Performance Fluctuations Due to Economic and Consumption Trends and Abnormal Weather
First written in FY2016. 18 of 39 entries say "Restated". Latest entry: FY2027-H1.
Kintetsu Department Store moved to the "Worse" side of this theme in 2019, the same year as the typical company in this theme.
The whole theme swung hardest in 2025: 11 of 18 companies on the "Worse" side.
5 other companies' latest entry also says "Restated".
- FY2027-H1RestatedAnnual report
「During the interim consolidated accounting period (1 March 2026 to 31 August 2026), Japan's economy followed a gradual recovery trend despite rising prices due to the situation in the Middle East and other factors. Personal consumption also showed signs of recovery, although consumer sentiment showed some weakness.」
Although rising prices due to the situation in the Middle East and other factors and weak consumer sentiment remain concerns, it states that the economy and personal consumption are showing signs of gradual recovery and improvement. - 2026-07-10RestatedRevisions to earnings forecasts
「For the full-year individual and consolidated forecasts for the fiscal year ending February 2027, we incorporated higher costs resulting from inflation caused by the situation in the Middle East during the second half, among other factors, and now expect net sales and profit at each stage to exceed the previous forecasts.」
Higher prices and costs resulting from the situation in the Middle East have been incorporated into the second-half forecasts, reiterating the recognition of earnings volatility arising from geopolitical risks and inflation. - FY2026RestatedAnnual report
「During the current fiscal year, Japan's economy followed a gradual recovery trend against a backdrop of improving employment and income conditions, although consumer sentiment became unstable due to continued price increases, in addition to the effects of uncertainty over economic policy overseas and geopolitical risks.」
Although economic policy overseas, geopolitical risks, rising prices and unstable consumer sentiment continued, it states that the economy recovered gradually against a backdrop of employment and income conditions. - 2026-04-10RestatedEarnings
「The outlook for the economy is expected to remain uncertain due to the continuing instability of the international situation and concerns over rising prices arising from it.」
The Group continued to highlight uncertainty over the economic outlook resulting from international instability and rising prices. - FY2026-H1RestatedAnnual report
「During the interim consolidated accounting period (1 March 2025 to 31 August 2025), Japan's economy recovered gradually. Although consumer sentiment weakened due to continued price increases, amid the effects of uncertainty over economic policy overseas and geopolitical risks, improvements in employment and income conditions continued.」
Although economic policy overseas, geopolitical risks and weak consumer sentiment due to rising prices remain concerns, it states that the economy recovered gradually against a backdrop of improving employment and income conditions. - FY2025WorsenedAnnual report
「Japan as a whole has entered a phase of declining working-age population and rapid population ageing. The labour and consumer markets are contracting, while the external environment is changing rapidly due to inflation, rising interest rates, the polarisation of consumption and technological advances, including digitalisation.」
In addition to the existing risks related to economic and consumer trends, it identified the decline in the working-age population and consumer market, inflation, rising interest rates, the polarisation of consumption and technological advances as complex changes in the business environment. - FY2025-H1RestatedAnnual report
「During the interim consolidated accounting period (1 March 2024 to 31 August 2024), Japan's economy continued on a gradual recovery trend, supported by improvements in employment and income conditions, despite uncertainty over economic policy overseas, including the effects of monetary tightening worldwide and the slowdown in China's economy, as well as geopolitical risks.」
Although monetary tightening, the slowdown in China's economy, uncertainty over economic policy and geopolitical risks remain, it continues to state that the economy is on a gradual recovery trend supported by improvements in employment and income conditions. - FY2025-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period (1 March 2024 to 31 May 2024), Japan's economy continued on a gradual recovery trend, supported by improvements in employment and income conditions, despite uncertainty over economic policy overseas, including the effects of monetary tightening worldwide and the slowdown in China's economy, as well as geopolitical risks.」
Although monetary tightening worldwide, the slowdown in China's economy, uncertainty over economic policy and geopolitical risks remain, it continues to state that the economy is on a gradual recovery trend supported by improvements in employment and income conditions. - FY2024-Q3RestatedAnnual report
「During the third quarter of the current consolidated cumulative period (1 March 2023 to 30 November 2023), Japan's economy recovered gradually. Although the yen weakened and prices rose due to monetary tightening worldwide, increased capital investment and a recovery in personal consumption supported the economy.」
