Japan · Delayed Price · Currency is JPY ZOZO, Inc. Earnings Call Transcripts
Fiscal Year 2026
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GMV and EBITDA grew year-over-year, meeting full-year targets due to strong winter sales and cost efficiencies. FY 2026 guidance projects continued growth, with logistics expansion and new business domains, including fragrance and AI, supporting the medium-term plan.
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Management targets stable EBITDA growth with a 5% CAGR, focusing on Near Fashion and Global Domain expansion, while maintaining disciplined CapEx and M&A. Logistics upgrades and AI initiatives support growth, with profitability hinging on Lyst and new business integration.
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GMV and EBITDA reached record highs, driven by strong winter sales and cost efficiencies. FY 2026 guidance projects continued growth in GMV, net sales, and adjusted EBITDA, with strategic expansion into new domains and logistics automation.
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Q3 FY2025 saw GMV up 9.1% and EBITDA up 9.5% year-over-year, with EBITDA margin at 12.6%. Production business was discontinued, incurring a ¥700 million loss, while the K-Fashion Zone launch drove brand expansion and engagement among young women.
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Q3 saw record EBITDA despite GMV missing targets, driven by logistics efficiencies and strong ZOZOCOSME performance. Musinsa's brand count surged, with greater impact expected in Q4, while Lyst faces luxury sector and tariff headwinds but maintains profit via ad cost control.
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GMV and EBITDA reached record highs in Q3, with EBITDA up 9.5% year-over-year and margin slightly down. The production business was discontinued, incurring a JPY 700 million loss, while new initiatives like K-Fashion Zone showed strong early results.
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GMV and EBITDA reached record Q2 highs, driven by strong July-August sales and cost efficiencies, despite lower demand from prolonged heat. LYST consolidation and new K-Fashion initiatives supported growth, while guidance remains unchanged.
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First quarter profit exceeded expectations due to deferred promotions and improved logistics efficiency, while GMV was in line with the plan. Lyst remains in a loss phase with ongoing investments, and promotional expenses are expected to stay stable next year.
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First quarter saw double-digit GNV and EBITDA growth, with record highs achieved. LIST consolidation drove segment changes and forecast revisions, while ZOZO Match launched to boost fashion demand. Dividend and payout ratio guidance remain unchanged.
Fiscal Year 2025
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Institutional investors questioned management on active buyer and GMV growth, the future profitability of a new referral model, and potential M&A budget, while risks from low-cost Chinese brands entering Japan were also discussed.
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FY 2024 saw record GMV and OP growth, with strong cost controls and a 7% year-on-year GMV increase. Outlook for FY 2025 is positive, with further growth expected and a major global expansion via the Lyst acquisition.
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Operational efficiency and cost reductions drove improved margins, with strong advertising and consignment sales. Promotional spending will increase in Q4, and expansion into new categories is planned for next year.
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GMV and OP reached record highs for Q3, with strong year-on-year growth and improved margins. Operational efficiency and successful promotional campaigns drove higher order values, while active membership and shop count continued to rise.
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Productivity and cost efficiencies exceeded expectations in the first half, with AI-driven personalization boosting conversion rates and GMV. Category expansion and app updates are driving user growth, while annual cost targets remain on track despite weather-related sales impacts.
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FY 2024 Q2 saw GMV rise 7.9% year-on-year and OP up 5.3%, with record highs for both. Despite sluggish fall/winter sales due to prolonged heat, strong summer sales and advertising growth drove results. AI and automation initiatives advanced personalization and efficiency.
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Q1 saw record GMV and operating profit, with GMV up 7.6% and OP up 0.2% year-over-year. Margins were pressured by higher logistics and shipping costs, but buyer numbers and order values increased. Full-year guidance is unchanged, with promotion spending set to rise later in the year.
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Depreciation declined sequentially, and the average user age reached a four-year low at 33.3, reflecting successful targeting of younger demographics. Shipping costs rose faster than volumes, prompting concerns about future contract negotiations.
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GMV grew 7.6% year-over-year to JPY 141.8 billion, and operating profit reached a record JPY 15.8 billion, despite higher logistics and shipping costs. Buyer numbers and shop count increased, while the full-year forecast remains unchanged.