Thank you very much for joining ZOZO's conference call for the third quarter of FY 2025, ending in March 2026. 弊社からは取締役副社長兼CFOの柳澤、私、小林の二名が参加させていただきます。 And today we have on the call from ZOZO, Director, Executive Vice President, and CFO Koji Yanagisawa and me, and it will be the two of us who will be answering to your questions tonight. それでは早速ですが、柳澤より業績のご説明を差し上げます。 First, CFO Yanagisawa will take you through the financial results. はい、それでは皆様、こんばんは。私の方から、2026年第3四半期の決算内容についてご説明させていただきます。 Good evening, everyone. I'd like to walk you through the third quarter financial results for FY 2025, ending in March 2026. では、まず最初に、2026年度3月期第3四半期の決算概要をご説明します。 First, I'd like to walk you through the highlights of the third quarter of FY 2025. 2026年3月期第3四半期における商品取扱高は、前年同期比9.1%増の5,028億円。 その他商品取扱高を除いた商品取扱高は、前年同期比11.9%増の4,831億円。EBITDAは、前年同期比9.5%増の606億円。EBITDAマージンは12.6%と、前年同期0.2ポイントの低下となりました。 As for the third quarter, GMV increased by 9.1% year on year to ¥502.9 billion. GMV, excluding other GMV, increased by 11.9% year on year to ¥483.1 billion. EBITDA increased by 9.5% year on year to ¥60.6 billion, and EBITDA margin was 12.6%, down 0.2 percentage points from the same period last year. 7月31日開示ですね、修正後の会社計画に対する進捗率は、その他商品取扱高を除く商品取扱高は73.9%、EBITDAは79.1%となっております。 Progress against the revised company plan announced on July 31st is as follows: GMV, excluding other GMV, 73.9%, and EBITDA, 79.1%. 商品取扱高については、第二四半期において気温の高止まりによる需要の低下影響を受けたことに加え、第三四半期において前年同期実績が高水準だった中、積極的なプロモーションを実施しましたが、一部のセールイベントの効果が想定を下回ったことから、若干の計画未達となりました。 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 plan. 一方で、EBITDAは物流関連費、荷造運賃のコスト低減や実施プロモーション費用の予算未消化が寄与し、計画上回る進捗となっております。 On the other hand, EBITDA exceeded the progress plan, benefiting from lowered logistics and shipping costs, and lower than budgeted promotional expenses. え、続きまして、説明会資料8ページ、連結業績の四半期推移になります。 Next, this is the quarterly trend in consolidated performance. え、第3級会計期間におけるその他商品取扱高を除いた商品取扱高は、前年同期比11.3%増となりました。 For the third quarter accounting period, GMV, excluding other GMV, increased by 11.3% compared to the same period last year. 先ほどご説明した第三四半期累計の内容と一部重複しますが、ZOZOTOWN事業は、特に11月、12月において、秋冬商材の売上が若干伸び悩んだ結果、計画未達となりました。 This overlaps partially with the early explanation of the third quarter cumulative results. But ZOZOTOWN's business fell slightly short of its plan, as sales of fall and winter products showed limited growth. 一方で、LINE Yahoo! Commerceは、本期のZOZO祭りの開催日数が前年同期と比較して増加したこと等により、計画を上回る進捗となっています。 Meanwhile, LINE Yahoo! Commerce exceeded our plan for having more days of Honki no ZOZOMATSURI. え、Listについては、業界不調や米関税制度の変更等を背景に、え、計画未達となっております。 As for List, we fell short of our plan due to factors including industry headwinds and changes to the U.S. tariff system. EBITDAについては、前年同期比14.9%増、EBITDAマージンは13.6%となりました。 EBITDA increased 14.9% year on year, with the EBITDA margin reaching 13.6%. 商品取扱高および粗利益は計画未達となっている一方で、荷造運賃および物流関連費のコスト低減が主な要因となり、EBITDAは計画を上回る進捗となっております。 While GMV and gross margin were below plan, EBITDA improved faster than expected, primarily driven by shipping and logistics related cost reductions. 続いて、第3四半期における主なトピックスについてご説明します。まず、生産事業の終了についてです。 Next, I'd like to share the main topics of the third quarter. The first one is about the termination of our production business. 当社の生産事業は、アパレル業界の根強い問題である在庫問題を解消できる受注生産モデルで展開してまいりましたが、期待していたほどのブランド様からの需要を獲得できず、収益化には苦戦しております。 Our production business was designed around a made-to-order model to address chronic inventory problems in the apparel industry. However, demand from brands fell short of expectations, and we faced challenges in achieving profitability. 