It is now time, so let's begin. My name is Kobayashi from ZOZO. We'd like to start the full year financial results conference call of ZOZO for FY 2021 ending in March of 2022. From ZOZO's side, we have two participants, Director, Executive Vice President and CFO Koji Yanagisawa and me, Kobayashi. Now, we would like to have CFO Yanagisawa take us through the business results.
Good evening, everyone. Now I'd like to walk you through the full year earnings results of FY 2021 ending in March 2022. Let's jump right in. Here are the highlights of FY 2021. This year, our gross merchandise value, GMV, went up by 21.3% year-on-year, landing at JPY 508.8 billion. Our GMV, excluding other GMV, went up by 13.3% year-on-year, landing at JPY 462.1 billion. Our operating profit was up by 12.5%, landing at JPY 49.6 billion. Both GMV and OP exceeded the plan, and we were able to finish the year strongly. Moving on to page 7 of the document. These are the quarterly changes of the business results.
In the fourth quarter, GMV excluding other GMV was up by 12.7% year-on-year. Unaffected by the changes in the number of COVID infections and the degree of the traffic recovery, the brands continued to proactively provide us with their inventory, and our vigorous promotional activities have proven to be fruitful. As a result, our GMV grew steadily, maintaining more than 10% growth year-on-year. Regarding our operating profit, we proactively aired TV commercials in order to attract new customers. We also made donations through the sales of the charity T-shirts in support of Ukraine, which is exactly the T-shirt that I'm wearing right now. Those were the cost increases that we saw.
On the other hand, our gross profit increased thanks to the GMV growth and the advertising business, and we managed to reduce logistics-related costs and payment collection fees as well. These factors drove up the profit by 5.0% year-on-year, and our OPM landed at 9.0%. Now I'd like to move on to page 8 of our deck. This is the increase-decrease analysis of our operating profit. This year, our operating profit was JPY 49.65 billion, up by JPY 5.5 billion from the previous year. There were three factors attributable to the growth of the OP. First, JPY 10.17 billion from the increase in consignment shop commission coming from GMV growth. Second, JPY 2.17 billion from the sales increase generated by the advertising business. Third, JPY 3.78 billion from the growth of shipping revenue and payment service revenue coming from the GMV increase.
一方、引き下げ要因、大きなもの、こちらも三つございまして、一つ目は物流拠点の増加等でですね、社員数の増加ですとか、あるいは業務委託の増加による固定費の増加、これが33.7億円。売上高に比例して増加する変動費ですね、これが48.7億円。テレビCM中心とした広告宣伝費の増加、これが17.7億円となりました。
On the other hand, there were mainly three factors that drove down the OP. First, JPY 3.37 billion from the increase in fixed costs impacted by the increase in employees, logistic bases and the outsourcing expenses. Two, JPY 4.87 billion from the increase in variable costs that rose in correlation to the GMV. Third is JPY 1.77 billion from the increase of promotion expenses associated mainly with the active airing of TV commercial.
はい、続いて連結財政状態、説明資料の9ページになります。
Now let's go to page 9, which is the consolidated balance sheet.
こちらも、比較としては前年三月三十一日時点との比較になりますが、大きな変化としては、今期はですね、プライム市場への適合に向けた取り組みの一環で自己株式の取得を実施している関係で、現預金の減少と自己株式の増加という結果になっておりまして、それ以外のところはあまり大きな変化はございません。
Here we're comparing ourselves to the figures that we had on the 31st of March in the previous fiscal year. Basically acquired treasury stock in order to meet the criteria for the Prime section and consequently had an effect on our cash and deposits and treasury stock items. Aside from these, there are no major changes.
続いて、ちょっと一ページ飛ばしていただいて、説明資料の16ページの商品取り扱い高四半期推移になります。
Let's skip 1 slide and go to page 16 of the deck.
商品取り扱い高はですね、構成比はあまり大きく変化はしておりませんが、昨年度の第二四半期から計上しましたですね、その他の商品取り扱い高の構成比がですね、9.6%ということで、前期比では2.5ポイント増加となっております。
This is the quarterly GMV trend. The shares didn't change that much, but the ratio comprised by other GMV that we started to record from the second quarter of the last fiscal year went up by 2.5 points year-on-year, finishing at 9.6% this quarter.
はい、続いて資料の22ページ、販管費の推移になります。
Okay, let's go to page 22. This is the SG&A trend.
