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Belluna (9997) · RiskMitigated

Lower Profitability as COVID-19 Demand for Medical Goods and Consumables Fades

First written in FY2022-Q1. 5 of 14 entries say "Mitigated", first in FY2024-Q1. Latest entry: FY2026.

14entries
6years
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ProgressHeldSoftenedWorseWorsenedFY2022-Q3 – FY2023-Q2MitigatedFY2024-Q1 – FY20242021: 220212022: 320222023: 320232024: 320242025: 220252026: 12026
Same theme, other companies

0 other companies' latest entry also says "Mitigated".

Ridges = years it wrote progress, valleys = years it wrote worse. Most hopeful companies at the back. Drag to turn, scroll to zoom, right-drag to pan. On a phone, two fingers turn and pinch to zoom; one finger scrolls the page.
Full recordFilings, disclosures and news, newest first
  1. FY2026MitigatedAnnual report

    「In the mail-order business for nurses, the company prioritized improving profitability by reviewing product prices and service levels in some sales channels and reducing catalog publication volumes, resulting in lower revenue but higher profit. Following the termination on 30 June 2025 of the service of the unprofitable nurse recruitment website "ナースキャリアネクスト," revenue was ¥12,304 million, down 2.5% year on year, while segment profit was ¥651 million, up 60.6%.」

    The company proceeded with reviews of prices and service levels, reduced use of print media, and terminated an unprofitable recruitment website in response to shrinking COVID-related special demand and higher costs. Segment profit increased 60.6% despite lower revenue.
  2. FY2026-H1ReframedAnnual report

    「In the mail-order business for nurses, the company prioritized improving profitability by reviewing product prices and service levels in some sales channels and reducing catalog publication volumes, resulting in lower revenue but higher profit. It also ended the service of the unprofitable nurse recruitment website "ナースキャリアネクスト" on 30 June 2025. As a result, revenue was ¥6,344 million, down 4.5% year on year, while segment profit was ¥370 million, up 17.7%.」

    The company shifted its response from the previous focus on shrinking COVID-related special demand for medical sundries and consumables to prioritizing profitability through reviews of prices and service levels, reduced use of print media, and the termination of an unprofitable service, resulting in higher profit despite lower revenue.
  3. FY2025WorsenedAnnual report

    「In the mail-order business for nurses, procurement costs rose due to the weaker yen and persistently high raw material and supply prices. The company prioritized profitability by reviewing product prices in some sales channels and reducing catalog publications, but revenue and profit declined. As a result, revenue was ¥12,623 million, down 2.7% year on year, while segment profit was ¥405 million, down 15.7%.」

    The main factor behind the deterioration in earnings shifted from measures to address shrinking COVID-related special demand to price revisions and reduced use of print media in response to higher procurement costs caused by the weaker yen and higher raw material prices, resulting in lower revenue and profit for the full year.
  4. FY2025-H1ReframedAnnual report

    「In the mail-order business for nurses, purchase costs rose due to the weaker yen and higher raw material and supply prices. The company therefore prioritised profitability by reviewing product prices and reducing the number of media publications in some sales channels, but this resulted in lower revenue and lower profit.」

    The description of factors behind the decline in profitability in the nurse-related business has shifted from the previous focus on shrinking COVID-related special demand for medical sundries and consumables to price revisions and reduced use of print media in response to higher procurement costs caused by the weaker yen and higher raw material prices, resulting in lower revenue and profit.
  5. FY2024MitigatedAnnual report

    「In the mail-order business for nurses, the company prioritized profitability by reducing the number of print materials issued for each season and reviewing the number of issues. It also focused on securing corporate orders, resulting in an improving trend in the number of orders. As a result, revenue was ¥12,975 million, down 7.8% year on year, while segment profit was ¥481 million, up 102.7%.」

    Although the decline in revenue due to shrinking COVID-related special demand continued, full-year segment profit increased 102.7% year on year as a result of reviewing print materials and publication frequency and focusing on corporate orders.
  6. FY2024-Q3MitigatedAnnual report

    「In the mail-order business for nurses, revenue declined because the company optimized advertising expenses, including by reducing the publication of print materials for customers acquired during the spread of COVID-19. Although procurement costs rose due to the weaker yen and higher raw material and supply prices, optimizing advertising expenses significantly improved order efficiency and led to higher profit. As a result, revenue was ¥9,800 million, down 8.7% year on year, while segment profit was ¥449 million, up 118.3%.」

    Advertising expenses were optimized, including by reducing print materials for special-demand customers. Although revenue declined, improved order efficiency resulted in a 118.3% year-on-year increase in segment profit.
  7. FY2024-Q2MitigatedAnnual report

    「In the mail-order business for nurses, the company optimized advertising expenses, including by reducing the publication of print materials for customers acquired during the COVID-related special-demand period, and operated the business with a priority on securing profitability. As a result, revenue was ¥6,730 million, down 11.3% year on year, while segment profit was ¥374 million, up 114.5%.」

