Demand and earnings deterioration caused by COVID-19
First written in FY2021-Q1. 10 of 16 entries say "Mitigated", first in FY2022-Q1. Latest entry: FY2026.
The whole theme swung hardest in 2020: 103 of 145 companies on the "Worse" side.
34 other companies' latest entry also says "Restated".
- FY2026RestatedAnnual report
「In preparation for infectious disease outbreaks, the Group is focusing on thorough infection-prevention measures for officers and employees and diversifying procurement and sales channels.」
The Group continues to address business continuity risks reframed from demand deterioration specific to COVID-19 to severe infectious disease pandemics generally, as well as infection prevention and the diversification of procurement and sales channels. - FY2025ReframedAnnual report
「The Group’s principal business activities consist of procuring seafood in Japan and overseas, processing it in Japan as necessary, and selling it to customers in Japan and overseas. In preparation for infectious disease outbreaks, the Group is focusing on thorough infection-prevention measures for officers and employees and diversifying procurement and sales channels.」
The disclosure has been reframed from the theme of demand deterioration specific to COVID-19 to business continuity risks and responses relating generally to future severe infectious disease pandemics. - FY2024-Q3MitigatedAnnual report
「During the nine months ended the third quarter of the current fiscal year, the Japanese economy continued to recover, with the classification of COVID-19 under the Infectious Diseases Act moved to Category 5 in May 2023, accelerating the recovery in economic activity. Although income conditions showed signs of stalling in their recovery, personal consumption, capital investment, production activity and employment conditions showed signs of improvement.」
Since COVID-19 was moved to Category 5, the recovery in economic activity has accelerated, easing the impact of the infection on demand and earnings from before. However, income conditions have stalled. - FY2024-Q2MitigatedAnnual report
「During the six months ended the second quarter of the current fiscal year, the Japanese economy continued to recover, with the classification of COVID-19 under the Infectious Diseases Act moved to Category 5 in May 2023, accelerating the recovery in economic activity. Although income conditions showed signs of stalling in their recovery, personal consumption, capital investment, production activity and employment conditions showed signs of improvement.」
Since COVID-19 was moved to Category 5, the recovery in economic activity has accelerated, easing the impact of the infection on demand and earnings from before. - FY2024-Q1MitigatedAnnual report
「In Japan, the classification of COVID-19 under the Infectious Diseases Act was moved to Category 5 in May 2023, accelerating the recovery in economic activity, with signs of a recovery in personal consumption, capital investment, production activity and employment conditions.／In the seafood distribution industry, social activity has been returning to normal following the COVID-19 pandemic. Although demand related to restaurants, lodging and inbound tourism is recovering, demand related to at-home dining remains uneven across product categories.」
The shift of COVID-19 to Category 5 and the normalization of social activity have driven the recovery in economic activity and demand related to restaurants and other businesses, easing the impact of the infection on demand and earnings from the previous fiscal year. However, the recovery in demand has not been uniform. - FY2023MitigatedAnnual report
「In the seafood distribution industry, social activity has gradually recovered from the COVID-19 pandemic. Although some demand shifted from at-home dining to restaurants and lodging, demand related to at-home dining remained relatively firm. Inbound tourism demand and exports have also been gradually recovering.」
Although the impact of the infection remains, social activity and demand related to restaurants, lodging, inbound tourism and exports have recovered. - FY2023-Q3MitigatedAnnual report
「In the seafood distribution industry, social activity has gradually recovered from the COVID-19 pandemic. Although some demand shifted from at-home dining to restaurants and lodging, demand related to at-home dining remained relatively firm. Inbound tourism demand and exports have also gradually recovered.」
Although the impact of the infection on demand remains, social activity, inbound tourism demand and exports are gradually recovering. - FY2023-Q2MitigatedAnnual report
「For the six months ended the second quarter of the current fiscal year, net sales were ¥156,104 million, or 111.7% of the level in the same period of the previous year. In terms of earnings, gross profit was ¥13,864 million, or 108.0% of the level in the same period of the previous year, while operating profit was ¥1,790 million, or 166.8%, ordinary profit was ¥1,940 million, or 159.6%, and quarterly net profit attributable to owners of the parent was ¥1,225 million, or 156.4%.」