第四クオーターの会計期間においてはですね、テレビCM等の集客策を実施したことによって、等のですね、広告宣伝活動を積極的に実施しております。その結果、販管費に計上されるプロモーション関連費ですね、これが2.3%ということになっております。
In the fourth quarter, we aggressively implemented advertising activities such as TV commercials in order to attract customers. As a result, the ratio of promotion related expenses recorded in SG&A became 2.3%.
ここには記載していないんですけれども、通期でですね、いわゆるプロモーション、広告宣伝費と、ポイント等のですね、値引き施策ですね、その全体の、その合計した広告宣伝費率、販促費も含めた広告宣伝費率というのは、通期で大体3.5%、GMV対比で3.5%となっております。
Although this is not written on this page, on an annual basis, if you include promotional/advertising expenses with and also expenses for discount and also expenses for sales promotions. All in all, that amounts to approximately 3.5% against the GMV.
はい、続いて説明資料21ページの営業利益、営業利益率の四半期推移になります。
Let's now go to page 21. This is the OP and OPM changes.
今第四クオーターはですね、広告事業の成長や物流センターのオペレーション効率化によるですね、営業利益率の押し上げ効果はあったのですが、一方で、集客販促のですね、積極化をしておりまして、プロモーション費用をかなり消費したという結果になっております。
In the fourth quarter of this year, OPM increased with the advertising business growth and improvement in operational efficiency in the distribution centers. However, regarding the promotional cost, we saw an increase due to active recruitment and sales for sales promotions.
さらにですね、ウクライナの今回の件に対してですね、チャリティーのTシャツの販売を実施し、それによる寄付ですとか、あるいは期末のですね、従業員向けの決算賞与の支給も実施しているので、その結果、この第四クオーター営業利益率が9%というふうになっております。
On top of that, we decided to sell this charity T-shirts in support for Ukraine, in the wake of the incident taking place in Ukraine. Also, we paid out the bonus to our employees. At the end, we landed our OPM at 9.0%.
で、この販管費のうち、次のページですね。説明資料の20ページになりますが、販管費の通期内訳になります。
Next, we have the SG&A breakdown for the full year.
こちら、通期の商品取り扱い高対比の販管費率が23%となりまして、前年同期では、0.5%の低下となっております。
Our SG&A against total GMV finished at 23.0%, decreasing by 0.5% year-on-year.
先ほどお話しした、ポイント関連費ですね。これは、以前よりお話ししている通り、会計基準の変更でですね、ポイント関連費を、売上からの値引きということでの対応になりましたので、ポイント関連費がまず0.5%程度減っているという状況になります。
Earlier, I touched upon the point related expenses. With the new revenue standard application, point related expenses recorded as an SG&A expense last year are now deducted from net sales instead. This brought down the point related expense by 0.5 point.
あとは大きな点としてはですね、物流拠点内の作業効率向上で物流関連の人件費、これが0.3ポイント低下。あとは決済手数料のですね、条件変更による、代金回収手数料率が、も低下で0.3ポイント低下しております。
Another big factor is the efficiency of the logistics basis. This improved, resulting in a 0.3-point decline of logistics-related expenses under payroll and staff costs. The third one is the payment collection fee. This one decreased by another 0.3-point, due to the fact that we changed our payment collection company.
販管費率の上昇要因は、広告宣伝費ですね。ここが0.6ポイント上昇となっております。
Factors that drove up the SG&A is promotion or advertising here.
はい。続いてZOZOTOWNの主なKPIの説明に参ります。資料24ページからお願いいたします。
Please go to page 24 of the deck. I'd like to move on to the main KPIs of ZOZOTOWN.
これらのKPIはすべて、PayPayモールを含まないZOZOTOWNのみの数値になります。
These KPIs hereafter do not include the results of PayPay Mall. It's strictly just about ZOZOTOWN.
はい。まず年間購入者数です。前四半期比では31万人増加の1,041万人となっておりまして、アクティブ会員数がプラスの33万人ということで、え、904万人になりました。
The number of total buyers was up by 310,000 from the previous quarter, amounting to 10.41 million, of which active members was 9.04 million, increasing by 330,000 against the previous quarter.