    By reducing print materials for customers acquired during the COVID-related special-demand period and optimizing advertising expenses, segment profit increased 114.5% year on year despite lower revenue.
  8. FY2024-Q1MitigatedAnnual report

    「In the mail-order business for nurses, the company optimized advertising expenses, including by reducing the publication of print materials for customers acquired during the COVID-related special-demand period, and operated the business with a priority on securing profitability. As a result, revenue was ¥3,792 million, down 8.4% year on year, while segment profit was ¥249 million, up 61.5%.」

    Advertising expenses were optimized, including by reducing print materials for customers acquired during the COVID-related special-demand period. Although revenue declined, prioritizing profitability resulted in a 61.5% year-on-year increase in segment profit.
  9. FY2023-Q3RestatedAnnual report

    「In the first quarter, although the company conducted active advertising, including TV commercials, the impact of the spread of COVID-19 subsided and demand for medical sundries and consumables, including masks and pulse oximeters that had benefited from special demand in the same period last year, declined. As a result, revenue was ¥10,736 million, down 11.3% year on year, while segment profit was ¥205 million, down 76.6%.」

    The decline in COVID-related special demand for medical sundries and consumables continued, and the nurse-related business reported lower revenue and a substantial decline in profit despite active advertising.
  10. FY2023-Q2WorsenedAnnual report

    「In the first quarter, although the company conducted active advertising, including TV commercials, the impact of the spread of COVID-19 subsided and demand for medical sundries and consumables, including masks and pulse oximeters that had benefited from special demand in the same period last year, declined. As a result, revenue was ¥7,591 million, down 13.4% year on year, while segment profit was ¥174 million, down 77.4%.」

    The decline in COVID-related special demand for medical sundries and consumables continued, the nurse-related business reported lower revenue, and segment profit fell 77.4% year on year.
  11. FY2023-Q1WorsenedAnnual report

    「Although the company conducted active advertising, including TV commercials, the impact of the spread of COVID-19 subsided and demand for medical sundries and consumables, including masks and pulse oximeters that had benefited from special demand in the same period last year, declined. As a result, revenue was ¥4,139 million, down 6.1% year on year, while segment profit was ¥154 million, down 55.9%.」

    The decline in COVID-related special demand for medical sundries and consumables continued, and the nurse-related business reported lower revenue despite active advertising, while segment profit fell 55.9% year on year.
  12. FY2022-Q3WorsenedAnnual report

    「Although the company conducted active advertising, including TV commercials, the impact of the spread of COVID-19 subsided and demand for medical sundies and consumables, including masks and pulse oximeters that had benefited from special demand in the same period last year, declined. As a result, revenue for the nine months ended 31 December was ¥12,097 million, up 6.2% year on year, while segment profit was ¥880 million, down 34.9%.」

    The decline in COVID-related special demand for medical sundries and consumables continued, and segment profit fell 34.9% year on year despite active advertising, with the decline widening from the previous quarter.
  13. FY2022-Q2RestatedAnnual report

    「Although the company conducted active advertising, including TV commercials, the impact of the spread of COVID-19 subsided and demand for medical sundries and consumables, including masks and pulse oximeters that had benefited from special demand in the same period last year, declined. As a result, revenue was ¥8,765 million, up 11.1% year on year, while segment profit was ¥772 million, down 26.1%.」

    The decline in COVID-related special demand for medical sundries and consumables continued, and segment profit fell 26.1% year on year despite active advertising.
  14. FY2022-Q1First statedAnnual report

    「In the Nurse-Related Business, we conducted aggressive advertising, including television commercials, as the number of active customers increased. However, demand for medical goods and consumables such as masks and pulse oximeters, which had benefited from special demand in the same period of the previous year, declined as the impact of the spread of COVID-19 subsided. As a result, net sales were ¥4,408 million, up 9.5% year on year, while segment profit was ¥350 million, down 40.1%.」

    Demand for medical goods and consumables such as masks and pulse oximeters declined as COVID-related special demand subsided, resulting in a 40.1% year-on-year decline in segment profit despite higher sales.
Moved together

"Deterioration in Earnings from Foreign Exchange Movements" moved the same way as this thread, in the same document, in 7 of its 14 moves.

776655★123456
  1. ★This thread
  2. 1Deterioration in Earnings from Foreign Exchange Movements7×
  3. 2Lower Property Business Revenue and Profit following the Decline in Real Estate Sales7×
  4. 3Sluggish Hotel Revenue6×
  5. 4Higher Revenue and Improved Profitability in the Specialty Mail-Order Business6×
  6. 5Higher Revenue and Operating Profit, but an Ordinary Loss5×
  7. 6Higher Wholesale Revenue but a Segment Loss5×

★ is this thread; numbers match the list above. The number on a line is how many documents both moved the same way in; lines between the other threads count the documents they moved together in too. Threads that move together often sit closer.

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Belluna's next results are scheduled for 2026-10-30. Read the earnings preview
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