ZOZO (3092) Q1 2025 (Q&A) earnings summary

Executive summary

• Q&A session addressed key operational and financial questions for the first quarter of FY2024, focusing on depreciation, user demographics, marketing effectiveness, and shipping costs.

Key financial ratios and metrics

• Depreciation expense decreased sequentially; further details on the drivers and future expectations were requested.

• Average user age dropped to 33.3 years from 34.9, marking the lowest in four years.

• Shipping volumes increased 4% year-over-year, while shipping costs rose 6.9%.

Segment performance

• Marketing efforts targeted younger users and mothers, with questions raised about the success of these initiatives.