Dependence on personal consumption trends

「The business environment for spring and summer merchandise in the apparel accessories industry was challenging, due to the slowdown in inbound consumption resulting from worsening Japan-China relations, the impact of a weak yen on foreign exchange rates, the ongoing rise in procurement costs caused by higher resource prices, growing consumer thriftiness against a backdrop of rising prices, particularly for necessities, and the effects of unstable weather and natural disasters.」

「服飾雑貨業界におきましても、日中関係の冷え込みによるインバウンド需要の減速、円安傾向の為替相場の影響、資源価格上昇に起因する仕入コスト上昇の恒常化、生活必需品を中心とした物価上昇を背景とする消費者の節約志向の高まりなど、事業環境へのマイナスの影響が懸念されております。」

「In the fashion accessories industry, concerns have arisen over negative impacts on the business environment, including a slowdown in inbound consumption due to strained Japan-China relations, the effects of exchange rates trending towards a weaker yen, persistently higher procurement costs stemming from rising resource prices, and a growing consumer preference for saving due to rising prices.」

「日中関係の冷え込みによるインバウンド消費の減速、円安傾向の為替相場の影響、資源価格上昇に起因する仕入コスト上昇の恒常化、物価上昇による消費者の節約志向の高まりなど、事業環境へのマイナスの影響が懸念されております。」

「In the fashion accessories industry, a slowdown in inbound consumption has emerged in some areas, and concerns have arisen over negative impacts on the business environment, including exchange-rate volatility, persistently higher procurement costs and a growing consumer preference for saving due to rising prices.」

「Although multiple uncertainties remain, including rising prices, a slowdown in the Chinese economy, future US policy developments and heightened geopolitical risks, personal consumption is also recovering as corporate earnings and the employment and income environment improve, and the economy is on a moderate recovery trend.」

「In the fashion accessories industry, procurement prices rose due to the continued increase in raw material prices and the depreciation of the yen. However, as foot traffic recovered following the subsiding impact of COVID-19, personal consumption remained firm and inbound consumption increased, sales through various channels, particularly department stores and specialty stores, remained strong, and market conditions are recovering.」

「In the fashion accessories industry, procurement prices rose due to the continued increase in raw material prices and the depreciation of the yen. However, as foot traffic recovered following the subsiding impact of COVID-19 and personal consumption remained firm, sales through various channels, including department stores and mass retailers, remained strong, and market conditions are recovering.」

「In the fashion accessories industry, procurement prices rose due to the continued increase in raw material prices and the depreciation of the yen. However, as foot traffic recovered following the subsiding impact of COVID-19 and personal consumption remained firm, sales through various channels, including department stores and mass retailers, remained strong, and market conditions are recovering.」

「Although Japan’s economy during the nine-month period ended 31 December of the current fiscal year faced various uncertainties, including higher resource prices stemming from the situation between Russia and Ukraine, the rapid depreciation of the yen and rising prices, economic activity and consumption trends have been moving towards normalisation as restrictions on activities related to COVID-19 have been eased.」

「Sales through various channels, including department stores and mass retailers, remained strong, particularly for seasonal products, supported by the recovery in foot traffic following the easing of activity restrictions and the impact of extremely hot weather. Our group’s sales are also recovering.」

「Restrictions on activities were eased from late March this year, people began returning to cities, and favourable weather helped sales through various channels, including department stores and mass retailers, particularly for seasonal products. The consumer market has shifted towards recovery, and our group’s sales are also recovering, although various uncertainties remain, including higher resource prices stemming from the situation between Russia and Ukraine, concerns about inflation and the rapid depreciation of the yen.」

「Even after the state of emergency declared at the end of September last year was lifted, personal consumption remained sluggish due to concerns about a resurgence of infections and other factors. From January this year, it deteriorated again as infections with the Omicron variant spread rapidly.」

「In addition, changes in consumer preferences and behaviour contributed to the results. Although net sales exceeded the same quarter of the previous year, the results fell far short of a full-scale recovery.」

「In addition, changes in consumer preferences and behaviour contributed to the results. Although net sales exceeded the same quarter of the previous year, the results fell far short of a full-scale recovery.」

「Although the impact of the spread of COVID-19 remains significant, net sales exceeded the same period of the previous year, helped by strong e-commerce sales and the contribution from retail stores opened in the previous fiscal year.」

「The contraction in personal consumption resulting from the spread of COVID-19 that began in early 2020, when economic activity was severely restricted by the suspension of operations at commercial facilities and restrictions on nonessential and nonurgent outings, continues to affect the Group's economic activities.」

「The business environment in the apparel accessories industry remains challenging, as the end of the COVID-19 pandemic is not yet in sight and consumer sentiment has weakened due to requests to refrain from going out, while lifestyles and purchasing preferences have changed following the broader adoption of remote work.」

「The business environment in the apparel accessories industry also became extremely challenging due to the suspension or shortening of operating hours at commercial facilities and directly operated stores, a sharp downturn in personal consumption caused by restrictions on going out, and changes in purchasing preferences resulting from changes in lifestyles.」

「The business environment in the apparel accessories industry became broadly challenging due to the temporary closure of commercial facilities and directly operated stores, shortened operating hours, and a sharp downturn in personal consumption caused by requests to refrain from going out.」

「The Group's sales are significantly affected by trends in personal consumption. The contraction in personal consumption resulting from the spread of COVID-19 that began in early 2020, when commercial facilities were temporarily closed and economic activity was severely restricted, is one example.」

「In the apparel accessories industry, consumer sentiment declined due to the preference for saving following the consumption tax increase and the effects of natural disasters such as typhoons. In addition, the warm winter made sales of winter products extremely sluggish.」

「In addition, personal consumption declined sharply due to the effects of poor weather in July.」

「Amid ongoing changes in consumer spending patterns resulting from diversifying consumer needs and continued reluctance to purchase driven by a deep-rooted preference for frugality」

「Although the apparel accessories industry benefited from solid inbound demand and stronger seasonal demand due to higher summer temperatures, consumers retained a strong preference for saving, while natural disasters such as torrential rain, typhoons and earthquakes, as well as a trend toward warmer winters from autumn onward, weighed on consumer sentiment. The industry remained broadly challenging, also due to the impact of department store closures.」

「Personal consumption continues to recover, supported by strong inbound demand from visitors to Japan and improving employment conditions, but consumers retain a strong preference for saving, and consumer sentiment lacks strength excluding inbound demand.」

「Although personal consumption is recovering, the environment surrounding the Group remains uncertain due to the persistent preference for saving among consumers, cost pressures such as higher labor and raw-material costs related to overseas production, and continuing risks from foreign-exchange fluctuations.」

「Personal consumption is recovering gradually due to strong inbound demand from visitors to Japan, improving employment conditions and rising share prices, but the outlook remains uncertain because wage growth remains sluggish and the preference for saving continues.」

「Personal consumption is also recovering gradually due to improving employment conditions and firm share prices, but the outlook remains uncertain as the preference for saving continues.」

「Although personal consumption has shown signs of recovery, the outlook remains uncertain due to the continued preference for saving and other factors.」

「Personal consumption remained subdued due to stagnant real income growth and an increasing preference for saving.」

「Personal consumption remained sluggish due to stagnant real income growth and an increasing preference for saving, and the outlook remained uncertain.」

「Personal consumption remained sluggish due to stagnant real income growth and an increasing preference for saving, and the outlook remained uncertain.」

「The products handled by the Group are sold mainly to end consumers through department stores, chain stores and specialty stores. Accordingly, the Group's sales are significantly affected by trends in personal consumption.」