Keeping inventory growth below sales growth
First written in FY2016. 10 of 35 entries say "Worsened", first in FY2017-Q3. Latest entry: FY2026.
Tabaya Holdings moved to the "Worse" side of this theme in 2025, the same year as the typical company in this theme.
The whole theme swung hardest in 2026: 8 of 56 companies on the "Worse" side.
5 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「This was mainly due to a ¥2,750 million increase in merchandise, partly offset by a ¥3,204 million decrease in cash and deposits.」
Period-end merchandise balances increased by ¥2,750 million from the end of the previous period, representing a higher growth rate than the 9.1% year-on-year increase in net sales. The full-year inventory burden increased despite the policy of keeping inventory growth below sales growth. - FY2026-H1WorsenedAnnual report
「Current assets increased by ¥868 million, or 1.9%, from the end of the previous consolidated fiscal year to ¥45,685 million. This was mainly due to a ¥6,130 million increase in merchandise, partly offset by decreases of ¥3,721 million in cash and deposits and ¥2,359 million in accounts receivable and other receivables.」
Although merchandise balances increased by ¥6,130 million, or approximately 25.3%, from the end of the previous period, net sales increased by only 8.0% year on year, resulting in a greater inventory burden relative to the policy of keeping inventory growth below sales growth. - FY2025WorsenedAnnual report
「This was mainly due to increases of ¥171 million in cash and deposits, ¥3,015 million in merchandise and ¥1,137 million in accounts receivable and other receivables, among other factors.」
Period-end merchandise increased by ¥3,015 million from the end of the previous period, representing a higher growth rate than the 12.4% year-on-year increase in net sales. The full-year inventory burden has expanded despite the policy of keeping inventory growth below sales growth. - FY2025-H1Increase in inventories during the periodAnnual report
「Current assets increased by ¥6,116 million, or 15.2%, from the end of the previous consolidated fiscal year to ¥46,489 million. This was mainly due to increases of ¥1,893 million in cash and deposits and ¥5,450 million in merchandise, partly offset by a ¥1,405 million decrease in accounts receivable and other receivables.」
Merchandise increased by ¥5,450 million from the end of the previous consolidated fiscal year. Because this cannot be compared with the 11.9% year-on-year increase in net sales on a like-for-like basis for period-end inventory, it should be recorded as an increase in inventory during the period rather than definitively characterized as a deterioration in the inventory-efficiency target. - FY2024WorsenedAnnual report
「This was mainly due to merchandise increasing by ¥1,047 million, while cash and deposits decreased by ¥2,069 million and other receivables by ¥234 million.」
Merchandise at period-end increased by ¥1,047 million, or approximately 5.2%, from the end of the previous period, exceeding the 3.2% year-on-year increase in net sales. Despite the stated policy of controlling inventory procurement, the full-year inventory burden increased. - FY2024-Q3Increase in inventories during the periodAnnual report
「This was mainly due to merchandise increasing by ¥2,107 million, supplies by ¥85 million and other receivables by ¥2,648 million, while cash and deposits decreased by ¥5,449 million.」
Merchandise at the end of the third quarter increased by ¥2,107 million from the end of the previous consolidated fiscal year. Although the company also stated that inventory efficiency had improved through inventory procurement controls, no like-for-like comparison of sales was provided. - FY2024-Q2Increase in inventories during the periodAnnual report
「Current assets decreased by ¥1,154 million, or 2.8%, from the end of the previous consolidated fiscal year to ¥40,450 million. This was mainly due to cash and deposits decreasing by ¥4,222 million and other receivables by ¥1,161 million, while merchandise increased by ¥3,972 million.」
Although the company described efforts to control inventory procurement, merchandise at the end of the second quarter increased by ¥3,972 million from the end of the previous consolidated fiscal year. - FY2024-Q1AdvancedAnnual report
「To improve the gross profit margin, the company continued to control inventory procurement, while strong full-price sales improved the regular-price sell-through rate (*) from the same period of the previous year.」
The company continued to control inventory procurement, and merchandise decreased by ¥289 million from the end of the previous consolidated fiscal year. Inventory efficiency continued to improve through strong full-price sales and inventory management. - FY2023AdvancedAnnual report
「The gross profit margin increased 1.7 percentage points from the previous fiscal year to 51.6%. This was mainly due to controlling inventory procurement and limiting markdown sales.」
The company continued to control inventory procurement and limit markdowns. Merchandise at the fiscal year end increased only 0.5% from the end of the previous fiscal year, while net sales increased 9.9%. Improvements in inventory efficiency and the gross profit margin were reflected in the full-year results. - FY2023-Q3Continued increase in inventories during the periodAnnual report
