Foreign exchange risk associated with a high import ratio
First written in FY2018. 6 of 13 entries say "Materialised", first in FY2023-Q1. Latest entry: FY2026.
Nitori Holdings moved to the "Worse" side of this theme in 2022, the same year as the typical company in this theme.
The whole theme swung hardest in 2022: 49 of 76 companies on the "Worse" side.
10 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「US dollar 43 14,156」
While describing measures such as foreign exchange forward contracts, the unhedged foreign exchange exposure increased from ¥43 million to ¥14,156 million, denominated in US dollars. - FY2025MitigatedAnnual report
「Cost of sales was affected by higher import costs resulting from the depreciation of the yen, but we are developing products that can secure profit even when the yen is weak and are gradually replacing existing products with them.」
While higher import costs resulting from the depreciation of the yen continue, the company is responding by developing and replacing products that can secure profit even in a weak-yen environment. - FY2024MaterialisedAnnual report
「Cost of sales increased as a result of higher import costs caused by the depreciation of the yen, but we continue to address the weaker yen by improving gross margins.」
While higher import costs resulting from the depreciation of the yen continue to be reflected in results as an increase in cost of sales for the period, the company continues to respond by improving gross margins. - FY2024-Q4MaterialisedAnnual report
「Cost of sales increased as a result of higher import costs caused by the depreciation of the yen, but we continue to address the weaker yen by improving gross margins.」
Higher import costs caused by the depreciation of the yen have actually emerged as an increase in cost of sales. The company reported that it continues to take measures by improving gross margins. - FY2024-Q2MaterialisedAnnual report
「However, cost of sales increased as a result of higher import costs caused by the depreciation of the yen.」
Higher import costs resulting from the depreciation of the yen actually emerged as an increase in cost of sales, and were reported alongside a year-on-year decline in operating profit. - FY2023-Q3MaterialisedAnnual report
「However, operating profit fell below the previous year as a result of increased cost of sales caused by higher import costs resulting from the rapid depreciation of the yen and high crude oil prices.」
Higher import costs resulting from the depreciation of the yen and high crude oil prices continue to be reflected in results as increased cost of sales and operating profit falling below the previous year's level. - FY2023-Q2MaterialisedAnnual report
「However, operating profit fell below the previous year as a result of higher cost of sales caused by increases in import costs resulting from the depreciation of the yen and high crude oil prices.」
The company reported that higher import costs resulting from the depreciation of the yen and high crude oil prices actually emerged as an increase in cost of sales, leading operating profit to fall below the previous year's level. - FY2023-Q1MaterialisedAnnual report
「However, operating profit fell below the previous year as a result of higher cost of sales caused by increases in import costs resulting from the rapid depreciation of the yen and high crude oil prices.」
The company reported that higher import costs resulting from the rapid depreciation of the yen and high crude oil prices actually emerged as an increase in cost of sales and operating profit falling below the previous year's level. - FY2022WorsenedAnnual report
「Approximately 90% of our products are developed and imported as private-label products. Accordingly, we are working to stabilize procurement costs by entering into foreign exchange forward contracts for foreign-currency transactions and smoothing import exchange rates. However, if the US dollar appreciates rapidly against the major currencies of various countries, fluctuations in foreign exchange rates may adversely affect our Group's business performance and financial position.」
The company specifies that imports and developed imports account for approximately 90%, providing greater detail on its foreign exchange exposure, while also describing measures involving foreign exchange forward contracts and exchange-rate smoothing. - FY2021-Q1MitigatedAnnual report
「In terms of operating conditions, demand for staying at home rose in response to requests to refrain from going out under the state of emergency, leading to significant growth in sales of storage and organization products, kitchen and dining products, and home-office furniture. Gross profit also improved as a result of foreign exchange forward contracts and cost improvements.」
The company implemented foreign exchange forward contracts in response to the foreign exchange risk associated with its high import ratio, and reported that gross profit improved together with cost improvements. - FY2020MitigatedAnnual report
「Gross profit improved as a result of foreign exchange forward contracts.」
The company reported that, against the foreign exchange risk associated with its high import ratio, hedging with foreign exchange forward contracts improved gross profit for the period. - FY2019RestatedAnnual report
「Our Group's import ratio has remained high at more than 80%, and fluctuations in foreign exchange rates may therefore adversely affect our business performance.」
The company reiterates the foreign exchange risk arising from an import ratio exceeding 80%. - FY2018First statedAnnual report
「Our Group's import ratio has remained high at more than 80%, and fluctuations in foreign exchange rates may therefore adversely affect our business performance.」
The company explicitly identifies the possibility that fluctuations in foreign exchange rates may affect business performance, against a backdrop of an import ratio exceeding 80%.