First, I would like to start with the GMV for FY 2022 second quarter. It was JPY 251.1 billion, up 9.4% year-on-year. The GMV excluding other GMV was JPY 227.4 billion, up 8.8% year-on-year. The OP increased by 14.4% and landed at JPY 27.2 billion, and the OPM was 12%. Against the fiscal year forecast we have disclosed, we have achieved 46% of the GMV and 52.8% of the OP, so we are making good progress. Next, moving on to this, page seven of the document, earnings briefing document. Here is the consolidated performance overview. The GMV, excluding other GMV in the second quarter, increased by 9% year-on-year. In the fourth quarter last year, large brands left our BtoB business, so in total the growth rate was less than 10%. If we include the ZOZOTOWN and PayPay Mall businesses, we grew by 12.2% year-on-year, continuing to grow double digits. In the second quarter, we saw warmer temperatures in the month of September, so sales temporarily decreased, but our inventory recovered from the lockdown in Shanghai that was experienced in the first quarter. We saw a great increase in both the number of visitors and purchases. With respect to OP, although the customer acquisition costs and promotion costs increased compared to the same quarter previous year, the gross margin increased due to growth in GMV and some costs, mainly variable costs, decreased, so the OP ended up increasing by 15.2% year-on-year. Next, please turn to page eight for the increase decrease analysis of the operating profit. The OP increased by JPY 3.42 billion from JPY 23.79 billion same quarter last year to JPY 27.21 billion. The OP increased due to three reasons. The first reason was the increase in commissions from consignment business as a result of an increase in GMV, which resulted in JPY 6.46 billion, and also JPY 0.64 billion coming from the increase in sales from the ad business, and JPY 1.04 billion was due to increase in shipping income and payment commissions. The OP decreased due to four key reasons. It decreased by JPY 1.16 billion due to the increase in fixed costs attributable to the increase in the number of employees, logistics centers and consignment operations. It also decreased by JPY 0.7 billion due to increase in variable costs that increase in proportion to GMV. One point seven two billion decrease was due to the increase in actual promotional costs such as customer acquisition. JPY 1.14 billion decrease was attributable to one-off costs from increasing logistics centers and telecommunication costs. Now we would like to skip a few pages to page 16. Here are the quarterly trends in the GMV. 先ほどもご説明しましたとおりですね、前年度の第四四半期にBtoBの事業において大手のブランドさんのサイトの撤退というのがありましたので、BtoB事業の商品取り扱い高の構成比は2.9%に減少しておりますけれども、一方でその影響でそれ以外のビジネスの整備が増えているという状況になっております。 As I have already mentioned, in the fourth quarter last fiscal year, large brands have left our BtoB business, so the BtoB portion of the GMV decreased to 2.9%. As a result, the composition of other brand businesses increased. 続いて説明会資料の20ページ、第2クオーター終了時点の販管費の内訳に関して説明いたします。 Next, if you turn to page 20, I would like to talk about the SG&A as of the end of the second quarter. 商品取り扱い高対比の販管費率は22.7%になりまして、前年同期では0.3ポイントの低下となっております。 The SG&A against the GMV decreased to 22.7%, so it decreased by 0.3 points year-on-year. 販管費率低下の主な要因として、低下の要因は二つありまして、一つ目が物流拠点内の作業効率の向上等で人件費のうちの物流関連費、これが0.4ポイント低下。出荷単価が前年実績に対して上振れたため、出荷荷造運賃が0.3ポイントの低下となっております。 There are two key reasons why. The first one is the improvement of operational efficiency and the logistics centers, which helped reduce the logistical labor costs by 0.4 points, and the second reason is the increase in AOV in comparison to the last fiscal year, pushing the shipping costs down by 0.3 points. 