It is time, so we would like to begin ZOZO's FY 2022 second quarter earnings briefing. Due to COVID-19, to prevent the spread of COVID-19, we will only be live streaming this session. This session will end at 5:35 P.M. From 5:50 P.M., we have another Zoom channel where we will be conducting Q&A session for institutional investors. Now I would like to present the presenters today. The Representative Director, President, and CEO Kotaro Sawada. Good afternoon. Also Director, Executive Vice President, and CFO Koji Yanagisawa. Thank you very much. We have two presenters today. Now I would like to ask CFO Yanagisawa to take over. I will be introducing the FY 2022 second quarter results. The presentation has been uploaded on our homepage IR section, so please take a look. Let us jump right into the quarterly results. FY 2022 second quarter GMV was JPY 251.1 billion, up 9.4% YoY. The GMV excluding other GMV was JPY 227.4 billion, up 8.8% year-over-year. The OP increased by 14.4% and landed as JPY 27.2 billion. The OPM was 12%, improving by 0.6% year-over-year. Against the fiscal year forecasts that we have disclosed, we have achieved 46% of the GMV and 52.8% of the planned OP, so we are making good progress. This is in the documents. Here is the consolidated erformance overview. The GMV, excluding other GMV in the second quarter, increased by 9% year-over-year. In the last fourth quarter, large brands The largest brand in our BMB business left. In total, it was less than 10%, but if we include the ZOZOTOWN and PayPay Mall businesses, we grew by 12.2% year-on-year, continuing to grow by double digits. In the second quarter, we saw warmer temperatures in the month of September, so sales temporarily decreased. Our inventory recovered from the lockdown in Shanghai we experienced in the first quarter. We saw a great increase in the number of visitors and purchases. With respect to OP, although the customer acquisition costs and SG&A increased compared to the same quarter previous year, the gross margin increased due to the growth in GMV and some costs, mainly variable costs, decreased. The OP ended up increasing by 15.2% year-on-year. The fashion trend shifted towards lower price point. In the second quarter, the second quarter was a hard quarter to secure profitability, but the OPM trended high at 11.6%. Now I would like to take you through some of the results in more detail. Please turn to page eight. Here is an increase/decrease analysis of our OP this quarter. The OP increased by JPY 34.2 billion from JPY 23.79 billion same quarter last year to JPY 27.21 billion. The OP increased by JPY 6.46 billion due to increase in commissions from the consignment business as a result of an increase in GMV. It also increased by JPY 0.64 billion due to increase in sales from the ad business. Due to the increase in shipping income and payment commissions, the OP increased by JPY 1.4 billion. The OP, however, decreased due to the increase in fixed costs attributable to the increase to the number of employees, logistics centers and consignment operations, which amounted to JPY 1.16 billion. Also, variable costs increased in proportion to the GMV by JPY 0.7 billion. The actual PR costs, such as customer acquisition point rewards, increased by JPY 1.72 billion. A one-off cost from the increase in logistics centers and telecommunication costs arising from the increase in number of cloud servers amounted to JPY 1.14 billion decrease in OP. Please turn to page nine, the consolidated balance sheet. In comparison to the end of the last fiscal year, tangible assets have increased, but this includes investments for the new logistics center, which we will begin leasing in February of this fiscal year. Next February. Moving on to page 10, the consolidated cash flow. Compared to the end of the last fiscal year, tangible assets have increased. Cash flow from investing activities has increased, but this is due to the expansion in the logistics centers. Page 16. Here are the quarterly trends in the GMV. As I mentioned earlier, in the fourth quarter last year, we assisted brands that comprised a large portion of the GMV in leaving our B2B business. The B2B portion of the GMV decreased by 2.6 points to 2.9%. As a result, the composition of other businesses has increased. On page 20, you'll find our SG&A as of the end of the second quarter. The SG&A against the GMV was 22.7% decreasing by 0.3 points. The reasons why this ratio has decreased is firstly, improvement of operations in the logistics centers, which helped reduce logistical labor costs by 0.4 points. The second reason is the AOV increase in comparison to the last fiscal year, pushing the shipping cost down by 0.3 points. On the other hand, SG&A increased due to the one-off cost to purchase equipment for the logistics center we added in the first quarter, as well as system replacement and increase in cloud server usage, which increased in proportion to the increase in transaction. Therefore, the SG&A increased by 0.4 points. On page 24, you'll find the SG&A by quarter. In the second quarter, the SG&A against the GMV was 23.9%, down 0.3 percentage points year-on-year. As it was the case in the first quarter, the shipping cost against the GMV has remained low. Moreover, although shipping costs rose in July, the AOV also increased, so we have not seen a significant impact in terms of the shipping cost to GMV ratio. It's basically remained flat. Next, on page 23, here are the trends in the actual promotion costs. The second quarter actual promo cost, which includes both advertising and point-related expenses, was 3.1% against the GMV. We