Although yen depreciation and higher prices remained concerns, it continues to state that the economy recovered gradually as a result of increased capital investment and a recovery in personal consumption. - FY2024-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative period (1 March 2023 to 31 August 2023), Japan's economy recovered gradually. Although the yen weakened due to monetary tightening worldwide and prices and energy costs rose, increased capital investment and a recovery in personal consumption supported the economy under post-COVID conditions.」
Although yen depreciation and higher prices and energy costs remained factors of uncertainty, it continues to state that the economy recovered gradually on the back of capital investment and personal consumption. - FY2024-Q1MitigatedAnnual report
「During the first quarter of the current consolidated cumulative period (1 March 2023 to 31 May 2023), Japan's economy recovered gradually. Although prices and energy costs rose, increased capital investment and a recovery in personal consumption under post-COVID conditions supported the economy.」
Although higher prices and energy costs remained a concern, it states that the economy recovered gradually as a result of increased capital investment and a recovery in personal consumption. - FY2023WorsenedAnnual report
「Regarding management's outlook, although economic activity is expected to recover gradually as COVID-19's classification under the Infectious Diseases Act changes from Category II equivalent to Category V, extremely high uncertainty is expected to continue due to high prices, rising energy costs and the destabilisation of the international situation originating from Ukraine, among other factors.」
While indicating expectations for a recovery in economic activity, it identifies high prices, rising energy costs and the destabilisation of the international situation as new factors of uncertainty. - FY2023-Q3MitigatedAnnual report
「During the third quarter of the current consolidated cumulative period (1 March 2022 to 30 November 2022), the impact of COVID-19 was relatively stable, and economic and social activity moved towards normalisation, with the economy expected to recover. However, the outlook for the economy remained unpredictable due to renewed infections, rising prices and monetary tightening worldwide.」
Although the impact of COVID-19 is relatively stable and economic and social activity is moving towards normalisation, uncertainty over the outlook remains due to renewed infections, rising prices and monetary tightening worldwide. - FY2023-Q2WorsenedAnnual report
「During the second quarter of the current consolidated cumulative period (1 March 2022 to 31 August 2022), Japan's economy remained in an unpredictable situation. Although the impact of COVID-19 eased, economic and social activity moved towards normalisation and the economy was expected to recover, renewed infections, higher crude oil and raw-material prices accompanying the prolonged situation in Ukraine, and the depreciation of the yen caused by monetary tightening in Europe and the United States and elsewhere led to higher prices.」
Although the impact of COVID-19 has eased and the economy is expected to recover, renewed infections, the prolonged situation in Ukraine, higher crude oil and raw-material prices, and yen depreciation and rising prices resulting from monetary tightening in Europe and the United States have been added as new factors of uncertainty. - FY2023-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period (1 March 2022 to 31 May 2022), Japan's economy remained in an unpredictable situation. Although the impact of COVID-19 eased, economic and social activity moved towards normalisation and the economy was expected to recover, rising prices caused by renewed infections in China and soaring raw-material costs accompanying the prolonged invasion of Ukraine weighed on the outlook.」
While indicating that the impact of COVID-19 had eased and that the economy was expected to recover, it newly identifies renewed infections in China, the prolonged invasion of Ukraine, and soaring raw-material costs and rising prices as factors of uncertainty. - FY2022WorsenedAnnual report
「Regarding management's outlook, although economic activity is expected to recover gradually as COVID-19 booster vaccinations become more widespread, uncertainty over the economic outlook is expected to increase due to the risk of new coronavirus variants and the destabilisation of the international situation originating from Ukraine, among other factors, and conditions are expected to remain unpredictable.」
While indicating expectations for a recovery driven by booster vaccinations, it newly identifies uncertainty over the economic outlook arising from new variants and the situation in Ukraine. - FY2022-Q3RestatedAnnual report
「During the third quarter of the current consolidated cumulative period (1 March 2021 to 30 November 2021), although the severe conditions caused by COVID-19 were gradually easing, Japan's economy remained in a situation where the recovery continued to show weakness.」
Although the economic environment is gradually improving, the recovery remains weak. The risk of a downside in the economy due to a renewed spread of infections has also not been dispelled. - FY2022-Q2WorsenedAnnual report
「Although vaccination is gradually progressing in Japan, concerns over a renewed spread of infections have not been dispelled, amid outbreaks of variants and the occurrence of breakthrough infections, and the risk of a downside in the economy due to renewed infections remains.」
