Risk of Performance Fluctuations Due to Domestic Economic Conditions, Consumption Trends and Market Competition
First written in FY2016. 23 of 42 entries say "Restated". Latest entry: FY2027-H1.
Daiwa moved to the "Worse" side of this theme in 2016, 4 years before the typical company in this theme (2020).
The whole theme swung hardest in 2020: 18 of 22 companies on the "Worse" side.
10 other companies' latest entry also says "Restated".
- FY2027-H1RestatedAnnual report
「In the department-store industry, conditions remained solid in major metropolitan areas due to active spending by affluent consumers and the recovery in inbound demand, while business conditions in regional cities lacked further momentum.」
The company continues to describe a market environment in which spending by affluent consumers and the recovery in inbound demand support major metropolitan areas, while the recovery in regional cities lacks strength. - FY2026WorsenedAnnual report
「In the department store business, domestic consumption remained firm from around autumn last year, but trading conditions lacked momentum because of the reactionary decline in inbound demand, which had surged in the previous fiscal year.」
While domestic consumption is described as firm, the Company identifies the reactionary decline in inbound demand, which had surged in the previous fiscal year, as an actual factor contributing to the decline in revenue. It also expresses concern about increases in crude oil prices, prices generally and energy-related costs. - FY2026-H1WorsenedAnnual report
「In the department store industry, performance was generally challenging because inbound demand, which had previously driven sales in major metropolitan areas, declined substantially.」
Although the Business and Other Risks section states that there are no new risks or material changes, the substantial decline in inbound demand has emerged in the operating environment, and the Company describes the challenging market conditions. - FY2025WorsenedAnnual report
「Looking ahead, the environment surrounding the Company is expected to remain uncertain. Expectations are rising for an increase in the flow of people driven by inbound demand and the effects of the extension of the Hokuriku Shinkansen, as well as an improvement in real wages, but consumption is expected to continue shifting to major metropolitan areas and customers are expected to become increasingly thrift-oriented. Various cost increases, including energy resources and logistics costs, are also anticipated.」
In addition to the delayed recovery in regional markets and the longstanding preference for thrift, the Company identifies the shift in consumption to major metropolitan areas and increases in energy resources and logistics costs as factors constraining the operating environment. - FY2025-H1RestatedAnnual report
「During the current interim consolidated accounting period, no new Business and Other Risks arose. There were also no material changes to the Business and Other Risks described in the Annual Securities Report for the previous fiscal year.」
The Company explicitly states that there are no new Business and Other Risks and no material changes from the previous fiscal year. - FY2025-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period, the department store industry performed strongly in major metropolitan areas due to increased consumption by affluent customers and growing inbound demand, while a full-scale recovery was not achieved in regional cities.」
The Company continues to describe a market environment in which affluent consumer spending and inbound demand remain strong in major metropolitan areas, while regional cities have not achieved a full-scale recovery. - FY2024RestatedAnnual report
「In the department store business, performance was strong in major metropolitan areas due to the recovery in inbound demand and active consumption by affluent customers, while a full-scale recovery was not achieved in regional cities owing in part to customers' growing preference for thrift.」
The Company continues to describe the difference in market conditions between major metropolitan areas and regional cities, customers' growing preference for thrift amid rising prices and the delayed recovery in regional markets. - FY2024-Q3RestatedAnnual report
「During the third quarter of the current consolidated cumulative period, no new Business and Other Risks arose. There were also no material changes to the Business and Other Risks described in the Annual Securities Report for the previous fiscal year.」
It expressly states that no new business or other risks arose and that there were no material changes from the previous fiscal year. - FY2024-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative period, Japan's economy gradually began to recover as economic activity normalized, but the economic outlook remained uncertain due to a growing preference for thrift amid soaring prices and other factors. In the department store industry, performance was strong in major metropolitan areas due to active consumption by affluent customers and the recovery in inbound demand, while a full-scale recovery was not achieved in regional cities.」
