HOME CENTER and HOME FASHION STORE

Financial Results Briefing Material
for the Six Months Ended September 30, 2022
(April 01, 2022 - September 30, 2022)

October 31, 2022
NAFCO Corporation(Securities Code: 2790)

All Rights Copying NAFCO Co.,Ltd.

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HOME CENTER and HOME FASHION STORE

Summary of Financial Results for
the Six Months Ended September 30, 2022
Net sales

104.6

Billion yen

YoY Change

96.9

%

■ Sales of seasonal products including summer products were strong, while sales in September struggled
due to typhoon hitting every weekend.
■ Sales promotions for attracting customers such as “Living Support Sale” were not very successful due tobad weather.

Operating profit

6.6

Billion yen

YoY Change

93.5

%

% of sales

6.3%(YoY Change(0.3%))■ Gross profit margin continuously improved, partly due to the increased private brand ratio.
■ Selling, general and administrative expenses decreased due to significant decline in logistics expenses
despite increases in advertising expenses and utility expenses.

Ordinary profit

Profit6.8

4.2

All Rights Copying NAFCO Co.,Ltd.

Billion yen

Billion yen

YoY Change

93.5

%

% of sales

6.5%

YoY Change

92.8

%

% of sales

4.0%(YoY Change(0.3%))(YoY Change(0.2%))
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HOME CENTER and HOME FASHION STOREStatements of Income for the Six Months Ended September 30, 2022
(Millions of yen)Six months ended
September 30, 2021

% of sales

Net sales

107,975

100.0%

104,629100.0%

96.9%

Gross profit

37,52934.8%

36,512

34.9%

97.3%

Operating grossprofit37,68934.9%36,701

35.1%

97.4%

Selling, general andadministrative
expenses

30,60328.3%

30,078

28.7%

98.3%

Operating profit

7,086

6.6%

6,622

6.3%

93.5%

Ordinary profit

7,304

6.8%

6,831

6.5%

93.5%

Profit

4,531

4.2%

4,203

4.0%

92.8%

All Rights Copying NAFCO Co.,Ltd.

Six months ended
September 30, 2022

% of sales

YoY Change

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HOME CENTER and HOME FASHION STORE

Balance Sheets
Fiscal Year Ended
March 31, 2022

(Millions of yen)
Change From
the End of the Previous
Fiscal Year

Six Months Ended
September 30, 2022

Net assets

233,075

240,177+7,101

Current assets

100,744

107,477+6,732

34,111

38,925+4,814132,331

132,699+368

118,557

118,886+328

75,31279,016+3,703

Interest-bearing liabilities

20,293

19,613(679)

Of which, short-term borrowings

19,585

19,255(330)

Of which, current portion of long-termborrowings

599

299

(300)

Of which, long-term borrowings

108

58

(49)

157,763

161,160+3,397

Cash and deposit ratio (%)

14.6

16.2

Ratio of interest-bearing liabilities (%)

8.7

8.2

Equity ratio (%)

67.7

67.1

Current ratio (%)

161.1

162.6

Non-current ratio (%)

83.9

82.3

Of which, cash and deposits

Non-current assets
Of which, property, plant and equipment

Liabilities

Net assets

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HOME CENTER and HOME FASHION STORE

Trends in Sales Composition by ProductSix months
ended
September. 2015

Materials, DIY andgardening goods

Householdgoods

Furniture and homefashion goods

OthersSix months
ended
September. 2016

Six months
ended
September. 2018

Six months
ended
September. 2019

Six months
ended
September. 2021

All Rights Copying NAFCO Co.,Ltd.

Six months
ended
September. 2017

Six months
ended
September. 2020

Six months
ended
September. 2022

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HOME CENTER and HOME FASHION STORE

Trends in Existing Stores
Net sales of existing stores compared to previous year (%)
Spread of “Omicron strain”“Application of Area-Focused
Intensive Measures for Preventionof the Spread of Infection”(18 prefectures)

Six months ended September 30,
2022 cumulative(existing stores)

Early end of therainy season(Initial report)

Successive record
number of new
positive patients of
the “7th wave” of
COVID-19

Government
Complete cancellation ofannouncement ofa state of emergency andemergency measures
Area-Focused Intensive against soaring crude oil
Measures for Prevention
pricesof the Spread of Infection
Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Net sales: 96.7%
Customers: 92.4%
Customer average: 104.5%

Typhoon hitting
every weekend(Emergency Warning issued for
Typhoon Nanmadol for Kyushu)

Apr.

May

Jun.

Jul.

Aug.