今後の事業性を総合的に検討した結果、この度当該事業の終了を決定しまして、事業清算に伴いまして、第3四半期会計期間において特別損失として7億円を計上しております。 After a comprehensive review of the business's future viability, we have decided to discontinue this operation. In connection with this business liquidation, we recorded an extraordinary loss of ¥700 million in the third quarter. なお、2025年10月20日をもって新規受注を停止しており、在庫商品については引き続き販売を継続し、在庫消化次第、販売を終了する予定となっております。 We have also suspended accepting new orders effective October 20, 2025, and we will continue to sell the existing inventory and plan to cease sales once it is fully depleted. 続きまして、11月6日にオープンしたKファッションゾーンについて説明いたします。 Next is about the K- Fashion Zone, which opened on November 6th. 同日に韓国を代表するファッションプラットフォームであるムシンサにもご出店いただいており、オープン時では約140ブランドの取扱いでしたが、その後12月末時点では2,015ブランドまで拡大し、出品点数は約20万品番となっており、今後も順調に順次拡大を予定となっております。 On the same day, we also welcomed the opening of Musinsa, a leading Korean fashion platform, and at launch, it featured approximately 140 brands, and by the end of December, the set expanded to 2,015 brands, with around 200,000 listed SKUs, and further expansion is planned going forward. 販売状況については、期初想定の並みの順調なスタートとなっており、特に二十代前半の女性ユーザーを中心に支持を集めており、特に、トレンド感が強い韓国ブランドが好調となっております。 Sales got off to a strong start, broadly in line with our initial expectations, and it's been gaining traction primarily among women in their early twenties, with Korean brands known for their strong trend sensitivity, showing particularly strong performance. え、続いて業績詳細抜粋してお話しします。 Next, I'd like to present an overview of the key performance details. え、説明会資料の9ページ。まず、第3四半期終了時点における前年度、え、実績と比較したEBITDAの増減分析になります。 Let's go to page nine of the handout. First, we will analyze the changes in EBITDA compared to the previous year's results at the end of the third quarter. 前期554.2億円から今期606.7億円と、約52.5億円の増益となりました。 EBITDA increased by approximately 5.25 billion yen from ¥55.42 billion in the previous year to ¥60.67 billion in the current quarter. まず、EBITDA押し上げ要因としては大きく四つございます。 There are mainly four factors attributable to the increase in EBITDA. まず一つ目が、ZOZOタウン事業とLINEヤフーコマースの取り扱い額拡大による粗利の増加で、66.8億円。二つ目が、広告事業の成長による売上増加で7億円。三つ目が、リスト連結等に伴うその他事業の粗利増加で49.7億円。 最後に、物流拠点の効率化に伴う物流関連人件費の抑制が主な要因となり、変動費の減少で¥4.2億円となっております。 First, gross profit increased due to higher GMV in the ZOZOTOWN business and Line Yahoo! Commerce, plus ¥6.68 billion. Second, sales increased due to growth in the advertising business, plus ¥400 million. Third, gross profit increased due to the consolidation of List and other businesses, plus ¥4.97 billion. Fourth, the reduction in variable costs driven by the containment of logistics-related personnel expenses resulting from the streamlining of logistics centers, plus ¥420 million. 一方で、EBITDA押し下げ要因としては大きく三つありまして、一つ目がリスト連結化に伴う連結従業員数の増加や一挙に発生したM&Aに係るスポット費用等の固定費の増加で25.9億円。二つ目が、集客費用や販促費の増加およびリスト単体の費用計上により、実質プロモーション費用の増加で約39億円。 え、三つ目が、第一四半期に発生したM&Aに係るFAに対する成功報酬など、その他の費用の増加で7.3億円となっております。 On the other hand, there are mainly three factors that reduced EBITDA. First, an increase in fixed costs due to a rise in consolidated headcount associated with the consolidation of List, the occurrence of one-time expenses related to M&A in the first quarter, and others minus ¥2.59 billion. An increase in actual PR expenses to attract customers, promote sales and cover List standalone expenses approximately minus ¥3.9 billion. There was an increase in other expenses due to success fees paid to FA related to M&A and others in the first quarter, and this was minus ¥730 million. 继续解释，说明二十一页半刊费的内容。 Next, I'd like to go to page twenty-one of the handout. This is the breakdown of SG&A. 