While affluent consumer spending and inbound demand remain strong in major metropolitan areas, soaring prices, a growing preference for thrift and the delayed recovery in regional cities continue. The Company states that no new risks or material changes have arisen in its Business and Other Risks. - FY2024-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period, the department store industry performed steadily in major metropolitan areas, supported by active consumption by affluent customers and the recovery in inbound demand, but a full-scale recovery was not achieved in regional cities.」
The Company continues to describe a market environment in which affluent consumer spending and inbound demand are recovering in major metropolitan areas, while regional cities have not achieved a full-scale recovery. - FY2023WorsenedAnnual report
「Looking ahead, the business environment surrounding the Company is expected to remain challenging. Expectations for an end to the COVID-19 pandemic are rising, but customers are expected to become increasingly thrift-oriented as prices rise, while costs such as electricity charges are also expected to increase.」
In addition to a growing preference for thrift due to rising prices, the Company identifies increases in costs such as electricity charges as specific factors that will constrain the operating environment going forward. - FY2023-Q3WorsenedAnnual report
「During the third quarter of the current consolidated cumulative period, department store sales gradually began to recover from April onward, and inbound demand also began to recover after entry restrictions were lifted in October. However, a full-scale recovery was not achieved owing in part to a growing preference among customers for thrift amid soaring prices.」
While sales and inbound demand showed signs of recovery, soaring prices and customers' growing preference for thrift have emerged as specific factors constraining a full-scale recovery. - FY2023-Q2WorsenedAnnual report
「During the second quarter of the current consolidated cumulative period, Japan's economy faced an uncertain outlook amid the prolonged COVID-19 pandemic due to soaring energy resources and raw materials prices resulting from changes in the global situation. In the department store industry, sales gradually began to recover, but a full-scale recovery was not achieved owing to a growing preference among customers for thrift amid rising prices and other factors.」
Although the Business and Other Risks section states that there are no new risks or material changes, soaring energy resources and raw materials prices, rising prices and a growing preference for thrift are newly identified as factors in the operating environment constraining the recovery. - FY2023-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period, no new Business and Other Risks arose. There were also no material changes to the Business and Other Risks described in the Annual Securities Report for the previous fiscal year.」
The Company explicitly states that there are no new Business and Other Risks and no material changes from the previous fiscal year. The status of the recovery in the market environment is described separately. - FY2022-Q3RestatedAnnual report
「Although the department store industry remained challenging during the third quarter of the current consolidated cumulative period due to the prolonged COVID-19 pandemic, it gradually began to recover from October onward after the declarations of a state of emergency and priority preventive measures that had been issued intermittently in major and regional cities were lifted at the end of September.」
The Company states that challenging market conditions due to the prolonged COVID-19 pandemic continue, while the market began to recover from October onward after the declarations and other measures were lifted. It also states that no new risks or material changes have arisen in its Business and Other Risks. - FY2022-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative period, no new Business and Other Risks arose. There were also no material changes to the Business and Other Risks described in the Annual Securities Report for the previous fiscal year.」
The Company explicitly states that no new risks or material changes have arisen in its Business and Other Risks. Meanwhile, challenging market conditions associated with declarations of a state of emergency and priority preventive measures continue. - FY2022-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period, the department store industry continued to face challenging trading conditions amid the prolonged COVID-19 pandemic, due to requests to close businesses accompanying the third declaration of a state of emergency in major metropolitan areas and the impact of reduced customer traffic resulting from calls for people to refrain from going out.」
Challenging market conditions continue due to the prolonged COVID-19 pandemic, requests to close businesses and reduced customer traffic resulting from calls for people to refrain from going out. - FY2021WorsenedAnnual report
「The principal segment of the Company's corporate group is the department store business, which is primarily conducted through in-store sales. The financial position, operating results and cash flow of the Company's corporate group may be affected by domestic economic conditions and consumer trends, intensified competition with competitors across industry boundaries, the establishment of new lifestyles, the advancement of a digital society and increasingly diverse customer needs.」
