Zozo, Inc. · TSE:3092
Zozo — FY2019 Earnings Presentation
42 slides from Zozo's earnings presentation, Mar 1, 2019
Slide 1: ZOZO FY2019/03 Earnings Presentation
ZOZO Be unique. Be equal. EAHZOZO 201943 AH RAMA
Slide 2: Highlights: ZOZOTOWN, ZOZOUSED, PB
19/03 01 3,231 19.4 256 21.5 ZOZOTOWN 3,113.5 18.4 2,942.3 19.2% 1.4 10.1 ZOZOUSED 169.7 6.4 PB 27.6 9,454 9.8 4,364 3.8 BtoB 90.1 19.6 7.9 12.1 ZOZOSUIT ZOZO 1,200 WEAR 2019 1 ZOZO 2020 2019 2 2020 ZOZOBASE 2 2019 2 ZOZOTOWN 1 2019 2 2019 3
Slide 3: ZOZOARIGATO
ZOZOARIGATO 02 ZOZOARIGATO ZOZOTOWN 2018 12 25 3,000 / 500 / 10 30 50,000 / 4 25 2019 5 30
Slide 4: 業績
Slide 5: FY2019/03 results versus forecast
19/03 04 18/03 19/03 2019 1 31 270,543 323,129 19.4% 360,000 89.8% 327,000 98.8% 98,432 118,405 20.3% 147,000 80.5% 118,000 100.3% 90,464 104,962 16.0% - - - - 33.4% 32.5% -0.9% - - - - 57,794 79,308 37.2% - - - - 21.4% 24.5% 3.1% - - - - 32,669 25,654 -21.5% 40,000 64.1% 26,500 96.8% 12.1% 7.9% -4.
Slide 6: Quarterly results
05 ( 18/03 19/03 1 1 2 3 4 59,574 60,082 77,331 73,555 70,406 70,814 93,809 88,098 40.9% 35.9% 25.5% 14.9% 18.2% 17.9% 21.3% 19.8% 21,451 21,242 28,220 27,517 26,552 27,212 36,010 28,630 11,863 13,684 16,476 15,770 18,376 20,559 21,490 18,882 35.0% 48.3% 45.2% 16.3% 54.9% 50.2% 30.4% 19.7% 19.9% 22.
Slide 7: Operating profit change factors
06 +11.0 -30.8 PB ARIGATO -42.1 +63.5 ZOZOSUIT PB -35.4 -19.4 -16.9 326.6 256.5 18/03 19/03
Slide 8: Balance sheet
07 ( 2018 3 31 (2019 3 31 ) 2018 3 31 (2019 3 31 ) 53,574 57,904 27,243 52,245 24,571 21,560 - 22,000 2,194 4,533 2,659 4,059 17,138 21,056 29,902 56,304 5,668 6,318 40,892 22,528 3,222 3,112 - -24,412 8,247 11,626 40,810 22,656 70,712 78,961 70,712 78,961
Slide 9: Cash flow
08 ( 18/03 19/03 19,882 14,807 -5,074 -8,219 -6,125 2,093 ( ) ( ) -9,215 -12,059 -2,843 ( ) 24,571 21,560 -3,010
Slide 10: ROE and equity ratio
ROE 09 100% ROE 9% 90% 8% 8.0% 7.5% 80% 6.8% 7.5% 7% 7.0% 73.9% 6.2% 5.9% 70% 5.8% 5.6% 6% 5.5% 4.9% 6.1% 5.1% 72.7% 60% 5% 55.5% 57.4% 50% 4% 50.5% 50.0% 40.4% 40% 37.8% 3% 34.8% 41.5% 40.4% 30.4% 30% 26.3% 2% 20% 1% 08/03 09/03 10/03 11/03 12/03 13/03 14/03 15/03 16/03 17/03 18/03 19/03 20/03
Slide 11: Annual merchandise volume
10 ZOZOTOWN 85.1 : 2.7 4,500 BtoB 4,000 PB 3,500 ZOZOUSED 3,231.2 0.0% 2.8% 3,000 0.9 2,705.4 5.3% 0.0% 0.0% 2.8% 2,500 91.0% 0.0% 2,120.9 5.9% 0.4% 0.1% 2,000 2.9% 91.2% 6.1% 1,595.0 0.1% 0.1% 1,500 1,290.5 8.3% 90.5% 1,146.7 13.7% 5.0% 0.4% 958.9 13.4% 3.4% 86.2% 1,000 2.0% 0.6% 11.8% 0.6% 4.7% 82
Slide 12: Quarterly net sales by segment
