October 11, 2022
LIFE CORPORATIONTEL: +81-3-5807-5111 (from overseas)

Financial Results and Reference Documents for the First Six
Months of the Fiscal Year Ending February 28, 2023
Table of contents
1. Financial Summary .........................................................................................................................................2(Consolidated) ..................................................................................................................................................2(Non-consolidated) ...........................................................................................................................................2
2. Net Sales (Non-consolidated) .........................................................................................................................3
3. Results/Plans for Capital Expenditures (Consolidated) ..................................................................................7
4. Newly Launched Stores/Store Closures and Sales Floor Area at the End of the Period (Non-consolidated).7
5. Selling, General and Administrative Expenses ...............................................................................................8(Consolidated) ..................................................................................................................................................8(Non-consolidated) ...........................................................................................................................................8
6. Employees and New Graduates Hired (Consolidated)....................................................................................8
7. Key Financial Indicators .................................................................................................................................9(Consolidated) ..................................................................................................................................................9(Non-consolidated) ...........................................................................................................................................9
8. Company Overview ........................................................................................................................................9-1-1. Financial Summary(Consolidated)
Six months ended
August 31, 2020

Six months ended
August 31, 2021

Six months ended
August 31, 2022*

ChangeChangeChange(Millions of yen, %)Fiscal year ending
February 28, 2023
(forecast)*
ChangeOperating revenue

386,7389.4

387,0930.1

377,563–

763,000–

Net sales

375,2139.5

375,3820.0

364,251–

736,000–

Operating profit

16,914204.0

15,251(9.8)

8,914(41.6)

17,000(25.9)

Ordinary profit

17,335190.4

15,603(10.0)

9,331(40.2)

18,000(24.0)

11,705205.3

10,782(7.9)

6,412(40.5)

11,500(24.4)

Profit attributableto owners of parent
Dividend per share(Yen)

25.00

30.00

35.00

70.00

(Non-consolidated)
Six months ended
August 31, 2020

Six months ended
August 31, 2021Six months ended
August 31, 2022*

ChangeChangeChange(Millions of yen, %)Fiscal year ending
February 28, 2023
(forecast)*
ChangeOperating revenue

386,302

9.4

386,630

0.1

377,476–762,800–

Net sales

375,2139.5

375,3820.0

364,251–

736,000–(Net existing rate ofchange)

8.5

(1.8)

(1.3)

(0.3)

Operating profit

16,817201.0

15,201

(9.6)

8,784

(42.2)

16,700(26.8)

Ordinary profit

17,244

187.5

15,558(9.8)

9,180(41.0)

17,700(24.9)

Profit11,626201.0

10,726

(7.7)

6,279

(41.5)

11,200(25.7)

Newly launchedstores226

11* The Company has applied the “Accounting Standard for Revenue Recognition” and relevant ASBJ regulations fromthe beginning of the fiscal year ending February 28, 2023. Therefore, the results and forecast are based on the said
standard, etc. The rate of change for operating revenue and net sales is not presented, as the method for calculationdiffers from the previous method. However, as the effect on the operating profit, ordinary profit and profit isinsignificant, the rate of change is presented as a simple comparison with the previous year.
The effects (consolidated) in the six months ended August 31, 2022 were minus ¥10,254 million on the operating
revenue, minus ¥11,841 million on the net sales, minus ¥6 million on the operating profit and minus ¥6 million on
the ordinary profit. The net existing rate of change has been presented as the method for calculation is the same asbefore.

-2-2. Net Sales (Non-consolidated)(1) Net sales/number of customers/average sale per customer (year on year)
Six months ended
August 31, 2020
ExistingAll storesstoresNet sales
Number ofcustomers
Average sale percustomer(%)

Six months ended
August 31, 2021
Existing
All storesstoresSix months ended
August 31, 2022*
Existing
All storesstores

109.5

108.5

100.0

98.2

100.2

98.7

95.0

94.0

103.8

101.8

100.2

98.2

115.2

115.4

96.4

96.5

100.0

100.5

* The rate of change compares net sales calculated using the previous method, prior to the application of theAccounting Standard for Revenue Recognition.