特に四半期ではですね、新規獲得だけではなくて、既存会員の離反防止ですとか、あるいはアップセルを目的としたプロモーション、これを比較的強化した結果ですね、アクティブ会員数が前四半期比よりも、四半期よりもですね、プラス10万人ぐらいで終わったという結果になっています。
In the fourth quarter, not only did we focus on the new member recruitment, but we also implemented promotional initiatives to help prevent customer defection and also drive upsell. As a result, we could grow the number of active members by about 100,000 more than how we did in the previous quarter.
続きまして、ショップ数の推移、25ページになります。
Let's go to page 25. This is the number of shops at ZOZOTOWN.
この第4四半期末、1,510ショップとなりまして、前四半期末からは6ショップの純減となっております。
As of the end of the fourth quarter, the number of shops was 1,510, which is a net decrease of 6 shops from the end of the last quarter.
純減となっておりますけれども、これは、やはり期末ということでですね、ブランドさんがなくなってしまったですとか、あるいは、要するにZOZOTOWN内での売り上げが良くないということで退店いただくブランドさんですとか、まあそういったブランドさんが、やっぱり期末は増えてくるということで、純減となっておりますが、四半期の出店数を見ると23ショップ出店ということですね。順調に出店の方は進んでいる状況です。
As I have mentioned, we are experiencing a net decrease, and this is because this was the end of the fiscal year, and some of the brands no longer exist because they decided to close these brands. Some of the brands decided to pull out from ZOZOTOWN because their sales in ZOZOTOWN is not as good as they had hoped. With that said, we were able to welcome 23 new shops to our platform. The performance in terms of the number of shops has been quite good.
続いて平均出荷単価、商品単価ですね。資料の30、31ページにまいります。
Now let's go to page 30 and 39, which is about the average retail price and average order value.
はい。平均商品単価はですね、前年同期プラスの0.1%。平均出荷単価はですね、マイナスの0.2%ということで、ほぼ横ばいという水準になっております。
Regarding the average retail price, it was up by 0.1% year-on-year. Regarding average order value, it was down by 0.2% year-on-year. Both are rather flat.
特に出荷単価はですね、これ期を通してですね、ほぼほぼフラットな水準になってきていて、だいぶこう下げ止まり感が出てきているのかなというふうに思っています。
I want to elaborate on average order value. It's been rather flat for, pretty much the entire year. It seems as though our average order value has already bottomed out.
ここまでが2022年3月期の概要になりまして、ここからは資料の33ページ以降、2023年3月期の業績に関して、ご説明します。
Up until this point, these were the business results of FY21. Next, I'd like to share our business plan for FY2022.
まず、この進行期の商品取り扱い高、前期比6.9%増の5,438億円。その他商品を除いた商品取り扱い高は、前期比で7.3%増の4,958億円。営業利益はですね、前期比3.7%増の515億円、営業利益率は10.4%という計画になっております。
The full year consolidated earnings forecast for the ongoing fiscal year are as follows. We target to increase GMV by 6.9% year-on-year to JPY 543.8 billion, and our GMV excluding other GMV targeted to increase by 7.3% year-on-year to JPY 495.8 billion yen. Net sales are plus 9.1% year-on-year, one hundred and eighty one point three billion and OPM at 10.4%.
はい。配当金ですが、引き続き配当性向50%を目標としておりまして、一株当たりの配当予想は60円と申しております。
As far as our dividend is concerned, we will continue to target a payout ratio of 50% or more and plan to pay a dividend of JPY 60 per share.
一方で終わった期の2022年3月期の配当ですが、計画では55円でしたけれども、58円に引き上げるという旨、今回開示させていただいております。
The dividend for fiscal 2021 ending in March 2022 has been raised to JPY 58 per share from the initial plan of JPY 55 per share. As a matter of fact, we disclosed this information today.
次のページに行っていただいて、事業別の予想をお話しさせていただきます。計画をお話しさせていただきます。
Okay. Let's move on to the next page. These are our targets by business for this fiscal year.
まず、この進行期はですね、ZOZOTOWN事業とPayPayモール事業の合算でですね、商品取り扱い高の二桁成長というのを目指していく予定で、両方合わせてですね、10.2%という計画で考えております。
These are what we have in mind for the ongoing fiscal year. We plan to maintain double-digit growth in GMV for the combined total of ZOZOTOWN and PayPay Mall businesses.