「Current assets increased by ¥5,423 million, or 14.1%, from the end of the previous consolidated fiscal year to ¥43,898 million. This was mainly due to increases of ¥2,719 million in merchandise, ¥150 million in supplies and ¥3,793 million in other receivables, while cash and deposits decreased by ¥1,173 million.」
Merchandise at the fiscal year end increased by ¥2,719 million from the end of the previous consolidated fiscal year. Although the company described efforts to control inventory procurement and limit markdowns, no like-for-like comparison of sales needed to assess the inventory-efficiency target was provided, so this is recorded as an increase in inventories during the period. - FY2023-Q2Increase in inventories during the periodAnnual report
「This was mainly due to merchandise increasing by ¥2,502 million and supplies by ¥238 million, while cash and deposits decreased by ¥1,616 million and other receivables by ¥311 million.」
Merchandise at the end of the second quarter increased by ¥2,502 million from the end of the previous consolidated fiscal year. Although the company stated that it was advancing procurement controls and inventory optimisation, no like-for-like comparison with the sales growth rate was provided, so this is not conclusively described as deterioration relative to the target. - FY2022WorsenedAnnual report
「This was mainly due to merchandise increasing by ¥815 million, while cash and deposits decreased by ¥1,011 million and other receivables by ¥798 million.」
Merchandise at the fiscal year end increased by ¥815 million from the end of the previous fiscal year. Although sales decreased 2.7% from the previous fiscal year, inventories increased, leaving an inventory-efficiency burden despite procurement controls. - FY2022-Q3Continued increase in inventories during the periodAnnual report
「Current assets increased by ¥5,457 million, or 13.7%, from the end of the previous consolidated fiscal year to ¥45,202 million. This was mainly due to merchandise increasing by ¥3,592 million and other receivables by ¥4,106 million, while cash and deposits decreased by ¥1,796 million and supplies by ¥127 million.」
Although the company advanced procurement controls and inventory-efficiency improvements, merchandise at the end of the third quarter increased by ¥3,592 million from the end of the previous consolidated fiscal year. As the text does not provide a direct comparison with net sales, this is recorded as an increase in inventories during the period rather than conclusively as deterioration relative to the previous inventory-efficiency target. - FY2022-Q2Increase in inventories during the periodAnnual report
「This was mainly due to merchandise increasing by ¥3,046 million and supplies by ¥136 million, while cash and deposits decreased by ¥1,905 million and other receivables by ¥1,556 million.」
Merchandise at the end of the second quarter increased by ¥3,046 million from the end of the previous consolidated fiscal year. Although the company advanced procurement controls to improve inventory efficiency, inventories during the period increased. - FY2022-Q1AdvancedAnnual report
「By curbing procurement of spring/summer products and optimising inventory levels, the company limited markdowns and sought to improve the full-price sales ratio year on year.」
The company curbed procurement of spring/summer products and optimised inventory levels, advancing efforts to limit markdowns and improve the full-price sales ratio. Merchandise at the fiscal year end increased by ¥804 million from the end of the previous fiscal year. - FY2021AdvancedAnnual report
「Merchandise decreased by ¥8,078 million through measures including curbing inventory procurement.」
The company curbed inventory procurement, resulting in merchandise at the fiscal year end decreasing by ¥8,078 million from the end of the previous fiscal year and inventories decreasing by ¥3,056 million. Inventory-efficiency improvement made quantitative progress. - FY2021-Q3Decrease in merchandise at the fiscal year end and increase in inventories during the periodAnnual report
「This was mainly due to other receivables increasing by ¥4,572 million and supplies by ¥306 million, while cash and deposits decreased by ¥946 million and merchandise by ¥2,821 million. The main components of cash outflows were the loss before income taxes of ¥3,004 million, a ¥602 million decrease in the provision for bonuses, a ¥3,415 million increase in trade receivables, a ¥1,683 million increase in inventories, and ¥926 million in income taxes paid.」
Compared with the end of the previous consolidated fiscal year, merchandise decreased by ¥2,821 million, while the increase in inventories of ¥1,683 million was reported in operating activities. As no direct comparison with the sales growth rate is provided, the assessment relative to the inventory-efficiency target was limited. - FY2021-Q2WorsenedAnnual report
「Current assets increased by ¥1,880 million, or 4.1%, from the end of the previous consolidated fiscal year to ¥47,878 million. This was mainly due to increases of ¥548 million in cash and deposits, ¥1,050 million in merchandise and ¥526 million in supplies, while notes and accounts receivable decreased by ¥37 million and other receivables by ¥761 million.」
Merchandise increased by ¥1,050 million from the end of the previous fiscal year, while net sales decreased 28.6% year on year. The inventory burden increased relative to the policy of keeping inventory growth below sales growth. - FY2021-Q1WorsenedAnnual report
