Earnings volatility due to mature, shrinking markets and intensifying competition
First written in FY2016. 12 of 20 entries say "Restated". Latest entry: FY2025.
No other company in this theme has enough history to compare yet.
- FY2025RestatedAnnual report
「Our group's businesses operate in mature industries. In particular, kimono and jewellery are high-priced products, so purchasing our group's products is not essential for customers in many cases.」
The company continues to describe the risk of earnings volatility arising from mature industries, demand for high-priced products, economic downturns, and shrinking demand. - FY2025-H1RestatedAnnual report
「During the interim consolidated accounting period, there were no new major risks or significant changes to the business risks described in the annual securities report that management recognized as potentially having a material effect on the financial position, operating results, or cash flows of the consolidated companies, among the matters concerning business conditions and financial matters described in this Semiannual Report.」
The company explicitly states that there have been no significant changes in the occurrence of major risks or in the business and other risks described in the previous fiscal year. - FY2024-Q2RestatedAnnual report
「During the first six months of the current consolidated fiscal year, there were no newly arising business or other risks. In addition, there were no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
The filing expressly states that there are no new business or other risks and that there have been no material changes to the risks described for the previous fiscal year. - FY2023RestatedAnnual report
「Our group's businesses operate in mature industries. In particular, kimono and jewellery are high-priced products, so purchasing our group's products is not essential for customers in many cases. In addition, an economic downturn in our target markets and the resulting contraction in demand could adversely affect our group's results and financial condition.」
The company continues to describe the risk of earnings volatility arising from mature industries, demand for high-priced products, economic downturns, and shrinking demand. - FY2023-Q2RestatedAnnual report
「During the first six months of the current consolidated fiscal year, there were no newly arising business or other risks. In addition, there were no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
The company explicitly states that there have been no new developments or significant changes in business and other risks. - FY2022RestatedAnnual report
「Our group's businesses operate in mature industries. In particular, kimono and jewellery are high-priced products, so purchasing our group's products is not essential for customers in many cases. In addition, an economic downturn in our target markets and the resulting contraction in demand could adversely affect our group's results and financial condition.」
The company continues to describe the risk of earnings volatility arising from mature industries, declining demand for high-priced products, and economic downturns. - FY2021RestatedAnnual report
「All of our group's existing businesses operate in mature markets. We have developed the provision of "soft services and value," centred on direct, face-to-face services and group experiential services, as a common group strategy, but changes in consumer behaviour have accelerated amid the impact of the spread of COVID-19,」
The company continues to state that its existing businesses operate in mature markets and that changes in consumer behaviour are accelerating. - FY2021-Q3RestatedAnnual report
「During the first 3 quarters of the current consolidated fiscal year, personal consumption declined because of the spread of COVID-19. Although economic activity was gradually restored after the state of emergency was lifted, there were still no signs that COVID-19 was under control, and the economic outlook remained uncertain.」
The company continues to describe the decline in personal consumption caused by COVID-19 and the uncertain business environment resulting from the lack of signs that the pandemic is coming under control. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, the domestic economy deteriorated rapidly because of the impact of voluntary restraints on economic activity to prevent the spread of COVID-19, and extremely difficult conditions with an uncertain outlook continued in personal consumption as well.」
The spread of COVID-19 and voluntary restraints on economic activity caused the economy and personal consumption to deteriorate rapidly, and the business environment, including the existing risks of mature and shrinking markets, was described as having become even more difficult. - FY2020WorsenedAnnual report
「The business environment surrounding our group's existing beauty, kimono and jewellery, and DSM businesses remains difficult because of market maturation and intensifying competition across industries and business formats. In addition, the spread of COVID-19 is expected to further accelerate the diversification of customer needs and changes in lifestyles, making the outlook even more uncertain.」
In addition to mature markets and intensifying competition, COVID-19 accelerated changes in customer needs and lifestyles, increasing uncertainty in the business environment. - FY2020-Q3RestatedAnnual report
「Even in personal consumption, consumers remain strongly inclined to save amid the effects of the consumption tax increase and a succession of natural disasters, and difficult conditions continue.」
The company has reaffirmed its view that persistent consumer thrift, against the backdrop of the consumption tax increase and natural disasters, is contributing to continued difficult business conditions. It states that there have been no significant changes in business and other risks. - FY2020-Q2RestatedAnnual report
「Although personal consumption has shown signs of recovery, consumers remain strongly inclined to save because of uncertainty about the outlook, and difficult conditions continue.」
While stating that there have been no significant changes in business and other risks, the company has reaffirmed its view that consumers remain strongly inclined to save and that difficult conditions continue. - FY2020-Q1RestatedAnnual report
「Although personal consumption has shown signs of recovery, consumers remain strongly inclined to save because of uncertainty about the outlook, and difficult conditions continue.」
The company has reaffirmed its view that consumers remain strongly inclined to save and that difficult business conditions continue. - FY2019-Q3RestatedAnnual report
「Although personal consumption has shown signs of recovery, consumers remain strongly inclined to save because of uncertainty about the outlook, and competition among companies has intensified further, so difficult conditions continue.」
The difficult business environment, including persistent consumer thrift and intensifying competition among companies, continues to be described as before. - FY2019-Q1WorsenedAnnual report
「Although personal consumption has shown signs of recovery, consumers remain strongly inclined to save because of uncertainty about the outlook, and competition among companies has intensified further, so difficult conditions continue.」
The company describes demand and competitive-environment risks more strongly than before, citing persistent consumer thrift and further intensification of competition among companies as evidence of a difficult environment. - FY2017WorsenedAnnual report
「Although we have explored initiatives to shift away from an earnings structure heavily dependent on winter, the business has remained in operating loss for 3 consecutive periods.」
In addition to market contraction and intensifying competition, the sports business remained in operating loss for 3 consecutive periods, reflecting the challenging business environment in its results. - FY2017-Q3WorsenedAnnual report
「In the beauty business, under difficult conditions marked by a continued increase in and saturation of competing stores, we closed 13 unprofitable stores during the quarter, reviewed personnel allocations, and improved the efficiency of promotional activities such as direct mail.」
The increase in and saturation of competing stores continued, and the number of unprofitable stores closed increased from 10 in the previous quarter to 13. - FY2017-Q2WorsenedAnnual report
「In the beauty business, under difficult conditions marked by a continued increase in and saturation of competing stores, we closed 10 unprofitable stores during the quarter, reviewed personnel allocations, and improved the efficiency of promotional activities such as direct mail.」
Amid continued growth in the number of competing stores and market saturation, 10 unprofitable stores were closed, and revenue declined 7.1% from the same quarter of the previous year. - FY2017-Q1MaterialisedAnnual report
「These customer-retention initiatives have improved the repeat-visit rate and provided some restraint against the decline in customer numbers, but they have not led to the acquisition of new customers, and revenue declined.」
In the beauty business, where the number of competing stores continues to increase, the risks from competition and the customer-acquisition environment are appearing in results as revenue declines because the company has been unable to acquire new customers. - FY2016First statedAnnual report
「Difficult conditions continue, including market maturation and contraction, increasingly diverse and changing customer needs, and intensifying competition across industries and business formats.」
The company indicates that shrinking demand for kimono, jewellery, and other products, as well as economic downturns, could affect its earnings and financial condition.