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FY2017 1Q CONSOLIDATED BUSINESS RESULTS
Overview ・Total Transaction Value : 59,574million yen ( + 40.9% ,Yoy)
・Operating Profit : 7,981million yen ( + 59.3% ,Yoy)
→ Steady growth in both transaction value and operating profit.
Total ZOZOTOWN BUSINESS
Transaction Total Transaction Value : 57,897million yen ( + 43.4% ,Yoy)
Value Consignment Business : 54,548million yen ( + 44.6% ,Yoy)
Purchased Stock Business : 48million yen ( - 23.5% ,Yoy)
ZOZOUSED Business : 3,301million yen ( + 26.9% ,Yoy)
Average Retail Price : 4,099yen ( - 8.3% ,Yoy)Average Purchase Amount per Shipment : 8,530yen ( - 1.7% ,Yoy)
B to B Business : 1,590million yen ( - 5.5% ,Yoy)
Profitability Operating profit margin (to the total transaction value) : 13.4%(11.9% for FY2016 Q1).
Factors improving profitability : Increase in GPM (increase in other revenue segment). Decrease in fixed cost burden
FY2017 1Q HIGHLIGHTS
OVERVIEW OF THE FY2017 1Q
(million¥)
Item FY2016 1Q FY2017 1Q YoY Change(%) Target ProgressRate(%)
Transaction value 42,284 59,574 40.9% 270,000 22.1%
Net sales 15,386 21,451 39.4% 100,000 21.5%
Gross profit 13,799 19,844 43.8% - -
(% Transaction Value) 32.6% 33.3% 0.7% - -
SG&A 8,788 11,863 35.0% - -
(% Transaction Value) 20.8% 19.9% -0.9% - -
Operating profit 5,011 7,981 59.3% 32,000 24.9%
(% Transaction Value) 11.9% 13.4% 1.5% 11.9% -
Recurring profit 5,035 7,999 58.8% 32,000 25.0%Profit attributable to owners of parent 3,580 5,532 54.5% 22,200 24.9%
(million¥)
FY2016 FY2017Item 1Q 2Q 3Q 4Q 1Q
Transaction value 42,284 44,210 61,595 64,000 59,574
YoY (%) 27.1% 29.5% 38.3% 34.6% 40.9%
Net sales 15,386 16,180 22,127 22,699 21,451
SG&A 8,788 9,228 11,350 13,561 11,863
YoY (%) 36.2% 24.0% 23.5% 46.8% 35.0%
(% Transaction Value) 20.8% 20.9% 18.4% 21.2% 19.9%
Operating profit 5,011 5,576 8,703 6,992 7,981
YoY (%) 34.2% 70.2% 83.8% 16.3% 59.3%
(% Transaction Value) 11.9% 12.6% 14.1% 10.9% 13.4%
05
Efficiency in fixed cost burden +0.7
Others ー0.2
Operating Profit7.9
Improvement in gross margin ratio+0.4
・HR expenses・Amortization of goodwill
Total Transaction value increase effect
+2.0
・Increased in other revenues
Operating Profit5.0
Transaction ValueFY2016 1Q:42.2
FY2017 1Q:59.5
FY2016 1Q FY2017 1Q
(¥billion)
06
(million¥)
FY2016 (as of March 31,
2017)
FY2017 1Q (as of June 30,
2017)
FY2016 (as of March 31,
2017)
FY2017 1Q (as of June 30,
2017)
Current assets 45,641 42,885 Current liabilities 23,906 21,255
Cash and deposits 22,068 16,730 Deposit received for consignment sales 11,536 12,972
Merchandize inventory 1,177 1,479 Noncurrent liabilities 1,945 1,999
Noncurrent assets 10,079 10,860 Total liabilities 25,851 23,255
Tangible assets 3,364 3,429 Shareholders' equity 29,461 30,007
Intangible assets 1,075 1,023 Treasury stock -11,758 ‐
Investments and other assets 5,639 6,406 Total net assets 29,868 30,489
Total assets 55,720 53,745 Total liabilities and net assets 55,720 53,745
34.8%
26.3%30.4%
37.8%40.4%
41.5%
50.0%
40.4%
55.5%
72.7%
61.4%
6.2%
5.9%
5.1%
5.5%5.8%
5.6%
6.8%7.0%
7.5%
8.0%8.2%
5%
6%
7%
8%
9%
10%
0%
10%
20%
30%
40%
50%
60%
70%
FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017(Plan)
ROE Net Profit Margin(to the total transaction value)
07
Gross transaction value of new shops opened in FY2017 1Q ZOZOTOWN Business ( purchased stock & consignment sales ) : ¥ 0.6 billion (accounts for 1.1% of the total transaction value)
