YONDOSHI HOLDINGS INC.
April 12, 2021

(Securities Code: 8008, First Section, Tokyo Stock Exchange)

Summary of the Consolidated Financial Reportfor Fiscal 2020 (Ended February 28, 2021)
・ Despite year-on-year decreases in both consolidated revenue and earnings dueto the impact of COVID-19, YONDOSHI HOLDINGS was still successful infirmly securing a profit.
・ Revenue and earnings declined in the Jewelry Business. In addition to thesuspension of store operations and shortening of operating hours during Apriland May, this downturn also reflected the impact of a third wave of COVID19 infections.
・ In the Apparel Business, revenue and earnings increased due to a variety offactors including robust trends and record high results at the everyday fashion
brand PALETTE.
・ The Company plans to pay an annual cash dividend of ¥81 per common sharefor fiscal 2020, maintaining its commitment to continuous dividend growththrough a 10th consecutive year of annual dividend increase.
・ In addition to an upswing in revenue, earnings are projected to climb
substantially in fiscal 2021 (ending February 28, 2022). On this basis,
YONDOSHI HOLDINGS plans to pay an annual cash dividend for the next
fiscal year of ¥83 per common share, representing an 11th consecutive fiscal
year of cash dividend growth.
YONDOSHI HOLDINGS INC. (“YONDOSHI HOLDINGS” or “the Company”;
Headquarters: Shinagawa-ku, Tokyo; Chairman and Representative Director, CEO:
Saishi Kimura) announced today its consolidated operating results for fiscal 2020, thefiscal year from March 1, 2020 to February 28, 2021. Brief details are presented asfollows.
1. Consolidated Business Results(Millions of yen, %)Fiscal 2019

Fiscal 2020YoYNet Sales

44,97039,449(12.3)％

Operating Income

3,9752,767(30.4)％

Ordinary Income
4,312
3,195(25.9)％
Profit Attributable to2,475
1,622(34.5)％
Owners of Parent
1. Net income per share for the fiscal year under review was ¥75.00 (¥112.18 for the previous fiscalyear).
Head Office:Establishment:
Paid-in Capital:
Business Activities:
URL:
Inquiries:

2-19-10 Kami-Osaki, Shinagawa-ku, Tokyo
May 1950¥2,486.52 million
Brand business focusing mainly on jewelry; planning, manufacture and wholesale mainly ofapparel and bags; and retail business
https://yondoshi.co.jp/eng/YONDOSHI HOLDINGS INC. Finance Department
TEL: +81-3-5719-3295; FAX: +81-3-5719-3296; e-mail: ir-yondoshi@yondoshi.co.jp

2. The average number of issued shares for the fiscal year under review was 21,635,806 on aconsolidated basis.
3. Operating income before the amortization of goodwill: FY2020 ¥3,264 million FY2019 ¥4,472
million.

In the retail industry, the outlook remained clouded as a result of the impact from thegovernment’s call for people to remain at home, along with business suspensions andshortened operating hours at stores. In addition, the worsening employment and income
situation raised concerns of a further cooling off in consumer sentiment. Under thesecircumstances, during fiscal 2020, the final year of the fifth medium-term management
plan, YONDOSHI HOLDINGS Group addressed priority issues in each business with theaim of enhancing enterprise value.
As a result, net sales for the fiscal year under review amounted to ¥39,449 million(down 12.3% YoY). From a profit perspective, operating income came to ¥2,767 million(down 30.4% YoY), ordinary income totaled ¥3,195 million (down 25.9% YoY), andprofit attributable to owners of parent was ¥1,622 million (down 34.5% YoY).
Jewelry Business
Net Sales:
Operating Income:¥20,641 million¥2,139 million(down 23.5% YoY)
(down 35.6% YoY)

In the F.D.C. Products Group, which is largely responsible for the YONDOSHIHOLDINGS Group’s Jewelry Business, store sales were down compared with theprevious fiscal year. In addition to the large-scale suspension of store operations andshortening of operating hours from late March to the end of May, this year-on-year decline
was mainly due to the impact of the third wave of COVID-19 infections from midNovember. On a positive note, sales through e-commerce channels increased 22.5%
substantially outperforming the level recorded for the previous fiscal year.
Apparel Business
Net Sales:
Operating Income:¥18,807 million¥896 million(up 4.6% YoY)
(up 18.3% YoY)

Retailer age Co., Ltd., which operates the everyday fashion brand PALETTE, recorded
positive sales trends for items related to everyday life, fulfilling its role as part of thesocial infrastructure supporting the lives of local customers. This in turn led to recordhigh results for both net sales and operating income.
The AS’TY Group made efforts to maintain the supply chain by increasing the numberof local staff at overseas production sites. Operating income also surpassed plans on theback of efforts to reduce overhead expenses.

