Increase in Selling, General and Administrative Expenses Associated with Business Expansion
First written in FY2017-Q2. . Latest entry: 2026-07-31.
The whole theme swung hardest in 2020: 6 of 21 companies on the "Worse" side.
9 other companies' latest entry also says "Other".
- 2026-07-31OtherEarnings
「Selling, general and administrative expenses were ¥1,859 million, up ¥258 million, or 16.1%, year on year. This was mainly due to increases in transaction-related expenses to ¥518 million, up ¥8 million, or 1.6%, personnel expenses to ¥667 million, up ¥55 million, or 9.1%, as human capital management initiatives progressed, real-estate-related expenses to ¥248 million, up ¥61 million, or 32.7%, due to increased system investment, and taxes and dues to ¥175 million, up ¥102 million, or 140.4%.」
Selling, general and administrative expenses increased year on year, mainly due to stronger human capital management initiatives and system investment. - FY2026Decline in external sales, increase in intersegment sales and profitAnnual report
「Operating revenue from the segment operated by FleGrowth was ¥3,182 million, up ¥222 million, or 7.5%, year on year. This comprised ¥3,063 million in intercompany revenue from the development, maintenance and operation of FX trading systems for the group company トレイダーズ証券, up ¥230 million, or 8.1%, and ¥119 million in revenue from external customers, down ¥8 million, or 6.0%. Segment profit was ¥667 million, up ¥82 million, or 14.0%.」
The systems business reported higher revenue and profit on increased intercompany revenue, while revenue from external customers declined. - FY2026-H1Higher advertising expenses and system investment; lower personnel expensesAnnual report
「The increase was attributable to transaction-related expenses rising to ¥1,089 million, up ¥62 million, or 6.1%; real-estate-related expenses rising to ¥373 million, up ¥49 million, or 15.1%, due to increased system investment; and taxes and dues rising to ¥149 million, up ¥42 million, or 39.1%, among other factors.」
Although transaction-related expenses, including advertising and promotion costs, and real estate-related expenses associated with system investment increased, personnel expenses decreased. Total SG&A expenses increased 1.5% year on year. - FY2025Increase in SG&A expenses due to higher personnel and web advertising expensesAnnual report
「Selling, general and administrative expenses were ¥6,665 million, up ¥1,165 million, or 21.2%, year on year. The main factors were a change in the accounting estimate for recognizing compensation costs under the restricted stock compensation plan and higher employee salaries, which increased personnel expenses to ¥3,005 million, up ¥730 million, or 32.1%, as well as an increase in transaction-related expenses to ¥2,059 million, up ¥248 million, or 13.7%, due to active Web advertising.」
Selling, general and administrative expenses increased 21.2% year on year due to higher personnel expenses and Web advertising expenses. - FY2025-H1Increase in SG&A expenses due to higher personnel and web advertising expensesAnnual report
「Selling, general and administrative expenses were ¥3,331 million, up ¥674 million, or 25.4%, year on year. The main factors were a change in the accounting estimate for recognizing compensation costs under the restricted stock compensation plan and higher employee salaries, which increased personnel expenses to ¥1,534 million, up ¥495 million, or 47.7%, as well as an increase in transaction-related expenses to ¥1,026 million, up ¥112 million, or 12.3%, due to active Web advertising.」
Selling, general and administrative expenses increased 25.4% year on year due to higher personnel expenses and transaction-related expenses from Web advertising. - FY2024-Q3Continued increase in SG&A expenses due to lower advertising expenses and higher personnel and other expensesAnnual report
「Meanwhile, SG&A expenses increased to ¥3,920 million, up ¥141 million, or 3.7%, year on year. The main factors were a decrease in trading-related expenses to ¥1,353 million, down ¥402 million, or 22.9%, due mainly to lower advertising expenses following a change in advertising agencies, more than offset by increases in personnel expenses to ¥1,533 million, up ¥240 million, or 18.6%, real estate-related expenses to ¥526 million, up ¥121 million, or 29.8%, depreciation and amortization to ¥242 million, up ¥66 million, or 37.9%, and other SG&A expenses to ¥120 million, up ¥90 million, or 303.1%.」
Although advertising expenses declined following the change in advertising agency, total selling, general and administrative expenses increased 3.7% year on year due to higher personnel expenses, real-estate-related expenses and depreciation and amortization. - FY2024-Q2Increase in SG&A expenses due to lower advertising expenses and higher personnel and other expensesAnnual report