ZOZOUSED
Purchased stock
Consignment sales
BtoB Business
ZOZOFURIMA
08
80.2 95.8
114.6 129.0
159.5
212.0
59.5
0
200
400
600
800
1000
1200
1400
1600
1800
2000
2200
2400
2600
2800
3000
FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 1Q
78.1%
12.8%9.1%
79.1%
8.5%
11.8%0.6%
79.9%
4.7%
13.4% 2.0%
82.2%
0.6%
13.7%3.4%
0.4%
86.2%
8.3%5.0%
0.1%
0.1%90.5%
2.9%6.1%
0.4%
0.1%
91.6%
2.7%5.5%
0.1%
(¥billion)
YOY+40.9%
ZOZOUSED
Purchased stock
Consignment sales
BtoB Business
ZOZOFURIMA
09
33.2 34.1
44.5 47.5
42.2 44.2
61.5 64.0
59.5
0
40
80
120
160
200
240
280
320
360
400
440
480
520
560
600
640
680
FY2015 1Q FY2015 2Q FY2015 3Q FY2015 4Q FY2016 1Q FY2016 2Q FY2016 3Q FY2016 4Q FY2017 1Q
13.2%
82.4%
3.9%0.5%
9.5%
85.8%
4.2%0.6%
6.7%
87.3%
5.7%0.3%
5.7%
88.0%
5.7%0.4%
0.2%
0.1%
89.2%
4.0%6.2%
0.5%
0.1%
91.0%
2.8%5.8%
0.4%
0.1%
90.2%
2.6%
6.7%
0.4%
0.1%
91.2%
2.7%5.6%
0.4%
0.1%
91.6%
2.7%5.5%
0.1%
(¥billion)
ZOZOUSED
Purchased stock
Consignment sales
B to B Business
Others
ZOZOFURIMA
10
16,943 20,968
25,324 29,725
39,313
55,253
15,716
10,282 8,139
5,381 766
693
193
48
577
2,285 4,446
7,958
12,875
3,301
1,917 2,976
4,016 4,477
3,256
1,338
330
6
0
0
2,662 2,389
1,573 1,766
3,192
6,731
2,054
31,806 35,050 38,580 41,182
54,422
76,393
21,451
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
110,000
120,000
FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 1Q
(million¥)
ZOZOUSED
Purchased stock
Consignment sales
B to B Business
Others
ZOZOFURIMA
11
YOY+39.4%
7,798 8,360
11,162 11,992
10,812 11,641
15,951 16,848 15,716 170
197
146 178
63
42
39
48
48
1,307 1,417
2,518
2,716
2,601 2,554
4,114 3,605
3,301
1,093 814
706
642
387 274
325 350
330
0
5
00
00
0
487 770
799
1,136
1,521 1,666
1,697 1,846
2,054
10,856 11,560
15,333
16,671
15,386 16,180
22,127 22,699
21,451
0
5,000
10,000
15,000
20,000
25,000
FY2015 1Q FY2015 2Q FY2015 3Q FY2015 4Q FY2016 1Q FY2016 2Q FY2016 3Q FY2016 4Q FY2017 1Q
(million¥)
Operating Profit Margin (% Transaction Value)
Operating Profit
12
7,704 8,529
12,388
15,084
17,756
26,284
7,981
9.6%8.9%
10.8%11.7%
11.1% 12.4%
13.4%
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 1Q
(million¥)
13
(million¥)
ItemFY2016 1Q FY2017 1Q YoY change
Increase decrease factorsAmount %Transaction
value Amount %Transactionvalue
%Transactionvalue
Payroll(*) 2,472 5.8% 2,896 4.9% -0.9%The number of employees in our group has grown from 819 as of June, 2016 to 832 as of June, 2017Operational efficiency and partially shifted and allocated to outsourcing expenses item
Shipping 1,837 4.3% 2,616 4.4% 0.1%Commission of Payment collection 1,043 2.5% 1,953 3.3% 0.8% Changes in the composition ratio of settlement means
Promotionrelated expenses 650 1.5% 899 1.5% 0.0%Advertising 223 0.5% 345 0.6% 0.1%
Reward pointsrelated expenses 427 1.0% 554 0.9% -0.1%Outsourcing 807 1.9% 1,384 2.3% 0.4% Shifted and allocated from payroll item
Rent expense 478 1.1% 597 1.0% -0.1%Depreciation 194 0.5% 197 0.3% -0.2%Amortization of goodwill 214 0.5% 56 0.1% -0.4% Impairment of goodwill in the end of last fiscal year (aratana Inc)
Others 1,089 2.6% 1,259 2.1% -0.5%Total SG&A 8,788 20.8% 11,863 19.9% -0.9%
※Payroll includes director’s remuneration, employee salaries, bonus, legal welfare expenses, welfare expenses, retirement benefits cost, provision for employee bonus, provision for directors' bonus, and subcontracting payroll.