announced at the beginning of the fiscal year that we will be using 3.5% of the GMV for promotions. There are no changes in this direction. The latter half of the year tends to be our peak sales period, and we plan to actively undertake promotions during this period in comparison to the first half. On page 21, here are the trends in OP and OPM. In the second quarter, as I mentioned, in comparison to the same period previous year, we saw a rise in promotional costs, including point promotions, but the GMV grew, and as a result, the gross profit and some costs, mainly variable costs, decreased. The OPM rose by 0.7 points and landing at 11.6%. Next, on page 25 onwards, you will find the KPIs for ZOZOTOWN. These figures do not include the performance of PayPay Mall or B2B business. The annual active buyers for ZOZOTOWN increased by 230,000 to 10.85 million. Active members rose by 270,000 to 9.54 million. Guest buyers decreased by 30,000 to 1.31 million. The number of active buyers have increased because new customers we acquired last fiscal year have become regular customers. We also strengthened our customer acquisition efforts with TV CM and web ads that we launched during ZOZOWEEK and the main summer sales period. On page 26, you will see the trends in the number of shops. As of the end of the second quarter, the number of shops was 1,532 shops, and we added a net of nine shops since the last quarter. In the second quarter, we added 24 shops, which include the Cosmetics line, Anna Sui Cosmetics offered by the global fashion brand Anna Sui, as well as luxury outdoor brand Barbour from the UK, and a famous US footwear brand, Skechers, known for their sneakers. Next, on page 31 and 32, you will find the average retail price and average order value. First starting with the average retail price, it was 3,487 JPY, up by 6.8% year-on-year. The ARP increased due to less products sold at a discount in comparison to the same quarter previous year, and brands did not offer as big a discount as the year before. Moreover, Sawada will explain this more in detail later, but the retail price of fall/winter products have gone up. The impact of which we only partially experienced in the second quarter. On page 32, you will find the average order value, and it was JPY 7,566, up by 3% year-over-year. Although the number of items per order slightly decreased, we saw an increase in ARP, and the AOV also increased year-over-year as well. On page 34, this is the full year forecast and dividends. There are no changes to our plans for the fiscal year. That is it from myself. Next, our CEO, Sawada, will take it from here. I just wanted to add a few things. First of all, the retail price, I just wanted to describe what's happening there in more detail. The apparel products, of course, not many products are sold throughout the year. Of course, they change with each season. It's very difficult to compare prices. It's not an apple-to-apple comparison. We have a lot of various data, so we have been analyzing the trends. We've seen the rise in retail prices. In this fall/winter season, when we look at the launch of the fall/winter season, of course, it depends by category, but the prices have risen by 3%-5%. The retail price has risen. It's not the price that we've bought by, we've bought. It's just the prices that we are selling our products, the retail prices. Of course, if we add all the other categories, it's a little bit lower, but if we just look at apparel, it's rising by around 3%-5%. On the other hand, what's the average order value? What's happening there? As Yanagisawa just explained, the average order value has been increasing as well. As well as the number of shipments. As we already mentioned, it is growing steadily. The ARP, of course, is rising slightly, but users are still purchasing. We've seen that happening in the market. Therefore, we handle a lot of the products offered in the Japanese market, and it's a majority of the market. We believe that we can generalize and say that the retail prices are rising. In terms of the AOV and the number of shipments, I don't know what's happening with the other competitors, but our staff are seeing that we have been able to keep apace with the trends. That was about the retail price increase. This is the three pillars of the strategy that we have been talking about since the previous year. We have a couple updates, so I would like to share them with you. The reminder of the three key pillars. One is to diversify our traffic. The second one is production support. The third one is licensing, technology license sales. First one, starting with the diversification of traffic. Why we want to get traffic from people who aren't just interested in buying fashion, and maybe this you already know. We are EC platform, and we've grown to this size. Going forward, we don't want people to come to ZOZO just as a place to buy fashion. We want them to see ZOZO as a place for fashion. That's the first pillar of business. We want to get traffic that's not just about buying. We want people to come if they're, for example, simply interested in a product or they just want to know more. ZOZOTOWN, we want to be a place where people turn to regardless of what they want to know about fashion. By doing so, we want to ultimately increase sales and also enhance our advertising business as well. That's what we're aspiring to do. With the first strategy, the first key step, actually, in the second quarter, we have already taken the very important first step. If you look on our homepage, you've maybe have seen this before. More fashion tech. It's the