ZOZO (3092) Q2 2025 earnings summary

Executive summary

• FY 2024 Q2 GMV increased 7.9% year-on-year to ¥279.1 billion, with operating profit up 5.3% to ¥30.5 billion and record highs for both metrics.

• Net sales for the semi-annual period rose 9.5% year-on-year to ¥98.8 billion, with gross profit up 9.3% to ¥92.0 billion.

• All business segments are generally on track, with strong advertising and LY Corporation Commerce growth, despite sluggish fall/winter sales due to prolonged summer heat.

• Net profit attributable to owners of parent grew 4.0% year-on-year to ¥21.1 billion.

• Achieved 45.6% of GMV and 47.5% of OP annual plan targets by the end of the first half.

Financial highlights

• GMV excluding other GMV rose 8.3% year-on-year, driven by strong summer sales and advertising business growth.

• Operating profit margin was 11.7% for Q2, down 0.3 points year-on-year.

• SG&A/GMV ratio rose 0.7 points year-on-year to 23.6%, mainly due to higher shipping and depreciation expenses.

• Cash and cash equivalents at period end were ¥72.7 billion, up ¥2.9 billion from the previous year.

• Cash flow from operating activities increased 49.6% year-on-year to ¥23.4 billion.

Outlook and guidance

• Full-year net sales forecast is ¥214.4 billion (+8.8% YoY), with operating profit projected at ¥64.2 billion (+6.9% YoY) and net profit at ¥45.2 billion (+1.9% YoY).

• Estimated dividend per share is ¥107, with a planned payout ratio of 49.3%.

• No changes to previously announced business forecasts or dividend plans.