Operating Profit Margin (% Transaction Value)
Operating Profit
14
YOY+59.3%
3,733 3,276
4,735
6,011
5,011 5,576
8,703
6,992
7,981
11.2%9.6%
10.6%12.6%
11.9%
12.6%
14.1%
10.9%
13.4%
0%
5%
10%
15%
20%
25%
30%
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
FY2015 1Q FY2015 2Q FY2015 3Q FY2015 4Q FY2016 1Q FY2016 2Q FY2016 3Q FY2016 4Q FY2017 1Q
(million¥)
Promotion related expenses(% Transaction value)
SG&A (Quarterly)
15
6,453
7,444
9,193 9,236 8,788
9,228
11,350
13,561
11,863
1.8%2.6%
3.7%
1.9%1.5%
2.3% 2.0%
4.5%
1.5%
0%
4%
8%
12%
16%
20%
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
FY2015 1Q FY2015 2Q FY2015 3Q FY2015 4Q FY2016 1Q FY2016 2Q FY2016 3Q FY2016 4Q FY2017 1Q
(million¥)
(QUARTERLY)
※Payroll includes director’s remuneration, employee salaries, bonus, legal welfare expenses, welfare expenses, retirement benefits cost, provision for employee bonus, provision for directors' bonus, and subcontracting payroll.
16(million ¥)
FY2016 FY2017
Item1Q 2Q 3Q 4Q 1Q
Amount %Transactionvalue Amount %Transaction
value Amount %Transactionvalue Amount %Transaction
value Amount %Transactionvalue
Payroll(*) 2,472 5.8% 2,383 5.4% 2,935 4.8% 2,845 4.4% 2,896 4.9%
Shipping 1,837 4.3% 2,073 4.7% 2,321 3.8% 2,684 4.2% 2,616 4.4%Commission of Payment collection 1,043 2.5% 1,108 2.5% 1,578 2.6% 1,726 2.7% 1,953 3.3%Promotion
related expenses 650 1.5% 1,006 2.3% 1,216 2.0% 2,902 4.5% 899 1.5%
Advertising 223 0.5% 454 1.0% 551 0.9% 1,770 2.8% 345 0.6%Reward pointsrelated expenses 427 1.0% 551 1.2% 665 1.1% 1,131 1.8% 554 0.9%
Outsourcing 807 1.9% 798 1.8% 1,003 1.6% 1,231 1.9% 1,384 2.3%
Rent expense 478 1.1% 468 1.1% 565 0.9% 601 0.9% 597 1.0%
Depreciation 194 0.5% 195 0.4% 220 0.4% 232 0.4% 197 0.3%Amortization of goodwill 214 0.5% 256 0.6% 176 0.3% 176 0.3% 56 0.1%
Others 1,089 2.6% 936 2.1% 1,332 2.2% 1,160 1.8% 1,259 2.1%
Total SG&A 8,788 20.8% 9,228 20.9% 11,350 18.4% 13,561 21.2% 11,863 19.9%
Number of total buyers = Active members and guest buyers who made at least one purchase within a yearGuest buyers = Unique buyers who made a purchase without registering as a memberActive members = Members who have made at least one purchase within a year
Guest buyers
Active members
17
2,401,421 2,401,317 2,522,500 2,686,926 2,844,171 3,059,991 3,421,440
3,893,156 4,181,873
1,201,775 1,296,937
1,512,242
1,790,424 1,988,387
2,192,550
2,361,941
2,430,877
2,552,867
3,603,196 3,698,254 4,034,742
4,477,350 4,832,558
5,252,541
5,783,381
6,324,033
6,734,740
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
FY2015 1Q FY2015 2Q FY2015 3Q FY2015 4Q FY2016 1Q FY2016 2Q FY2016 3Q FY2016 4Q FY2017 1Q
(members)
Purchased stock
Consignment sales
18
658 694
811843 832 865
927 947979
2726
2824 10
7
77
8
685720
839867 842
872934 954
987
0
200
400
600
800
1,000
FY2015 1Q FY2015 2Q FY2015 3Q FY2015 4Q FY2016 1Q FY2016 2Q FY2016 3Q FY2016 4Q FY2017 1Q
(shops)
Kyushu/Okinawa 8.8%
Kinki/Tokai 27.7%
Hokuriku/Koshinetsu 5.9%
Hokkaido 3.4%
Tohoku 5.5%
Kanto 41.0%(Tokyo 17.5%)
Chugoku/Shikoku 7.7%
■ Gender ratio ■ Geographical distribution ■ Age distribution
19
Annual purchase amount Annual purchase pieces
20
44,279
46,135 47,140
47,937 48,644 48,556 48,275
46,417
47,119
8.0
8.6 8.9
9.4
9.9
10.4 10.5 10.3
10.7
7
8
9
10
11
12
13
14
30,000
32,000
34,000
36,000
38,000
40,000
42,000
44,000
46,000
48,000
50,000
FY2015 1Q FY2015 2Q FY2015 3Q FY2015 4Q FY2016 1Q FY2016 2Q FY2016 3Q FY2016 4Q FY2017 1Q
(¥)(item)
