| BOOKOFF CORPORATION LIMITED (3313) |
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Company |
BOOKOFF CORPORATION LIMITED |
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Code No. |
3313 |
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Exchange |
TSE 1st Section |
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Industry |
Retail (commerce) |
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President |
Yasutaka Horiuchi |
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Address |
2-14-20 Kobuchi, Minami-ku, Sagamihara-shi |
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Year-end |
March |
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URL |
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* The share price is the closing price on December 15. The number of shares issued was obtained by subtracting the number of treasury shares from the number of outstanding shares as of the end of the latest quarter.
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*The forecasted values were provided by the company. From FY3/16, net income is profit attributable to owners of the parent. Hereinafter the same apply.
*Allocation of 3,100,000 shares to third parties in May 2014. We present this Bridge Report reviewing the first half of fiscal year March 2018 earnings results and Fiscal Year March 2018 Earnings Estimates about BOOKOFF CORPORATION LTD. |
| Key Points |
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| Company Overview |
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The BOOKOFF group is composed of BOOKOFF CORPORATION LTD, and 13 consolidated subsidiaries, including BOOKOFF Online,Inc., which operates an E-commerce site, "BOOKOFF Online," hugall Inc., which handles a wide variety of commodities as a reuse business that doesn't limit itself to a store-based business, Booklet Inc., which runs a reuse business in Osaka, Hyogo and Nara, and BOOK OFF U.S.A. INC. which operates a reuse business in the United States. Yahoo Japan Corporation (4689) is the largest shareholder and owns 13.73% of the issued shares.  Management Philosophy and Business Mission brandnotchCSR ActivitiesBusiness DescriptionReuse Store Business
As the chain headquarters of the reuse store "BOOKOFF" for books, software, etc., they operate the franchise (FC) system and directly managed stores. There are 3 types of directly managed stores, "BOOKOFF," "BOOKOFF PLUS" and "BOOKOFF SUPER BAZAAR." "BOOKOFF PLUS" is a medium-sized complex store where apparel commodities are added to "BOOKOFF," "BOOKOFF SUPER BAZAAR" is a large-sized complex store dealing in a wide variety of commodities such as home appliances (audio and visual devices, computers, etc.), apparel, sporting goods, baby goods, watches, brand bags, jewels, tableware and miscellaneous goods in addition to books and software.As for main subsidiaries, BOOKOFF-with Inc., Booklet Co.Ltd., Reuseconnect Inc. and BOOKOFF OKINAWA Inc. manage "BOOKOFF" stores in Japan. BOOKOFF-with Inc. manages reuse stores for apparel, baby goods, etc. in addition to the above, and is an FC of a reuse chain store, "Kingram," which handles watches, brand bags and jewels. In addition, Booklet Co.Ltd. and BOOKOFF OKINAWA INC. manage reuse stores for apparel, etc. As for overseas business operation, BOOKOFF U.S.A. INC. runs "BOOKOFF" stores in the United States, and SCI BOC FRANCE leases real estate owned in France. Corporate historyHandling More Children's Goods, Sporting Goods, Accessories, Clothing, Etc.
In December 1994, the number of "BOOKOFF" stores reached 100, and in December 1996, it joined the HARD OFF franchise (secondhand store for personal computers and AV equipment, and in March 2015, it cancelled the franchise contract.) BOOKOFF began handling secondhand children's goods in April 1999, and secondhand sporting goods in January 2000. In February of the same year, "BOOKOFF" opened the first overseas store, and in Apr. began handling secondhand accessories and clothing. Furthermore, in September of the same year, BOOKOFF joined the TSUTAYA franchise (video rental store), and in October 2014, gave control of the TSUTAYA store to a newly established subsidiary, and the shares of the subsidiary were transferred to Nippon Shuppan Hanbai, Ltd.
Aiming to Further Expand its Business with a Capital and Business Tie-up with Yahoo After Being Listed on the TSE
In March 2004, the company listed its shares in the second section of the TSE and opened its first French store in June of the same year. In March 2005, the company was listed in the first section of the TSE, and opened an E-commerce site "BOOKOFF Online" in August of the same year. In November 2008, they acquired management control of Aoyama Book Center and Ryusui Shobou. In September 2009, they opened the first store of BOOKOFF SUPER BAZAAR (large reuse complex store). In December 2011, they began handling secondhand mobile phones, and in Apr. 2013, they established hugall Inc. In Apr. 2014, they signed a capital and business tie-up deal with Yahoo Japan Corporation.
