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ZOZO (3092) investor relations material

ZOZO Q2 2026 (Q&A) earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 (Q&A) earnings summary31 Oct, 2025

Executive summary

  • Net sales for the semi-annual period ended September 30, 2025, rose 6.5% year-over-year to 105,249 million yen, with gross merchandise value up 11.9% to 312,473 million yen.

  • Operating profit increased 2.0% year-over-year to 31,074 million yen, while EBITDA grew 5.8% to 34,753 million yen.

  • Semi-annual profit attributable to owners of parent slightly declined by 0.6% year-over-year to 21,006 million yen.

  • LYST LTD was acquired and consolidated from May 2025, marking a strategic move for global expansion.

Financial highlights

  • Gross profit increased 7.0% year-over-year to 98,448 million yen, but gross profit margin declined by 1.7 percentage points to 33.6%.

  • SG&A expenses rose 9.5% year-over-year, but the SG&A-to-GMV ratio improved by 0.6 percentage points.

  • EBITDA margin decreased by 0.7 percentage points to 11.9%.

  • Ordinary profit rose 1.0% year-over-year to 30,826 million yen, with increased non-operating expenses due to higher foreign exchange losses.

  • Earnings per share for the period was 23.68 yen, adjusted for a three-for-one stock split.

Outlook and guidance

  • Full-year net sales forecast for the fiscal year ending March 31, 2026, is 231,500 million yen, up 8.6% year-over-year.

  • Operating profit is projected at 69,200 million yen (+6.9%), EBITDA at 76,700 million yen (+9.9%), and profit attributable to owners of parent at 47,800 million yen (+5.4%).

  • Earnings per share forecast is 53.66 yen.

  • No revisions to previously announced forecasts.

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Frequently asked questions

ZOZO Inc. is a Japanese e-commerce company specializing in fashion retail through its online platform, ZOZOTOWN. The company provides a wide range of clothing, footwear, and accessory products from various domestic and international brands. In addition to retail services, ZOZO Inc. offers personalized shopping experiences, including custom-fit apparel through proprietary technology such as the ZOZOSUIT, which enables users to capture body measurements for a more accurate fit. The company is headquartered in Chiba, Japan, and its shares are listed on the TSE.

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