Although weakness in demand related to restaurants, lodging and other businesses caused by the infection and the slow recovery in exports continued, net sales and all earnings measures exceeded the levels of the same period of the previous year, so the impact on earnings has eased from the previous fiscal year. - FY2023-Q1MitigatedAnnual report
「In the seafood distribution industry, the government’s priority preventive measures to prevent the spread of COVID-19 were fully lifted in late March this year. Although some demand shifted from at-home dining to restaurants and lodging, demand related to at-home dining remained relatively firm. However, inbound tourism demand and exports were in a situation where a considerable amount of time would be required for a full recovery.／For the three months ended the first quarter of the current fiscal year, net sales were ¥75,891 million, or 112.1% of the level in the same period of the previous year. In terms of earnings, gross profit was ¥6,807 million, or 109.8% of the level in the same period of the previous year, while operating profit was ¥811 million, or 230.8%, ordinary profit was ¥939 million, or 205.8%, and quarterly net profit attributable to owners of the parent was ¥615 million, or 220.8%.」
Although the delayed recovery in inbound tourism and export demand caused by the infection remained, some demand shifted to restaurants and lodging after restrictions on activities were lifted. As net sales and all earnings measures exceeded the levels of the same period of the previous year, the impact on earnings has eased from the previous fiscal year. - FY2022-Q3MitigatedAnnual report
「For the nine-month period of the current third quarter of the consolidated fiscal year, revenue was ¥228,746 million (¥228,955 million in the same period of the previous year). In terms of earnings, gross profit was ¥21,195 million (111.8% of the same quarter of the previous year), operating profit was ¥2,965 million (225.3%), ordinary profit was ¥3,166 million (204.3%), and net profit attributable to owners of the parent was ¥1,436 million (134.4%).」
Although weakness in demand related to restaurants, lodging and other businesses and the slow recovery in exports continued, net sales were at the same level as in the same period of the previous year, while operating profit, ordinary profit and quarterly net profit attributable to owners of the parent exceeded the levels of the same period of the previous year. Accordingly, the impact on earnings has eased from the previous fiscal year. - FY2022-Q2MitigatedAnnual report
「For the six months ended the second quarter of the current fiscal year, net sales were ¥139,778 million, compared with ¥138,049 million in the same period of the previous year. In terms of earnings, gross profit was ¥12,842 million, or 117.2% of the level in the same period of the previous year, while operating profit was ¥1,073 million, compared with an operating loss of ¥357 million, ordinary profit was ¥1,215 million, compared with an ordinary loss of ¥188 million, and quarterly net profit attributable to owners of the parent was ¥783 million, compared with a quarterly net loss attributable to owners of the parent of ¥179 million.」
Although weak demand caused by the infection and intense sales competition continued, all earnings measures turned profitable in the current quarter, compared with operating losses, ordinary losses and quarterly net losses attributable to owners of the parent in the same period of the previous year. - FY2022-Q1MitigatedAnnual report
「The seafood distribution industry was operating in an extremely challenging environment. Although demand related to at-home dining grew in part due to global calls for people to refrain from going out to prevent the spread of COVID-19, demand related to restaurants, lodging and inbound tourism, as well as exports, recovered slowly. In addition, intense sales competition took place across industry and business-format boundaries.／For the three months ended the first quarter of the current fiscal year, net sales were ¥67,701 million. In terms of earnings, operating profit was ¥351 million, ordinary profit was ¥456 million and quarterly net profit attributable to owners of the parent was ¥278 million.」
Although the weakness in demand related to restaurants and other businesses and the slow recovery in exports continued, all earnings measures turned profitable in the current quarter, compared with an operating loss of ¥721 million, an ordinary loss of ¥628 million and a quarterly net loss attributable to owners of the parent of ¥472 million in the same period of the previous year. The impact of the risks remains, but their effect on earnings has eased in part. - FY2021MaterialisedAnnual report