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| First Half of Fiscal Year March 2018 Earnings Results |
 Ordinary income/loss turned into profit as a result of cost reduction centering around the Reuse Store business.
Sales decreased to 39,211 million yen, down 0.1% year on year. Although the sales of the HUGALL business, which cleaned out inventories of low-priced merchandise, were up 24.2% year on year, the sales of the Reuse Store business declined slightly due to struggles of the existing stores. Also, the sales of the BOOKOFF Online business were down 6.1% year on year due to reduction in inventories. On the profit side, operating loss decreased to 67 million yen from 1,093 million yen in the same period last year due to significant reduction of SG&A expenses. Ordinary income turned to profit of 169 million yen on account of posting revenue from the installation of vending machines, etc. (71 million yen) and the recycling of used paper (189 million yen). However, net loss was 715 million yen as a result of recoding extraordinary losses of 534 million yen including a loss on impairment of noncurrent assets of 509 million yen, mainly in the HUGALL business.
  (2) Trends by segment
Reuse Store business
Sales were 34,345 million yen (down 0.1% year on year), and operating income was 1,488 million yen (operating loss of 46 million yen in the same period last year). Although sales from existing stores were lower than those in the same period of last year, the same level of sales as the same period last year was secured due to opening of new stores and consolidation of subsidiaries. Profit and loss improved significantly thanks to cost review implemented in the third quarter of the previous fiscal year.Concerning newly-opened directly managed stores, the company opened 3 large-scale complex stores of "BOOKOFF SUPER BAZAAR" as planned in the beginning of the fiscal year (6 stores in the previous year) and "Jalan Jalan Japan", the second reuse store in Malaysia. In addition, among directly-managed existing stores, the company reorganized 2 stores from "BOOKOFF" to "BOOKOFF PLUS" where apparel etc. were added (6 stores in the previous year). Furthermore, it added a "general purchasing desk" to "BOOKOFF Sangenjaya Store (April)" and "BOOKOFF Waseda Store (September)" (In addition, the company opened 2 new franchise (FC) stores and reorganized 1 FC store.) The total number of stores at the end of the first half is 839 (395 directly managed stores, 444 FC stores). It was 860 at the end of the same period last year (389 directly managed stores, 471 FC stores).    BOOKOFF Online Business
Sales were 3,031 million yen (down 6.1% year on year) and operating income was 120 million yen (down 8.9% year on year). Sales declined due to difficulty of securing merchandise from in-home purchasing as a result of intensified competition as well as suspension of inventory shipping from existing stores in order to increase stores' inventories. This has resulted in a decline in operating income. The BOOKOFF Online business also has a challenge to secure inventory. As shown in the graph below, since April 2015, the inventory has increased markedly as a result of shipping books from the stores, resulting in sales increase. However, after June 2016 when shipping was suspended in order to increase the stores' inventories, the growth of inventory and sales of the Online business slowed down. Since April 2017, the difficulties in in-home purchasing were added to suspension of shipping from the stores. As a result, inventory of the BOOKOFF Online business dropped, and sales growth fell below 10%.
 HUGALL Business
Sales were 1,186 million yen (up 24.2% year on year), and operating loss was 617 million yen (a loss of 116 million yen in the same period last year). Although the volume of transactions increased because of relocation to a large-scale distribution center in the third quarter of the previous fiscal year, operating loss grew due to cost increases associated with the relocation of warehouse and inventory depreciation associated with the decision to withdraw from the sales event "Tokyo Used Clothing Countdown Price". Furthermore, as the company cannot expect to restore profitability for the full fiscal year, it recorded an impairment loss of 392 million yen as extraordinary loss.