Although vaccination is progressing, outbreaks of variants and the occurrence of breakthrough infections have been newly identified, and the risk of a downside in the economy due to renewed infections continues. - FY2022-Q1WorsenedAnnual report
「Although vaccination is gradually progressing in Japan, concerns over a renewed spread of infections remain unresolved, with outbreaks of variants being reported in countries around the world, and the outlook for the economy remains uncertain.」
Although vaccination is progressing, uncertainty over the economic outlook continues due to outbreaks of variants and concerns over a renewed spread of infections. - FY2021MaterialisedAnnual report
「During the current consolidated fiscal year, Japan's economy deteriorated significantly as economic activity stagnated worldwide due to the spread of COVID-19.」
Regarding the risks related to economic and consumer trends, the stagnation of economic activity worldwide and the significant deterioration in economic conditions resulting from the spread of COVID-19 actually materialised. - FY2021-Q3WorsenedAnnual report
「During the third quarter of the current consolidated cumulative period (1 March 2020 to 30 November 2020), Japan's economy deteriorated significantly as domestic and overseas economies slowed sharply due to the global spread of COVID-19 and the resulting declarations of a state of emergency. Although personal consumption showed signs of a partial recovery after the declarations of a state of emergency were lifted, partly due to the government's economic measures, the trend of renewed infections became pronounced from November, increasing the risk of a downside in the domestic and overseas economies.」
It states that, in addition to the sharp slowdown in domestic and overseas economies and the deterioration in economic conditions, the renewed spread of infections from November increased the risk of a downside in the domestic and overseas economies. - FY2021-Q2MaterialisedAnnual report
「During the second quarter of the current consolidated cumulative period (1 March 2020 to 31 August 2020), Japan's economy deteriorated significantly as domestic and overseas economies slowed sharply due to the global spread of COVID-19 and the resulting declarations of a state of emergency.」
It states that the sharp slowdown in domestic and overseas economies and the significant deterioration in economic conditions resulting from the spread of COVID-19 and the declarations of a state of emergency actually materialised. - FY2021-Q1MaterialisedAnnual report
「During the first quarter of the current consolidated cumulative period (1 March 2020 to 31 May 2020), Japan's economy deteriorated rapidly due to the spread of COVID-19 and was in an extremely severe condition.」
It states that the sharp economic downturn and extremely severe economic conditions resulting from the spread of COVID-19 actually materialised as part of the existing risks related to economic and consumer trends. - FY2020WorsenedAnnual report
「Looking ahead, the outlook for the containment of COVID-19 remains unclear, and the economic recovery is expected to take considerable time. After the situation is brought under control, the competitive environment surrounding the retail market as a whole is expected to become even more challenging over the medium to long term due to population decline, the progressing decline in the birthrate and aging of the population, and other factors.」
The outlook for containing COVID-19 remains uncertain, and a considerable amount of time is expected to be required for the economy to recover. The uncertainty over the outlook caused by the spread of infections has been added to the existing risks related to economic and consumer trends. - FY2020-Q3RestatedAnnual report
「During the first nine months of the fiscal year ended 29 February 2020 (1 March 2019 to 30 November 2019), the Japanese economy showed a moderate recovery trend as employment and income conditions improved, despite the impact of international developments surrounding trade tensions.」
The Company continues to describe a path of moderate recovery due to improvements in employment and income conditions, despite the impact of international developments surrounding trade tensions. - FY2020-Q2WorsenedAnnual report
「During the first six months of the fiscal year ended 29 February 2020 (1 March 2019 to 31 August 2019), the Japanese economy followed a path of moderate recovery, supported by improvements in employment and income conditions and a recovery in personal consumption, despite a lack of strength in exports and production amid rising uncertainty over trade tensions.」
The Company states that employment and income conditions improved and personal consumption recovered, while exports and production lacked strength due to rising uncertainty over trade tensions. - FY2020-Q1RestatedAnnual report
「During the first quarter of the fiscal year ended 28 February 2020 (1 March 2019 to 31 May 2019), the Japanese economy followed a path of moderate recovery as improvements in employment and income conditions continued, although some weakness was seen in exports and production.」
The Company describes improvements in employment and income conditions and a path of moderate recovery, while noting some weakness in exports and production. - FY2019RestatedAnnual report
「Looking ahead, the economy is expected to remain unpredictable due to the impact of uncertainty over economic policies overseas and geopolitical risks, although improvements in employment and income conditions are expected to continue and personal consumption is projected to recover.」