一方で、販管費率の上昇要因はですね、第一四半期に発生した物流拠点の拡張に伴う備品購入等のスポット費用の計上ですとか、あるいはシステムのリプレース、トランザクションの増加に伴うクラウドサーバー利用量の増加に伴う通信費の増加等によって、このその他の部分ですね、0.4ポイントの上昇というふうになっています。 The SG&A increase, especially the other SG&A increased by 0.4 points. This includes one-off costs to purchase equipment for the new logistics centers that we added in the first quarter, as well as system replacement and increase in cloud service usage. Therefore, telecommunication costs. We saw an increase in others. 説明会資料の24ページ、四半期ごとの販管費の内訳になります。 If you turn to page 24, you will see the SG&A by each quarter. この第二クオーターの会計期間において、販管費率、商品取り扱い高対比の販管費率は23.0%となり、前年同期では0.3ポイントの低下となっております。 In the second quarter, the SG&A against the GMV was 23.9%, down 0.3 points year-on-year. 第一クオーターに引き続きですね、物流関連費用が昨年度と比較して低い水準を維持しているということと、もう一つはですね、配送料の値上げが7月にありましたが、一方で出荷単価の上昇によってですね、荷造運賃費が商品取り扱い高対比では大きく増加をしていない。出荷単価の上昇によって配送料の値上げというものを吸収しているというような状況になっています。 As it was the case in the first quarter, the shipping cost has remained low. Although shipping costs rose in July, the AOV has also increased. The shipping cost, the GMV ratio has not been impacted significantly. The rise in AOV has offset or absorbed the rise in shipping costs. はい、続いて説明会資料23ページのディスカウントプロモーション費用の推移になります。 If you turn to page 23, you will see the actual promotion related expenses. この第二クオーターの広告宣伝費とポイント費を合算した実質プロモーション費用は、商品取り扱い高対比で3.1%となっております。 The actual promotion cost for the second quarter, which includes both advertising and point-related expenses, was 3.1% against the GMV. ガイダンスの発表のときにお伝えしているとおり、通期で商品取り扱い高対比3.5%程度を実質プロモーションとして使っていくということという方針に大きな変更はございません。売上のピークを迎える下期ですね、積極的に今後プロモーションを展開していこうというふうに考えております。 There are no changes in the direction that we announced in the beginning of the fiscal year that we will be using 3.5% of the GMV for promotions. The latter half of the year tends to be our peak sales period, so we plan to actively undertake promotions going forward. はい、続いて説明会資料の21ページ、営業利益、営業利益率の推移になります。 If you turn to page 21, you will find the operating profit and operating profit margin. まず第二クオーターの売上総利益率を押し下げる要素としては、販促費、商品取り扱い高の成長に伴う原価等の採用して営業利益率は0.7ポイント低下して11.6%。 In the second quarter, we saw a rise in promotional costs, which includes point promotions. As a result, the gross profit also decreased by 0.7 points to 11.6%. 続きまして、説明会資料の25ページ。Page 25. Page 25. On page 25, we would like to explain the key KPIs for ZOZOTOWN. まず購入者数ですが、前四半期比プラス23万人の1,085万人。アクティブ会員数は前四半期比プラス27万人の954万人。ゲストは、購入者は前四半期でマイナス3万人の131万人。 The annual active buyers increased by 230,000 to 2.85 million and the active members rose by 270,000 to 9.54 million. Guest buyers decreased by 30,000 to 1.31 million. アクティブ会員数の増加に関してはですね、昨年度に新規獲得した会員の定着化に加えて、今期のZOZOWEEKおよび夏の本セールのタイミングでですね、テレビCM等のウェブ広告を積極的に投下したことによって、集客がうまくできたという状況になっております。 The number of active buyers has increased because new customers that we acquired last fiscal year have become regular customers, and we also strengthened our customer acquisition efforts with active TV commercials and web ads launched during ZOZOWEEK and the main summer sales period. 続いて、26ページのショップ数の推移になります。 Next on page 26, you will see the trends in the number of shops. 第二四半期末時点のショップ数は1,532ショップとなって、前四半期末から、9ショップの純増という風になっております。 As of the end of the second quarter, the number of shops was 1,532, and we added a net of 9 shops since the last quarter. 第二四半期の出店数はですね、24ショップになりまして、主な出店ショップとしてはですね、Anna Sui Cosmeticsですとか、イギリスの高級アウトドアブランドのBarbourですとか、アメリカのスニーカーを中心としたフットウェアで高い知名度を誇るSkechersなどが出店しております。 In the second quarter, we added 24 shops, which include Anna Sui Cosmetics, luxury outdoor brand Barbour from the U.K., and the famous U.S. footwear brand Skechers, known for their sneakers. 続きまして、平均出荷単価、商品単価、出荷単価ですね。説明開始資料の31、32ページとなります。 On page 31 and 32, you will see the average retail price and average order value. まず商品単価ですけれども、¥3,487、前年同期比ではプラス6.8%となりました。 