Head Office:Establishment:
Paid-in Capital:
Business Activities:
URL:
Inquiries:

2-19-10 Kami-Osaki, Shinagawa-ku, TokyoMay 1950
¥2,486.52 million
Brand business focusing mainly on jewelry; planning, manufacture and wholesale mainly ofapparel and bags; and retail business
https://yondoshi.co.jp/eng/
YONDOSHI HOLDINGS INC. Finance Department
TEL: +81-3-5719-3295; FAX: +81-3-5719-3296; e-mail: ir-yondoshi@yondoshi.co.jp

2. Consolidated Earnings Forecasts for Fiscal 2021
(Millions of yen, %)Fiscal 2020
(Actual)Fiscal 2021
(Forecasts)

39,4492,767
3,195

Net Sales
Operating Income

YoY

42,000
3,350
3,700

＋6.5%
＋21.0%＋15.8%

Ordinary Income
Profit attributable to1,622
2,500＋54.1%
owners of parent1. Forecast net income per share for FY2021: ¥115.55
2. The average number of issued shares for fiscal 2021 (consolidated basis): 21,635,806 shares
3. EPS before the amortization of goodwill, taking into account the upper limit for share buy-backs in
FY2021 is ¥138.49.

The YONDOSHI HOLDINGS Group will be make every effort to maximize the strengthsof the Group to provide products and services that exceed customer expectations whiletargeting continued growth against the backdrop of a rapidly changing operating
environment under the guidance of the Sixth Medium-Term Management Plan, whichbegan in fiscal 2021, the fiscal year ending February 28, 2022.
In addition to proactively undertaking investments aimed at enhancing brand value inthe mainstay Jewelry Business segment, the YONDOSHI HOLDINGS Group will workto establish a second pillar in the Apparel Business segment by expanding PALETTE
store openings and promoting existing store growth while building a robust businessportfolio.
Moreover, energies will be directed toward practicing CSR-based management toestablish a highly trusted corporate group, and further enhancing enterprise value bystrengthening internal controls, providing shareholder returns, and making medium tolong-term investments linked to earnings growth.
As far as business results forecasts for the fiscal year ending February 28, 2022 areconcerned, net sales are projected to come in at ¥42,000 million, up 6.5% compared withthe fiscal year under review. From a profit perspective, operating income is expected tototal ¥3,350 million, a year-on-year increase of 21.0%. Ordinary income is forecast toreach ¥3,700 million, an improvement of 15.8% year on year. Profit attributable to ownersof parent is estimated to jump to ¥2,500 million, 54.1% higher than the fiscal year ended
February 28, 2021. Designated an important management indicator, operating income
before the amortization of goodwill is projected to come in at ¥3,846 million, up 17.8%
year on year.
3. Cash Dividends(Yen)
1Q-EndActual for
Fiscal 2019
Forecast for
Fiscal 2020
Forecast for
Fiscal 2021
Head Office:Establishment:
Paid-in Capital:
Business Activities:
URL:
Inquiries:

Annual Cash Dividend
2Q-End3Q-EndPeriod-End

Total―40.00

―

40.00

80.00

―

40.50―40.50

81.00

―

41.50

―

41.50

83.00

2-19-10 Kami-Osaki, Shinagawa-ku, TokyoMay 1950
¥2,486.52 million
Brand business focusing mainly on jewelry; planning, manufacture and wholesale mainly ofapparel and bags; and retail business
https://yondoshi.co.jp/eng/YONDOSHI HOLDINGS INC. Finance Department
TEL: +81-3-5719-3295; FAX: +81-3-5719-3296; e-mail: ir-yondoshi@yondoshi.co.jp

YONDOSHI HOLDINGS plans to pay a fiscal year-end cash dividend of ¥40.50 percommon share. Together with the interim cash dividend paid of ¥40.50 per common share,
the full fiscal year cash dividend for the fiscal year under review will therefore come in a
¥81 per common share, representing a tenth consecutive fiscal year of cash dividend
growth. While the dividend payout ratio is projected to come in at 108.0%, this is mainly
due to the temporary downturn in net income as a result of the large-scale suspension of
store operations and shortening of operating hours. Owing to the temporary nature ofthese circumstances, YONDOSHI HOLDINGS will continue its dividend policy.
Turning to dividends for the fiscal year ending February 28, 2022, YONDOSHIHOLDINGS plans to pay an interim and fiscal year-end cash dividend of ¥41.50 per
common share for a full fiscal year cash dividend of ¥83 per common share, up ¥2 percommon share and an eleventh consecutive fiscal year of cash dividend growth.

END

Head Office:Establishment:
Paid-in Capital:
Business Activities:
URL:
Inquiries:

2-19-10 Kami-Osaki, Shinagawa-ku, Tokyo
May 1950¥2,486.52 million
Brand business focusing mainly on jewelry; planning, manufacture and wholesale mainly ofapparel and bags; and retail business
https://yondoshi.co.jp/eng/YONDOSHI HOLDINGS INC. Finance Department
TEL: +81-3-5719-3295; FAX: +81-3-5719-3296; e-mail: ir-yondoshi@yondoshi.co.jp