Annual purchase amount Annual purchase pieces
21ANNUAL PURCHASE AMOUNT AND PIECES PER EXISTING ACTIVE MEMBER
Existing active members:Active members who have passed over 1 year since registration
54,827
55,903 56,567
57,870
58,953
60,106 60,929
61,770
63,004
9.9 10.3
10.7
11.3
11.8
12.6
13.1
13.6
14.1
9
10
11
12
13
14
15
16
50,000
52,000
54,000
56,000
58,000
60,000
62,000
64,000
FY2015 1Q FY2015 2Q FY2015 3Q FY2015 4Q FY2016 1Q FY2016 2Q FY2016 3Q FY2016 4Q FY2017 1Q
(¥) (item)
YoY comparison
Shipment volume
22
3,007,626 3,330,674
3,901,739
4,871,419 4,652,101
5,391,093
5,886,580
6,931,318 6,787,599
26.8%
19.7%
52.5%62.7%
54.7%61.9%
50.9%42.3% 45.9%
0%
20%
40%
60%
80%
100%
120%
140%
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
FY2015 1Q FY2015 2Q FY2015 3Q FY2015 4Q FY2016 1Q FY2016 2Q FY2016 3Q FY2016 4Q FY2017 1Q
(shipment)
Average retail price = Transaction value / Number of pieces (ZOZOTOWN Business)
YoY comparison
Average retail price
23
5,041 4,522
5,939
4,922 4,468
3,855
5,236
4,474 4,099
-7.4%
-4.6%
-12.5% -11.1%-11.4% -14.7%
-11.8%
-9.1%-8.3%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
FY2015 1Q FY2015 2Q FY2015 3Q FY2015 4Q FY2016 1Q FY2016 2Q FY2016 3Q FY2016 4Q FY2017 1Q
(¥)
Average purchase amount per shipment = Transaction value / Number of shipments (ZOZOTOWN Business)
YoY comparisonAverage purchase amount per shipment
24
9,605 9,277
10,651
9,189 8,680
7,941
10,143 8,955 8,530
-1.9%
2.7%
-12.2%-14.0% -9.6%
-14.4%
-4.8%-2.5%
-1.7%
-25%
-15%
-5%
5%
15%
25%
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
FY2015 1Q FY2015 2Q FY2015 3Q FY2015 4Q FY2016 1Q FY2016 2Q FY2016 3Q FY2016 4Q FY2017 1Q
(¥)
Smart PhonesPC Feature Phones
25
38.7% 36.9%33.4% 31.3% 29.7% 28.1%
24.6% 22.3% 20.5%
60.4% 62.3%66.0% 68.2% 69.9% 71.6%
75.2% 77.5% 79.4%
0.9% 0.7% 0.6% 0.5% 0.4% 0.3% 0.2% 0.2% 0.1%0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
FY2015 1Q FY2015 2Q FY2015 3Q FY2015 4Q FY2016 1Q FY2016 2Q FY2016 3Q FY2016 4Q FY2017 1Q
FY2017 PLAN Growth Rate(%)
Transaction value 270,000 (¥million) 27.3%
Net sales 100,000 (¥million) 30.9%
Operating profit 32,000 (¥million) 21.7%
Recurring profit 32,000 (¥million) 21.0%
Profit attributable to owners of parent 22,200 (¥million) 30.3%
Earnings per share 71.2(¥) -
Estimated dividends per share 29(¥) -
27
36.6 56.1
80.2 95.8
114.6 129.0
159.5
212.0
270.0
8.8%
10.4%
9.6%8.9%
10.8%11.7% 11.1%
12.4%11.9%
0%
2%
4%
6%
8%
10%
12%
14%
0
500
1000
1500
2000
2500
3000
3500
4000
FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017(Target)
(¥billion)
Operating profit margin(to the total transaction value)
Total transaction value
28
Target for Total Transaction Value:270.0 billion yen (+27.3%, Yoy)
Target for Total Transaction Value:264.0 billion yen (+28.8%, Yoy)
Target for Total Transaction Value:6 billion yen( ー3.5%, Yoy)
The target ratio of consolidated operating profit:11.9%(12.4% for FY2016)
Operating Profit Margin(to the total transaction value)
・Consignment Business 246 billion yen (+28.2%, Yoy)・ZOZOUSED Business 18 billion yen (+39.8%, Yoy)
ZOZOTOWN Business
B to B Business
Start Today Group
29
Capital InvestmentDepreciation CostAmortization of Goodwill
30
466 570
1,047
2,162
353
1,174 1,107
2,000
153277
322
586
786765 843 1,080
113150
231
409
744
825230
0
500
1,000
1,500
2,000
2,500
FY2010 FY2011 FY2012 FY2014 FY2013
(million¥)
FY2015 FY2016 FY2017(Plan)
Payout ratio
Dividends per share
31
0.7 0.9 1.4 2.3
5.0 6.6