While improvements in employment and income conditions are expected, the Company continues to indicate uncertainty in the outlook due to uncertainty over economic policies overseas and geopolitical risks. - FY2019-Q3WorsenedAnnual report
「During the first nine months of the fiscal year ended 28 February 2019 (1 March 2018 to 30 November 2018), the Japanese economy followed a path of moderate recovery as improvements in employment and income conditions continued, but the outlook remained uncertain amid concerns over the impact of US trade policies on the global economy.」
While describing improvements in employment and income conditions and a recovery trend, the Company identifies the impact of US trade policies on the global economy as a new factor contributing to uncertainty in the outlook. - FY2019-Q2MitigatedAnnual report
「During the first six months of the fiscal year ended 28 February 2019 (1 March 2018 to 31 August 2018), the Japanese economy followed a path of moderate recovery as improvements in employment and income conditions continued.」
The Company states that improvements in employment and income conditions and a path of moderate recovery are continuing, indicating continued improvement from the uncertain economic environment described in the previous fiscal year. - FY2018WorsenedAnnual report
「Looking ahead, the economy is expected to remain unpredictable due to the impact of uncertainty over economic policies overseas and geopolitical risks, although improvements in employment and income conditions are expected to continue and personal consumption is projected to recover.」
While describing the current path of recovery, the Company identifies uncertainty over economic policies overseas and geopolitical risks as factors contributing to uncertainty in the economic outlook. - FY2018-Q3RestatedAnnual report
「During the first nine months of the fiscal year ended 28 February 2018, the Japanese economy followed a path of moderate recovery, supported by improvements in corporate earnings and employment conditions.」
The Company describes improvements in corporate earnings and employment conditions and a path of moderate recovery as the economic environment continuing from the previous quarter. - FY2018-Q2RestatedAnnual report
「During the first six months of the fiscal year ended 28 February 2018, the Japanese economy followed a path of moderate recovery, supported by improvements in corporate earnings and employment conditions.」
The Company describes improvements in corporate earnings and employment conditions and a path of moderate recovery as the economic environment continuing from the previous quarter. - FY2018-Q1MitigatedAnnual report
「During the first quarter of the fiscal year ended 28 February 2018 (1 March 2017 to 31 May 2017), the Japanese economy followed a path of moderate recovery, supported by improvements in corporate earnings and employment conditions.」
The description changed from the uncertain economic environment caused by a slowdown in overseas economies and sluggish personal consumption, as reported in the previous fiscal year, to improvements in corporate earnings and employment conditions and a path of moderate recovery. - FY2017RestatedAnnual report
「During the fiscal year ended 28 February 2017, the Japanese economy remained uncertain, partly due to a slowdown in overseas economies, particularly China's, and the impact of the UK's EU withdrawal issue.」
The Company continues to describe an uncertain economic environment, including a slowdown in overseas economies and the UK's EU withdrawal issue. - FY2017-Q3RestatedAnnual report
「During the first nine months of the fiscal year ended 28 February 2017 (1 March 2016 to 30 November 2016), the Japanese economy remained uncertain, partly due to a slowdown in overseas economies, particularly China's, and the impact of the UK's EU withdrawal issue.」
The Company continues to describe an uncertain economic environment involving a slowdown in overseas economies and uncertainty surrounding personal consumption, and identifies the impact of the UK's EU withdrawal issue as a new factor. - FY2017-Q2RestatedAnnual report
「During the first six months of the fiscal year ended 28 February 2017 (1 March 2016 to 31 August 2016), the Japanese economy remained uncertain due to a slowdown in overseas economies, particularly China's, and sluggish personal consumption.」
The Company continues to describe the slowdown in overseas economies and sluggish personal consumption as the economic environment during the quarter. - FY2017-Q1WorsenedAnnual report
「During the first quarter of the fiscal year ended 28 February 2017 (1 March 2016 to 31 May 2016), the Japanese economy remained uncertain due to a slowdown in overseas economies, particularly China's, and sluggish personal consumption.」
The Company explicitly identifies the slowdown in overseas economies and sluggish personal consumption as the economic environment during the quarter. - FY2016First statedAnnual report
「Because the department store business, the Group's core segment, primarily serves general consumers, it is significantly affected by economic conditions, including economic and consumption trends, as well as abnormal weather such as cool summers and warm winters.」
The Company identifies the possibility that an unexpectedly severe deterioration in the consumption environment could adversely affect business performance and financial condition.