一方でBtoBビジネスが、40%減となっておりますけれども、これはですね、今年の2月にですね、当初から計画されていたUnited ArrowsさんのECサイトの運営をやめていると。離脱されたということで、その分の商品取り扱い高が、全体の成長率のマイナスに、影響しております。こちらはただ一時的な減速というふうに考えております。
Regarding our BtoB business, we are expecting to have -40% growth. This is because the long planned termination of United Arrows took place. There was a departure of United Arrows from our BtoB business, and this will hurt the overall growth rate for GMV. This slowdown will only be temporary.
営業利益の成長率が非常に低いというふうに見えると思いますが、これは大きく二つの要因があります。
It seems as though our OP growth rate looks low. There are two factors around this.
まず一つ目がですね、2023年の8月に新規の物流センターの稼働を計画しておりまして、それに向けてですね、今現状の物流のボリュームといいますか、既存の物流センターのボリュームが非常に増えてくると。結果、作業効率が若干落ちてくる部分が発生するですとか、あるいはその新規の物流センターの稼働に向けた従業員の採用といったような、先行的な採用といったようなものが発生する関係で、コストが増加してくる。作業効率が落ちることによるコスト増といったようなものが発生するというふうに考えております。
In August of 2023, we plan to launch the operation of a new logistics center. Until then, the volume that needs to be handled by existing logistics centers will be greater. This will push down the work efficiency somewhat. Another factor is that we need to make upfront investment in recruitment of the staff to work in this new logistics center. This will drive up the cost while pushing down the work efficiency.
二つ目がシステム関連投資ですね。システム関連の費用をこの二年ぐらいコロナ禍の中でですね、比較的あの抑え目で事業を運営してきていたんですけれども、いよいよそこはあの、ある程度人員採用ですとか、あるいは業務委託関連の費用ですとか、そういったものを投入してですね、まあ開発を充実させていきたいというふうに考えているので、これは先行的な投資も含む形になるんですけれども、そこの部分をですね、充実させるということで、そこの投資費用が増えてくるというようなことがございます。
Another factor, which is the second point that I'd like to mention, is the system related investment. Amid COVID, what we have been doing is to suppress the amount of business investments, and that goes for recruitment efforts and also business related efforts as well. Moving forward, we'd like to start accelerating our development. This of course will include upfront investment as well. Basically the amount of investment will be greater going forward.
したがって既存の事業がですね、何か大幅に収益が悪化する要因があるというわけではなく、どちらかというと、先行的なコストがちょうど来期とか新工期ですね、かかってくるというような状況になっております。
What it means in summary is that, our existing business profitability is not going to experience a major decline. Basically in the next fiscal year, we plan to make upfront investments on several fronts.
続いて設備投資の計画ですが、こちらもですね、今期、この新工期は¥100億程度の設備投資を計画しておりまして、一番大きい要因が、先ほどお話しました新しい物流拠点ですね。これに対する設備投資が¥65億、既存の物流拠点への設備投資が¥25億、システム関連で¥10億、そういった計画を掲げております。
This is our capital investment information. A total of ten billion yen in CapEx is planned for FY 2022. The breakdown is as follows. The biggest one that we have in the plan is JPY 6.5 billion for the new logistics base that's going to be leased from next year in February. There's JPY 2.5 billion for the purchase of equipment for existing distribution centers and another JPY 1.0 billion for system-related investments.
ここから次からはですね、説明会で澤田がお話しした内容について、ちょっと時間もないのでかいつまんで説明させていただきます。
From here onward, these are the slides that were covered by Sawada, our CEO. Our time is limited. I'd like to just, really briefly touch upon the highlights of his presentation.
まずこちらのスライドですけれども、これはこの過去一年半ぐらいで、一年半ぐらいの間でですね、ZOZOの認知度、第一想起、ファッションを買おうと思った時に第一想起をするサイトの位置付けとしてですね、非常にそこの想起というところが増えたというところで、人口換算する、ターゲットの人口換算すると約167万人ぐらいですね、この第一想起として思い浮かべてくれる人が増えているという状況になっています。
This page is about the awareness rate of ZOZO. To be more specific, top of mind share of ZOZO that we've been conducting the survey on for the past 18 months. If you calculate the target population size, those who would think of ZOZO as a top of mind player amounts to approximately 1.67 million in population.
次のページの通りですね、新規の会員購入者数、これもですが、これがですね、非常に順調に獲得も進んできていて、例年通りの推移になっていると。これもその想起からの購入というところの、いい循環が生まれてるんじゃないかというふうに思っています。
The next page is our growth of new buyers. You can see that we were able to grow at a similar level as other previous years, and we have been able to create that positive cycle of increasing the top of mind share and also increasing the number of new buyers.