8.3
11.3
15.6
22.7
29.0
21.5%24.1%
24.9% 24.8%
35.6%
40.3%
34.3%
40.6% 41.8% 41.5%40.7%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
5
10
15
20
25
30
35
FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017(Plan)
(¥)
36.6 56.1
80.2 95.8
114.6 129.0
159.5
212.0
270.0
500.0
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017(Target) FY20XX
(¥billion)
Mid to long-termTransaction value
FY20XXTransaction value ¥500 billionOperating profit ¥50 billion
33
34
36
6.7
※Changed the definition when we count the number of our handlingbrands from this fiscal year.
※
ZOZOTOWNJapan’s Largest Online Retailer of Apparel and Accessories・987 stores offering 5,859 brands.・At any given time, more than 520,000 items are available with an average of 2,900 new items added each day.
・Systems, design, to fulfillment, all functions are built in house.
ZOZO FURIMA・ By linking with ZOZOTOWN and WEAR, users are able to sell their items easily without having to type in specific details.
・By linking IDs from both services, users are able to select items they would like to sell based on their purchase history or the closet function on WEAR, which adds a whole new convenience compared to the existing flea-market Apps.※ZOZO FURIMA Business ended on June 30, 2017.
WEARJapan’s largest fashion coordination app・When uploading coordinate pics, tag each item worn in the look, using information on our data base. The systems allows anyone to search for coordinates and items by various queries.
・Official users who we call WEARISTAs, include popular models, singers, actors and actresses.
・Over 9.0 million DL・Now available in all geographic areas.
37
38
※ZOZO FURIMA Business ended on June 30, 2017.
CRM,
ZOZOTOWN BUSINESS・Consignment SalesWe operate 979 shops as consignment sales businesses. This business model allows us to carry a certain amount of products from the brands, while giving us low inventory risk.Sales include = Transaction value of each store x commission rate
・Purchased StockWe operate 8 stores within ZOZOTOWN, which offer products we purchase from brands. Sales include = Transaction value generated by each store
・ZOZOUSED BusinessWe purchase used fashion products from our users, and resell them as a second hand business.Sales = Transaction value※Total transaction value and Net sales from ZOZOUSED are included in the purchased stock business.
B to B BusinessWe help develop and operate online shops on behalf of various brands, such as “United Arrows”. We currently provide back-end service to 20 stores.Sales include = Transaction value of these online shops x commission rate※Total Sales include, contents written above as well as other sales. (such as shipping fee revenues and fees from shop openings )
ZOZO FURIMA BusinessOur smartphone App where users are able to sell and purchase personal fashion items. Sales = Transaction Value × Take rate for the flea-market business ※Net Sales from the flea-market business is included in “Others”※ZOZO FURIMA Business ended on June 30, 2017.
MAJOR SERVICES 39
This material has been created for the sole purpose of introducing the
company’s business activities, and not for soliciting investments.
The business forecasts and the future outlook described in the material is
based on information currently available.
The forecast includes uncertainties such as sudden changes, therefore actual
results may differ.
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