First starting with the average retail price, it was JPY 3,487, up by 6.8% year-on-year. 商品単価の上昇要因としてはですね、前年同期よりもセール比率が下落したことと、ブランドさんがですね、設定するセールのオフ率、これが前年と比べて、弱めだったというところがあります。 This year, the average retail price increased due to less products being sold at a discount in comparison to the same quarter previous year. Brands also did not offer as a big discount as they did the year before. 続いて説明資料32ページの平均出荷単価ですが、こちらは¥7,566で前年同期比+3%という風になっております。 On page 32, the average order value was JPY 7,566, up 3.0% year-on-year. こちらもですね、商品単価の上昇というものが非常に大きく影響した結果、平均出荷単価もプラスという風になっております。 Since the average retail price significantly increased, the AOV also increased quite a lot. 続いて説明開始資料三十四ページの業績予想ですが、こちらは大きな変更はございません。 On page 34, the consolidated business forecast and dividend forecast, there are no major changes to these figures. 続いて、説明会でですね、澤田 CEOの澤田が説明した資料に関して、簡単にご説明します。 From here on, I would like to briefly take you through some of the material that our CEO, Sawada, covered in the earnings briefing. まず商品の値上がりの状況に関してなんですけれども、商品の上代、販売価格ですね、こちらは上昇傾向になっております。特にこのAWの新作に関しては、カテゴリによって、特にファッション、アパレルのカテゴリですね。こちらは前年同期で大体3〜5%ぐらい上昇と。平均的に考えると3〜5%ぐらい上昇というような状況になっております。 First starting with the rise in retail prices, we have seen that the retail prices are trending up, especially for the fall and winter apparel category. On average, these categories retail prices are going up by 3% to 5%. 実際の注文の状況ですけれども、こちらもですね、出荷単価、先ほどお話しした出荷単価ですね。これも、前年同期比で3%程度上昇というふうに、価格面の上昇は見え始めているんですけれども、一方でですね、出荷件数、こちらもですね、順調に伸びておるという状況を維持できておりますので、事業へのマイナス影響というのは、割見られていないという状況になっております。 As I mentioned earlier, the average order value has increased by 3%. We're seeing rise in retail prices as well as AOV, but we're also seeing rise in the number of shipments as well. We have not seen any negative impact from the rise in retail prices. ただ、ここはですね、今のところという枕言葉をつけさせていただきたいと思っておりまして、これから先ですね、実際の注文状況というのがこのように継続していい水準を維持できるかどうかというのは、まだ何とも言えないという状況かなと思っております。 That is for now, which is important because we don't know if this positive trend will continue going forward. はい。続いてですね、これまで期初からお話しさせていただいている戦略の三本柱に関して進捗状況をお話ししたいと思います。 Next, moving on to the three key pillars of our strategy, which we have been sharing with you from the beginning of the fiscal year. We wanted to give you some updates. おさらいになりますけれども、三つの柱、一つ目が買う以外のトラフィックを増やすと。二つ目がEC以外の収益ポイントということで、生産支援に踏み込む。三つ目が海外に攻めていくということで、技術ライセンスの海外販売というものにトライをする。この三つが柱となっております。 Just as a reminder, the three key pillars of our strategy include, number one, diversifying our traffic from other than buying, and also secondly, to increase our revenue stream from AC to a production support as well. Three, to expand or go global by licensing technology. まず、買う以外のトラフィックを増やすということに関してですが、これまでZOZOはですね、ファッションを買うという、買うことに特化したプラットフォームという位置づけでしたが、これからはですね、ファッションのコトならZOZOということで、買う以外のトラフィック、買いたい前の段階ですね。様々な付加価値を提供することによって、ファッションのコトならZOZOという立ち位置になってきたというのが一番の話です。 In terms of the first one, diversifying our traffic has been a place or a platform that focuses on being a place to buy fashion. Going forward, we want to become the place for fashion by addressing the needs in the upper funnel before people actually contemplating purchasing with by offering various added value. この買以外のトラフィックを増やすと。ファッションのコトならというところで、新たにですね、経営戦略の中に一つの、何て言うんですかね、標語という形で加えたものがあります。 In order to diversify our traffic to become the place for fashion, we have added another statement to our management strategy. 今までではですね、経営戦略、MORE FASHION、FASHION TECHという形で経営戦略を掲げておりましたが、ここにですね、ワクワクできる似合うを届けるというメッセージを付け加えたという状況になります。 In addition to the management strategy in the past had been MORE FASHION × FASHION TECH. Now we've added the phrase translated as explore yourself and we will delight you in the process to this management strategy. 