ちょっと二ページ飛ばしていただいて。原料高による影響ということで、世界的に今、原油――原料高が進んでると思うんですけれども、我々が販売している、ファッション商材ですね、直接材は今のところ商品価格の上昇の傾向というのは、見られておらず、間接材もですね、今のところ、確定的な影響は見えていないんですが、ここは将来的に、もしかしたら出てくる可能性はある。そういう意味では、現時点では業績の影響というのは限定的かなというふうに思っています。
Let's skip two pages and move on to talk about the impact of the raw material costs increase. As you know, the raw material costs are on the rise. We handle fashion merchandise. We haven't really witnessed a hike in prices of the merchandise that we carry. There's also indirect materials, and we cannot say anything definitive at this stage. We might experience future price hikes. At the moment, the negative impact of the raw material cost increase is rather limited.
続いてZOZOCOSMEの状況ですが、ZOZOCOSME、月間GMV非常に順調に伸ばしてきておりまして、特にこの一周年に向けてですね、かなり二月、三月と形で大幅にGMVを伸ばしております。
Let's move on to talk about ZOZOCOSME. Our monthly GMV has been growing steadily for ZOZOCOSME, especially when we celebrated our first anniversary in February and March. Our numbers were very good.
この期、前期ですね。2022年3月期はですね、ZOZOCOSMEの商品取り扱い高約57億円ございました。今期、この新後期ですね。2023年3月期はですね、取り扱い高100億円を目指そうというふうに考えています。
In FY 2021, we were able to generate JPY 5.7 billion in sales. For this fiscal year, FY 2022, we're aiming to do JPY 10 billion in sales for ZOZOCOSME alone.
次のページ行っていただいて。我々前期ですね、WEARにEC機能を持たせようという話を、させていただいたというのを皆さんもしかしたら記憶してるかもしれないんですが、まあ結局前期出すことができなかったんです。今期ですね、それを実現しようと。我々が考えたWEARのEC機能というのはですね、ここに書いてある通り、ファッション特化型のソーシャルコマースということを考えています。
You may have remembered this from our previous sessions, but we've been saying that we'd like to implement an EC function to our WEAR. Unfortunately, we couldn't make this happen in the last fiscal year. This is what we'd like to do in this fiscal year, so that we can create a fashion oriented social commerce using our WEAR.
これはオファー型CtoC、マーケットというふうに我々は考えているんですが、WEARの中にですね、誰か、WEARISTAという、そのおしゃれだったって、その人の商品を買いたい、着てる服を買いたいというのを、例えば一般の人がその人にオファーを出すと。その人がいいですよ、これ売りますよとなれば、売買が成立すると、まあそんなような、ECを考えています。
The type of EC that we would like to bring to life on WEAR is what we call offering type CtoC marketplace. What it means is that on WEAR, we have fashion forward people that we call WEARISTAs. Let's say that they will post photos of them in a wardrobe or in a certain look. If the viewers will be interested in buying that outfit, they will be able to reach out to that WEARISTA and mention that they want to buy the wardrobe. If the WEARISTA agrees to sell, then there could be monetary transaction between the two parties. That's what we mean by offering type CtoC marketplace.
すいません。遅くなって長くなっちゃって。最後にZOZOFITというのを、アメリカで、この夏からローンチしようと思っていまして。これは、新しく作ったZOZOSUIT 2ですね。体型計測をするツールを活用してですね、もう身体計測に特化したサービスとして、サービスを提供していこうというふうに思っています。
I'm sorry, my presentation is becoming very long. I'd like to also share with you another service that we have in plan, which is called ZOZOFIT, and which is something that we'd like to launch in summer of this year, in the United States. This is a technology that fully utilizes ZOZOSUIT, second version. This will be strictly focused on body measurement.
以上で説明を終わらせていただきます。
That will be all for my presentation.
それでは質疑応答に入ります。ご質問がある方は、お手元画面の手を上げるボタンより挙手をお願いいたします。こちらから...。すいません。どうぞ。
Let's open up for questions. If you have a question, please raise your hand.
こちらから指名した方はミュート解除の上、所属企業、お名前を発言してからご質問いただけますようお願いいたします。
When you're prompted, we very much appreciate if you can kindly provide us your name and the company you work for, before stating your question.
