Good evening. I would like to take you through the FY 2026 Q1 results. [Non-English content] First, if you could turn to page six, I would like to start us off with an explanation of the repurchase of shares and their cancellation that we announced on June 16. [Non-English content] This initiative will enable us to further strengthen our shareholder returns and improve our capital efficiency, thereby enhancing our corporate value. [Non-English content] Since FY 2023, ending in March 2024, we have aspired to achieve an average total shareholder return of 80% over the span of five years. Based on 70% dividend payout ratio, we have taken into account our cash position and share price levels, and have flexibly bought back our shares so that we can further enhance our shareholder returns. [Non-English content] We have decided to repurchase our shares from the market with a maximum total purchase amount of JPY 30 billion or 43 million shares. [Non-English content] The repurchase period is scheduled to run from June 17, 2026, through December 30, 2026. [Non-English content] All of the shares acquired will be cancelled on January 29, 2027. [Non-English content] By doing so, the ROE for FY 2026 will surpass 50%, significantly improving from 46.6%, the ROE as of the end of FY 2025. [Non-English content] Now I would like to take you through the FY 2026 Q1 results. [Non-English content] The GMV for this quarter decreased by 1.6% year-over-year to JPY 156.7 billion, and GMV excluding other GMV increased by 5.1% year-over-year to JPY 156.6 billion. [Non-English content] Adjusted EBITA increased by 3.6% year-over-year to JPY 18.7 billion. Adjusted EBITA margin was 12.0%, decreasing by 0.1 point year-over-year. [Non-English content] The achievement rate against our plans for GMV excluding other GMV was 23.1%, and 24.1% for adjusted EBITA. [Non-English content] The GMV has decreased Y-on-Y as the GMV from the ZOZO Option contract store on Yahoo! Shopping are no longer included as of September 2025. [Non-English content] GMV excluding other GMV have been impacted by less demand for summer products on ZOZOTOWN and LY Corporation Commerce due to lower temperatures in June than the previous fiscal year, but it landed in line with our plans for the quarter. [Non-English content] On the other hand, adjusted EBITA was slightly higher than our plans due to improvements in shipping efficiency and warehouse operations, resulting in lower costs in packing, shipping, and logistics, as well as unspent promotional expenses due to the promotional schedule being pushed back. [Non-English content] We have achieved record high Q1 GMV excluding other GMV and adjusted EBITA. [Non-English content] If you would turn to page five. Next, I would like to talk about the Q1 initiatives for achieving the Midterm Management Plan. [Non-English content] First, with respect to More Fashion, proactive promotions have resulted in steady acquisitions. Moreover, from July, we have started to provide ZOZO [Non-English content] on the official LINE account. We will continue to improve our services to increase traffic. [Non-English content] Second is Near Fashion. PMI with High Link that we have began in May has been going well, and to further enhance synergy, we have included flyers in ZOZOTOWN's packages to direct customers to High Link's key service, Coloria. [Non-English content] Lastly, regarding Global initiatives, an important undertaking for this year is to add the checkout function on Lyst, and we are on track in terms of increasing the number of merchants opting into this service. [Non-English content] We will continue to undertake various initiatives to achieve our midterm management plan. [Non-English content] Now let me take you through some key results. [Non-English content] On page 10, you will find the adjusted EBITA increase/decrease analysis for Q1. [Non-English content] The adjusted EBITA has increased by JPY 650 million from JPY 18.09 billion to JPY 18.74 billion. [Non-English content] This is due to four reasons. ZOZOTOWN and LY Corporation Commerce GMV has increased, resulting in a gross profit increase of JPY 1.47 billion. Second, advertising business grew and sales increased by JPY 70 million. [Non-English content] Thirdly, Lyst has been consolidated for a longer period of time, High Link has begun to be consolidated, resulting in a gross profit increase of JPY 500 million. Lastly, better terms negotiated with a delivery service provider has led to packing and shipping cost savings, better logistics center efficiency has resulted in payroll cost savings, thereby reducing variable costs by JPY 390 million. [Non-English content] On the other hand, the adjusted EBITA has decreased due to three reasons. First, higher depreciation expenses following the commencement of depreciation for material handling equipment used for shipping at existing logistics facilities, as well as an increase in the number of consolidated employees resulting from the consolidation of High Link. These have led to an increase in fixed costs by JPY 730 million. Second, higher customer acquisition and promotional expenses, as well as increased expenses resulting from the longer consolidation period of Lyst, led to an increase in underlying promotional expenses by JPY 750 million, other expenses increased by JPY 300 million. [Non-English content] Moving on to page 11. This is our balance sheet. [Non-English content] Compared with the end of the previous fiscal year, cash and cash equivalents decreased mainly due to funds transferred to a securities account for the share repurchase program and tax payments, while goodwill increased following the acquisition of High Link as a wholly owned subsidiary. [Non-English content] Moving on to page 22. I would like to talk about the SG&A expenses. [Non-English content] The SG&A expenses as a percentage of GMV was 22.1%, down 0.6 points from the previous fiscal year. [Non-English content] The SG&A expenses decreased due to mainly three reasons. By improving shipping efficiency, we were able to improve our economic terms with the delivery service partner as of October 2025, thus lowering the packing and shipping expenses by 0.6 points. Second, logistics related personnel expenses decreased by 0.3 points due to improved operational efficiency driven by initiatives such as optimizing inventory storage volumes at logistic facilities. Thirdly, due to the absence of the one-off expenses related to the acquisition of Lyst that were recognized in the