-3-(2) Net sales by division
Six months ended
August 31, 2020
Department

Six months ended
August 31, 2021

YoY

YoY

Food

(Millions of yen, %)Six months ended August 31, 2022*
YoY

ComparedSales
withcomposition
existing

324,508

110.7

326,564100.6

321,133

–

–

88.1

51,018117.4

49,723

97.5

47,728––13.1

28,922113.0

29,730102.8

28,545––

7.8

42,110117.6

41,45998.5

40,475––

11.1

37,015

99.1

41,089111.0

42,558––11.7

165,442109.7

164,561

99.5

161,826

–

–

44.4

34,301109.9

32,352

94.3

31,831––

8.7

Apparel

11,53886.8

11,553100.1

11,286––

3.1

Others4,864

96.0

4,912

101.0

––––

375,213109.5

375,382100.0

364,251––

100.0

AgriculturalProduce
MarineProducts
Meat
Products
Delicatessen
Process andDaily
Lifestyle
ProductsTotal* The net sales for the six months ended August 31, 2022 are presented using the method for calculation after theapplication of the Accounting Standard for Revenue Recognition, and YoY and Compared with existing are notpresented, as the method for calculation differs from the previous method.
Reference: Prior to the application of the Accounting Standard for Revenue Recognition
Six months ended
Six months ended
Six months ended August 31, 2022
August 31, 2020
August 31, 2021
Department
Compared
YoY

Food

YoY

YoY

with
existing

Sales
composition

324,508

110.7

326,564100.6

327,135

100.2

98.4

87.0

51,018117.4

49,723

97.5

51,154

102.9

101.1

13.6

28,922113.0

29,730102.8

28,854

97.1

95.2

7.7

42,110117.6

41,45998.5

40,821

98.5

96.6

10.9

37,015

99.1

41,089111.0

42,911

104.4

101.9

11.4

165,442109.7

164,561

99.5

163,394

99.3

97.7

43.4

34,301109.9

32,352

94.3

32,370

100.1

100.1

8.6Apparel

11,53886.8

11,553100.1

11,429

98.9

100.8

3.0

Others

4,864

96.0

4,912

101.0

5,157

105.0

106.8

1.4

375,213109.5

375,382100.0

376,092

100.2

98.7

100.0

Agricultural
ProduceMarineProducts
Meat
Products
Delicatessen
Process andDaily
Lifestyle
Products

Total-4-(3) Net sales by region(Stores, millions of yen, %)Six months ended
August 31, 2022*

Six months ended
August 31, 2021

Six months ended
August 31, 2020
Number ofstores

Net sales

Sales
Number ofcomposition stores

Sales
Number ofcomposition storesTokyo Region120

184,40649.1

124

185,731

49.5

Tokyo

80

127,56434.0

82

126,723

Saitama

8

11,161

3.0

8

Chiba

54,838

1.3

Kanagawa

27

40,842

Osaka Region

155

OsakaNet sales

Sales
composition

129

179,643

49.3

33.8

88

123,675

33.9

10,972

2.9

7

9,447

2.6

5

4,456

1.2

5

4,264

1.2

10.9

29

43,57911.6

29

42,256

11.6

190,806

50.9

157

189,65050.5

162

184,60750.7

120

148,11939.5

122

145,65738.8

125

141,348

38.8

Hyogo

16

20,7035.5

17

22,4086.0

1721,733

6.0

Nara

4

5,023

1.3

3

4,867

1.33

3,643

1.0

Kyoto

15

16,9594.5

15

16,7174.4

17

17,8824.9

275375,213

100.0

281

375,382

100.0

291

364,251

100.0

Total

Net sales* The net sales for the six months ended August 31, 2022 are presented using the method for calculation after theapplication of the Accounting Standard for Revenue Recognition.
Reference: Prior to the application of the Accounting Standard for Revenue Recognition
Six months ended
Six months ended
Six months ended
August 31, 2020
August 31, 2021
August 31, 2022
Number ofstores

Net sales

Sales
Number ofcomposition stores

Sales
Number ofcomposition storesTokyo Region120

184,40649.1

124

185,731

49.5

Tokyo

80

127,56434.0

82

126,723

Saitama

8

11,161

3.0

8

Chiba

54,838

1.3

Kanagawa

27

40,842

Osaka Region

155

OsakaNet sales

Sales
composition

129

185,950

49.4

33.8

88

128,086

34.0

10,9722.9

710,004

2.7

5

4,456

1.2

5

4,461

1.2

10.9

29

43,57911.6

29

43,397

11.5

190,806

50.9

157

189,65050.5

162

190,14250.6

120

148,11939.5

122

145,65738.8

125

145,485

38.7

Hyogo

16

20,703

5.5

1722,408

6.0

1722,342

6.0Nara

4

5,023

1.3

3

4,867

1.3

3

3,840

1.0

Kyoto

15

16,9594.5

15

16,7174.4

1718,4734.9

275

375,213

100.0

281

375,382

100.0

291

376,092

100.0

Total-5-Net sales

(4) Gross profit ratio by division
Six months ended
August 31, 2020
Department(%)
Six months ended
August 31, 2021