In addition to conventional economic conditions, consumer trends and competition, the Company explicitly identifies competition across industry boundaries, new lifestyles, a digital society and increasingly diverse customer needs as risk factors. - FY2021-Q3RestatedAnnual report
「During the third quarter of the current consolidated cumulative period, the department store industry continued to face unprecedentedly challenging trading conditions as operations were voluntarily suspended due to the spread of the novel coronavirus and inbound demand fell sharply.」
The Company states that voluntary suspension of operations due to the spread of the novel coronavirus, a sharp decline in inbound demand and unprecedentedly challenging trading conditions continue. It also states that no new risks or material changes have arisen in its Business and Other Risks. The nature of the risks has emerged in the actual market environment. - FY2021-Q2RestatedAnnual report
「In the department store industry, trading conditions became unprecedentedly challenging as inbound demand disappeared, domestic consumption fell sharply due to calls for people to refrain from going out, and department stores voluntarily suspended operations following the declaration of a state of emergency.」
The Company continues to describe challenging market conditions resulting from the disappearance of inbound demand, a sharp decline in domestic consumption and voluntary suspension of operations. It states that no new risks or material changes have arisen in its Business and Other Risks. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, the department store industry faced unprecedentedly challenging trading conditions because consumption fell sharply as a result of the spread of the novel coronavirus, and nearly all department stores voluntarily suspended operations following the declaration of a state of emergency in April.」
In addition to the longstanding challenges in regional markets, the Company cites a sharp decline in consumption due to the spread of the novel coronavirus and the voluntary suspension of department store operations, describing trading conditions as "unprecedentedly challenging." - FY2020WorsenedAnnual report
「In the department store industry, sales remained sluggish from the effects of the consumption tax increase and adverse weather from autumn last year, resulting in generally challenging trading conditions nationwide.」
In addition to the longstanding challenges in regional markets, the Company cites sluggish sales due to the consumption tax increase and adverse weather as nationwide factors, indicating that the factors contributing to the deterioration of the market environment have broadened. - FY2020-Q3WorsenedAnnual report
「During the third quarter of the current consolidated cumulative period, there was a surge in demand ahead of the consumption tax rate increase from early autumn onward, but trading conditions generally remained challenging in regional areas due to the subsequent reactionary decline and the effects of adverse weather.」
In addition to the longstanding challenges in regional markets, the Company describes the subsequent reactionary decline after the consumption tax rate increase and the effects of adverse weather, specifying factors contributing to the deterioration of the market environment. - FY2020-Q2RestatedAnnual report
「In the department store industry, high-value consumption and inbound demand remained strong, mainly in major metropolitan areas, but apparel sales were generally sluggish partly due to adverse weather, and trading conditions generally remained challenging in regional areas.」
While high-value consumption and inbound demand remain strong in major metropolitan areas, sluggish apparel sales and challenging trading conditions in regional areas continue. The Company states that no new risks or material changes have arisen in its Business and Other Risks. - FY2020-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period, sales of high-value goods and inbound demand remained strong, mainly in major metropolitan areas, but apparel sales were sluggish partly due to adverse weather, and trading conditions generally remained challenging in regional areas.」
While sales of high-value goods and inbound demand remain strong in major metropolitan areas, sluggish apparel sales and challenging trading conditions in regional areas continue. The Company states that no new risks or material changes have arisen in its Business and Other Risks. - FY2019RestatedAnnual report
「In the department store industry, major metropolitan areas, where high-value consumption and the inbound effect had been significant, remained firm, while trading conditions generally remained challenging in regional areas.」
The Company continues to describe the difference in trading conditions between major metropolitan areas and regional areas, particularly the challenging conditions in regional markets. - FY2019-Q3RestatedAnnual report
「During the third quarter of the current consolidated cumulative period, the department store industry remained firm in major metropolitan areas, where high-value consumption and the inbound effect were significant, while conditions generally remained challenging in regional areas.」
