Yusaku Kobayashi
Internal Auditor
[Interpreted] It is time, so we would like to begin. All right. Good evening. This is Kobayashi. We would like to begin. Thank you very much for taking part in ZOZO’s FY 2026 First Quarter Conference Call. From our firm, we have the Executive Vice President and CFO, Yanagisawa as well as myself, Kobayashi. Without further ado, we would like to have Yanagisawa to take you through the earnings results.
Koji Yanagisawa
Executive Officer, CFO, Executive VP & Director
[Interpreted] Everyone, good evening. I would like to take you through the FY 2026 Q1 results. First, if you could turn to Page 6, I would like to start us off with an explanation of the repurchase of shares and their cancellation that we announced on June 16.
[Interpreted] This initiative will enable us to further strengthen our shareholder returns and improve our capital efficiency, thereby enhancing our corporate value.
[Interpreted] Since FY 2023 ending in March ’24, we have aspired to achieve an average total shareholder return of 80% over the span of 5 years. Based on 70% dividend payout ratio, we have taken into account our cash position and share price levels and have flexibly bought back our shares so that we can further enhance our shareholder returns.
[Interpreted] We have decided to repurchase our shares from the market with a maximum total purchase amount of JPY 30 billion or 43 million shares.
[Interpreted] The repurchase period is scheduled to run from June 17, 2026 through December 30, 2026.
[Interpreted] Moreover, all the