Hi. Mr. David, please go ahead.
Yes. Hi. Thank you. David Gibson, MST Financial. First question is actually on the consignment take rate. Could you talk about why that was down in the quarter? I think it was 27.6%, down from 28.4% in third quarter. You know, why is that happening? Then what is the outlook for the take rate for the consignment business, please?
MST Financial の David Gibson です。私からの質問は、コンサイメントビジネスのテイクレートに関してなんですけれども、三期では確か28.4%で、四期に入った時点でこちらが27.6%に下がったという理解でおります。これはなぜでしょうか？そして、テイクレートに関する見通しも教えてください。
これは小林さん、あれですか、あの...
ポイントの影響ですね。
ポイントの影響ですね。パーソナルディスカウントのポイントの、売上減ってことですね。
That's mainly due to the points that's related to personalized, or customized discount that we provide.
先ほど話した、今までは販管費のポイントを費用として計上していました。これが、会計基準の変更で販管費ではなく、売上から直接引くということで、見かけ上のテイクレートが下がっていると、そういうことです。
Just to elaborate on that, before we used to record that under SG&A-related costs. We decided to directly deduct that amount from net sales, and that's why the take rate looks as if it has gone down at the outset. We'd like to sustain this new rule application and, depending on the amount of discount or the frequency of the discount that we implement, the take rate will look as though it fluctuates from one quarter to another. What it means is that the take rate that we receive from the brands, or we call that commission that we receive from the brands, is not changing that much.
Okay, thank you. Could you clarify and give just an overall view on the guidance for next fiscal year for 2023? Would you view it as conservative, middle of the road or aggressive? How would you view your guidance, please?
Regarding OP, I could say that we are rather conservative for operating profit guidance. For GMV, I believe that it's rather neutral.
All right. Thank you. Just on the, for the guidance, the SG&A expenses, in particular the promotion expense, could you talk about what your expectations are for that line item for next fiscal year, please?
What I would like to say is that we plan to use about 3.5% of the GMV for expenses inclusive of advertising costs and also costs related to those points that we give out.
Should we expect that expense in absolute terms to be up year on year?
In absolute figures, yes, because we planned for 3.5% of GMV, and it was also 3.5% for the last fiscal year as well. If you look at the absolute number and do a comparison, yes, it'll be greater.
Okay. Sorry. Final question, I promise this is it. On the logistics slide, which is page 42 of the larger presentation, it shows that Chiba 3, that the lease will be restarted now in April. Could you just talk about why is it necessary to bring that back on as well as the new center in 2023? Thank you.
In a nutshell, we're using Chiba 3 strictly as a storage because we will run out of the storage space before this new logistics center will be in operation.
Okay. Thanks very much.
Thank you.
Mr. Brantley, the floor is yours.
Hi. Thank you so much for the opportunity to ask questions. This is Arthur from Hedosophia. I wanted to dig in a little bit deeper on the consignment take rate. I understood that that was the personalized discounts manifesting in a more pronounced way in the fourth quarter. I guess if we took a more sort of like a twelve-month view, do you expect to be able to maintain around the same consignment take rate that you did in fiscal year 2022 to 28.4%? Or obviously the quarter, you know, quarterly sort of trends may be volatile, but the year may shake out around there. Or do you expect that to maybe compress a little bit more as you sort of ramp up more promotional personalized discounts? Thank you.
前期のですね、28.4%くらいで進められそうですか。もちろん、クオーターごとに変動というのはあるとは思うんですけれども、その辺どのように見てらっしゃるのか、あるいはこれ減るというふうに見てらっしゃるのか、年間通した額で見たときにどう考えられているのか教えてください。
これ、小林さんですか。
これはあの、正直、都度あのポイントを使うか集客に使うかというところで、プロモーションの割り振りが、期中でも考え方が変わってくるので。答えとしてはちょっと上振れるか下振れるかっていうのは、今の段階では明言しづらいかなというところになっています。
At the moment, if I may summarize my answer to you, we cannot make a statement clearly whether it's going to be less or more than how we did in the previous year. The reason why we say that is because even during the term, we will sort of flexibly decide whether we're going to focus more on the points promotions or focus more on other types of advertisements in order to attract new customers. We're constantly sort of exploring what sort of promotional activities we can engage in.
