Bushiroad FY2023 Second Quarter Financial Results Briefing Material

Key insights

7 takeaways

01
Bushiroad reported net sales of ¥11,750 million for the second quarter of fiscal year 2023, driven primarily by the Trading Card Game segment.See it on page 28
02
Operating profit faced downward pressure due to increased investments in advertising, R&D, and the impact of foreign exchange volatility.See it on page 4
03
The company strengthened its financial position through successful debt management, resulting in an improved equity ratio of 42.4%.See it on page 34
04
Live entertainment and pro-wrestling divisions recovered significantly, highlighted by the WRESTLE KINGDOM 17 series which drew over 30,000 attendees.See it on page 30
05
Bushiroad launched the BUSHIROAD GAMES label to expand its footprint into the console and PC gaming markets while maintaining its existing mobile titles.See it on page 18
06
The company implemented a new unit-based organizational structure to improve internal synergy and operational efficiency.See it on page 38
07
International growth efforts are being prioritized through initiatives such as the 2023 BUSHIROAD EXPO ASIA to increase global market share.See it on page 33

Summary

Bushiroad’s fiscal year 2023 second quarter performance reflects a period of strategic growth and operational transition, characterized by a year-on-year increase in net sales to ¥11,750 million. The Trading Card Game segment continues to serve as the primary revenue engine, providing the financial stability necessary to support the company’s broader diversification efforts. While operating profit faced downward pressure due to elevated selling, general, and administrative expenses—specifically increased investments in advertising, research and development, and foreign exchange volatility—the company maintains a solid financial foundation, evidenced by an improved equity ratio of 42.4% following successful debt management initiatives.

The company is actively scaling its presence across multiple entertainment verticals, most notably through the launch of the BUSHIROAD GAMES label, which signals a concerted push into the console and PC gaming markets. This expansion complements the sustained performance of established mobile titles such as BanG Dream! and Love Live!. Simultaneously, the live entertainment and pro-wrestling divisions have experienced a robust recovery. The easing of pandemic-related restrictions has allowed for full-capacity venues and the return of vocal audience participation, exemplified by the success of the WRESTLE KINGDOM 17 series, which attracted over 30,000 attendees.

Geographically, the company is intensifying its international outreach through initiatives like the 2023 BUSHIROAD EXPO ASIA, aiming to capture a larger share of the global market. To support these multifaceted operations, the organization has transitioned to a unit-based structure designed to enhance internal synergy and operational efficiency. As the company enters the second half of the fiscal year, it remains focused on executing major digital content updates and upcoming console releases, positioning itself to leverage its diverse intellectual property portfolio for long-term growth.