「The main factors behind the increase were a decline in transaction-related expenses to ¥914 million, down ¥226 million, or 19.9%, as advertising expenses decreased after the advertising agency was changed in the foreign-exchange trading business, offset by increases in personnel expenses to ¥1,039 million, up ¥153 million, or 17.3%; real-estate-related expenses to ¥363 million, up ¥121 million, or 50.3%; depreciation and amortization to ¥152 million, up ¥35 million, or 30.7%; and other selling, general and administrative expenses to ¥97 million, up ¥70 million, or 269.3%.」
Although advertising expenses declined following the change in advertising agency, personnel expenses, real-estate-related expenses and depreciation and amortization increased, resulting in total selling, general and administrative expenses of ¥2,657 million, up 6.6% year on year. - FY2024-Q1Decline in selling, general and administrative expenses; change in advertising agencyAnnual report
「The main factor behind the decline was a reduction in transaction-related expenses to ¥339 million, down ¥239 million, or 41.4%, as advertising expenses decreased after the advertising agency was changed in the foreign-exchange trading business.」
The change in advertising agency reduced advertising expenses and transaction-related expenses, resulting in selling, general and administrative expenses of ¥1,194 million, down 2.4% year on year. - FY2023Increase in advertising expenses and system costsAnnual report
「Selling, general and administrative expenses increased to ¥4,710 million, up ¥508 million, or 12.1%, year on year, for the following reasons. In the financial instruments business, transaction-related expenses increased to ¥2,209 million, up ¥376 million, or 20.5%, due to higher advertising expenses. Real-estate-related expenses increased to ¥588 million, up ¥117 million, or 25.0%, due to higher system costs accompanying increased operating revenue and the relocation of the head office, among other factors.」
Selling, general and administrative expenses increased 12.1% due to higher advertising expenses, system costs accompanying increased operating revenue and real-estate-related expenses associated with the head-office relocation. - FY2023-Q3Increase in advertising expenses and selling, general and administrative expensesAnnual report
「Meanwhile, SG&A expenses increased to ¥3,473 million, up ¥508 million, or 17.2%, year on year. The main factor was an increase in trading-related expenses to ¥1,755 million, up ¥452 million, or 34.8%, as advertising expenses increased in the foreign exchange trading business due to various initiatives, including TV commercials and transit advertising, aimed at acquiring new customers.」
Transaction-related expenses increased 34.8% year on year and total selling, general and administrative expenses increased 17.2% due to initiatives including TV commercials and transit advertising aimed at acquiring new customers. - FY2023-Q2Increase in advertising expenses and selling, general and administrative expensesAnnual report
「The main factor behind the increase was a rise in transaction-related expenses to ¥1,140 million, up ¥290 million, or 34.1%, as advertising expenses increased following various initiatives, including TV commercials and transit advertising, aimed at acquiring new customers in the foreign-exchange trading business.」
Transaction-related expenses increased 34.1% year on year due to higher advertising expenses aimed at acquiring new customers. - FY2023-Q1Increase in selling, general and administrative expenses and advertising expensesAnnual report
「Selling, general and administrative expenses increased year on year to ¥1,120 million, up ¥135 million, or 13.8%. The main factor was an increase in transaction-related expenses to ¥579 million, up ¥156 million, or 36.9%, as advertising expenses increased in the foreign-exchange trading business.」
Transaction-related expenses increased 36.9% due to higher advertising expenses, and total selling, general and administrative expenses increased 13.8% year on year. - FY2022Increase in selling, general and administrative expenses and personnel expenses; decline in advertising expensesAnnual report
「Transaction-related expenses in the financial instruments business declined to ¥1,832 million, down ¥91 million, or 4.7%, due to lower advertising expenses. Meanwhile, personnel expenses increased to ¥1,462 million, up ¥236 million, or 19.3%, due to staff expansion and payment of a year-end bonus, among other factors.」