ChangeFood

Six months ended
August 31, 2022*

ChangeChange

30.7

+1.3

31.0

+0.3

30.8

–

28.4

+1.6

28.9

+0.5

29.2

–

32.5

+3.0

32.6

+0.1

31.6

–

Meat Products

31.0

+2.4

30.9(0.1)

29.9–

Delicatessen

54.9+1.2

55.2+0.3

55.1–

Process andDaily

25.7+1.4

25.4(0.3)

25.0–

Lifestyle Products

27.0+2.2

26.6(0.4)

26.3–

Apparel38.1(0.2)

39.3

+1.2

39.8

–

Others

10.1+0.2

10.2+0.1

30.3

+1.3

30.6+0.3

Agricultural
ProduceMarineProducts

Total––
30.7–* The gross profit ratio for the six months ended August 31, 2022 is presented using the method for calculation after
the application of the Accounting Standard for Revenue Recognition, and Change is not presented, as the method
for calculation differs from the previous method.
Reference: Prior to the application of the Accounting Standard for Revenue Recognition
Six months ended
Six months ended
Six months ended
August 31, 2020
August 31, 2021
August 31, 2022
Department
ChangeFood

ChangeChange30.7+1.3

31.0+0.3

31.3

+0.3

28.4

+1.6

28.9

+0.5

29.1+0.2

32.5

+3.0

32.6

+0.1

32.2

(0.4)

Meat Products

31.0+2.4

30.9(0.1)

30.5(0.4)

Delicatessen

54.9+1.2

55.2

+0.3

55.5

+0.3

Process andDaily

25.7+1.4

25.4(0.3)

25.6+0.2

Lifestyle Products

27.0+2.2

26.6(0.4)

26.9+0.3

Apparel38.1(0.2)

39.3+1.2

40.1+0.8

Others

10.1+0.2

10.2

+0.1

9.9(0.3)

30.3

+1.3

30.6+0.3

30.9+0.3

AgriculturalProduce
MarineProducts

Total-6-3. Results/Plans for Capital Expenditures (Consolidated)(Millions of yen)
Fiscal year ending
February 28, 2023
(plan)

Six months ended
August 31, 2020

Six months ended
August 31, 2021

Six months ended
August 31, 2022

New store investment

6,235

2,845

9,828

17,600Renovation
investment

1,417

840

831

1,200

524

1,099

1,301

3,500

5,732

2,620

1,337

3,900

13,908

7,404

13,297

26,200

System investment
OthersTotal

Note: Above is based on construction

4. Newly Launched Stores/Store Closures and Sales Floor Area at the End of the Period (Nonconsolidated)(1) Stores planned to be launched in the fiscal year ending February 28, 2023
11 stores (7 stores in Tokyo Region and 4 stores in Osaka Region)
Sales floor area (m2)Name of store (format)

