ZOZO (3092) Q3 2026 (Q&A) earnings summary

Executive summary

• Q3 performance was impacted by weaker sales in October and December, with November meeting expectations due to a sales event, but overall GMV fell short of plan.

• Gross merchandise value rose 9.1% YoY to ¥502,972 million, with net sales up 6.7% YoY to ¥171,805 million and gross profit up 6.9% YoY to ¥160,377 million for the nine months ended December 31, 2025.

• Operating profit increased 6.1% YoY to ¥54,921 million, EBITDA grew 9.5% YoY to ¥60,677 million, and profit attributable to owners of parent rose 2.9% YoY to ¥36,976 million.

• LYST LTD was acquired and consolidated from May 2025, contributing to business expansion and changes in business composition.

• The company discontinued certain in-house production businesses, recording extraordinary losses of ¥707 million.

Financial highlights

• EBITDA reached a record high despite GMV growth rate falling short of plan.

• Gross profit margin declined by 1.5 percentage points YoY to 33.2% due to the lower-margin LYST business.

• SG&A expenses rose 7.3% YoY to ¥105,455 million, but the SG&A-to-GMV ratio improved by 1.0 percentage point.

• Operational efficiency improvements in logistics and delivery costs positively impacted financial terms.

• Extraordinary losses included ¥326 million impairment and ¥380 million business liquidation costs.

Outlook and guidance

• Full-year net sales forecast is ¥231,500 million (+8.6% YoY), operating profit ¥69,200 million (+6.9% YoY), EBITDA ¥76,700 million (+9.9% YoY), and profit attributable to owners of parent ¥47,800 million (+5.4% YoY).

• Management aims to achieve GMV targets for consignment business and expects Musinsa to gradually contribute more to GMV.

• Lyst is expected to remain flat or slightly loss-making in the near term, with profitability managed through advertising cost control.

• No significant, immediate impact from Musinsa on overall GMV is expected, but it is positioned as a key growth area.

• No changes to previously announced business forecasts.