Business performance volatility driven by weather, peak-season concentration and consumer sentiment
First written in FY2016. 16 of 24 entries say "Materialised", first in FY2022-Q2. Latest entry: 2026-08-04.
Joshin moved to the "Worse" side of this theme in 2021, 2 years after the typical company in this theme (2019).
The whole theme swung hardest in 2025: 12 of 19 companies on the "Worse" side.
2 other companies' latest entry also says "Materialised".
- 2026-08-04MaterialisedEarnings
「Sales of products including white goods such as refrigerators, washing machines and vacuum cleaners, and beauty appliances such as high-function hair dryers, generally remained firm, led by advance demand for air conditioners accompanying the tightening of environmental standards in the so-called 2027 problem.」
Advance demand for air conditioners caused by tighter environmental standards was reflected in actual sales trends by product category in the first quarter. - FY2026MaterialisedAnnual report
「Sales remained firm and exceeded the previous year, supported by growth in air-conditioner sales due to the summer heat, mobile phones and PCs driven by replacement demand, and video game sales following the launch of new products.」
Weather, replacement demand and new products drove performance changes by product category in the full-year results, with air conditioners, mobile phones, PCs and games contributing to higher sales. - FY2026-H1MaterialisedAnnual report
「In the consumer electronics retail industry, spending on durable consumer goods such as consumer electronics remained weak as higher prices led to sluggish real wage growth and a stronger preference for saving.」
Weak spending on durable consumer goods due to higher prices, sluggish real wage growth and a stronger preference for saving continued through the interim period. The company also described improvements in some product categories driven by the summer heat and replacement demand. - FY2025MaterialisedAnnual report
「In the consumer electronics retail industry, growing concerns about saving amid sluggish real wage growth against a backdrop of higher prices led to weak spending on durable consumer goods such as consumer electronics. Consequently, nearly every product category fell below the previous year's results, excluding air conditioners, which benefited from the summer heat, and mobile phones and other products supported by replacement demand.」
Weak consumer spending due to higher prices, sluggish real wage growth and a stronger preference for saving was reflected in the full-year results as performance below the previous year's results across nearly all product categories except air conditioners, mobile phones and other products. - FY2025-H1MaterialisedAnnual report
「In the consumer electronics retail industry, growing concerns about saving amid sluggish real wage growth against a backdrop of higher prices led to weak spending on durable consumer goods such as consumer electronics. Consequently, nearly every product category fell below the previous year's results, excluding air conditioners and other products that benefited from the summer heat.」
Weak consumer spending due to higher prices, sluggish real wage growth and a stronger preference for saving materialized as results below the previous year's performance across nearly all product categories except air conditioners and other products that benefited from the summer heat. - FY2024MaterialisedAnnual report
「In the consumer electronics retail industry, no product category recorded results substantially above the previous year, excluding some products such as mobile phones for which replacement demand arose with the timing of new product launches. This was due to the reversal of demand brought forward during the COVID-19 pandemic in prior years, sluggish consumer spending caused by higher prices, and increased leisure spending following the easing of restrictions on activities.」
Sluggish consumer spending due to the reversal of demand brought forward, higher prices and increased leisure spending, among other factors, was reflected in the full-year results as the absence of any product category, except some products such as mobile phones, recording results substantially above the previous year. - FY2024-Q3MaterialisedAnnual report
「In the consumer electronics retail industry, no product category recorded results substantially above the previous year, excluding some products such as mobile phones for which replacement demand arose with the timing of new product launches. This was due to the reversal of demand brought forward during the COVID-19 pandemic in prior years, sluggish consumer spending caused by higher prices, and increased leisure spending following the easing of restrictions on activities.」
The impact on earnings of the reversal of demand brought forward, higher prices and increased leisure spending, among other factors, materialized through the third quarter as the absence of any product category, except some products such as mobile phones, recording results substantially above the previous year. - FY2024-Q2MaterialisedAnnual report
「In the consumer electronics retail industry, nearly every product category continued to fall below the previous year's results, excluding some products such as mobile phones for which replacement demand arose with the timing of new product launches. This was due to the reversal of demand brought forward during the COVID-19 pandemic in prior years, sluggish consumer spending caused by higher prices, and increased leisure spending following the easing of restrictions on activities.」
Sluggish consumer spending due to the reversal of demand brought forward, higher prices and increased leisure spending, among other factors, continued to materialize as results below the previous year's performance across nearly all product categories except some products such as mobile phones. - FY2024-Q1MaterialisedAnnual report
「In the consumer electronics retail industry, nearly every product category fell below the previous year's results, excluding some products such as mobile phones for which replacement demand arose with the timing of new product launches. This was due to the reversal of demand brought forward during the COVID-19 pandemic in prior years, sluggish consumer spending caused by higher prices, and increased leisure spending following the easing of restrictions on activities.」
Sluggish consumer spending due to the reversal of demand brought forward, higher prices and increased leisure spending, among other factors, materialized in the first quarter as results below the previous year's performance across nearly all product categories except some products such as mobile phones. - FY2023MaterialisedAnnual report
「In the consumer electronics retail industry, nearly every product category fell below the previous year's results, excluding some products such as mobile phones for which replacement demand arose with the timing of new product launches. This reflected the reversal of demand brought forward during the COVID-19 pandemic two years earlier, sluggish consumer spending caused by higher prices, and increased leisure spending following the easing of restrictions on activities.」
The reversal of demand brought forward, higher prices and increased leisure spending, among other factors, resulted in earnings volatility, with nearly all product categories except mobile phones and other products falling below the previous year's results. This was reflected in the full-year results. - FY2023-Q3MaterialisedAnnual report