same period of the previous fiscal year, the cost decreased by 0.3 points. [Non-English content] On the other hand, the SGA expenses increased due to two reasons. One, depreciation expenses increased by 0.2 points following the commencement of depreciation for shipping related material handling equipment at existing logistic facilities. Second, amortization of goodwill increased by 0.2 points due to the longer consolidation period of Lyst and the beginning of the consolidation of High Link. [Non-English content] On page 25, you will find the trends in the actual promotion related expenses. [Non-English content] In the first quarter, actual promotion related expenses, or the sum of advertising expenses and point related expenses deducted from net sales was 4.5% of GMV. [Non-English content] The reasons why this percentage against GMV has increased by 0.3 points year-on-year are, one, we strengthened web advertising and free shipping initiatives for ZOZOTOWN. Second, the consolidation period of Lyst was one month longer than in the same period of the previous fiscal year. [Non-English content] Although the actual promotion-related expense percentage has increased, the consumption fell slightly below our plans. The unused budget will be utilized in Q2 onwards, and the full year spending against the GMV will be 4.8%, around the same level as last fiscal year. [Non-English content] At page 26 onwards, I would like to talk about the ZOZOTOWN KPIs. [Non-English content] First, starting with the number of buyers. The number of annual buyers increased Q- on- Q by 240,000 to 13.41 million. If we break this down, the number of active members increased Q- on- Q by 230,000 to 12.71 million, and the number of guest buyers increased Q- on- Q by 50,000 to 690,000. [Non-English content] As was the case last fiscal year, we increased our investment in web ads this quarter, resulting in steady increase in new acquisitions. [Non-English content] Moving on to page 31, the average retail price. [Non-English content] The average retail price was JPY 3,682, down 1.7% Y-on-Y. [Non-English content] Price increases implemented by brands for new spring/summer merchandise moderated, with price levels remaining broadly in line with the previous year. [Non-English content] On the other hand, the average retail price declined as both the proportion of sales from discounted items and the average discount rate increased. [Non-English content] Moving on to page 32. The AOV, average order value, was JPY 8,506, down 0.4% Y-on-Y. [Non-English content] The number of items purchased per order increased as free shipping initiatives were implemented more frequently than the same period of the previous fiscal year, and the increase in the proportion of sales from discounted items led to a higher multiple item purchase rate. However, the decline in the average retail price had a greater impact than the increase in the number of items purchased per order, resulting in a decrease in the average order value. [Non-English content] Lastly, on page 35, you will find our consolidated earnings forecasts and dividend forecasts, and there have been no changes made to these numbers. This concludes my explanation. [Non-English content] Now we would like to move on to Q&A. If you have a question, please use the raise your hand icon. [Non-English content] When you are called upon, please unmute yourself and let us know your name and your company name as well before asking your question. [Non-English content] If you have any questions, please use the raise your hand icon to let us know. [Non-English content] [Non-English content] P lease go ahead. Thanks. It's David Gibson from MST Financial. Just to clarify on Lyst, what is the like for like sales growth in the first quarter, please? MST Financial David Gibson [Non-English content] [Non-English content] [Non-English content] [Non-English content] Basically, Q- on- Q, or compared to the same period last year, the growth rate is flat. However, last year they were only consolidated for May and June, and this year they're consolidated for the full quarter. In that sense, it would appear as though they've grown by 30%. Sure. If we look at the, to your point, the year-on-year and look at last year was two months and we gross it up, I think it implies that about down 10%, 11% year-on-year. Is that not correct? [Non-English content] [Non-English content] If we just look at the month of May and June, the growth rate is basically flat. It hasn't negatively grown as you had mentioned. Okay. No problem. Do you have any change for your expectations for this year for Lyst and its losses for the year? Given obviously you said in the call, in the presentation you're working on improving the checkout. I'm just wondering whether you've changed your expectations for this year for this business. [Non-English content] Lyst [Non-English content] With respect to Lyst, we have announced from the very beginning that we will be focusing on adding the checkout function to their services. We did not disclose exactly how many merchants or what our target is, but we would like to significantly increase opt-ins. With that in mind, we have estimated that the GMV will remain flat. That was our initial plan, and this has not changed. OK, great. Just on the quarter, you said obviously it was a good April, May. June was soft because of the colder weather. Obviously July has picked up. Just overall, the quarter, is it right to say it was in line with your plan? Just particularly with the consignment business, you did 3.6% growth. You've guided to 4.1%, it looks like you're behind. Is it like perhaps July is that much better that you're back on target again? Thanks. [Non-English content] [Non-English content] Yes, as I mentioned, June was a little bit colder. The performance was a little bit lower than we expected, we did pretty well in April and May. Overall for the quarter, we are on track with our plans. [Non-English content] As June was a little bit softer, July the weather has gotten hotter we are seeing improvements. OK, great. Thanks very much. Thank you. [Non-English content] [Non-English content] If not, thank you very much for your question. If anybody else has a question, please use the raise your hand icon. [Non-English content] No questions? [Non-English content] Thank you very much. It is a little bit early, but as there seems to be no additional questions, we would like to wrap up. Thank you for taking part in today's conference. Thank you very much.