11 1,000 +19.8% 938.0 0.0% BtoB 3.0% 880.9 1.7% 0.0% 5.4% 2.7% PB 0.0% 0.6% 800 773.3 4.9% ZOZOUSED 0.0% 735.5 708.1 0.0% 2.9% 6.2% 0.0% 704.0 0.0% 2.9% 89.9% 0.0% 2.6% 640.0 0.0% 6.2% 2.8% 615.9 0.8% 91.8% 595.7 600.8 0.4% 0.1% 0.2% 5.1% 0.4% 2.7% 5.7% 600 0.0% 90.8% 0.1% 2.6% 0.1% 5.6% 2.6% 0.1% 2
Slide 13: Annual net sales by segment
12 140,000 BtoB 118,405 120,000 PB 12,984 ZOZOUSED 1,426 0 100,000 98,432 2,056 9,498 2,746 0 16,372 0 80,000 76,393 1,642 148 6,731 15,931 0 1,338 166 60,000 54,422 12,875 3,192 193 6 38,580 41,182 3,256 82,670 40,000 35,050 1,573 1,766 7,958 4,477 693 2,389 4,016 71,192 4,446 2,976 2,285 766 55,25
Slide 14: Quarterly net sales by segment
13 40,000 36,010 35,000 3,387 620 BtoB +4.0% 0 PB 617 30,000 1,601 28,630 28,220 ZOZOUSED 27,517 27,212 2,713 26,552 4,919 3,478 2,957 2,942 3,176 0 569 25,000 0 45 191 34 0 22,127 22,699 494 0 0 481 438 540 21,451 21,242 4,812 0 460 1,697 1,846 545 486 2,054 4,560 113 0 0 1,772 37 3,944 20,000 0 3,
Slide 15: Operating profit trend
14 45,000 20% 40,000 16% 35,000 32,669 30,000 26,284 12.1% 11.7% 11.1% 25,654 12% 10.8% 12.4% 25,000 8.9% 20,000 7.9% 17,756 8% 15,084 15,000 12,388 10,000 8,529 4% 5,000 0 0% 13/03 14/03 15/03 16/03 17/03 18/03 19/03
Slide 16: SG&A breakdown
15 ( 18/03 19/03 15,854 5.9% 20,874 6.5% 0.6% 1803 904 1903 1,094 5,659 2.1% 8,016 2.5% 0.4% PB / 10,194 3.8% 12,857 4.0% 0.2% ( ) 3,958 1.5% 4,560 1.4% -0.1% ZOZOSUIT1 PB 14,172 5.2% 20,463 6.3% 1.1% ZOZOSUIT 8,521 3.1% 9,077 2.8% -0.3% 4,347 1.6% 8,731 2.7% 1.1% 1,552 0.6% 6,065 1.9% 1.3% ZOZOSUIT
Slide 17: PB quarterly operating results
16 15,000 13,464 14.6% 14.1% 13.4% 12.6% 12.7% 12.4% 10.9% 11.6% 12.6% 9.7% 9,720 11.3% 9,468 9,118 8,934 10,000 11.9% 8,703 10.8% 7,981 8,162 6,992 8.3% 5,576 5,850 5,011 -44.9 % 5,000 5.9% 5.7% 5,023 0 17/03 1Q 17/03 2Q 17/03 3Q 17/03 4Q 18/03 1Q 18/03 2Q 18/03 3Q 18/03 4Q 19/03 1Q 19/03 2Q 19/03
Slide 18: Quarterly cost trend
17 25,000 20% 21,490 20,559 20,000 18,882 16% 18,376 16,476 15,770 15,000 12% 13,561 13,684 11,863 11,350 10,000 9,228 8% 8,788 4.5% 4.7% 5,000 3.2% 4% 2.2% 1.9% 1.8% 1.2% 2.3% 1.2% 2.0% 1.5% 1.5% 0 0% 17/03 1Q 17/03 2Q 17/03 3Q 17/03 4Q 18/03 1Q 18/03 2Q 18/03 3Q 18/03 4Q 19/03 1Q 19/03 2Q 19/03 3Q
Slide 19: Quarterly SG&A breakdown
18 ( 18/03 19/03 1 2 3 4 1 2 3 4 3,534 5.9% 3,814 6.3% 4,307 5.6% 4,198 5.7% 4,825 6.9% 5,017 7.1% 5,706 6.1% 5,325 6.0% 1,423 2.4% 1,465 2.4% 1,469 1.9% 1,299 1.8% 1,988 2.8% 2,060 2.9% 2,018 2.2% 1,950 2.2% 2,110 3.5% 2,348 3.9% 2,837 3.7% 2,898 3.9% 2,836 4.0% 2,957 4.2% 3,688 3.9% 3,375 3.8% ( )