似合うというのはですね、これ非常に漠然とした表現なんですけれども、ファッションにおいては非常に重要な要素になってくると。従って、ここをですね、我々としては追求して、この似合うというものを徹底的に研究していこうというふうに考えております。 It's very important to fashion, but it's also very abstract things that look good on you or that things that suit you. Since it is very important to fashion, we would like to thoroughly conduct research and development in this area. それが次のページになるんですけれども、この似合うというものを追求していくこと、これを徹底的にやっていきたいと考えておりまして、その一つの取っ掛かりとか手始めとしてですね、この次のページに挙げますけれども、リアルな店舗を一個、一つですね、立ち上げていこうというふうに考えています。 We want to help people explore their styles and we would like to do that thoroughly. One way of doing that is the brick-and-mortar store, one store that we plan on opening. これを説明会でも質疑応答のタイミングでお話ししましたけど、東京都内にですね、実店舗を基幹店的にですね、実店舗を立ち上げたいと思ってますので、どんなことをやるかに関しましてはもう少々。 Section of the range. We will be open for the issuing press release early November. We make that announcement. 二つ目、生産支援に踏み込むというところなんですが、これもすでにプレスリリースを出してますけども、ファッション業界では在庫リスクゼロでということで、立ち上がってきたんですね。この生産ですね。Made by ZOZOという形で、そういうものを展開していく。 The second area is production support. We also issued a press release about this as well, but we have launched Made by ZOZO their own platform product brand business and we would like to reduce the risk for the fashion industry to zero. We will do this to brands by ZOZO, but offer made-to-order services. こちらはですね、もうすでにスタートして、わかってきたこととしてはですね、実際このmade-to-orderのサービスは、普通の商品と比べると、注文いただいてからユーザーさんにですね、最短で、合計で、五日ほどですね。それがボトルネックとなって変わらないというようなことは起こってないと。つまり、そのリードタイムが長くてもですね、欲しがるものはお客様にしっかり買っていただけていると、そんなような状況になっております。 This made-to-order business we've already started. The lead time tends to be longer. At the earliest, it's 10 days. Of course, we do have products where the lead time is even longer than 10 days. We initially thought perhaps the longer lead time may become a bottleneck. Since launching the service, we have seen that is not the case. If consumers really wanted the product, they're willing to wait even if the lead time is longer. 最後に技術ライセンス販売にトライということで、ZOZOFIT、これをですね、8月に北米でスタートしております。 Lastly, as a licensing of technology, we launched ZOZOFIT in the U.S. in August of this year. こちらはですね、リリースしてからかなり現地でもですね、好意的な反応が見られ始めていてですね、いよいよ、今まで、あの、我々プライベートブランドをやった時にですね、米国内でもZOZOSUITを無料で配って、プライベートブランドを販売するツールとして活用していましたけれども、実際やっぱりその体の計測をするために使ってらっしゃる方も結構いたという背景がありまして。その背景を生かしてですね、このZOZOFITというものをスタートしてますけれども。やはりまだまだユーザーは少ないですけれども、かなりあの、利用となってる方々には評判がいいという状況になってます。 Since releasing the service, we have received great feedback from the users. In the U.S. as well. When we launched the private brand, we did giveaways of the suit free as a tool to sell our private brand, but we found that some people were actually using it to measure their body and the changes in their measurements. We utilized this insight to launch the fit. Although the user base is still small, we have seen that the response has been quite positive. We want to expand this gradually. 最後に、十月に、我々、ZOZO CHAMPIONSHIPというゴルフのトーナメントを開催いたしました。チャンピオンはキーガン・ブラッドリー選手ということで、これは非常に評判良く終わることができたという状況になっております。 Lastly, in October we organized the ZOZO CHAMPIONSHIP, and Keegan Bradley was the winner of the championship. We have received great feedback about the organization of this tournament. ちょっと駆け足でしたが、説明は以上になります。 That was a quick and brief introduction of the earnings briefing. Thank you. それでは質疑応答に入ります。ご質問のある方はお手元ボタンの手を挙げて挙手をお願いいたします。 We would like to move on to the Q&A. If you have a question, please raise your hand or use the icon to raise your hand. こちらから指名をさせていただい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きますようお願いします。 When called upon, please unmute yourself and state your organization and your name as well before you ask your question. はい、ありがとうございます。それではブラッドリーさん、ご質問をお願いします。 