「In the consumer electronics retail industry, nearly every product category fell below the previous year's results, excluding some products such as mobile phones for which replacement demand arose with the timing of new product launches. This reflected the reversal of demand brought forward during the COVID-19 pandemic two years earlier, sluggish consumer spending caused by higher prices, and increased leisure spending following the easing of restrictions on activities.」
Sluggish consumer spending due to the reversal of demand brought forward, higher prices and increased leisure spending, among other factors, materialized as results below the previous year's performance across nearly all product categories except mobile phones and other products. - FY2023-Q2MaterialisedAnnual report
「In the consumer electronics retail industry, nearly every product category fell below the previous year's results, excluding mobile phones and other products for which replacement demand arose with the timing of new product launches, due to the reversal of demand brought forward during the COVID-19 pandemic two years earlier, sluggish consumer spending caused by higher prices, and unfavorable summer weather.」
The risks of earnings volatility from the reversal of demand brought forward, higher prices and unfavorable summer weather materialized as results below the previous year's performance across nearly all product categories except mobile phones and other products. - FY2023-Q1MaterialisedAnnual report
「In the consumer electronics retail industry, nearly every product category declined year on year, excluding mobile phones, for which replacement demand arose with the timing of new product launches, and air conditioners, which benefited from demand following an unusually early end to the rainy season. This was due to the reversal of demand brought forward during the COVID-19 pandemic two years earlier and sluggish consumer spending caused by higher prices.」
The reversal of demand brought forward, higher prices and seasonal factors, including air-conditioner demand following the early end of the rainy season, were reflected in actual results by product category. - FY2022MaterialisedAnnual report
「In the consumer electronics retail industry, every product category generally declined year on year as a result of the reversal of special demand during the COVID-19 pandemic in the previous fiscal year, store closures and reduced operating hours following the declaration of a state of emergency, and unfavorable summer weather.」
The reversal of special COVID-19 demand, store closures and reduced operating hours, and unfavorable summer weather materialized as actual earnings volatility, with nearly all product categories falling below the previous year's results. - FY2022-Q3MaterialisedAnnual report
「In the consumer electronics retail industry, every product category generally declined year on year as a result of the reversal of special demand during the COVID-19 pandemic in the previous fiscal year, store closures and reduced operating hours following the declaration of a state of emergency, and unfavorable summer weather.」
The reversal of special COVID-19 demand, store closures and reduced operating hours, and unfavorable summer weather were recorded as actual year-on-year declines across nearly all product categories through the third quarter. - FY2022-Q2MaterialisedAnnual report
「In the consumer electronics retail industry, every product category generally declined year on year as a result of the reversal of special demand during the COVID-19 pandemic in the previous fiscal year, store closures and reduced operating hours following the declaration of a state of emergency, and unfavorable summer weather.」
The previously identified risk of earnings volatility from weather and seasonality materialized as year-on-year declines across nearly all product categories due to unfavorable summer weather. - FY2021RestatedAnnual report
「For seasonal products such as air conditioners, for which sales tend to be concentrated in a particular period, the company aims to generate sales less affected by seasonality by promoting early purchases, which allow installation work to be completed without waiting, and benefits for purchases made during off-peak periods.」
The company reconfirms the risk of earnings volatility from weather, seasonality and the concentration of sales in July, December and March, and describes measures to level sales, including early purchases, off-peak benefits and the Great Founding Anniversary Sale. - FY2020-Q1RestatedAnnual report
「The Group's sales are heavily weighted toward July, December and March, which are peak months, while fixed costs are incurred roughly evenly each month. As a result, profit is typically at a low level in the first quarter of the fiscal year.」
The company reconfirms the concentration of sales in July, December and March and the seasonal pattern of lower profit in the first quarter. - FY2019RestatedAnnual report
「The Group's sales are heavily weighted toward July, December and March, which are peak months. In particular, the first half (April to September) includes only July as a peak month, potentially causing an imbalance between performance in the first and second halves.」
The company again identifies seasonal products, weather and the concentration of sales in July, December and March as risks causing earnings volatility. - FY2018RestatedAnnual report
「The Group's sales are heavily weighted toward July, December and March, which are peak months. In particular, the first half (April to September) includes only July as a peak month, potentially causing an imbalance between performance in the first and second halves.」
The company again identifies seasonal products, weather and the concentration of sales in July, December and March as risks causing earnings volatility. - FY2018-Q1RestatedAnnual report
「The Group's sales are heavily weighted toward July, December and March, which are peak months, while fixed costs are incurred roughly evenly each month. As a result, profit is typically at a low level in the first quarter of the fiscal year.」
The company reconfirms the concentration of sales in July, December and March and the seasonal pattern of lower profit in the first quarter. - FY2017RestatedAnnual report
「The Group's sales are heavily weighted toward July, December and March, which are peak months. In particular, the first half (April to September) includes only July as a peak month, potentially causing an imbalance between performance in the first and second halves.」
The annual report again identifies seasonal products, weather and the concentration of sales in July, December and March as risks causing earnings volatility. - FY2017-Q1RestatedAnnual report
「The Group's sales are heavily weighted toward July, December and March, which are peak months, while fixed costs are incurred roughly evenly each month. As a result, profit is typically at a low level in the first quarter of the fiscal year.」
The company reconfirms the concentration of sales in July, December and March and the seasonal pattern of lower profit in the first quarter. - FY2016First statedAnnual report
「Refrigerators, air conditioners and heating equipment are strongly correlated with seasonal conditions, and the weather, particularly in summer and winter, may affect the Group's performance.」
The company identifies weather, seasonality, the concentration of sales in July, December and March, and declining consumer sentiment as factors causing earnings volatility.