Slide 20: Quarterly KPI trend
19 = 1 1 8,073,672 8,126,524 8,000,000 = 1 7,769,546 = 1 1 7,392,126 7,205,777 7,223,227 6,963,986 1,675,838 7,000,000 1,916,835 6,734,740 1,987,319 6,324,033 1,933,483 6,000,000 5,783,381 2,247,916 2,110,366 2,372,969 5,252,541 2,552,867 5,000,000 4,832,558 2,430,877 2,361,941 4,000,000 2,192,550 1
Slide 21: ZOZOTOWN quarterly KPI
ZOZOTOWN 20 1,400 1,255 1,245 1,183 5 5 1,200 1,139 5 1,094 1,111 5 6 1,016 6 987 1,000 934 954 8 7 7 872 7 842 7 10 800 1,250 1,240 600 1,178 1,134 1,088 1,105 979 1,009 927 947 832 865 400 200 0 17/03 1Q 17/03 2Q 17/03 3Q 17/03 4Q 18/03 1Q 18/03 2Q 18/03 3Q 18/03 4Q 19/03 1Q 19/03 2Q 19/03 3Q 19/0
Slide 22: 3.5 8.8 5.5 7.5 41.2 27.8 17.3%) 5.7
21 3.5 8.8 5.5 7.5 41.2 27.8 17.3%) 5.7
Slide 23: Quarterly active members
1 22 50,000 14 48,644 48,556 48,275 47,661 48,000 47,119 46,818 46,870 46,417 46,707 46,120 46,009 46,315 13 46,000 12 44,000 42,000 10.9 11.0 10.7 11.4 11.3 11.2 11 10.4 10.5 11.1 11.1 40,000 10.3 9.9 10 38,000 36,000 9 34,000 8 32,000 ( 30,000 7 17/03 1Q 17/03 2Q 17/03 3Q 17/03 4Q 18/03 1Q 18/03 2
Slide 24: Quarterly KPI trend
1 23 70,000 18 17 64,290 65,000 63,004 62,761 61,770 60,929 61,098 16 60,106 59,569 60,000 58,953 57,563 15 14.6 14.5 14.4 56,304 14.1 14.2 55,792 55,000 13.8 14 13.6 13.6 13.4 13.1 13 12.6 50,000 11.8 12 45,000 11 ( 40,000 10 17/03 1Q 17/03 2Q 17/03 3Q 17/03 4Q 18/03 1Q 18/03 2Q 18/03 3Q 18/03 4Q 1
Slide 25: ZOZOSUIT quarterly trend
24 10,000,000 9,512,052 9,065,816 140% 9,000,000 8,865,330 8,303,595 8,293,761 8,425,033 8,000,000 120% 7,148,647 6,931,318 7,000,000 6,787,599 100% 6,000,000 5,886,580 5,391,093 80% 5,000,000 4,652,101 54.7% 61.9% 4,000,000 60% 50.9% 42.3% 45.9% 3,000,000 32.6% 41.1% 40% 2,000,000 19.7% 24.1% 24.0%
Slide 26: ZOZOTOWN PB quarterly trend
25 ZOZOTOWN PB 7,000 25% 20% 6,000 15% 5,236 5,000 4,858 4,759 10% 4,468 4,474 4,364 4,099 4,203 3,855 3,953 5% 4,000 3,664 3,655 3.8% 0% -0.2% -2.0% 3,000 -3.6% -5% -9.1% -6.1% -5.0% -11.8% -8.3% -7.2% -11.4% -10% 2,000 -14.7% -15% 1,000 -20% 0 -25% 17/03 1Q 17/03 2Q 17/03 3Q 17/03 4Q 18/03 1Q 18/0
Slide 27: ZOZOTOWN PB quarterly trend
26 ZOZOTOWN PB 14,000 25% 12,000 15% 10,143 10,000 9,560 9,454 8,955 9,043 8,680 8,530 8,186 8,611 9.8% 7,941 8,122 7,777 5.7% 5% 8,000 3.1% -1.7% -3.8% 6,000 -4.8% -5.0% -2.5% -5% -4.8% -9.6% 4,000 -10.9% -14.4% -15% 2,000 0 -25% 17/03 1Q 17/03 2Q 17/03 3Q 17/03 4Q 18/03 1Q 18/03 2Q 18/03 3Q 18/03
Slide 28: Device share of orders