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| Progress of Priority Measures |
 (1) Curtailing the opening of new stores and investment in new stores
In the fiscal year ending March 2018, improving the profitability of existing assets (directly managed stores) is considered as a priority measure. The company is planning to curtail the opening of new domestic large-scale complex store, "BOOKOFF SUPER BAZAR", from 6 stores in the previous fiscal year to 3 stores, and repackaging of existing "BOOKOFF" to "BOOKOFF PLUS" where apparel, etc. are added from 6 stores in the previous year to 2 stores. Both new opening and repackaging projects completed in the first half of this fiscal year. On the other hand, the company will increase the opening of a "general purchasing desk", where merchandise is added or purchased, from one base in the previous fiscal year to 5 to 7 bases (it was opened at 2 stores mentioned above in the first half). Although IT investment will continue to streamline business, total investment in the Reuse Store business is expected to decrease by about 20% from the previous fiscal year.The establishment of a "general purchasing desk" that allows face-to-face in-depth customer service leads to the acquisition of repeaters. In fact, at Jiyugaoka Ekimae shop where a "general purchasing desk" was established in November 2016, purchase of stock increased after the establishment of the desk despite its low-cost operation for its small size. Currently, it maintains a high level of purchase comparable to a large complex shop "BOOKOFF SUPER BAZAAR". (2) Brushing up existing stores
In order to operate agilely according to regional characteristics, the company divided the whole country into 5 regions, namely, Hokkaido/Tohoku, Chiba/Kitakanto, Tokyo/Kanagawa/Yamanashi, Chukyo, and West Japan and established local sales offices. Previously, it operated its business with organizations (the divisions for managing small, medium and large stores) according to the store package. But it shifted to the system of managing and operating stores in each region for human resource development in both merchandise and management aspects, regional inventory collaboration in accordance with the inventory status and popular merchandise and cost optimization taking into account store condition. This way, it is working on brushing each existing store. As part of this effort, instead of a uniform policy for all stores, the company is promoting measures to choose merchandise (selection of key merchandise) to match characteristics of each store, develop product-handling leaders, allocate personnel adequately and collaborate among stores. It is also developing and promoting a store management policy that puts together characteristics of stores for improvement of profitability from the next fiscal year. From the cost perspective, the company has been reviewing the cost that had significantly increased with the implementation of new measures such as handling of used home appliances from the third quarter of the previous fiscal year, and the results are appearing. Reduction of cost, including personnel expenses, is progressing as a result of streamlining store operations thorough low-cost operation, and the SG&A expenses of the Reuse Store business in the first half declined by 6.6% year on year, contributing greatly to improving the segment's profit/loss. (3) Closing unprofitable stores
The company will establish the criteria for closing a store and will choose the candidate stores to be closed in the next couple of years. As of the end of September 2017, it has already decided to close down some stores and posted a provision of 17 million yen for closing them. For the stores that are not the subject of closing this time but do not meet the criteria for continuation, the company will promptly make a decision and improve the profitability of the business. The 3 criteria for closing a store include (1) profitability and recoverability, geographical factors in terms of the store opening strategy, and (3) the economic rationality on lease contracts (cancellation penalty, etc.).
 The company is making efforts to achieve monetization through 3 pillars: 1) selecting purchase channels, (2) shrinking and rationalizing the scale of distribution centers, and (3) clearing low-priced products in stock through the network of "BOOKOFF". In the first half of the current fiscal year, although certain results were achieved by selecting purchase channels, negotiations on subleasing continued for shrinking and rationalizing the scale of distribution centers (It is planning to reduce the area used by distribution centers by 50% (19,835 m² → 9,917 m²) to reduce the burden on fixed costs. Approximately 1/6 of the used area has already been sublet since the previous term). (1) Selecting purchase channels
The company changed its conventional expansion policy, and it will make monetization efforts by focusing on the "Department Store Desks ("face-to-face services for wealthy customers")" and "In-home Purchasing (concierge)" which are the purchasing channels with high profitability/efficiency and relatively low competitions. As for the "Department Store Desks", in addition to Nihonbashi Mitsukoshi, Ginza Mitsukoshi, Isetan Shinjuku, Isetan Tachikawa, and Omiya Takashimaya, a desk was created at Nagoya Mitsukoshi Sakae store, which will be the first entry in the Chukyo district this October. Meanwhile, the purchase channels including home pick-up, condominium events, automated lockers, and B to B are inefficient. Therefore, the company is in the process of abolishing or reducing them. As a result of these efforts, the purchase expense ratio (purchase expenses divided by purchase price), which was 150.4% in April, remarkably decreased to 96.7% in August and 72.7% in September.
