Scandex’s Business Restructuring and Expanded Department Store Presence
First written in FY2017-Q1. 4 of 12 entries say "Advanced", first in FY2017-Q3. Latest entry: FY2019.
No other company in this theme has enough history to compare yet.
- FY2019WorsenedAnnual report
「At Scandex Co., Ltd., which sells imported products, we opened a new directly operated store, “Scandex,” in February 2018, bringing together multiple Nordic lifestyle brands. However, the end of the contract with Fiskars Corporation, the supplier of products under our main brand, Iittala, at the end of December 2017 resulted in lower revenue and earnings. Scandex Co., Ltd. underwent a company split on 1 November 2018, transferring the business to a newly established wholly owned subsidiary. By specializing in operating businesses, the new company will improve its capabilities and further strengthen its proposals for the Nordic lifestyle. As a result, sales in the imported products business were ¥1,007 million, down ¥1,193 million (54.2%) from the previous consolidated fiscal year, while the operating loss was ¥129 million, ¥142 million wider than in the previous consolidated fiscal year.」
While restructuring around multiple Nordic brands and carrying out the company split, the impact of the end of the Iittala product supply agreement continued, with sales down 54.2% and an operating loss of ¥129 million. - FY2019-Q3WorsenedAnnual report
「At Scandex Co., Ltd., which sells imported products, we opened a new directly operated store, “Scandex,” in February 2018, bringing together multiple Nordic lifestyle brands. However, the end of the contract with Fiskars Corporation, the supplier of products under our main brand, Iittala, resulted in lower revenue and earnings. Scandex Co., Ltd. underwent a company split on 1 November 2018. Going forward, it will specialize in cultivating and wholesaling Nordic brands, operating directly managed stores and related businesses, and will promote proposals for the Nordic lifestyle. As a result, sales in the imported products business were ¥852 million, down ¥801 million (48.5%) from the same quarter of the previous year, while the operating loss was ¥127 million, ¥171 million wider than in the same quarter of the previous year.」
While restructuring the business around Nordic brands, the end of the Iittala product supply agreement continued to affect results, resulting in a 48.5% decline in revenue and an operating loss of ¥127 million. - FY2019-Q2WorsenedAnnual report
「At Scandex Co., Ltd., which sells imported products, we opened a new directly operated store, “Scandex,” in February 2018, bringing together multiple Nordic lifestyle brands. However, the contract with Fiskars Corporation (Finland), the supplier of products under our main brand, Iittala, ended at the end of December 2017, resulting in lower revenue and earnings. As a result, sales in the imported products business were ¥496 million, down ¥591 million (54.4%) from the same quarter of the previous year, while the operating loss was ¥96 million, ¥128 million wider than in the same quarter of the previous year.」
Despite opening a directly operated store featuring multiple brands, the end of the Iittala product supply agreement resulted in a 54.4% decline in revenue, and the operating loss widened to ¥96 million. - FY2019-Q1Lower sales and profit due to the impact of agreement terminationAnnual report
「In the imported products sales business, 株式会社スキャンデックス opened a new directly operated Scan-Dex store bringing together multiple Nordic living brands in February 2018. However, sales and profit declined because, among other factors, the agreement with Fiskars Corporation (Finland), the supplier of its core Iittala brand, was terminated at the end of December 2017. As a result, sales in the imported products sales business were ¥326 million, down ¥248 million (△43.3%) from the same quarter of the previous year, while the operating loss was ¥31 million, a deterioration of ¥75 million from the previous year.」
The company opened a directly operated store bringing together multiple Nordic living brands, but sales and profit declined in the quarter following termination of the Iittala product supply agreement. - FY2018AdvancedAnnual report
「In the imported products sales business, 株式会社スキャンデックス terminated its agreement with Fiskars Corporation (Finland), the supplier of Iittala products, at the end of December 2017. In February 2018, it opened a new directly operated Scan-Dex store bringing together multiple Nordic living brands.」
After terminating the Iittala supply agreement, the company opened a directly operated Scan-Dex store bringing together multiple Nordic living brands in February 2018, putting the restructuring into concrete form. - FY2018-Q3ReframedAnnual report
「In the imported products sales business, 株式会社スキャンデックス will terminate its agreement with Fiskars Corporation (Finland), the supplier of Iittala products, at the end of 2017. Going forward, the company will restructure the imported products sales business around directly operated stores, wholesale and e-commerce, while introducing multiple new Nordic living brands and reviewing its brand portfolio.」
The policy was made more specific, shifting from a single-brand Iittala and department-store expansion focus to business restructuring centered on multiple Nordic brands, directly operated stores, wholesale and e-commerce following termination of the agreement. - FY2018-Q2AdvancedAnnual report
「In the imported products sales business, 株式会社スキャンデックス exceeded the previous year's results in both sales and operating profit as sales of Leander, a Danish children's furniture brand launched in July 2016, performed well alongside its core Iittala brand, and as the company worked to operate directly managed stores efficiently and reduce selling, general and administrative expenses. As a result, sales in the imported products sales business were ¥1,087 million, up ¥85 million (+8.6%) from the same quarter of the previous year, while operating profit was ¥32 million, up ¥111 million.」
Expanded Leander sales, efficient operation of directly operated stores, and lower selling, general and administrative expenses lifted sales and operating profit above the previous year's results. - FY2018-Q1AdvancedAnnual report
「In the imported products sales business, 株式会社スキャンデックス exceeded the previous year's results as sales of Leander, a Danish children's furniture brand launched in July 2016, performed well alongside its core Iittala brand. Operating profit also improved as a result of efforts to operate directly managed stores efficiently and reduce selling, general and administrative expenses. As a result, sales in the imported products sales business were ¥575 million, up ¥30 million (+5.6%) from the same quarter of the previous year, while operating profit was ¥44 million, an improvement of ¥63 million from the same quarter of the previous year.」
Sales and operating profit improved through expanded sales of the new brand, greater efficiency at directly operated stores, and lower selling, general and administrative expenses. The disclosure describes concrete progress in business restructuring and operating efficiency. - FY2017RestatedAnnual report
「We will seek to expand sales by recovering sales at directly operated Iittala stores, strengthening initiatives on our e-commerce site, opening a new store at Takashimaya Gate Tower Mall, a commercial complex directly connected to Nagoya Station, in April 2017, and taking other measures.」
Measures presented included recovering sales at directly operated stores, strengthening e-commerce, opening a new store in April 2017, and improving store operating efficiency. - FY2017-Q3AdvancedAnnual report
「In the imported products sales business, 株式会社スキャンデックス opened a new Iittala Sapporo Daimaru store in September, bringing its directly operated store network to 21 locations and increasing sales. However, both sales and operating profit fell below the previous year because orders in the wholesale division were below the previous year, among other factors.」
A new Iittala Sapporo Daimaru store opened in September, bringing the directly operated store network to 21 locations. - FY2017-Q2RestatedAnnual report
「We will work to improve performance by restructuring the business in line with the rapid growth of directly operated stores, strengthening expansion into department stores, and taking other measures to enhance brand value.」
Reiterated the policy of restructuring Scan-Dex's business and strengthening department-store expansion. - FY2017-Q1First statedAnnual report
「We will work to improve performance by restructuring the business in line with the rapid growth of directly operated stores, strengthening expansion into department stores, and taking other measures to enhance brand value.」
The policy is to pursue business restructuring in response to growth in directly operated stores while expanding into department stores.