Although transaction-related expenses declined due to lower advertising expenses, personnel expenses increased 19.3% due to staff expansion and the year-end bonus, resulting in a 3.1% year-on-year increase in total selling, general and administrative expenses. - FY2022-Q3SG&A expenses remained broadly unchanged; increases in personnel and server-related expensesAnnual report
「Transaction-related expenses in the financial instruments business declined to ¥1,302 million, down ¥141 million, or 9.8%, due to lower advertising expenses. Meanwhile, personnel expenses increased to ¥995 million, up ¥117 million, or 13.4%, due to staff expansion, and real-estate-related expenses increased to ¥361 million, up ¥58 million, or 19.5%, due to higher equipment expenses, including server-related costs.」
Transaction-related expenses declined due to lower advertising expenses, but personnel expenses and server-related costs increased, resulting in a 0.3% year-on-year increase in total selling, general and administrative expenses to ¥2,964 million. - FY2022-Q1Decrease in SG&A and advertising expenses; increase in personnel expensesAnnual report
「Meanwhile, SG&A expenses decreased to ¥984 million, down ¥105 million, or 9.7%, year on year. Although personnel expenses increased to ¥332 million, up ¥28 million, or 9.4%, due to increased staffing, trading-related expenses decreased to ¥423 million, down ¥141 million, or 25.1%, as advertising expenses in the foreign exchange trading business declined from the previous corresponding period.」
Although personnel expenses increased with staff expansion, transaction-related expenses and total selling, general and administrative expenses declined 9.7% year on year due to lower advertising expenses. - FY2021-Q3Increase in selling, general and administrative expenses; expanded investment in staff and advertisingAnnual report
「SG&A expenses increased to ¥2,956 million, up ¥469 million, or 18.9%, year on year. Personnel expenses increased to ¥877 million, up ¥59 million, or 7.3%, due to increased staffing, while trading-related expenses increased to ¥1,444 million, up ¥459 million, or 46.7%, as advertising expenses were increased in the foreign exchange trading business to expand customer trading activity and customer assets under custody.」
Selling, general and administrative expenses increased 18.9% year on year due to higher personnel expenses from staff expansion and higher advertising expenses aimed at expanding customer transactions and assets under custody. - FY2021-Q2Increase in selling, general and administrative expenses; expanded investment in staff and advertisingAnnual report
「SG&A expenses increased to ¥2,036 million, up ¥409 million, or 25.2%, year on year. Personnel expenses increased to ¥588 million, up ¥65 million, or 12.4%, due to increased staffing, while trading-related expenses increased to ¥1,015 million, up ¥370 million, or 57.4%, as advertising expenses were increased in the foreign exchange trading business to expand customer trading activity and customer assets under custody.」
Selling, general and administrative expenses increased 25.2% year on year due to higher personnel expenses from staff expansion and higher advertising expenses aimed at expanding customer transactions and assets under custody. - FY2021-Q1Increase in selling, general and administrative expenses; expanded investment in staff and advertisingAnnual report
「SG&A expenses increased to ¥1,090 million, up ¥309 million, or 39.7%, year on year. Personnel expenses increased to ¥303 million, up ¥53 million, or 21.2%, due to increased staffing, while trading-related expenses increased to ¥565 million, up ¥250 million, or 79.6%, as advertising expenses were increased in the foreign exchange trading business to expand customer trading activity and customer assets under custody.」
Selling, general and administrative expenses increased 39.7% year on year due to higher personnel expenses from staff expansion and higher advertising expenses aimed at expanding customer transactions and assets under custody. - FY2020-Q3Slight increase in SG&A expenses; increase in advertising expensesAnnual report
「Meanwhile, SG&A expenses increased to ¥2,486.603 million, up ¥45.624 million, or 1.9%, year on year. Administrative expenses decreased to ¥72.207 million, down ¥192.377 million, or 72.7%, as expenses related to the external investigation committee recorded in the previous corresponding period did not recur. Goodwill amortization also ceased following its completion in November 2018, resulting in no expense being recorded, a decrease of ¥164.138 million year on year. However, in the foreign exchange trading business, trading-related expenses increased to ¥984.764 million, up ¥347.599 million, or 54.6%, as advertising expenses were increased to expand customer trading activity and customer assets under custody.」