Thank you. Mr. Arthur. Go ahead. Yes. Hi. Thank you very much for the opportunity to ask questions. This is Arthur from Merrill Lynch. Maybe firstly on just the average order value and sort of the price increase dynamics that you've talked about. I know you've highlighted the retail prices are probably going up 3%-5% year-over-year for the autumn winter, you know, seasonal items. I guess I wanted to just clarify, was that already a tailwind to the average order value growth in the second quarter? Or is that more of a third quarter sort of, you know, accelerant to AOV growth here? Maybe if you could to an extent, maybe share just what the AOV growth was exiting the September quarter. In the month of September, I'd assume maybe that's a little bit more of an autumn winter apparel environment. Just curious if, you know, the growth in that month was different to the overall quarter. はい。私の質問はAOVと平均価格に関してなんですけれど、先ほどの平均価格が3%から5%に関してはAOVに関しては上昇しているっていうような傾向にあるっていうお話がありましたけれど、セカンドクオーターに関してもそういうような追い風はあったのか、それともサードクオーターから実際に感じられるであろう追い風なのか、9月だけの平均出荷単価を見てみると、もうすでにその恩恵は受けていたのかどうかというところを教えてください。はい。先ほどの話はですね、この秋冬の商品の入荷の状況からですね、まだ全てではないですけども、現段階では、まあ3から6%ぐらい平均的に上がって The three to five percent increase in the retail price for the autumn winter season is based on the inventory that we have received so far for this season. We're not certain if that same trend will continue in terms of the products that we will start to receive going forward. In terms of the second quarter, the average retail price has risen by 6.8%, as highlighted in the earnings release document. Thank you. I guess just to clarify, because in the second quarter, the 7% year-over-year increase in average retail price, you highlighted this was more a function of lower discounts year-over-year. All I'm trying to understand is just is the 3%-5% retail price increase already included in the second quarter number. Or is this more sort of a, you know, a frame for the third quarter? The 3%-5% increase in terms of the autumn winter season, it's something that is actually experienced more recently than for the second quarter. The spring summer season, we don't really see a significant increase in the average retail price. All understood. Very clear. Thank you. I guess as a follow up to that, you know, do you expect sort of average order value to then accelerate into the second half as you get more of the 3%-5% retail price increase? Is that very simplistically, you know, I don't know, 1, 3-5 points of year-over-year growth acceleration for AOV in the back half of the year. This is a little bit misleading, but the rise in the retail price of 3%-5% that I mentioned earlier is the rise in prices that we're seeing in terms of the products that we have received in our warehouse, whereas the average order value is based on the price at which people will actually buy the product. These prices may not necessarily be equivalent. Understood. Lastly on this topic, I guess just very simplistically, if I look at your retail price being up year-over-year by 7%, but your items per shipment is down, call it 3% -4% year-over-year. I guess just very simplistically, it looks like, you know, what's happening is sort of the prices are going up, but people are maybe just trading off by buying less items. I don't know if that's the right way to look at it. Do you see that happening right now just in terms of consumer behavior in response to price increases? Of course, it is a fact that the number of items per shipment has come down. Having said that, we have been able to maintain the GMV. As you mentioned, in the second quarter, the products have not been sold at a large discount in comparison to the past. As a result of this, as well as the rising retail prices, the users may psychologically have opted to purchase a fewer items than before. Understood. My