「The seafood distribution industry was operating in an extremely challenging environment. Although demand related to at-home dining grew in part due to global calls for people to refrain from going out to prevent the spread of COVID-19, demand related to restaurants, lodging, bridal services and inbound tourism, as well as exports, recovered slowly. In addition, intense sales competition took place across industry and business-format boundaries.／For the fiscal year, net sales fell 6.7% from the previous fiscal year to ¥298,310 million, while operating profit was ¥1,373 million.」
The weakness in demand related to restaurants and lodging, among others, and the slow recovery in exports continued throughout the fiscal year, resulting in a 6.7% decline in net sales. - FY2021-Q3MaterialisedAnnual report
「The seafood distribution industry was operating in an extremely challenging environment. Although demand related to at-home dining grew in part due to global calls for people to refrain from going out to prevent the spread of COVID-19, demand related to restaurants, hotels and inbound tourism, as well as exports, recovered slowly. In addition, intense sales competition took place across industry and business-format boundaries.／For the nine months ended the third quarter of the current fiscal year, net sales were ¥229,021 million, or 91.7% of the level in the same period of the previous year. In terms of earnings, gross profit was ¥16,903 million, or 91.9% of the level in the same period of the previous year, while operating profit was ¥1,358 million, or 66.9% of the level in the same period of the previous year, ordinary profit was ¥1,550 million, or 71.4%, and quarterly net profit attributable to owners of the parent was ¥1,069 million, or 61.9%.」
The prolonged weakness in demand related to restaurants, hotels and inbound tourism, as well as exports, due to the spread of the infection resulted in lower net sales and lower earnings across the board compared with the same quarter of the previous year. - FY2021-Q2MaterialisedAnnual report
「The seafood distribution industry was operating in an extremely challenging environment. Although demand related to at-home dining grew in part due to calls for people to refrain from going out to prevent the spread of COVID-19 and the stagnation of global economic activity, demand related to restaurants, hotels and inbound tourism, as well as exports, recovered slowly. In addition, intense sales competition took place across industry and business-format boundaries.／For the nine months ended the second quarter of the current fiscal year, net sales were ¥138,093 million, or 88.1% of the level in the same period of the previous year. In terms of earnings, gross profit was ¥9,673 million, or 86.8% of the level in the same period of the previous year, while the Company posted an operating loss of ¥329 million, compared with operating profit of ¥556 million in the same period of the previous year, an ordinary loss of ¥188 million, compared with ordinary profit of ¥709 million, and a quarterly net loss attributable to owners of the parent of ¥179 million, compared with quarterly net profit attributable to owners of the parent of ¥455 million.」
The prolonged weakness in demand related to restaurants, hotels and inbound tourism, as well as exports, due to the spread of the infection resulted in lower net sales and actual operating losses of ¥329 million, ordinary losses of ¥188 million and quarterly net losses attributable to owners of the parent of ¥179 million. - FY2021-Q1First statedAnnual report
「The operating environment was extremely challenging. Although demand related to at-home dining grew in part, demand related to restaurants, hotels and department stores, as well as exports, declined sharply due to calls for people to refrain from going out to prevent the spread of COVID-19 and the contraction of global economic activity. In addition, intense sales competition took place across industry and business-format boundaries.／Net sales were ¥64,456 million, or 83.0% of the level in the same quarter of the previous year. In terms of earnings, gross profit was ¥4,193 million, or 75.2% of the level in the same quarter of the previous year, while the Company posted an operating loss of ¥721 million, compared with operating profit of ¥290 million in the same quarter of the previous year, an ordinary loss of ¥628 million, compared with ordinary profit of ¥416 million, and a quarterly net loss attributable to owners of the parent of ¥472 million, compared with quarterly net profit attributable to owners of the parent of ¥295 million.」
Demand related to restaurants, hotels, department stores and exports fell sharply due to calls for people to refrain from going out to prevent the spread of COVID-19 and the contraction of economic activity, resulting in lower net sales and actual operating losses, ordinary losses and quarterly net losses attributable to owners of the parent.