two axis. Of course, we've already talked about this. This will be our key focal points, but we added explore your style and delight and make you delighted. We haven't communicated this and emphasized this yet, but it's not really just a tagline. This is actually a purpose or where we're heading as a company. Of course, we want to evolve from a place to buy fashion and a place that's all about fashion, but we want to deliver clothing that people can get excited about and that look great on people. Looking great on somebody is actually a little bit abstract. When you buy consumer electronics, you look at the specifications, functionality, sizes. That's what you will look for with an appliance, but fashion is a little bit different. That's what makes it interesting as well. For example, you might want to buy some piece of clothing. You might ask your friend if you... They would think that you will look good in it, and the friend might say, "Well, I think the other one might look better on you." You would hesitate to make that purchase. With consumer appliances, you decide to buy something, and if somebody says, "Well, I don't think that's a good idea," you still think, well, that's what you need. Something that you wear, it's what how people see or, and what the trends are is actually very intricately related. What we mean by looking great on somebody, the definition, it really changes. There is not really a service that says, solves that issue. We want to take on that challenge and go a little bit upstream from just making a purchase. Delivering items of clothing that people can get excited about and that looks good on them actually embodies the explanation that I just shared with you. Your style is, we're just defining what is your style, what looks good on you. The more you dig, it's very abstract, and it changes per by person. Because it is abstract, there are abstract needs as well, and it's, we need to unravel that too. That's what ZOZO is trying to do going forward. It just seems like we just created a mission statement. We want to launch a Your Style service in November. We will be announcing a Your Style service in November. I think an offline brick-and-mortar store is the idea, and ZOZO will maybe, ZOZO will be taking a step forward in that direction. Please stay tuned for what we will be doing. It is very exciting. Next, production support. We've already issued a lot of press releases, and so we actually call it MTO, made to order, but we want to reduce inventory risk for the fashion industry. We have the production know-how, and we want to share that with the other brands. We want to provide back-end support to the brands. It's only been a couple of months that we've launched this service, but what we found so far is that the delivery time, the lead time, is actually the shortest is 10 days, and it might take even longer than that, depending. We know that this, we thought that this would be a bottleneck, and we were a little bit worried. Actually offering these products, we're seeing made-to-order products sell 1.5 times better. We believe that consumers don't mind waiting. This is an actual performance of a brand, but in the similar categories, let's say pants. The sales for a brand's pants, those that are made by ZOZO and pants that are not made by ZOZO, if we compare the sales, of course, there are differences in design as well, but we have our own sales platform, and we promote these products on ZOZOTOWN actively. We've seen this kind of gap between made by ZOZO and items that are not made by ZOZO. We believe that we can actually make up for the longer lead time, and we can. We have the strength because we have the sales platform, and we can do active promotions. We believe that we want to continue to focus more on offering production support and made-to-order products. The third key pillar we've already talked about, we are going to be doing licensing our technology, and we did release a service. It's a service launch in the U.S. You can't download the app in Japan, so you probably haven't been able to test it out. We've heard from our consumers, here are some of the feedback that we've received so far. As you can see, people are very passionate about it, and they love it. This service utilizes just a suit. We created that for the private brand, and we sold or gave away ZOZOSUIT as a tool for our private brand. People were actually using it to measure the changes in their body. This service helps people keep track of their, the bodily changes. These, a lot of people are happy that we're back and it's back, and happy that it's a service of great value that, so that they're happy we're providing that service. We will be promoting this service going forward. Of course, it's not a major hit yet, but we are going to go abroad with technology as our third key pillar, and we believe that we've been able to make a great step forward. Lastly, ZOZO CHAMPIONSHIP was held again this year. This year, we didn't have a cap in terms of the spectatorship, so it was a full-scale championship. The first time we had the typhoon, and the second time was in the U.S., and last year we had to count the number of spectators that we have. It was actually the first time that we have been able to open the doors to as many people as possible, and it all went smoothly, and Keegan Bradley won. He won for the first time in a while. The championship was very well supported, and it was very. There was a lot of momentum behind it. That's it from myself. Thank you very much. That concludes ZOZO's FY 2022 second quarter earnings briefing. Thank you for joining us today.