「Current assets increased by ¥3,808 million, or 8.3%, from the end of the previous consolidated fiscal year to ¥49,805 million. This was mainly due to increases of ¥3,126 million in merchandise, ¥678 million in other receivables and ¥309 million in other current assets, while cash and deposits decreased by ¥309 million and notes and accounts receivable by ¥133 million.」
Merchandise at the end of the first quarter increased by ¥3,126 million from the end of the previous fiscal year, while net sales decreased 40.8% year on year. Operating activities also used ¥3,263 million due to an increase in inventories, increasing the burden in terms of inventory efficiency. - FY2020WorsenedAnnual report
「This was mainly due to merchandise increasing by ¥2,886 million, while other receivables decreased by ¥1,427 million, largely as a result of the impact of voluntary suspension of operations and other effects related to the novel coronavirus.」
Merchandise at the end of the fiscal year increased by ¥2,886 million from the end of the previous fiscal year, while net sales decreased 0.9% year on year. The inventory burden increased again, contrary to the policy of keeping inventory growth below sales growth. - FY2020-Q3WorsenedAnnual report
「Current assets increased by ¥16,749 million, or 37.6%, from the end of the previous consolidated fiscal year to ¥61,282 million. This was mainly due to increases of ¥4,654 million in cash and deposits, ¥6,850 million in merchandise and ¥5,072 million in other receivables, while notes and accounts receivable decreased by ¥53 million.」
Merchandise at the end of the third quarter increased by ¥6,850 million from the end of the previous fiscal year. Net sales increased only 1.1% year on year, indicating that the inventory burden increased during the period relative to the previous policy of keeping inventory growth below sales growth. - FY2020-Q2Increase in inventories during the periodAnnual report
「Current assets increased by ¥3,327 million, or 7.5%, from the end of the previous consolidated fiscal year to ¥47,860 million. This was mainly due to increases of ¥555 million in cash and deposits, ¥3,133 million in merchandise and ¥580 million in supplies, while notes and accounts receivable decreased by ¥28 million and other receivables by ¥1,115 million.」
Merchandise at the end of the second quarter increased by ¥3,133 million from the end of the previous consolidated fiscal year. As the text does not provide a comparison with net sales for the same period, this is recorded as an increase in inventories during the period rather than conclusively as deterioration relative to the inventory-efficiency target. - FY2020-Q1Increase in inventories during the periodAnnual report
「Current assets increased by ¥2,496 million, or 5.6%, from the end of the previous consolidated fiscal year to ¥47,029 million. This was mainly due to increases of ¥663 million in cash and deposits, ¥1,706 million in merchandise and ¥353 million in supplies, while notes and accounts receivable decreased by ¥92 million and other receivables by ¥198 million.」
Merchandise at the end of the first quarter increased by ¥1,706 million from the end of the previous consolidated fiscal year. This is recorded as an increase in inventories during the quarter. - FY2019AdvancedAnnual report
「Current assets increased 1.5% from the end of the previous consolidated fiscal year to ¥44,533 million. This was mainly due to increases accompanying business expansion of ¥1,008 million in other receivables, ¥64 million in merchandise and ¥124 million in supplies, while cash and deposits decreased by ¥449 million.」
Merchandise at the end of the fiscal year increased by only ¥64 million, or approximately 0.3%, from the end of the previous fiscal year, below the 2.9% year-on-year increase in net sales. The full-year results confirmed the direction of keeping inventory growth below sales growth. - FY2019-Q3Increase in inventories during the periodAnnual report
「Current assets increased by ¥10,325 million, or 23.5%, from the end of the previous consolidated fiscal year to ¥54,186 million. This was mainly due to increases of ¥976 million in cash and deposits, ¥4,612 million in merchandise and ¥4,639 million in other receivables, while notes and accounts receivable decreased by ¥85 million.」
Merchandise at the end of the third quarter increased by ¥4,612 million from the end of the previous consolidated fiscal year. As the text does not provide a same-period comparison with net sales needed to assess the inventory-efficiency target, this is recorded as an increase in inventories during the period. - FY2019-Q2Increase in inventories during the periodAnnual report
「Current assets increased by ¥1,873 million, or 4.3%, from the end of the previous consolidated fiscal year to ¥45,734 million. This was mainly due to increases of ¥2,295 million in merchandise and ¥319 million in supplies, while cash and deposits decreased by ¥182 million, notes and accounts receivable by ¥24 million, and other receivables by ¥714 million.」
Merchandise at the end of the second quarter increased by ¥2,295 million from the end of the previous consolidated fiscal year, and ¥2,614 million was used in operating activities due to an increase in inventories. - FY2019-Q1Increase in inventories during the periodAnnual report