(2) Shrinking and rationalizing the scale of distribution centers
Corresponding to selecting purchase channels, the company will reduce the used area for distribution centers by 50% (19,835 m² to 9,917 m²) to reduce fixed costs. Approximately 1/6 of the used area has been already subleased, and negotiation for subleasing about 2/6 of the area is on-going. In association with the decision to withdraw from the "Tokyo Used Clothing Countdown Price" (described later), the company is planning to further cut down the cost by shrinking the used area.
(3) Clearing low-priced products in stock through the network of "BOOKOFF"
The company was planning to utilize the "BOOKOFF" store network and the event channel "Tokyo Used Clothing Countdown Price" to clear low-priced products in stock (sales price of 500 to 3,000 yen) that are not handled in the EC site and are sold slowly. The "Tokyo Used Clothing Countdown Price" is a business to sell low-priced apparel at events, for example, in shopping malls. It was not possible to increase the base for organizing events, and the company could not proceed with clearing the products in stock as planned. For this reason, it decided to withdraw from the "Tokyo Used Clothing Countdown Price" after the current term, and, from now on, it will review the scheme of purchasing of low-priced products itself.
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| Fiscal Year March 2018 Earnings Estimates |
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No change in the full-year forecasts. Sales are estimated to grow 0.8% year on year, and ordinary income will increase 61.3% year on year.
There was no change to the full-year forecast as "weakness is reflected in each business segment for the second half".For the Reuse Store business, adjustment of cost has come to end. However, based on the recent severe purchase trend, the company is expecting to have an increase in the SG&A expenses as it plans to conduct a nationwide campaign at the end of the year by adding budget. In the same period last year, the company prioritized sales activities to gain more sales, while in the second half of the current fiscal year, it is not expecting to see significant sales growth as it prioritizes rebuilding of stores by making a store-specific policy for the next fiscal year. The BOOKOFF Online business will try to secure merchandise through home pick-up and cooperation with existing stores. However, it is not anticipating significant growth in sales based on the current inventory level. Meanwhile, the shipping fee may increase, which will result in increase in SG&A expenses. The HUGALL business lowered its sales estimates taking into consideration the impact of withdrawal from the "Tokyo Used Clothing Countdown Price". It anticipates a decrease in sales compared with the same period last year. In addition, subleasing of distribution centers that was expected to happen during the first half of the current fiscal year will start in the next fiscal year. Therefore, the rent will exceed the estimates.  |
| Interview with President Horiuchi, "Summary of the first half and future activities" |
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Summary of the first half and forecast for the second half In the first half, cost reduction efforts continued as planned, while there were difficulties in purchasing in the Reuse Store business, decision to withdraw from the event sale "Tokyo Used Clothing Countdown Price" for the HUGALL business, and delay in sublease contract of the distribution centers, etc. First, would you please summarize the first half?
Having said so, as for the Reuse Store business, although the profit was more than expected because expenses fell below forecasts, sales did not reach the target. In terms of sales, we only managed to grasp the current situation and could not take any measures. On the other hand, in terms of expenses, personnel expenses dropped more than we expected because of the effect of reducing labor costs from the previous term and slower progress of employing part-time workers. For this reason, I cannot say that "we gained more profit than expected" in a positive manner. I would say, "Although we are having future challenges, profit was generated". Meanwhile, for the HUGALL business, we carried out inventory amortization and booking of impairment loss. But these activities were not in our initial plan. I myself was involved with the HUGALL business since the launch, so I wanted the business to produce some results in the first half and connect them to the next term. However, because of the poor performance in the first half, we decided to withdraw from the "Tokyo Used Clothing Countdown Price", amortized inventory and carried out booking of impairment loss related to the distribution centers. Regarding the "Tokyo Used Clothing Countdown Price", even though the first half was a low season, we had no choice but to decide to withdraw based on the progress of the business. I said earlier, "We will take slow-acting measures for the Reuse Store business and provide surgical treatment to the HUGALL business". Although we implemented the measures as I said, the results were still not satisfactory. The full-year forecast was unchanged. If you subtract the results of the first half from the forecasts for the full fiscal year, you will have a smaller profit in the second half.
