Earnings fluctuations caused by economic conditions, personal consumption, weather and the market environment
First written in FY2016. 14 of 26 entries say "Worsened", first in FY2017. Latest entry: 2026-11-10.
KNT-CT Holdings moved to the "Worse" side of this theme in 2018, 2 years before the typical company in this theme (2020).
The whole theme swung hardest in 2018: 7 of 15 companies on the "Worse" side.
3 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「During the current consolidated fiscal year, Japan's economy took time to recover consumer sentiment because energy and other prices remained high. However, personal consumption showed signs of recovery, supported by improvements in employment and income conditions and various economic policies. Although the economy as a whole maintained a gradual recovery trend, uncertainty about the outlook remained due to factors including geopolitical risks in other countries and volatility in financial and capital markets.」
In addition to persistently high energy and other prices, geopolitical risks and volatility in financial and capital markets were identified as sources of uncertainty about the outlook. - FY2026-H1WorsenedAnnual report
「During the first half of the current consolidated fiscal year, personal consumption recovered as employment and income conditions improved, while the burden on households remained due to persistently high energy and other prices. Although the economy as a whole maintained a gradual recovery, uncertainty about the outlook remained due to factors including the impact of U.S. trade policy and volatility in financial and capital markets.」
In addition to the burden on households from persistently high prices and energy costs, U.S. trade policy and volatility in financial and capital markets were explicitly identified as sources of uncertainty about the outlook. - FY2025WorsenedAnnual report
「In the travel industry, domestic travel generally moved toward recovery as people became less reluctant to travel because of the novel coronavirus, which had been suppressing travel demand in recent years. However, demand showed signs of stagnating because of higher accommodation prices and other factors.」
While coronavirus-related reluctance to travel receded, stagnating domestic travel demand due to higher accommodation prices and other factors was identified as a new impediment. - FY2025-H1RestatedAnnual report
「During the first half of the current consolidated fiscal year, consumer prices continued to rise, while employment and income conditions showed some improvement. Although the economy showed signs of stalling in some areas, it remained on a gradual recovery trend.」
While consumer prices continued to rise and the economy showed signs of stalling in some areas, improvements in employment and income conditions and a gradual economic recovery were described as part of the business environment. - FY2024-Q1MitigatedAnnual report
「During the first quarter of the current consolidated fiscal year, employment and income conditions improved, and the economy is gradually recovering.」
In contrast to the weakness of the economic recovery described through the previous fiscal year, the disclosure describes improvements in employment and income conditions and a gradual economic recovery. - FY2023-Q3WorsenedAnnual report
「During the first nine months of the current consolidated fiscal year, restrictions on activities to prevent the spread of the novel coronavirus were lifted, and social and economic activity gradually moved toward normalization. However, Russia's invasion of Ukraine, rising prices associated with the yen's sharp depreciation, and supply-side constraints caused the economic recovery to remain weak.」
In addition to the normalization following the lifting of restrictions on activities, the disclosure explicitly identified the invasion of Ukraine, the yen's sharp depreciation, rising prices, and supply-side constraints, and described an economic recovery that remained weak. - FY2023-Q2WorsenedAnnual report
「During the first half of the current consolidated fiscal year, restrictions on activities to prevent the spread of the novel coronavirus were lifted, and social and economic activity gradually moved toward normalization. However, in addition to the impact of the seventh wave of infections from July onward, the situation in Ukraine and rising prices associated with the yen's sharp depreciation caused the recovery in personal consumption to remain weak.」
The disclosure describes the gradual normalization following the lifting of restrictions on activities, while noting that the recovery in personal consumption remained weak because of the seventh wave of infections, the situation in Ukraine, the yen's sharp depreciation, and rising prices. - FY2022WorsenedAnnual report
「Although the government's policies aimed at making Japan a tourism-oriented nation remain in place, the travel market is expected to remain disrupted, as factors including the continued spread of the novel coronavirus, Russia's invasion of Ukraine, high crude oil prices, and the yen's depreciation continue to sharply reduce travel demand.」
In addition to the novel coronavirus, Russia's invasion of Ukraine, high crude oil prices, and the yen's depreciation trend were explicitly identified as continuing factors sharply reducing travel demand. - FY2022-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy remained in difficult conditions as the spread of the novel coronavirus continued unabated.」
The disclosure states that, as the infectious disease outbreak had not subsided, external conditions including the domestic economy and personal consumption remained difficult. - FY2021WorsenedAnnual report
「The first quarter of fiscal 2021 was also significantly affected by the fourth wave, and difficult conditions continued.」
The disclosure states that the impact of the novel coronavirus's fourth wave continued into the first quarter of the following fiscal year, indicating that external-environment risks had become prolonged. - FY2020WorsenedAnnual report
「Although the government's policies aimed at making Japan a tourism-oriented nation remain in place, the travel market is expected to remain disrupted, with events such as outbreaks of infectious diseases caused by the novel coronavirus sharply reducing travel demand.」
In addition to the previously cited economic conditions, personal consumption, weather, and other variable factors, the emergence of an infectious disease that sharply reduced travel demand was identified, substantially increasing external-environment risks. - FY2020-Q3WorsenedAnnual report
