial forecast」
It was stated that higher costs due to rising raw material expenses for Protein and other products have continued in practice. At the same time, the company explained that higher subscription delivery retention and cost management resulted in sales growth exceeding the forecast. - FY2025WorsenedAnnual report
「Sales of merchandise to members are expected to increase through growth in the number of subscription contracts and units sold for the core “Protein” product as the member base expands, a higher subscription rate for “Healthy Beauty,” and improved retention among subscription customers. Higher prices for the main ingredient in Protein, the core product, and deterioration in gross margin due to further yen depreciation are expected.」
Higher protein ingredient costs and deterioration in gross margin due to further yen depreciation were explicitly identified as risks incorporated into the forecast for the fiscal year ending August 2026. - FY2022RestatedAnnual report
「Protein is made from ingredients imported from overseas. If the yen weakens or adverse weather conditions in the countries of import reduce supply, causing the price of ingredients to rise, this may affect the business performance of our Group.」
The Group continues to identify its dependence on imported protein ingredients, and the risks of higher prices and reduced supply due to a weaker yen and adverse weather conditions. - FY2021First statedAnnual report
「Protein, one of our Group’s main products, is made from ingredients imported from overseas. If the yen weakens or adverse weather conditions in the countries of import reduce supply, causing the price of ingredients to rise, this may affect the business performance of our Group.」
For imported ingredients, a weaker yen and adverse weather conditions are identified as risks that could cause higher prices and reduced supply.