YONDOSHI HOLDINGS INC.
January 6, 2023
(Securities Code: 8008, Prime Market, Tokyo Stock Exchange)

Summary of the Consolidated Financial Report for the Third Quarter
Cumulative Period of Fiscal 2022 (Ending February 28, 2023)
・ Increase in consolidated revenue and earnings on recovery in the Jewelry
Business.
・ Jewelry Business: Increase in revenue and earnings, with steady
performance in fashion jewelry on successful measures to increase thenumber of female customers.
・ Apparel Business: Increase in revenue with decrease in earnings. Everyday
fashion brand PALETTE opened ten new stores, including first locations inKanto region. Apparel manufacturing demand recovered, despite thenegative impacts from the weak yen.
・ Full-year consolidated results forecasts have been revised, owing tocontinued sluggish sales of bridal jewelry, sales during the Christmas
shopping season falling short of plan, and the recording of an impairment
loss for structural reforms.
・ The Company will take decisive action for structural reforms in the Jewelry
Business through a program of selection and concentration. Bridal jewelry
stores will be consolidated, with major renovations to establish urban
flagship stores.
・ No change in dividend forecast of 83 yen per share, comprising interim andyear-end dividends of ¥41.50 per share.
YONDOSHI HOLDINGS INC. (“YONDOSHI HOLDINGS” or “the Company”;
Headquarters: Shinagawa-ku, Tokyo; President and Representative Director: HidetoshiMasuda) today announced its consolidated operating results for the third quarter
cumulative period of fiscal 2022 (March 1 to November 30, 2022), the fiscal year ending
February 28, 2023. A summary of these results is presented as follows.
1. Consolidated Operating Results(Millions of yen, %)Net Sales
Operating Income

Fiscal 2021 3Q

Fiscal 2022 3Q

YoY

27,37828,402+3.7%

745

1,044+40.1%

Ordinary Income
1,169
1,328+13.6%
Profit Attributable to600
739+23.2%
Owners of Parent
1. Net income per share for the subject period was ¥34.51 (¥28.04 for the corresponding period of theprevious fiscal year).
2. The average number of issued shares for the period (consolidated basis) was 21,440,888 shares.
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: +81-3-5719-4462; e-mail: ir-yondoshi@yondoshi.co.jp

3. Operating income before the amortization of goodwill was ¥1,416 million for the subject period(¥1,118 million in the corresponding period of previous fiscal year).

In the retail sector, although foot traffic has recovered as people have more opportunities
to go out, the outlook remains unclear, as the recent series of price hikes has raised
concerns over a heightened tendency toward economizing. Amid such circumstances,YONDOSHI HOLDINGS Group pursued priority measures in each of its businesses,
aiming to enhance enterprise value.
As a result, net sales in the subject third quarter cumulative period amounted to¥28,402 million (up 3.7% from the same period of the previous fiscal year), withoperating income of ¥1,044 million (up 40.1%), ordinary income of ¥1,328 million (up13.6%), and profit attributable to owners of parent of ¥739 million (up 23.2%).
Jewelry Business
Net Sales:
Operating Income:¥12,475 million¥537 million(up 2.4% YoY)
(up 223.3% YoY)

The F.D.C. Products Group, which operates the jewelry business, recorded positive trends
for fashion jewelry such as earrings and bracelets, on successful measures to increase thenumber of female customers. Sales in the e-commerce business also expanded steadily
following the website renewal.
Apparel Business
Net Sales:
Operating Income:¥15,927 million¥816 million(up 4.8% YoY)
(down 6.4% YoY)

Retailer age Co., Ltd., operator of the everyday fashion brand PALETTE, recorded anincrease in sales on the opening of 10 new stores, including four locations in the Kanto
region for the first time.
The AS’TY Group, despite the negative impacts from the weak yen and higher
material costs, recorded an expansion in sales on successful efforts to take advantage ofthe recovery in demand and the production environment to strengthen business withmainstay trading partners.
2. Forecasts for Consolidated Operating Results for the Full-Year Period of Fiscal
2022(Millions of yen, %)VariancefromYoY
Previous
Forecast

Fiscal 2021
ActualFiscal 2022
Previous
Forecast

Fiscal 2022
Revised
Forecast

Net Sales

38,12340,50040,000(1.2) %+4.9%

Operating Income

1,788

2,700

2,000(25.9) %+11.9%

Ordinary Income

2,293

3,000

2,350

(21.7) %+2.4%

Profit attributableto owners of
1,490
1,800
1,100(38.9) %parent1. Forecast net income per share for FY 2022: ¥51.30
2. Average number of issued shares (consolidated basis): 21,440,888 shares
3. EPS before the amortization of goodwill: ¥74.44
Head Office:Establishment:
Paid-in Capital:
Business Activities:
URL:
Inquiries:(26.2) %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: +81-3-5719-4462; e-mail: ir-yondoshi@yondoshi.co.jp

Note: The Company applied “Accounting Standard for Revenue Recognition” (ASBJ Statement No.
29, March 31, 2020) from the beginning of the first quarter of the subject fiscal year. Figures forthe previous fiscal year, are after application of this accounting standard.

Regarding the progress towards achieving the consolidated results forecasts for fiscal
2022 announced on October 7, 2022, although the Company is still forecasting year-onyear revenue and earnings gains in both the Jewelry Business and the Apparel Businessat the operating income level, the final figures are expected to fall below the targets in thebusiness plan. During the subject third quarter cumulative period, in the Jewelry Business,sales of fashion jewelry rose from the previous fiscal year on successful measures toincrease the number of female customers, though this was insufficient to offset thedelayed recovery in earnings from bridal jewelry. In addition, sales during the Christmas
shopping season, the period of peak demand in the Jewelry Business, fell below plan.
Further, the Company has incorporated an impairment loss of approximately ¥400
million during the fourth quarter period on certain bridal jewelry store locations andowned real estate, etc., and expects to record losses of approximately ¥500 million for thefull fiscal year.
Considering such circumstances, the Company has revised its consolidated results
forecasts for the full-year period from the previous forecast, as outlined in the above chart.
Of note, the Company is taking decisive action for structural reform in the Jewelry
Business through a program of selection and concentration. Under this plan, bridal
jewelry store locations will be consolidated, with major renovations conducted toestablish urban flagship stores.
Note: Forecasts are based on available information as of the disclosure date for this material. Actual results
may vary from forecast figures as a result of economic conditions or a variety of other factors.

3. Cash Dividends for Fiscal 2022
(Yen)
Annual Cash Dividend
1Q-EndActual for
Fiscal 2021
Actual for
Fiscal 2022
Forecast for
Fiscal 2022

2Q-End3Q-EndPeriod-End

―

41.50

―

―

41.50

―

Total

41.50

83.00

41.50

83.00

YONDOSHI HOLDINGS Group recognizes that providing returns to shareholders is an
important management issue. The Company has set as its basic policy for profit sharing
the raising of the level of shareholder returns through such means as a stable andcontinuous cash dividend payment, and flexible share buybacks. The Company has alsoestablished a target DOE, a key indicator of shareholder returns, of 4% or higher, andaims to reach a dividend payout of 100 yen per share in the future.
In accordance with this policy, for the fiscal year ending February 28, 2023,
YONDOSHI HOLDINGS plans to pay an interim and year-end cash dividend of ¥41.50
per share, for an annual cash dividend of ¥83 per share.
END
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: +81-3-5719-4462; e-mail: ir-yondoshi@yondoshi.co.jp