Transaction-related expenses increased due to higher advertising expenses, but the absence of external investigation committee expenses and goodwill amortization limited the increase in total selling, general and administrative expenses to 1.9%. - FY2020-Q2Decline in selling, general and administrative expenses; increase in advertising expensesAnnual report
「Selling, general and administrative expenses declined year on year to ¥1,626.916 million, down ¥61.085 million, or 3.6%. In the foreign-exchange trading business, transaction-related expenses increased to ¥644.918 million, up ¥221.787 million, or 52.4%, as advertising expenses were increased to expand customer transactions and assets under custody. However, administrative expenses declined to ¥53.281 million, down ¥178.124 million, or 77.0%, due to the absence of external investigation committee expenses recorded in the same period of the previous year, while the end of goodwill amortization in November 2018 eliminated ¥123.104 million of expense recorded in the previous year.」
Although advertising expenses were increased to expand customer transactions and assets under custody, selling, general and administrative expenses declined 3.6% year on year to ¥1,626.916 million due to the absence of external investigation committee expenses and goodwill amortization. - FY2020-Q1Decline in selling, general and administrative expenses; increase in advertising expensesAnnual report
「Selling, general and administrative expenses were ¥780.420 million, down ¥55.384 million, or 6.6%, year on year. In the foreign-exchange trading business, transaction-related expenses increased to ¥314.715 million, up ¥135.958 million, or 76.1%, as advertising expenses were increased to acquire customers and expand customer assets under custody. This was more than offset by the absence of external investigation committee expenses recorded in the same period of the previous year, which reduced administrative expenses to ¥28.408 million, down ¥127.702 million, or 81.8%, and by the end of goodwill amortization in November 2018, which eliminated ¥61.552 million of expense recorded in the previous year.」
Although advertising expenses aimed at acquiring customers and increasing assets under custody increased, total selling, general and administrative expenses declined 6.6% year on year due to the absence of external investigation committee expenses and goodwill amortization. - FY2019-Q3Increase in selling, general and administrative expenses; sharp increase in administrative expensesAnnual report
「Selling, general and administrative expenses were ¥2,440.978 million, up ¥171.413 million, or 7.6%, year on year. Real-estate-related expenses declined to ¥300.027 million, down ¥238.638 million, or 44.3%, as the foreign-exchange trading system was brought in-house, reducing system usage fees previously paid to external vendors and linked to revenue from the foreign-exchange trading business. This was more than offset by an increase in administrative expenses to ¥264.584 million, up ¥228.096 million, or 625.1%, due in part to costs incurred in commissioning an external investigation committee to investigate possible accounting errors in the company's past financial statements or consolidated financial statements.」
Real-estate-related expenses declined, but administrative expenses related to the external investigation committee increased 625.1% year on year, resulting in a 7.6% increase in total selling, general and administrative expenses. - FY2019-Q2Slight increase in selling, general and administrative expenses; sharp increase in administrative expensesAnnual report
「Meanwhile, SG&A expenses remained broadly unchanged year on year at ¥1,688.002 million, up ¥44.560 million, or 2.7%. Real estate-related expenses decreased to ¥202.678 million, down ¥216.999 million, or 51.7%, as system usage fees paid to external vendors and linked to revenue from the foreign exchange trading business declined following the in-house development of the foreign exchange trading system. Meanwhile, administrative expenses increased to ¥231.405 million, up ¥203.036 million, or 715.7%, due mainly to higher expenses for outsourcing the external investigation committee's review of possible accounting errors and other matters in the Company's past financial statements or consolidated financial statements.」
Real-estate-related expenses declined due to in-house system development, while administrative expenses related to the external investigation committee increased 715.7%, resulting in a 2.7% year-on-year increase in selling, general and administrative expenses. - FY2019-Q1Flat selling, general and administrative expenses; increase in administrative expensesAnnual report