Understood. As a follow up to that, I wanted to sort of understand your total cost of advertising and point promotion costs combined. You called out earlier was 3.5%. I believe traditionally when we sort of, you know, spoke over the last few quarters, your guideline for this was probably between 2.5% and 3% of spend. It seems like you've sort of invested above what you had initially planned for the year. On the points and advertising costs combined. Can you just help me understand, I guess, where the incremental spend is going and what led to that decision? What are the channels that are being spent? Is it, you know, personalized discounts mainly or on other channels?
Then, you know, I guess the bigger picture, it seems like just this cost line continues to go up. The year 2021 was more towards 2%. This year was 3.5%. You know, you're expecting fiscal year 2022 to be 3.5%. Is there a potential where this sort of cost item continues to maybe go up as a percentage of GMV, as you invest more in the future? Thank you.
あとはですね、全体コストに関してなんですけれども、先ほどその広告費とポイント関連費のお話をされていらっしゃって、合計でGMV対比大体3.5%をお使いになる予定だということだったんですけれども、まあ、あの、この何回かの、まあ、四半期を見てみますと、もう少し低かったんじゃないのかなというふうに記憶しています。大体2.5%から3%ぐらいで今まで推移してこられたのかなというふうに思っていまして。で、そうなってくると、まあ今期も含めて、その実際の計画をしていた額よりも多くの、え、額をですね、えー、こちらの経費に投資されたのかなというふうに理解しています。であればですね、その追加で使われた分というのはどこに使われたのか、えー、その意思決定の背景にはどういったものがあったのか。また、チャネルとしてはパーソナライズディスカウントに使った分が多かったのか、あるいは他のチャネルにも使ったものが多いのかというところをお伺いしたいです。また、2021年が2%。で、前期が3から3.5%。で、進行期3.5%だけれども、絶対額は増えるということなので、まあ、このコストの上昇というのは今後も続くトレンドとして見ておいた方がいいのか、教えてください。
まず広告宣伝費は、特に今期はですね、この第四クオーターにかなりテレビCMやウェブ広告等を積極的に投下しました。
Regarding our advertising costs, especially in the fourth quarter, we aired rather actively TV commercials, and we also implemented web advertisements.
これは、その他の事業でですね、先ほどもあったとおり、かなりコストコントロールもうまくいって、利益がですね、かなりいい、当時の開示している営業利益に対してかなりいい水準の着地が見込めてきたので、どちらかというとこの進行期に向けてですね、先行的にやはりプロモーションをしておこうということで、当初のその2.5から3%ぐらいの計画から上振れて使っていったという考え方です。
This is because for our business operation, we were able to manage our costs. We were able to do a good cost control, and we started to gain an outlook on our operating profit. We thought we were able to see that our operating profit will actually be even better than the guidance. That's when we decided to implement upfront promotions, and increase the amount of the expense ratio from 2.5% to 3% to 3.5%.
この進行期もですね、そういう意味でいくと、やはりそのGMVを二桁成長させていく、まあコンテンツPPMをですね、していく上ではですね、やはりそれなりにプロモーションコストをかけていかないと、まあ厳しいんじゃないかと。これは、アフターコロナということもあり、の可能性もありますし、やはり分母が大きくなってきていると。GMVの分母が大きくなっている。ことも あって、やはりある程度広告宣伝費をかけないかということで、バジェットとしては昨年同様の3.5%ぐらいを考えようというふうに考えています。
For this fiscal year, in order for us to achieve double-digit growth for GMV with the total combined GMV of ZOZOTOWN and PayPay Mall, we believe that it will be very tough to achieve this unless we invest in promotional costs, because we will probably go into after COVID or post-COVID type of phase. We need to be mindful of the environment that we will operate in and also our GMV base is really expanding. In order for us to have double-digit growth of our GMV, we believe that making up for an investment in promotional cost and advertisement will be indispensable. That's why we decided to plan for 3.5% worth of promotion costs.
Understood. Very clear. Thank you. My last question is just on PayPay Mall. The fourth quarter growth rate was sort of close to flat year-over-year. It was up 2% year-over-year. I believe in your new fiscal year guidance, you're targeting 29% year-over-year growth off of this sort of baseline. Can you just help me understand sort of that bridge of why fourth quarter growth was pretty muted and then why you expect you know, pretty healthy growth into next fiscal year off of a larger base? Thank you.