Sep.

Sales
Customers
Customeraverage

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HOME CENTER and HOME FASHION STORE

Trends in Gross Profit Margin at the End of the Term
Left axis (gross profit margin: %)Right axis (private brand ratio: %)Gross profit margin

34.9%
Promotion of development ofprivate brand products forhome center products

Marked a record high forboth net sales and profit

Consumption tax hike to 8%
April 2014（%）

FY3/12

FY3/13

FY3/14

Promotion of scrap and build
Net loss in the number ofexisting stores for the first time

FY3/15

FY3/16

FY3/17

FY3/18Consumption tax hike to 10%
October 2019

FY3/19FY3/20FY3/21

FY3/22Q2 FY3/23

Private brand
ratio
Gross profit
marginAll Rights Copying NAFCO Co.,Ltd.

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HOME CENTER and HOME FASHION STORE

Factors for a Change in Operating Profit(Millions of yen)

Gross profit(111)

Selling, general and administrative expenses

(294)
(525)
Household
goods

7,086

Materials, DIY
and gardening
goods

(86)

+28

OthersOperatingrevenue(146)

Furniture and homefashion goods

Six months ended September 30, 2021
Operating profit
All Rights Copying NAFCO Co.,Ltd.

+890

Advertisingexpenses

(373)

+128
Personnel
expenses+25
OthersUtilityexpenses
Depreciation
and amortization

6,622

Six months ended September 30, 2022
Operating profit77
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HOME CENTER and HOME FASHION STORE

Trends in Private Brand Ratio at the End of the Term(%)

Company total
Private Brand ratio

Materials, DIY andgardening goods

Householdgoods

Furniture and home fashion

Ongoing

Increase

Fiscal year
ended
Mar. 2019
All Rights Copying NAFCO Co.,Ltd.

Fiscal year
ended
Mar. 2020

Fiscal year
ended
Mar. 2021

Fiscal year
ended
Mar. 2022

Six months
ended
Sep. 2022
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HOME CENTER and HOME FASHION STORE

Private Brand Products (Materials, DIY and Gardening goods)

Strong Repair Tapes
Meet requirements including “Repair,” “Packing,” and “Bundling” for a wide range of users,from professional workers to DIYers

To be released in OctoberStrong Repair Tape Black50mm x 10m
Available in 4 colors
for various applications

Color options

Strong Repair Tape Black50mm x 5m

Strong Repair Tape Silver
50mm x 25m

Excellent strength,
good for various applications both indoors and outdoors
Emergency water hose repair

House repair

Tent or umbrella repair

Silver / Black / White / Transparent
All Rights Copying NAFCO Co.,Ltd.

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HOME CENTER and HOME FASHION STORE

Private Brand Products (Materials, DIY and Gardening goods)

Workwear
Heated series making works
in winter comfortable
for more and more purposes

Heated vests
in color options
Features the aluminum coated lining to retain heat,and the dual switch, BACK and BELLY individual
switch to control the heating area separately
All Rights Copying NAFCO Co.,Ltd.

Heated gloves
Waterproof gloves forgeneral-purpose use
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HOME CENTER and HOME FASHION STORE

Private Brand Products (Materials, DIY and Gardening goods / Household goods)

Power Saving Products
Just place or apply for “Power Saving and Heat Insulation”■ Window Insulation Board■ Window Insulation Film

Placing an insulation board inside window canhelp keep cold air from coming throughApplied film can help the window keep cold out

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HOME CENTER and HOME FASHION STORE

Private Brand Products (Household goods)

Outdoor Equipment
Spacious tent with a front room and an inner tent. Perfect for family camping!

“Two Room Tent” with separate living room and sleeping room

Small windows for ventilation

Inner tent
All Rights Copying NAFCO Co.,Ltd.

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HOME CENTER and HOME FASHION STORE

Private Brand Products (Household goods)

Slippers
Functional Series

Line of hygroscopic slippers

Insole made fromhygroscopic material

Carefully examined materials and functions for comfortable slippers

All Rights Copying NAFCO Co.,Ltd.

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HOME CENTER and HOME FASHION STORE

Private Brand Products (Furniture and Home Fashion goods)

Sofas【Pace】■Features・All seats come with a choice of high or low for comfort
・The ottoman is movable to meet different requirements
・Slipcovered (dry-cleanable)
・Unique black and straight legs

All Rights Copying NAFCO Co.,Ltd.