商品取扱高対比的販管費比率は21.8%、前年同期比1.0ポイント低下いたしました。リストの連結に伴い、商品取扱高が拡大した一方で、リスト単体では発生しないもしくは少額にとどまる販管費項目があるため、販管費比率の低下に寄与しました。 So the SG&A to GMV ratio was 21.8%, a decrease of 1.0% from the same period of last year. While GMV increased due to a consolidation of List, incremental SG&A expenses were either zero or minimal for certain items related to List alone, and this contributed to a decrease in the SG&A expense ratio. まず、販管費率の上昇要因は主に二つありまして、一つ目がリストの買収に伴いのれんの償却額が0.3ポイント上昇。二つ目がリスト単体での費用計上に加えて、増担における広告費、ウェブ広告の投下量増加により、広告宣伝費が0.2ポイント上昇しております。 Mainly, there are two factors that drove up the SG&A ratio. First, amortization of goodwill related to the acquisition of List. That's plus 0.3%. Second, in addition to expenses recorded for List alone, advertising expenses increased due to higher web advertising spending for ZOZOTOWN, and that's plus 0.2%. 一方、販管費率の低下要因は主に四つありまして、まず一つ目が連結範囲の拡大に加え、配送効率改善の取り組みの結果、2025年10月より配送委託先との経済条件が改善されたことにより、荷造運賃が0.7ポイント低下しております。 On the other hand, there are mainly four factors contributing to the decrease in the SG&A ratio. First, lower shipping costs resulting from improved economic terms with the delivery contractor starting October 2025, driven by both expanded consolidation scope and delivery efficiency initiatives. That's minus 0.7%. 二つ目が連結範囲の拡大に加え、物流拠点の在庫保管料の適正化等による作業効率の改善や、自動化推進による省人化等により、人件費のうちの物流関連費が0.5ポイント低下しています。 Second, a decrease in logistics-related labor costs, driven by improved operational efficiency, including inventory optimization and logistics centers, and labor savings from automation initiatives, as well as an expanded scope of consolidation. That's minus 0.5%. あとは連結範囲のリスト、連結範囲の拡大に伴い、代金回収手数料が0.2ポイント低下、賃借料が0.2ポイント低下しております。 The other two are the following: a decrease in payment collection commission due to the expansion of the consolidation scope minus 0.2%, and a decrease in rent expense due to the expansion of the consolidation scope minus 0.2%. 続きまして、説明資料二十四ページのプロモーション費用になります。 And next is page twenty-four of the handout. Here we show the actual promotion related expenses. 第三クォーターは、広告宣伝費と売上高から減額処理されるポイント等費用の合算であるプロモーション費用について、商品取扱高対比4.9%で終了いたしました。 In Q3, actual promotion expenses amounted to 4.9% of GMV, and the actual promotion related expenses include advertising costs and point related expenses that are deducted from sales. え、こちらですね。増加する要因なんですけれども、大きく三つございまして、一つ目が増担におけるウェブ広告の投下量の増加、二つ目が新規会員獲得や休眠会員の取り越し等による販促費用の増加。三つ目が販管費のうち、広告宣伝費が占める割合の大きいリスト単体の費用計上。これは三つが要因となっております。 The increase was driven mainly by three factors. First, we increased web advertising for ZOZOTOWN, and second, promotional expenses rose due to initiatives such as acquiring new members and reactivating dormant members. And third, we recognized expenses solely for list, with advertising accounting for a large portion of SG&A. え、これは費用増加した一方でですね、前年度まで発生していたPGAツアーのスポンサー費用が解消されたことによってされた影響がですね、これは三つを上回った結果ですね。前年同期と比較して商品取扱高対比は零点低下というふうになっております。 While the aforementioned three factors worked to increase the actual promotion expenses, the elimination of PGA Tour sponsorship expenses from prior fiscal years had a greater impact, and as a result, the SG&A ratio decreased by 0.4 points compared to the same period last year. Please note that the actual promotion expenses for the third quarter were largely used as planned. However, as mentioned in the opening slide of the earnings summary, the cumulative amount for the first three quarters remains below plan, and the remaining budget will be utilized in the fourth quarter. So on a full year basis, we expect to use the budget as planned. The following