最後の質問です。PayPayモールの成長に関してなんですけども、四半期ではですね、割とこう大人しい成長率だったのかなというふうに思うんですけれども、ただ通期でのガイダンスですと、PayPayモール29%伸ばしていかれるというご予定だということで、四半期が結構おとなしい伸び率だったにも関わらず、これだけ健全と言ったらいいかと思うんですけれども、健全な伸び率を見通されている理由というところを教えてください。
この第四クオーターはですね、一昨年の第四クオーターがPayPayモール、かなり大きなプロモーションを実施して、ものすごくGMVを伸ばしたクオーターでした。この前期の第四クオーターもプロモーションはそれなりにかけたんですけれども、その前の前の期がですね、非常に大きかったということで、成長率が少し鈍化しているように見えているという状況です。
About the fourth quarter of FY 2021, it's just that the fourth quarter of fiscal year 2020. In that fourth quarter, there was a very large promotional activities that was implemented that really drove up the GMV. It doesn't mean that in the last fiscal year's fourth quarter, the promotion was not there, but it was there. It's just that two years ago, the scale of the promotion was so great that it looks as though the growth rate has slowed down for FY 2021.
従って、この進行期はですね、通常に戻っているというか、むしろ前第四クオーターがちょっと異常値だったということで、我々としてはこれくらいの水準は成長できるかというふうに思っています。
What it means is that we expect to go back to normal phase for FY 2022. It's just that FY 2021 was a rather extraordinary.
Great. Thank you very much.
ご質問ありがとうございました。その他ご質問ある方いらっしゃいましたら、お手元ボタンの手を上げるで挙手をお願いいたします。
Thank you very much. If you have any further questions, please do raise your hand.
はい。それではエリオットさん、ご質問をお願いいたします。
Mr. Chambers, the floor is yours.
Hi. Yeah. I'd like to just ask about the logistics center again. From my understanding, you've got Chiba 3 for storage only. Ibaraki is coming online, but I wonder how many months will it take to be fully operational? In that interim of Chiba 3 being online for storage, how much of a margin impact are we going to see?
私からはロジスティクスに関しての質問をさせてください。私の理解が正しければ、先ほどのお話で、千葉3に関してはあくまでも倉庫として使っていくというストレージのためだけということで、茨城の方が100%稼働になるのはいつぐらいなのかというところと、その茨城が100%稼働になるまでの中間期間ですね。に関して、千葉をストレージのスペースとして使っていくときに、マージンに対するインパクトってどのぐらいなのかというのを教えてください。
茨城フォーの稼働に関しては、まずその倉庫のスタートが8月からですね、2023年の8月から稼働が開始するんですけども、100%っておっしゃったのはどういう意味合いなのかなんですけれども。動き始めるのは、100%動き始めるのは2023年の8月なんですが、当然その始まってすぐ、保管スペースが100%になるわけではなくて、そこから徐々に徐々に増えていくという形にはなります。
Regarding Ibaraki 4 operation, that'll start in August. That'll basically kick off in August. I don't exactly understand maybe the definition of what you mean by full operation or fully in operation. Basically, it will be up and running in August. It doesn't mean that the storage will be filled 100% from day one. It will gradually sort of fill up. Regarding Chiba 3, the cost impact is rather limited. That's because the floor space is small. In terms of the rent, it will only cost us about JPY 40 million per quarter. Did that answer all your questions, sir?
Yes. Thank you very much.
Thank you for your questions. Mr. Brantley.
Sorry, one more for me. I promise it's my last one. The average order value, as you alluded to earlier, has been pretty much flattish year-over-year, for the last few quarters. You sort of alluded to, you know, this trend bottoming out. Is the go-forward expectation that you sort of continue to maintain this year-over-year flat-ish level? Or are there, you know, are there other sort of drivers starting to manifest? Maybe the cosmetics business starting to ramp a lot more, maybe has an impact on the average order value. Just trying to help me understand some of the moving parts there, if any. Thank you.
It is true that I just mentioned that it is likely to start to bottom out. If you look at our plan for the fiscal year, we still believe that it's going to continue to dip a little bit more. That's because it's very difficult to anticipate how our AOV develops. We can never be really certain whether we're at the bottom or not. It is our hopeful outlook that it has bottomed out, but we don't know yet what's going to happen. That's why we're expecting further slight but further decline in our plan.
Okay. Thank you very much.
Thank you very much. It is now time to close the session. If there are no further questions, we'd like to say goodbye and close this session.