Location

1Central Square Yebisu Garden
Place Store

Shibuya-ku, Tokyo

1,765

April 15, 2022

2

Horikawa Kitayama Store

Kita-ku, Kyoto-shi

992

April 27, 2022

3

Kameido Clock Store

Koto-ku, Tokyo

1,861

April 28, 2022

4

BIO-RAL Shinjuku Marui Store

Shinjuku-ku, Tokyo231

May 28, 2022

5

Moriguchi Takii Store

Moriguchi-shi, Osaka

2,295

July 9, 2022

6

Nishiogikubo Store

Suginami-ku, Tokyo

2,940

July 23, 2022

7Toyosu Store

2,172

September 10, 2022

8

Hanazono Central Park Store

Koto-ku, Tokyo
Higashi Osaka-shi,Osaka

1,492

September 17, 2022

9

Shijo Omiya Store

1,328

September 28, 202210

VIERRA Maita Store

Nakagyo-ku, Kyoto
Yokohama-shi,Kanagawa

1,699

October 20, 2022

11Ichigayayakuoji Store (SM)Shinjuku-ku, Tokyo–Date of launch

Second half(m2)(2) Sales floor area at the end of the period

Sales floor area at the endof the period

Six months ended
August 31, 2020

Six months ended
August 31, 2021

Six months ended
August 31, 2022

675,702672,081

679,019-7-

5. Selling, General and Administrative Expenses(Consolidated)
Six months ended
August 31, 2020

(Millions of yen, %)Six months ended
August 31, 2021

Ratio to net
sales

Six months ended August 31, 2022*

Ratio to net
sales

Ratio to net
sales

YoY

Personnel expenses

50,68913.5

52,807

14.1

55,27615.2–

Non-personnel expenses

51,356

13.7

51,75813.8

53,638

14.7–

Depreciation

6,405

1.7

6,907

1.8

7,326

2.0

–

108,45128.9

111,47329.7

116,241

31.9

–

Total

(Non-consolidated)(Millions of yen, %)Six months ended
August 31, 2020

Six months ended
August 31, 2021

Ratio to netsales

Six months ended August 31, 2022*

Ratio to netsales

Ratio to netsales

YoY

Personnel expenses

50,641

13.5

52,755

14.1

55,221

15.2–

Non-personnel expenses

51,08613.6

51,413

13.7

53,74314.8–

Depreciation

6,384

1.7

6,892

1.8

7,320

2.0

–

108,11228.8

111,060

29.6

116,284

31.9

–

Total

* The figures for the six months ended August 31, 2022 are presented as the amount calculated using the method for
calculation based on the application of the Accounting Standard for Revenue Recognition.
YoY for personnel expenses and non-personnel expenses is not presented as the method for calculation differs fromthe previous method.
The effect (consolidated) in the six months ended August 31, 2022 was a decrease of ¥2,609 million in total on theselling, general and administrative expenses.

6. Employees and New Graduates Hired (Consolidated)(1) Employees
Six months ended
August 31, 2020

(People, %)Six months ended
August 31, 2022

Six months ended
August 31, 2021

Number of people

Composition
ratio

Number of people

Composition
ratio

Number of people

Composition
ratio

Employees

6,621

23.0

6,881

22.87,163

23.0

Partners

22,22377.0

23,28877.2

23,97777.0

28,844100.0

30,169100.0

31,140

100.0

Total

* Number of people at end of period. Partners are the number of people calculated on the basis of eight hours perday.
(2) New graduates hired(People)Joined in 2021

Total number of
new graduates hired

Joined in 2022

264

337-8-

Joining in 2023 (plan)340

7. Key Financial Indicators(Consolidated)(%)
Six months ended
August 31, 2020

Six months ended
August 31, 2021

Six months ended
August 31, 2022

4.4

3.92.4

4.5

4.0

2.5

3.0

2.8

1.7

6.5

5.9

3.4

Ratio of profit to total assets

4.4

4.1

2.4

Return on equity

13.5

10.5

5.7

Equity ratio

34.2

41.1

42.1

Ratio of operating profit tooperating revenue
Ratio of ordinary profit tooperating revenue
Ratio of profit to operating
revenue
Ratio of ordinary profit tototal assets(Non-consolidated)(%)
Six months ended
August 31, 2020

Six months ended
August 31, 2021

Six months ended
August 31, 2022

4.4

3.9

2.3

4.5

4.0

2.4

3.0

2.81.7

6.3

5.7

3.3

Ratio of profit to total assets

4.3

3.9

2.3

Return on equity

13.2

10.4

5.6

Equity ratio

33.6

40.1

41.4

Ratio of operating profit tooperating revenue
Ratio of ordinary profit tooperating revenue
Ratio of profit to operating
revenue
Ratio of ordinary profit tototal assets

8. Company Overview
Name of company
FoundedEstablished
Share capital
Total number of issued shares
Consolidated subsidiary

LIFE CORPORATION
1910
October 24, 1956
¥10,004 million
49,450,800 shares
One company, LIFE FINANCIAL SERVICE-9-[Supplemental Information]
Effects of the application of the “Accounting Standard for Revenue Recognition”(Consolidated)(Millions of yen)Six months ended August 31, 2022
After application(1)

Effect(1)-(2)

Before application(2)

Operating revenue

377,563(10,254)

387,817

Net sales

364,251(11,841)

376,092

Cost of sales

252,407(7,637)260,045

Gross profit

111,843(4,203)116,046

Receipts from operating
revenue

13,311+1,586

11,724

Operating gross profit

125,155(2,616)

127,771

Selling, general andadministrative expenses

116,241(2,609)118,850

Operating profit

8,914

(6)

8,921

Ordinary profit

9,331

(6)

9,337

Profit

6,412

(4)

6,417

Year-on-year changes based on the standard prior to application of the “Accounting Standard for Revenue
Recognition”(Consolidated)(Millions of yen, %)Six months ended Six months ended
August 31, 2022 August 31, 2021

ChangeRate ofchange

Operating revenue

387,817

387,093+724

0.2

Net sales

376,092

375,382+709

0.2

Cost of sales

260,045

260,368

(322)

(0.1)

Gross profit

116,046

115,014+1,032

0.9

Receipts from operating
revenue

11,72411,710+140.1

Operating gross profit

127,771

126,725+1,046

0.8

Selling, general andadministrative expenses

118,850

111,473+7,377

6.6

Operating profit

8,921

15,251(6,330)(41.5)

Ordinary profit

9,337

15,603(6,265)(40.2)

Profit6,417

10,782(4,364)(40.5)- 10 -