 In addition to the above 2 factors, sales and gross profit will be weaker as compared with the same period last year. In the second half of the previous fiscal year, sales and gross profit levels were high because of aggressive sales activities. However, in the second half of the current fiscal year, we will be focusing on store management instead of sales activities. This is the third factor. For these reasons, we expect that the profit of the Reuse Store business will not be as high as the same period last year, and therefore, we have kept the full-year forecast unchanged. Furthermore, there are matters to take care of concerning the "Tokyo Used Clothing Countdown Price" by the end of this fiscal year. Thus, the HUGALL business has some uncertainties. It means that you prioritize what you should do in preparation for the coming year and beyond, instead of focusing on this term's profit. However, there are also some positive factors, as you posted valuation and impairment losses on inventories in the first half.
The collaborative business "Kaumaeniiku" with Yahoo Japan Corporation which began on November 20 will require some expenses during this fiscal year. But it will lead to strengthening procurement, so the business is promising in the medium term.
Priority measuresI see. We would like to ask now about your priority measures. For the Reuse Store business, you are working on increasing profitability with 3 pillars, namely, (1) curtailing the opening of new stores and investment in new stores, (2) brushing up existing stores, and (3) closing unprofitable stores. To confirm the brush-up effects and make decisions on closing, it may take some time. But as for opening new stores, you have already reduced the number from 8 in the previous fiscal year to 3 and completed opening of new stores by the end of the first half. Regarding new store opening, are you going to keep pace of about 3 stores a year, while restraining the number?
 However, the downtrend of sales and gross profit are continuing. Therefore, from the second half onwards, as the second stage of brushing up existing stores, we will work on the challenge of what kind of stores we should create to encourage customers to visit and buy products. In order to show the direction, we developed a store management policy that puts together regional characteristics, characteristics of customers, etc. at each store. Based on the store management policy, together with the local sales division, each store will formulate measures such as selection of key merchandise, optimization of personnel allocation, training of product-handling leaders, and inventory collaboration among local stores. Which merchandise will a store sell? We are trying to prepare various options for the stores, including trading cards, home appliances, and apparel. Until now, when a manager changed, the policy of each store also changed. But we are making progresses towards building a system where the measures that are planned together with part-time workers who know what is going on at the store well will continue even if the manager changes. In this and next fiscal years, we will try to create a system that can secure and maintain the basic profit through this activity. Since it is not a uniform policy for all stores based on a top down approach as before but is a system to manage stores with conscious of the parties by taking in the ideas of each store, the atmosphere of the store will hopefully change. In parallel with this measure, the head office will continue making efforts to reduce fixed costs such as rent. It takes time to polish the existing stores because it involves the workers' awareness, behavior and knowledge. We want to make them conscious about thinking and developing stores by themselves. Having said so, if a store cannot produce results within 2 years, we may close the store. This is the third measure. The decision will be based on the term of the lease agreement. We may close not only small to medium size but also large stores. By doing so, we can relocate personnel to stores that are making profit. We will spend the cash obtained from these efforts on the new stores which we will open after the next fiscal year. We are thinking about opening 3 to 5 new stores. Opening more than 10 stores may cause financial imbalance. The Reuse Store business seems to be heading towards a good direction. We are looking forward to seeing how much results you can make by the end of the next fiscal year. For the HUGALL business, you are carrying out a fundamental reform with 3 pillars, namely, (1) selecting purchase channels, (2) shrinking and rationalizing the scale of distribution centers, and (3) clearing low-priced products in stock through the network of "BOOKOFF". Selecting purchase channels is progressing, and you have decided to withdraw from the "Tokyo Used Clothing Countdown Price", but negotiations for subleasing the distribution centers are prolonging.
Although there is a need for "rental" spaces, it is taking time to adjust the space you want to sublease and the space people want to rent. Since you will withdraw completely from the "Tokyo Used Clothing Countdown Price" at the end of this fiscal year, from the next fiscal year, the HUGALL business will become a business that focuses on high unit price products purchased at the department store desks and in-home purchasing targeting the wealthy people.
Is there a possibility of reviewing the classification of business segment? Either way, it is a promising effort to change what was vertically divided into a business model that takes advantage of the strengths on the purchasing side and existing sales channels. We are looking forward to seeing the results.