last question is just in terms of your overall, you know, GMV growth excluding other has been obviously quite strong so far this year, growing around 9% year-over-year versus your sort of guidance for 7% for the year. It seems like there's, you know, a fair bit of tailwinds, I guess, you know, from an AOV perspective or an ASP perspective into the back half. What is your sort of confidence in terms of being able to maintain this 9% growth or maybe even accelerate further into the back half? Just thoughts around there would be great. Thank you very much. At the moment we have not changed our business forecast. We, that is basically how we feel about, what may come in the future. Understood. Thank you very much. Thank you. Thank you very much. Mr. David Gibson. Mr. David Gibson, please go ahead. Thank you. From MST Financial. 2 questions. You mentioned in the earlier call in the presentation of plans to have a physical store in Tokyo. Could you give us some sense of scale that you plan this to be in the sense of just one store? Is there likely to be, you know, 10 stores in the future? Just can you give a sense of how many you're thinking about longer term? We can't disclose the details at this moment in time, but we will be first starting with one store and see how that is received by our users and decide then whether we want to build more or less. Okay, thank you. Talking about inventory given by the brands to you, I think you said at one Q that this was improving. Is it right to say that the second quarter you saw less of an improvement than you expected? Further, is that improving even further now as we move into third quarter? Thank you. Just to clarify, in the first quarter was when we experienced the lockdown in Shanghai. We had less inventory in the first quarter. In the second quarter because the lockdown was alleviated, the situation of the inventory improved. For the third quarter, the level of inventory that we have received so far is on par with our expectations. Okay. Thank you. Just to clarify, the 2Q inventory you did get though, was less than you expected. Is that correct? It was also on track with our expectations. Yes, it was on par with our expectations, so. Okay. Sorry, I thought in the Japanese call you implied that the inventory you got was actually less than you were planning. Was that not correct? It's just a slight deviation. Okay. Thank you very much. Thank you for your question. If you have any other questions, please raise your hand using the icon. Please go ahead, Mr. Bradley. Sorry. I'll go if there's no other questions. Maybe just one on your cost, your delivery fee for the quarter. If I look at the amount and I sort of divide that by the number of shipments that you shipped in the quarter, I get to a number where I'm looking at sort of the first quarter and the second quarter number, you know, on a cost per shipment basis, pretty even, despite of the fact that you guys took price increases from your third party logistics partners from July. So I just wanted to sort of reconfirm, you know, was that a meaningful impact on a per unit basis? You know, it just didn't seem that way from a simple sort of math perspective, but maybe I'm missing something. We did experience a rise in shipping fees. However, as I mentioned, the average order value also went up and it went up more than expected. It was higher by 3% year-on-year. As Kobayashi-san mentioned in the earlier call today, we have diversified our shipping methods. We are using more different sizes of cardboard boxes as well as plastic packaging as well to ship products. We have made the shipping materials more efficient. This has helped curtail the impact from the shipping fee hike. Very clear. Thank