While conditions remain firm in major metropolitan areas due to high-value consumption and the inbound effect, challenging trading conditions continue in regional areas. The Company states that no new risks or material changes have arisen in its Business and Other Risks. - FY2019-Q2RestatedAnnual report
「In the department store industry, major metropolitan areas, where high-value consumption and the inbound effect were significant, remained firm, while trading conditions generally remained challenging in regional areas.」
While conditions remain firm in major metropolitan areas due to high-value consumption and the inbound effect, challenging trading conditions continue in regional areas. The Company states that no new risks or material changes have arisen in its Business and Other Risks. - FY2019-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period, sales in major metropolitan areas, where the inbound effect was significant, remained firm, while trading conditions generally remained challenging in regional areas.」
While conditions remain firm in major metropolitan areas due to the inbound effect, challenging trading conditions continue in regional areas. The Company states that no new risks or material changes have arisen in its Business and Other Risks. - FY2018-Q3RestatedAnnual report
「During the third quarter of the current consolidated cumulative period, the department store industry remained firm in major metropolitan areas, supported by the contribution of inbound demand, while conditions remained challenging in regional areas.」
While conditions remain firm in major metropolitan areas due to inbound demand, challenging trading conditions continue in regional areas. The Company states that no new risks or material changes have arisen in its Business and Other Risks. - FY2018-Q2RestatedAnnual report
「In the department store industry, inbound demand grew and remained firm in major metropolitan areas, while trading conditions generally remained challenging in regional areas.」
While inbound demand is growing in major metropolitan areas, trading conditions remain challenging in regional areas. The Company states that there are no new risks or material changes. The market environment as a condition affecting business activity is continuing in practice. - FY2018-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period, department store sales showed signs of improvement as the recovery in inbound demand contributed in major metropolitan areas, while trading conditions generally remained challenging in regional areas.」
While inbound demand has recovered in major metropolitan areas, trading conditions remain challenging in regional areas. The Company also states that no new risks or material changes have arisen in its Business and Other Risks. - FY2017RestatedAnnual report
「In the department store industry, trading conditions generally remained challenging. Apparel sales were sluggish amid a growing preference among customers for thrift, while inbound demand underwent rapid changes, particularly in major metropolitan areas.」
The Company states that challenging market conditions continue due to customers' preference for thrift, sluggish apparel sales and changes in inbound demand. - FY2017-Q3WorsenedAnnual report
「During the third quarter of the current consolidated cumulative period, the department store industry generally continued to face challenging trading conditions. Apparel sales were sluggish amid a growing preference among customers for thrift, while inbound demand, which had continued to grow mainly in major metropolitan areas, slowed.」
The Company continues to cite customers' preference for thrift, sluggish apparel sales and slowing inbound demand, stating that challenging market conditions continue. - FY2017-Q2WorsenedAnnual report
「During the second quarter of the current consolidated cumulative period, Japan's economy faced an uncertain outlook due to the trend toward a stronger yen and lower stock prices, concerns over a slowdown in overseas economies and other factors. In the department store industry, trading conditions remained generally challenging, owing to a sharp deterioration in consumer sentiment, sluggish apparel sales and slowing inbound demand, which had continued to grow mainly in major metropolitan areas.」
The Company cites a stronger yen and lower stock prices, concerns over a slowdown in overseas economies, weaker consumer sentiment, sluggish apparel sales and slowing inbound demand, stating that challenging market conditions continue. - FY2017-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, the department store industry generally faced challenging trading conditions, owing to a sharp deterioration in consumer sentiment and signs of weakening inbound demand, which had continued to grow mainly in major metropolitan areas.」
The Company cites a sharp deterioration in consumer sentiment and weakening inbound demand, describing the market environment as increasingly challenging. It also states that there were no new risks or material changes in the Business and Other Risks section. - FY2016First statedAnnual report
「The financial position, operating results and cash flow of the Company's corporate group may be affected by domestic economic conditions, consumer trends and other factors, as well as the state of market competition.」
This is described as an external-environment risk affecting the department store business, which is primarily conducted through in-store sales.