ZOZO, Inc. (SATLF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

To start the financial results announcement of the third quarter, FY25, ending in March 2026 or so, we will only be offering live streaming this time. We plan to have a session until 5.20 p.m. After that, we will have a Q&A session with institutional investors on a separate Zoom channel from 5.30 p.m. Now I'd like to introduce the presenter, Director, Executive Vice President, and CFO Koji Yanagisawa. Hello. Now, CFO Yanagisawa will take us through the business results. I'd like to walk you through the third quarter financial results for FY25 ending in March 2026. The presentation document we will use today has already been uploaded to our website's investor relations page, so please take a look. First, I'd like to walk you through the highlights of the third quarter of the FY25 period ending in March 2026. As for the third quarter, GNV increased by 9.1% year-on-year to 502.9 billion yen. GNV excluding other GNV increased by 11.9% year-on-year to 483.1 billion yen. EBITDA increased by 9.5% year-on-year to 60.6 billion yen. EBITDA margin was 12.6%, down 0.2 percentage points from the same period last year. Progress against the revised company plan announced on July 31st is as follows. GMV excluding other GMV, 73.9%. And EBITDA, 79.1%. Regarding GMV, we were... affected by lower demand due to persistently high temperatures in the second quarter. Furthermore, while we implemented aggressive promotions against a high base from the same period last year, the effect of some sales events fell short of expectations in the third quarter, resulting in a slight shortfall against the plan. On the other hand, EBITDA exceeded the progress plan, benefiting from lower logistics and shipping costs and lower than budgeted promotional expenses. Both GMV and EBITDA achieved record highs...