「During the first nine months of the current consolidated fiscal year, Japan's economy showed improvements in corporate earnings and employment and income conditions amid a gradual recovery trend. However, concerns about a slowdown in the global economy due to trade friction between the United States and China contributed to growing uncertainty about the outlook.」
Concerns about a slowdown in the global economy due to trade friction between the United States and China were explicitly identified, and the disclosure states that uncertainty about the outlook increased. - FY2020-Q2RestatedAnnual report
「During the first half of the current consolidated fiscal year, Japan's economy continued to show improvements in employment and income conditions amid a gradual recovery trend. However, concerns about a slowdown in overseas economies contributed to growing uncertainty about the outlook.」
While employment and income conditions continue to improve, concerns about a slowdown in overseas economies and uncertainty about the outlook continue to be described as risks in the business environment. - FY2020-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy continued to show improvements in employment and income conditions amid a gradual recovery trend. However, concerns about a slowdown in overseas economies contributed to growing uncertainty about the outlook.」
The disclosure states that uncertainty about the outlook increased against a backdrop of concerns about a slowdown in overseas economies. - FY2019WorsenedAnnual report
「Looking ahead, the economy is expected to remain on a gradual recovery trend. However, concerns about a downturn in the domestic economy due to slower growth in China and Europe and declining exports mean that the uncertain outlook is expected to continue.」
In addition to the previously cited concerns about personal consumption and economic conditions, slower growth in China and Europe, declining exports, and concerns about a downturn in the domestic economy were explicitly identified. - FY2019-Q2RestatedAnnual report
「During the first half of the current consolidated fiscal year, Japan's economy continued on a gradual recovery trend, with corporate earnings and employment and income conditions improving. However, personal consumption remained weak.」
While corporate earnings and employment and income conditions continue to improve, the weakness of personal consumption continues to be described as a source of uncertainty in the business environment. - FY2018WorsenedAnnual report
「Looking ahead, the economy is expected to recover gradually, supported by expanding corporate earnings and improving employment and income conditions. However, with labor shortages in Japan, U.S. economic policy, the United Kingdom's withdrawal from the EU, and geopolitical risks in East Asia and elsewhere, the uncertain outlook is expected to continue.」
In addition to the previously cited economic conditions, personal consumption, labor shortages, and geopolitical risks, U.S. economic policy and the United Kingdom's withdrawal from the EU were explicitly identified, making the sources of uncertainty going forward more specific. - FY2018-Q2RestatedAnnual report
「During the first half of the current consolidated fiscal year, Japan's economy continued on a gradual recovery trend, with corporate earnings expanding and employment conditions improving. However, personal consumption remained weak amid sluggish income growth.」
Sluggish income growth and weak personal consumption continue to be described as business conditions that could affect performance. No material changes were identified in the risks related to the business or other matters. - FY2018-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy was on a gradual recovery trend, with improvements in corporate earnings and the employment environment. Personal consumption showed some signs of recovery but remained weak.」
The business environment continues to be described in terms of improving corporate earnings and employment conditions, while personal consumption remains weak. - FY2017WorsenedAnnual report
「Looking ahead, the economy is expected to recover gradually, supported in part by improving corporate earnings. However, with labor shortages in Japan, concerns about the global economy, including Europe and the United States, and geopolitical risks, the uncertain outlook is expected to continue.」
In addition to the previously cited economic conditions and personal consumption, labor shortages, concerns about the global economy, and geopolitical risks were explicitly identified as sources of uncertainty going forward. - FY2017-Q3RestatedAnnual report
「During the nine months ended the third quarter of the fiscal year under review, the Japanese economy showed improvement in corporate earnings and the employment and income environment amid a gradual recovery, but this did not lead to an increase in personal consumption.」
Although corporate earnings and the employment and income environment improved, personal consumption did not increase, and this continued to be cited as part of the business environment. - FY2017-Q2RestatedAnnual report
「During the six months ended the second quarter of the fiscal year under review, the Japanese economy remained in an uncertain environment, with corporate earnings and employment improving but personal consumption remaining sluggish and concerns about a slowdown in the global economy intensifying.」
Sluggish personal consumption and concerns about a slowdown in the global economy continue to be cited as uncertainties in the business environment that could lead to earnings fluctuations. - FY2017-Q1RestatedAnnual report
「During the first quarter of the fiscal year under review, the Japanese economy remained in an uncertain environment, with corporate earnings and employment improving but personal consumption remaining sluggish and concerns about a slowdown in the global economy intensifying.」
Sluggish personal consumption and concerns about a slowdown in the global economy continue to be cited as uncertainties in the business environment. - FY2016First statedAnnual report
「The number of customers handled and net sales may be affected by a decline in personal consumption caused by deteriorating economic conditions, weather, changes in the market environment and other factors, and the operating performance of our group may fluctuate.」
The company identifies economic conditions, consumption, weather and the market environment as external factors that may cause travel demand to fluctuate.