Review of operating formats for unprofitable businesses and stores; withdrawal and closure
First written in FY2017-Q1. 5 of 10 entries say "Advanced", first in FY2017-Q2. Latest entry: FY2020-Q3.
11 other companies' latest entry also says "Restated".
- FY2020-Q3RestatedAnnual report
「As a result, revenue for the cumulative third quarter amounted to ¥7,897 million, down ¥116 million year on year. This was attributable to the closure of 2 low-profitability restaurants at the end of the previous fiscal year in response to work-style reforms and adjustments to banquet bookings, while total revenue is progressing as initially planned.」
The company continues to cite the closure of 2 low-profitability restaurants at the end of the previous fiscal year as a factor behind the revenue decline. No new closures are mentioned. - FY2020-Q2RestatedAnnual report
「The closure of 2 low-profitability restaurants at the end of March and the concentration of personnel and resources at existing busy locations, together with operating results from winning large MICE projects and other contracts, have begun to produce results.」
The company continues to list the closure of 2 low-profitability restaurants and the concentration of personnel and resources at busy locations as measures under its Second Medium-Term Management Plan. - FY2020-Q1AdvancedAnnual report
「Specifically, to strengthen the earnings base, we closed 2 low-profitability restaurants at the end of March and concentrated personnel and resources at existing busy locations.」
The company states that it closed 2 low-profitability restaurants at the end of March and implemented measures to concentrate personnel and resources at existing busy locations. - FY2018-Q3AdvancedAnnual report
「The main factor behind the decline was the decrease in merchandise sales following the closure of "Rain Tree," among other factors.」
In addition to the previous closures of unprofitable stores, the company describes the closure of "Rain Tree" as a new measure. - FY2018-Q2AdvancedAnnual report
「Although revenue declined year on year, the main factors were the impact of renovation work on the main banquet hall over a period of 2 months and the withdrawal from unprofitable stores.」
The company continues to describe the effects of withdrawing from unprofitable stores and specifically identifies the decline in revenue resulting from the main banquet hall renovation and the closure of 4 stores. - FY2018-Q1RestatedAnnual report
「Meanwhile, on the earnings front, in addition to continuing our efforts in cost control and expense reduction, as in the previous year, measures to increase sales during the off-season and the effects of withdrawing from unprofitable stores contributed to operating income of ¥385 million, up ¥34 million year on year.」
The company continues to explain that the effects of withdrawing from unprofitable stores contributed to earnings improvement. It describes the effects of existing measures, not new store closures. - FY2017-Q4AchievedAnnual report
「The effect of lower financial expenses following the refinancing of the syndicated loan carried out in March of the previous year resulted in ordinary income of ¥48 million, compared with an ordinary loss of ¥19 million in the same period of the previous year.」
The company identifies the effect of withdrawing from unprofitable stores as a factor in earnings improvement and also mentions the completion of closures of unprofitable stores in the restaurant business. - FY2016AdvancedAnnual report
「At the off-site restaurants, Kyoto Hotel Okura Annex "Awatayama-so" performed steadily. However, as a result of closing the unprofitable "Kyoto Hotel Okura 1888 (inside Takashimaya Kyoto Store)," "Shinmachi 1888," "The Garden Okazaki" and "Restaurant Orizonte (Kyoto Prefectural University of Medicine Hospital Store)," revenue declined ¥210 million year on year.」
The company specifically states that it closed 4 unprofitable off-site stores. Although restaurant revenue declined as a result, it explains that overall profitability improved through withdrawal from unprofitable businesses. - FY2017-Q2AdvancedAnnual report
「In addition to improved profitability from closing unprofitable businesses, increased revenue also contributed, resulting in operating income of ¥364 million, up ¥205 million year on year, and ordinary income of ¥139 million, compared with an ordinary loss of ¥96 million in the same period of the previous year. At Kyoto Hotel Okura, the off-site stores "Shinmachi 1888," "Orizonte Kyoto Prefectural University of Medicine Hospital Store" and "The Garden Okazaki" were closed in July, August and September, respectively.」
The company explicitly states that profitability improved through the closure of unprofitable businesses and lists the additional measures by month: the closure of Shinmachi 1888, Orizonte Kyoto Prefectural University of Medicine Hospital Store and The Garden Okazaki. - FY2017-Q1First statedAnnual report
「In addition to improved profitability from reviewing the operating formats of and closing unprofitable businesses, increased revenue also contributed, resulting in operating income of ¥350 million, up ¥185 million year on year, and ordinary income of ¥178 million, compared with an ordinary loss of ¥2 million in the same period of the previous year. Sales declined ¥79 million year on year due to the closure in February of "Takashimaya 1888" and the change in operating format of "Shinmachi 1888" to accept reservations only for groups of 10 or more. The main reason for the decline in sales was the withdrawal from the unprofitable hospital food business in March of the previous year.」
The company describes the review of operating formats for unprofitable businesses, store closures and format changes, and withdrawal from the hospital food business. It also explains the decline in revenue from the affected businesses alongside the improvement in profitability.