「Current assets increased by ¥1,054 million, or 2.4%, from the end of the previous consolidated fiscal year to ¥44,915 million. This was mainly due to merchandise increasing by ¥1,542 million, while cash and deposits decreased by ¥375 million, notes and accounts receivable by ¥110 million, and other receivables by ¥275 million.」
Merchandise at the end of the first quarter increased by ¥1,542 million from the end of the previous consolidated fiscal year. This is recorded as an increase in inventories during the period, without comparing it with the same period of the previous year or concluding that it represented deterioration relative to the inventory-efficiency target. - FY2018AdvancedAnnual report
「As a result, inventories at the end of the consolidated fiscal year decreased 5.4% from the end of the previous fiscal year, well below the 6.1% growth in net sales during the same period.」
The company reduced the number of SKUs, limited initial seasonal allocations and added production during the season. For the full year, inventories decreased 5.4% from the end of the previous fiscal year, while net sales increased 6.1%. - FY2018-Q3AdvancedAnnual report
「Regarding “improving inventory efficiency,” we are reducing the number of SKUs and improving the quality of each individual product. In addition, while limiting the amount of inventory allocated at the start of the season, we are improving inventory efficiency by producing additional quantities of best-selling products during the season based on sales trends. Inventories at the end of the cumulative third-quarter period decreased 4.5% year on year, well below the 7.0% growth in net sales during the same period.」
The company continued reducing the number of SKUs, limiting initial seasonal allocations and adding production during the season, resulting in a 4.5% year-on-year decrease in inventories. Net sales increased 7.0%, and inventory efficiency improved further from the previous quarter. - FY2018-Q2AdvancedAnnual report
「Regarding “improving inventory efficiency,” we are reducing the number of SKUs and improving the quality of each individual product. In addition, while limiting the amount of inventory allocated at the start of the season, we are improving inventory efficiency by producing additional quantities of best-selling products during the season based on sales trends. Inventories at the end of the cumulative second-quarter consolidated period decreased 1.7% year on year, well below the 7.2% growth in net sales during the same period.」
The company continued reducing the number of SKUs, limiting initial seasonal allocations and adding production during the season, resulting in a 1.7% year-on-year decrease in inventories at the end of the period. Net sales increased 7.2%, representing further progress from the previous quarter toward keeping inventory growth below sales growth. - FY2018-Q1AdvancedAnnual report
「Regarding “improving inventory efficiency,” we are reducing the number of SKUs and improving the quality of each individual product. In addition, while limiting the amount of inventory allocated at the start of the season, we are improving inventory efficiency by producing additional quantities of best-selling products during the season based on sales trends. Inventories at the end of the cumulative first-quarter period increased 0.5% year on year, well below the 6.9% growth in net sales during the same period.」
The company implemented specific measures, including reducing the number of SKUs, limiting initial seasonal allocations and adding production during the season. It limited the increase in inventories at the quarter end to 0.5%, below the 6.9% growth in net sales. - FY2017ReframedAnnual report
「Inventory turnover: target a record-high level over the long term (consolidated record: 6.9 turns per year / fiscal year ended March 2013)」
The focus shifted from the previous wording of keeping inventory growth below sales growth to a policy of targeting a record-high level of inventory turnover over the long term. Specific measures include reducing the number of SKUs, limiting initial seasonal inventory allocations and adding production during the season. - FY2017-Q3WorsenedAnnual report
「Current assets increased by ¥12,977 million, or 30.6%, from the end of the previous consolidated fiscal year to ¥55,345 million. This was mainly due to increases of ¥826 million in cash and deposits, ¥6,638 million in merchandise and ¥4,554 million in other receivables, while notes and accounts receivable decreased by ¥101 million.」
Merchandise increased by ¥6,638 million from the end of the previous consolidated fiscal year. Inventory growth was greater than the 2.7% year-on-year increase in net sales, indicating deterioration relative to the goal of keeping inventory growth below sales growth. - FY2017-Q2Increase in inventoryAnnual report
「This was mainly due to merchandise increasing by ¥4,603 million, while cash and deposits decreased by ¥2,071 million and other receivables decreased by ¥860 million.」
Merchandise increased by ¥4,603 million from the end of the previous consolidated fiscal year, and ¥4,660 million was used in operating activities due to an increase in inventories. - FY2016First statedAnnual report
「The company set a goal of keeping the growth rate of inventories at the end of the fiscal year ending March 2016 below the growth rate of net sales.」
The company states that, through appropriate procurement planning, outlet store openings, an online outlet mall and promotional events, it limited inventory growth to 2.1% on a consolidated basis, below the 7.5% increase in net sales.