you very much. I guess just in terms of thinking through sort of the revenue increase that you got from taking up your shipping fees, does that mean that it was sort of net positive to your operating margins, you know, in the second quarter as well as going forward? It just seems like you've sort of made some efficiency gains into your cost for shipping. It's not really going up, but you've also taken up your revenue side by taking a higher fee on the shipping. It seems like it might be net positive. I just wanted to reconfirm that. Thank you very much. Sorry. Not neutral. Positive. Sorry. As we have announced, we did raise the shipping fee to the shipping revenue that we're getting from each user is now 250 JPY. It is higher than before. This is because this takes into account the rise in shipping costs that we have to pay, as well as some of the other costs that may go up in the future. However, this does not include the rise in AOV. Like the second quarter, we depending on how the AOV trends, we might see a positive impact. Having said that, this is not something that we could say definitively. It does depend on the AOV going in the future. Great. Thank you very much. Thank you. Mr. Tim, please go ahead. Yes. Thank you very much for the presentation and doing this at such a late hour your time. Quick question. You flagged, in terms of the point promotion that, it increased in the second quarter to 1.7% of GMV. I'm curious what led to your decision to to lean in on the point related expenses this quarter? And what is your kind of ROI on this point promotion? How has that changed? If possible, you know, what kind of GMV contribution are you getting now this quarter relative to last year, for example? この遅い時間にプレゼンテーションしていただきありがとうございます。ポイントプロモーションに関して、セカンドクオーターはGMVの1.7%使用されているかと思いますが、なぜその前のクオーターと比べて、ここを増やしたのか。ポイントプロモーションに関してROIは変わってきているのかどうか。このポイントプロモーションを行うことによって、GMVにどれぐらい効果が見られるのか、昨年のセカンドクオーターと比べて教えていただければと思います。 はい。ポイントプロモーションはですね、かなりこれは機動的に活用しておりまして、主に、活用の仕方としてはですね、パーソナライズドディスカウントのところに、活用しています。 For point promotions, we actually do this very flexibly, and it's mainly used for personalized discounts. この効果はですね、かなり安定的でして、昨年と比べて悪くなってるというような状況にはなってなくて、ほぼほぼ同じような水準で。むしろ、パーソナライズドディスカウントですので、より精度が良くなってるというかですね、このポイントプロモーションが、効果としては良くなってきているという状況になります。 We have seen stable impact or effect from the point promotions. Actually, we've even seen the impact improve because it's personalized, so it's more accurate than before. The impact has not worsened. It's actually becoming slightly better because of the accuracy. GMVに占める割合については、非開示となりますので、申し訳ございません。 Apologies about the GMV contribution. We don't disclose that information. 小林さん、なんか追加ありますか？ あっ、いえ大丈夫です。はい。 Nothing to add from Kobayashi-san's side. ティフさん、いかがでしょうか。 Asan to you. Yeah, no, that answers my question. One more. With regards to the 3.5% full year target. When you think about this in terms of points versus advertising, do you expect the split to be roughly the same as last year? Or do you guys have you know any kind of change in that total cost in mind for this year? 宣伝広告費をGMVの3.5%使われるということなんですが、昨年と比べて、ポイントプロモーションと広告の割合というのは変わるのかどうか教えてください。 これが先ほどもお話ししたとおり、ポイント自体はかなり機動的に活用するので、そもそも基礎からこの広告宣伝費とポイントの費用の、まあ配分っていうのを考えてない状況です。もうまとめていくら、まとめてこの3.5%というふうなバジェットで考えてます。 As I mentioned before, the point promotions are actually undertaken very flexibly and agilely. From the beginning of the year, we only think about the total budget of 3.5%, but we don't really have an allocation in mind. It's comprehensively we plan to use 3.5%. Understood. Thank you very much. Thank you. ありがとうございます。 はい、ご質問ありがとうございました。他にご質問ある方いらっしゃらなければ、終了させていただこうと思いますが、いかがでしょうか。ご質問があるか... Does anybody else have any other questions? If not, we are going to be wrapping up this session.