「SG&A expenses remained broadly unchanged year on year at ¥835.805 million, up ¥10.683 million, or 1.3%. Real estate-related expenses decreased to ¥99.946 million, down ¥111.914 million, or 52.8%, as system usage fees linked to revenue from the foreign exchange trading business declined following the integration of the foreign exchange trading systems. Meanwhile, administrative expenses increased to ¥156.111 million, up ¥130.822 million, or 517.3%, due mainly to higher outsourcing expenses related to the external investigation committee, among other factors.」
Real-estate-related expenses declined due to system integration and other factors, while administrative expenses related to the external investigation committee increased substantially, limiting the overall increase in selling, general and administrative expenses to 1.3%. - FY2018-Q3Continued decline in selling, general and administrative expensesAnnual report
「Selling, general and administrative expenses declined year on year to ¥2,316.936 million, down ¥265.894 million, or 10.3%. Personnel expenses increased to ¥729.458 million, up ¥78.606 million, or 12.1%, due to staff expansion, but real-estate-related expenses declined to ¥538.665 million, down ¥180.107 million, or 25.1%, as system usage fees linked to revenue from the foreign-exchange trading business decreased, while transaction-related expenses declined to ¥572.469 million, down ¥80.040 million, or 12.3%, due in part to lower advertising expenses.」
Although personnel expenses increased, selling, general and administrative expenses declined 10.3% year on year due to lower real-estate-related and transaction-related expenses. - FY2018-Q2Continued decline in selling, general and administrative expensesAnnual report
「Selling, general and administrative expenses declined year on year to ¥1,667.134 million, down ¥22.212 million, or 1.3%. Personnel expenses increased to ¥474.633 million, up ¥41.487 million, or 9.6%, due to staff expansion, but real-estate-related expenses declined to ¥419.677 million, down ¥11.229 million, or 2.6%, as system usage fees linked to revenue from the foreign-exchange trading business decreased, while transaction-related expenses declined to ¥397.382 million, down ¥54.027 million, or 12.0%, due in part to lower advertising expenses.」
Although personnel expenses increased due to staff expansion, selling, general and administrative expenses declined 1.3% year on year due to lower system usage fees, real-estate-related expenses and advertising expenses. - FY2018-Q1Decrease in selling, general and administrative expensesAnnual report
「Selling, general and administrative expenses declined year on year to ¥825.135 million, down ¥48.303 million, or 5.5%, mainly because real-estate-related expenses decreased to ¥211.860 million, down ¥39.552 million, or 15.7%, as system usage fees linked to revenue from the foreign-exchange trading business declined.」
Selling, general and administrative expenses, which had increased with business expansion, declined 5.5% year on year due to lower system usage fees and other expenses. - FY2017SG&A continues to increaseAnnual report
「Selling, general and administrative expenses exceeded those of the previous fiscal year at ¥3,420.112 million, up ¥913.273 million, or 36.4%.」
Selling, general and administrative expenses increased 36.4% from the previous fiscal year due to higher goodwill amortization, personnel expenses, real-estate-related expenses and transaction-related expenses. - FY2017-Q3SG&A continues to increaseAnnual report
「Selling, general and administrative expenses exceeded those of the same period of the previous year at ¥2,582.830 million, up ¥861.944 million, or 50.1%.」
Selling, general and administrative expenses increased 50.1% year on year due to higher goodwill amortization, personnel expenses, real-estate-related expenses and transaction-related expenses. - FY2017-Q2First statedAnnual report
「Selling, general and administrative expenses increased overall as a result of business expansion. In addition to recording ¥166.576 million in amortization of goodwill arising from the share exchanges with ZE Energy and 株式会社Nextop.Asia, personnel expenses increased to ¥433.145 million, up ¥92.002 million, or 27.0%, year on year, as ZE Energy and Nextop.Asia became consolidated subsidiaries.」
Selling, general and administrative expenses were ¥1,689.347 million, up 49.8% year on year. Increases in goodwill amortization, personnel expenses, real-estate-related expenses and advertising expenses were cited.