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Wellness segment.
Almost all businesses in this segment were affected by the decline in demand due to the COVID-19 pandemic. Particularly affected in the previous fiscal year were Tokyu Stay, Oasis, and resort operations.
After bottoming out in the first quarter, which was affected by the closure during the declaration of a state of emergency, the business was on a recovery trend from the second quarter onward, but the reissuance of the declaration of a state of emergency in the fourth quarter has prolonged the impact.
While thoroughly operating facilities that place the highest priority on ensuring the safety of customers and employees, we will strive to strengthen our business resilience by reviewing our profit structure and strengthen our efforts to capture domestic demand on the premise that there will be a delay in the recovery of inbound tourism.
Tokyu Hands business segment.
In this segment of the retail business, too, although the market bottomed out in the first quarter and is on a recovery track, it was severely impacted by the prolonged outbreak of COVID-19. In addition to recovering the profitability of real stores and shifting to a digital strategy that includes strengthening ecommerce, we have undertaken reforms such as closing 6 low-profitability stores. At the same time, we worked on thorough cost reforms and reviewed our profit structure.
Innovation business segment. Both revenue and profit decreased due to a decrease in the number of condominium units recorded in Indonesia, which is particularly affected by COVID-19 in Southeast Asia.
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