27 100% PC 90% 84.2% 85.3% 86.6% 86.6% 82.1% 83.2% 77.5% 79.4% 80.4% 80% 75.2% 71.6% 69.9% 70% 60% 50% 40% 29.7% 30% 28.1% 24.6% 22.3% 20.5% 19.5% 20% 17.8% 16.7% 15.7% 14.7% 13.4% 13.4% 10% 0.4% 0.3% 0.2% 0.2% 0.1% 0.1% 0.1% 0.1% 0.0% 0.0% 0.0% 0.1% 0% 17/03 1Q 17/03 2Q 17/03 3Q 17/03 4Q 18/03 1Q 1
Slide 29: 20/03期会社計画
Slide 30: FY2020/03 company plan
20/03 29 20/03 ( ) 3,670 13.6% 1,360 14.9% 320 24.7% 8.7 - 320 24.4% 225 40.8% 1 73.7 - 1 30 -
Slide 31: FY2020/03 merchandise volume plan
20/03 30 ZOZO 3,670 +13.6 ZOZOTOWN 3,554 +14.4 3,385 +15.0 ZOZOUSED 169 -0.4 BtoB 89 -1.3 PB 17 -38.5 MSP 10 21 +47.2
Slide 32: Merchandise volume forecast trend
31 4,000 12.4% 12.1% 11.7% 3,670 12% 11.1% 3,500 10.8% 10.4% 3,231 9.6% 10% 3,000 8.9% 8.8% 2,705 8.7% 7.9% 2,500 8% 2,120 2,000 6% 1,595 1,500 1,290 1,146 4% 958 1,000 802 561 2% 500 366 0 0% 10/03 11/03 12/03 13/03 14/03 15/03 16/03 17/03 18/03 19/03 20/03
Slide 33: Forecast trend
32 9,000 8,000 7,700 7,000 6,000 5,000 4,565 4,000 3,635 3,000 2,162 365 2,000 477 1,047 1,174 1,107 825 1,000 409 744 312 2,000 466 570 231 353 1,518 113 989 150 786 765 843 153 277 586 322 0 11/03 12/03 13/03 14/03 15/03 16/03 17/03 18/03 19/03 20/03
Slide 34: Plan details
33 2018 10 2019 10 2020 4 2020 10 2021 11 ( ) 1 34,000 2020 3 2 91,500 3 19,500 2021 10 4 58,000 2020 6 1 65,000 2018 10 2 65,000 2019 10 5 72,000 2020 2 3 110,000 2020 10 2 1
Slide 35: Forecast ratios trend
1 34 50 60% 1 45 50% 40 44.8% 46.0 41.8% 41.5% 40.7% 40.3% 40.6% 35 40% 35.6% 34.3% 30.0 30 29.0 25 24.0 30% 22.7 24.9% 24.8% 24.1% 20 21.5% 15.6 20% 15 11.3 10 8.3 6.6 10% 5.0 5 1.4 2.3 0.7 0.9 0 0% 08/03 09/03 10/03 11/03 12/03 13/03 14/03 15/03 16/03 17/03 18/03 19/03 20/03 1 31
Slide 36: 参考資料
Slide 37: ZOZO corporate principles
ZOZO CORPORATE PRINCIPLES 37 36 7,056 1,094 32.7 41,425 812
Slide 38: ZOZO business overview
37 ZOZOTOWN 1,245 7,056 73 1 3,200 EC WEAR WEARISTA 1,300 ZOZO ZOZOSUIT MEN 26 WOMEN 27 2019 3 ZOZOTOWN
Slide 39: Business model
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Slide 40: ZOZOTOWN business overview
39 ZOZOTOWN ZOZOTOWN 1,240 = ZOZOTOWN 5 = ZOZOUSED = PB ZOZOSUIT ZOZOTOWN BtoB EC 23 = ZOZOTOWN WEAR = PB
Slide 41: IR information
40 IR ZOZO IR URL https://corp.zozo.com/ir-info/ IR IR IR URL https://corp.zozo.com/ir/ ESG ESG URL https://corp.zozo.com/ir-info/management-policy/esg/ 3 PDF URL https://corp.zozo.com/ir-info/financial-highlights/ IR IR IR URL URL https://corp.zozo.com/ir-info/mail-magazine/ IR
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