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

Executive summary

• Gross Merchandise Value (GMV) reached ¥502.9 billion, up 9.1% year-over-year, but Q3 GMV growth rate fell short of plan due to weaker sales in October and December.

• EBITDA rose 9.5% year-over-year to ¥60.6 billion, achieving a record high, with an EBITDA margin of 12.6%, down 0.2 points year-over-year.

• Operating profit for 3Q FY2025 was ¥23.8 billion, up 12.0% year-over-year.

• 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

• Net sales for 3Q FY2025 were ¥66.6 billion, up 11.3% year-over-year, with gross profit margin declining by 1.5 percentage points YoY to 33.2% due to the lower-margin LYST business.

• SG&A expenses totaled ¥38.1 billion, representing 20.0% of GMV, down from 21.5% a year ago, and the SG&A-to-GMV ratio improved by 1.0 percentage point.

• EBITDA for the quarter was ¥25.9 billion, up 14.9% year-over-year, with a margin of 13.6%.

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

• Earnings per share for the period was ¥41.73, post three-for-one stock split.

Outlook and guidance

• FY2025 GMV (excluding other GMV) is forecast to grow 13.8% year-over-year, and EBITDA by 9.9%.

• 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).

• No changes to previously announced business forecasts.

• Dividend per share forecast at ¥39.0, post three-for-one stock split effective April 1, 2025.

• Revised FY2025 plan reflects LYST consolidation and updated Purchase Price Allocation.