YONDOSHI HOLDINGS INC.
April 14, 2022

(Securities Code: 8008, Prime Market, Tokyo Stock Exchange)

Summary of the Consolidated Financial Reportfor Fiscal 2021 (Ended February 28, 2022)
・ 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. Results came in in line with revised forecasts
announce on January 6, 2022.
・ Revenue and earnings declined in the Jewelry Business. This was due to avariety of factors including difficult conditions for bridal jewelry as a result ofa temporary drop in the number of marriages.
・ In the Apparel Business, revenue increased while earnings decreased. Despite
reporting record high net sales and operating income in the everyday fashion
brand PALETTE, results reflected the partial impact of COVID-19 on theApparel Manufacturing business.
・ The Company plans to pay an annual cash dividend of ¥83 per common sharefor fiscal 2021, an 11th consecutive year of annual dividend increase.
・ Revenue and earnings are projected to climb in fiscal 2022 (ending February28, 2023).
YONDOSHI HOLDINGS INC. (“YONDOSHI HOLDINGS” or “the Company”;
Headquarters: Shinagawa-ku, Tokyo; President and Representative Director: HidetoshiMasuda) announced today its consolidated operating results for fiscal 2021, the fiscal year
from March 1, 2021 to February 28, 2022. Brief details are presented as follows.
1. Consolidated Business Results(Millions of yen, %)Fiscal 2020

Fiscal 2021

YoY

Net Sales

39,44938,050(3.5)％

Operating Income

2,767

1,721(37.8)％

Ordinary Income
3,195
2,293(28.2)％
Profit Attributable to1,622
1,490(8.1)％
Owners of Parent
1. Net income per share for the fiscal year under review was ¥69.56 (¥75.00 for the previous fiscalyear).
2. The average number of issued shares for the fiscal year under review was 21,429,623 on aconsolidated basis.
3. Operating income before the amortization of goodwill: FY2021 ¥2,218 million FY2020 ¥3,264
million.
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. Corporate Planning Department
TEL: +81-3-5719-3295; FAX: +81-3-5719-3296; e-mail: ir-yondoshi@yondoshi.co.jp

In the retail industry, the outlook remained clouded due to the cooling off in consumer
sentiment resulting from ongoing severity in the employment and income situations, aswell as to the prolonged impact the COVID-19 pandemic has had on reducing themovement of people. Under these circumstances, YONDOSHI HOLDINGS Groupaddressed priority issues in each business with the aim of enhancing enterprise value
under the guidance of the Sixth Medium-Term Management Plan, which began in fiscal
2021, the fiscal year ended February 28, 2022.
As a result, net sales for the fiscal year under review amounted to ¥38,050 million(down 3.5% YoY). From a profit perspective, operating income came to ¥1,721 million(down 37.8% YoY), ordinary income totaled ¥2,293 million (down 28.2% YoY), andprofit attributable to owners of parent was ¥1,490 million (down 8.1% YoY).
Jewelry Business
Net Sales:
Operating Income:¥18,424 million¥1,130 million(down 10.7% YoY)
(down 47.2% YoY)

The F.D.C. Products Group, which is largely responsible for the YONDOSHIHOLDINGS Group’s Jewelry Business, experienced a difficult operating environment
due to the continued impact of the COVID-19 pandemic. In particular, bridal jewelry
struggled due to the temporary decline in the number of couples becoming married. In
addition, the Group also saw a reactionary increase in personnel expenses, a portion ofwhich was recorded as an extraordinary loss during the previous fiscal year, which was afactor in lower operating income. On a positive note, captive demand from female
customers grew by double digits due to ongoing brand value investment.
Apparel Business
Net Sales:
Operating Income:¥19,626 million¥889 million(up 4.4% YoY)
(down 0.8% YoY)

Retailer age Co., Ltd., which operates the everyday fashion brand PALETTE, achieved
record-high results for both net sales and operating income due to the success ofpromotional activities and 25th anniversary events, as well as to the opening of eight newstores.
The AS'TY Group continued to focus on strengthening product planning capabilities
despite a temporary slump in demand due to the impact of the COVID-19 pandemic.

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. Corporate Planning Department
TEL: +81-3-5719-3295; FAX: +81-3-5719-3296; e-mail: ir-yondoshi@yondoshi.co.jp

2. Consolidated Earnings Forecasts for Fiscal 2022
(Millions of yen, %)Fiscal 2021
(Actual)Fiscal 2022
(Forecasts)

38,0501,721
2,293

Net Sales
Operating Income

YoY

＋9.1%
＋56.8%＋30.8%

41,5002,700
3,000

Ordinary Income
Profit attributable to
1,490
1,800
＋20.8%
owners of parent
1. Forecast net income per share for FY2022: ¥84.00
2. The average number of issued shares for fiscal 2022 (consolidated basis): 21,429,623 shares
3. Operating income before the amortization of goodwill: FY2022 ¥3,196 million FY2021 ¥2,218million.

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 through fiscal 2022, the fiscal year ending February 28, 2023, and second
year of the Sixth Medium-Term Management Plan.
In addition to further enhancing brand value and strengthening profitability in themainstay Jewelry Business segment, the YONDOSHI HOLDINGS Group will build arobust business portfolio by expanding store openings and promoting existing store
growth in the Apparel Business segment.
Moreover, energies will be directed toward practicing CSR-based management toestablish a highly trusted corporate group, and further enhancing enterprise value by
strengthening 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, 2023, areconcerned, net sales are projected to come in at ¥41,500 million, up 9.1% compared withthe fiscal year under review. From a profit perspective, operating income is expected tototal ¥2,700 million, a year-on-year increase of 56.8%. Ordinary income is forecast toreach ¥3,000 million, an improvement of 30.8% year on year. Profit attributable to ownersof parent is estimated to jump to ¥1,800 million, 20.8% higher than the fiscal year ended
February 28, 2022. Designated an important management indicator, operating income
before the amortization of goodwill is projected to come in at ¥3,196 million, up 44.1%year on year.
3. Cash Dividends(Yen)
1Q-EndActual for
Fiscal 2020
Forecast for
Fiscal 2021
Forecast for
Fiscal 2022

Head Office:Establishment:
Paid-in Capital:
Business Activities:
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Annual Cash Dividend
2Q-End3Q-EndPeriod-End

Total

―

40.50

―

40.50

81.00

―

41.50

―

41.50

83.00

―

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. Corporate Planning 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 ¥41.50 per
common share for fiscal 2021. Together with the interim cash dividend paid, the annual
cash dividend for the fiscal year under review will therefore come in at ¥83 per commonshare, up ¥2 per common share, representing an eleventh consecutive fiscal year of cash
dividend growth. The Group has also established a target DOE, a core indicator formeasuring shareholder returns, of at least 4%. In the fiscal year under review, theCompany has continued to secure stable shareholder returns with DOE coming in at 4.3%.
While the dividend payout ratio has come in at 119.3%, this is mainly due to thetemporary downturn in net income as a result of COVID-19. Owing to the temporary
nature of these circumstances, YONDOSHI HOLDINGS will continue its dividend policy.
Meanwhile, the actual dividend payout ratio* is 89.5%.
Turning to dividends for the fiscal year ending February 28, 2023, YONDOSHIHOLDINGS plans to pay an interim and fiscal year-end cash dividend of ¥41.50 per
common share for an annual cash dividend of ¥83 per common share.
* Actual dividend payout ratio: Annual dividend amount/Net income before theamortization of goodwill
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. Corporate Planning Department
TEL: +81-3-5719-3295; FAX: +81-3-5719-3296; e-mail: ir-yondoshi@yondoshi.co.jp