During the current fiscal year, only within the first half, your company recorded an operating loss of 617 million yen, which is a burden on the consolidated business results. However, in the next fiscal year, the results of business model reforms will be achieved as the depreciation of inventories and booking of impairment losses related to distribution centers are completed. If your company can start subleasing the property as planned, significant profit and loss improvement can be expected. Future policy: Further expansion of profit as a group companyIn the materials provided during the first half financial briefing, you mentioned the efforts from the fiscal year ending March 2020. Under the basic policies of "Providing 'One BOOKOFF' in all-out battle of real and Internet" and "Increasing business volume of the regional chain stores through commonality and openness", the ideas of brushing up each store and winning by all-out battle are presented.
 Will it be difficult "to make the store customers and online customers a common foundation"?
I see. You mean awareness reform is needed. Individual strategies such as customer strategy, purchasing strategy, and sales strategy are also shown. There are many things to do, and they can be the growth potential as well.
 You are saying that, first of all, you will brush up the stores firmly, including development of human resources, and in the medium term, you will expand business by utilizing the strengths of individual stores and the customer base through the all-out battle. In the end, please give your message to the investors.
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| <Reference: Regarding Corporate Governance> |
 ◎ Corporate Governance Report Updated on Jun. 27, 2016
Our company upholds "Contributions to society through our business activities" as one of its managerial principles, and carries out business activities with the aim of becoming a social, public institution. Under this policy, we consider that it is essential to pursue higher management efficiency for law-abiding management and shareholder value improvement, and receive shareholders' judgment through highly transparent information disclosure. Our basic philosophy and policy regarding corporate governance based on the principles of the corporate governance code are disclosed under the title "Our Approach to Corporate Governance" and available in our website mentioned below. <Reasons for Non-compliance with the Principles of the Corporate Governance Code (Excerpts)>
Our company implements each basic principle of the corporate governance code.
<Disclosure Based on the Principles of the Corporate Governance Code (Excerpts)>
Basic principle 1The company promptly discloses information to all shareholders in order to ensure substantial equality, secure the rights of shareholders and contribute to appropriate exercise of the rights. Regarding the rights that are also admitted to minority shareholders, the company has set up procedures according to the stock handling regulations and is making efforts to ensure that they can exercise those rights. Supplementary principle 1-2-3
The company recognizes that the general meeting of shareholders is a forum for dialogue with shareholders and hold it on a Saturday every year so that more shareholders can attend it. Principle 1-3. Basic Policy for Capital Strategy The company recognizes profit sharing as one of the most important management items. With the target of 25% of dividend payout ratio to consolidated net income, it aims to increase dividends through continuous improvements of performance. As for the internal reserve funds, it will make effective use of them for strategic investment that will lead to strengthening its financial standing and its business foundation in the future. Basic principle 2The company recognizes that it should collaborate with stakeholders including shareholders in order to achieve sustainable growth and create corporate value in the medium to long term. It upholds "BOOKOFF will play a role as an infrastructure that helps people who refuse to discard items choose a life where they don't have to discard items", meaning, "BOOKOFF is for people who don't let things go to waste", as its business mission, and it works on achieving a recycling-oriented society through reuse of various things. Basic principle 5In order to contribute to continuous growth and medium- to long-term corporate value improvement, the company recognizes that it is important for senior executives and directors to have constructive dialogues with shareholders even outside the general meeting of shareholders and explain the management policy in an easily understood manner to obtain their understanding. For that reason, it has established the IR system centered on the director in charge of IR and established a place for regular dialogues with investors in order to deepen their understanding of the company. Principle 5-1. Constructive dialogue with shareholders
The company appoints the director in charge of IR and designates the Corporate Planning Department as the department in charge of IR. For shareholders and investors, it holds financial results briefings once every 6 months, small meetings and individual interviews when necessary. In addition, it has established an IR policy and disclosed it on its website. Disclaimer
This report is intended solely for information purposes, and is not intended as a solicitation to invest in the shares of this company. The information and opinions contained within this report are based on data made publicly available by the Company, and comes from sources that we judge to be reliable. However, we cannot guarantee the accuracy or completeness of the data. This report is not a guarantee of the accuracy, completeness or validity of said information and or opinions, nor do we bear any responsibility for the same. All rights pertaining to this report belong to Investment Bridge Co., Ltd., which may change the contents thereof at any time without prior notice. All investment decisions are the responsibility of the individual and should be made only after proper consideration.Copyright(C) 2018 Investment Bridge Co., Ltd. All Rights Reserved. |
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