are ZOZOTOWN's KPIs, and please note that the following indicators do not include results from LINE Yahoo! Commerce, LOHACO, or B2B businesses. Let's first go to page twenty-five of the handout. This is the number of buyers. The number of total buyers increased by 280,000 from the previous quarter to 12.8 million. Here's the breakdown. The number of active members increased by 310,000 from the previous quarter to 12.11 million, and the number of guest buyers decreased by 30,000 from the previous quarter to 680,000. In Q3, we continued to successfully acquire new members by increasing our web ad and friend referral campaigns year over year. In addition, re-engagement initiatives for dormant members have delivered positive results, with the impact of reactivation now becoming visible. Moving on to page twenty-eight of the handout, this is the number of shops on ZOZOTOWN. At the end of the third quarter, the number of shops stood at 1,712, a net increase of 26 from the previous quarter. The number of new stores opened in the third quarter was 46, including stores like Musinsa, which is the one that I mentioned earlier. This is Korea's leading fashion platform, and there are Toys R Us and Babies R Us, comprehensive specialty stores for toys and baby products, the number of new stores, an apparel brand popular mainly among young consumers and more. Let's now go to page thirty and thirty-one of the handout, average retail price and average order value, starting with average retail price. With respect to average retail price, it came to ¥4,277, a 2.1% year-on-year decrease. Price increases for new fall and winter merchandise have moderated from the brands, with prices now broadly in line with last year's levels. But the average retail price fell due to a higher proportion of sales items compared with the same period last year. On the other hand, if you can kindly turn to page thirty-one, we have information about our average order value. Average order value stood at ¥9,328, minus 1.0% year over year. セル販売比率の増加に伴い、併売率が上昇しですね。一週間あたりの購入点数は増加した一方で、平均商品単価の低下影響が一週間あたりの購入点数の増加影響を上回った結果、平均出荷単価は低下というふうになりました。 The number of items purchased per order rose, supported by an improved cross-selling ratio, which was driven by a higher markdown ratio. However, the decline in average retail price outweighed these effects, leading to lower average order value. なお、一万二千以上のお買い物で送料無料となる施策の投下量は前年並みとなっており、当施策によるですね、一週間あたりの購入点数の押し上げ効果というのは限定的というふうになっております。 Also, the volume of promotions offering free shipping on purchases of ¥12,000 or more remained at the same level as the previous year, and the effect of this promotion on increasing the number of items purchased per order was limited. はい、え、最後になりますが、あ、進行期の通期連結業績予想と配当金に関しては変更はございません。え、説明は以上になります。 Lastly, this is the full year consolidated earnings and dividend forecast for the current fiscal year. There are no changes to the earnings forecast. This concludes our presentation for today. それでは質疑応答に入ります。ご質問がある方はお手元画面の手を上げるボタンより挙手をお願いいたします。 Let's start the Q&A session. If you have questions, please raise your hand with a button. え、こちらから指名をさせていただいた方はミュートを解除の上、所属企業、お名前を発言してからご質問いただけますようお願いいたします。 When you're appointed, please unmute and state your company and name, then ask your questions. ご質問いかがでしょうか？ Any questions? あと、え、十五秒ほどお待ちしようと思います。 I will wait for fifteen more seconds. ご質問よろしいでしょうか？ All good? No questions. え、ご質問ないようですので、え、カンファレンスコールを終了させていただこうと思います。え、皆様、本日はご参加いただきありがとうございました。 It seems like there are no questions, and what we'd like to do is to go ahead and end this conference call.