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Mercari, Inc. (MCARY) Q2 2024 Earnings Call Transcript

Mercari, Inc. (OTCPK:MCARY) Q2 2024 Results Conference Call February 13, 2024 1:10 AM ET

Company Participants

Sayaka Eda – Executive Officer and CFO

Operator

It is time. So we would like to begin Mercari’s FY 2024 2nd quarter earnings briefing. The earnings briefing will be conducted by Executive Officer and CFO of Mercari, Sayaka Eda. Eda will take it from here. Thank you.

Sayaka Eda

Good afternoon. Thank you for taking part at Mercari’s FY 2024 2nd quarter earnings briefing. I’m Eda Executive Officer and CFO of Mercari. So one year ago, we updated our group mission. Circular all forms of value to unleash the potential in all people.

In order to achieve this new mission, group mission, we have worked towards this mission, and we have made great progress. This is the agenda that we will be covering today.

First, starting with the financial summary. These are the progress and highlights for FY 2024 2nd quarter. First, starting with the consolidated basis. We achieved our highest ever revenue as a result of steady growth of each business and group synergy. We have continued to invest in the future growth, and we have also managed the company by consciously balancing profitability. And as a result, we recorded core operating profit as expected.

Now looking at marketplace. Initiatives for the loyalty program in areas we wanted to enhance, including crossborder transactions, category growth, B2C contributed to GMV growth. As a result, GMV grew 10% year-on-year and adjusted core operating profit was roughly 37%, which were as expected. Next, Fintech. We strengthened our investment in Mercard.

And as a result, as we said, the number of card issued reached 2.5 million and has been growing very rapidly. The credit balance has exceeded JPY 150 billion, and the collection rate improved to 99.1%. So these have also grown

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