【Laners】■Features
・Modern and stylish Nordic design sofa
・Steel legs give a sharp impression
・Offers enough clearance for robot vacuums
・Each armrest is connected with clasps
・2 sizes available
・Seat cushions of 5-layered structure with urethane foam(density of 35kg/m3) topper・Chip urethane core in the cushions helps soften the feelof the cushion and provides seating comfort
・2 ranks and 26 types of fabrics available

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HOME CENTER and HOME FASHION STORE

Private Brand Products (Furniture and Home Fashion goods)

Kotatsu

Botanical■Design
Pop and attractive design with multi-color
stripes■Colors
2 color variations, beige-based and bluebased■FeaturesSoft and warm flannel, and the colorful
patterns go well with house plants,
making the room brighter
All Rights Copying NAFCO Co.,Ltd.

Scandinavia■Design
Fluffy boa used for the futons in this line
■Colors
Pink/light gray, yellow/orange, andblue/light blue
■Futures
Some futons are reversible, so they canbe used both ways depending on themood of the day

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HOME CENTER and HOME FASHION STORE

Number of Point Card Members(Ten thousand people)

Point card membership is increasing
through apps and cards(YoY Change +3.9%)
1,133

1,261
1,214

1,173

1,087
1,035
976
903

829

2021
Reciprocal use of point
card on E-commercestarted

747
663

2020
Integrate point card in
app

2019
Point card with inhouse money function

2013
Changed from 3 x points
plan to 5 x points

Q2
FY3/13

Q2
FY3/14All Rights Copying NAFCO Co.,Ltd.

Q2
FY3/15

Q2
FY3/16

Q2
FY3/17

Q2
FY3/18Q2
FY3/19Q2
FY3/20Q2
FY3/21

Q2
FY3/22

Q2
FY3/23

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HOME CENTER and HOME FASHION STORE

Social Media Utilization
Instagram■ Mainly sharing our private brand products■ Actual products can be experienced at stores

Integratingsocial media
and real stores

Facebook

All Rights Copying NAFCO Co.,Ltd.

LINE

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HOME CENTER and HOME FASHION STORE

Outline of ESG initiatives
The main items are listed.
Field

Items

OutlineReduction of carbon
dioxide emissions

・ Changing the lighting at stores to LED (completed
100%)
・ Installation of solar panels on the roof of stores

Environmentallyfriendly products

・ Development and sales of herbicides from naturalingredients・ Development and sales of rechargeable electricstring trimmer

Recycling after use

・ Collecting PET bottles
・ Collecting used ink cartridges

S

Role in Disasters

・ Number of local authorities (including police) withwhich we have entered agreements for the supply
of disaster supplies: 327 (as of September 30,
2022)
・ Product supplies through immediate store
restoration in the disaster area

G

Corporate
Governance・ Disclosing skill matrix
・ Participation in the “Electronic Voting Platform”

E

Enzan StoreAll Rights Copying NAFCO Co.,Ltd.

【Solar power generation】【New Store】 Kurobe Store (Toyama Prefecture)

Chino Store
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HOME CENTER and HOME FASHION STOREStore Openings and Expansion/Renovation (New Stores)
Kurobe StoreAll Rights Copying NAFCO Co.,Ltd.

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HOME CENTER and HOME FASHION STOREStore Openings and Expansion/Renovation (New Stores)
TWO-ONE STYLE
Takarazuka Itami Store

New
storesAll Rights Copying NAFCO Co.,Ltd.

Store Name

Opening

Location

Store style

TWO-ONE
STYLE
Matsuzakaya
Shizuoka

April

Shizuoka

Furniture andhome fashion
store

KurobeSeptember

ToyamaHome center

TWO-ONE
STYLE
Takarazuka
Itami

September

Hyogo

Furniture andhome fashion
store

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HOME CENTER and HOME FASHION STOREStore Openings and Expansion/Renovation (Expansion/Renovation)

Expansion/
Renovation

Store Name

Opening

Location

Store style

Higashiyatsushiro

AugustKumamoto

Combination
store

All Rights Copying NAFCO Co.,Ltd.

Expansion/
Renovation

Store Name

Opening

Location

Store style

Ezu

AugustKumamoto

Combination
store

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HOME CENTER and HOME FASHION STORE

Number of Stores by Business Type
Small stores of
300 tsubo
Furniture-onlystoresHI stand-alone
storesCombination
stores

全店

KansaiTohokuChugoku

Kanto
Chubu
KyushuAll Rights Copying NAFCO Co.,Ltd.

Shikoku
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HOME CENTER and HOME FASHION STORE

Business Growth Status
Composition
ratio(no. ofstores)Combination
store

39.6%

Home center

50.4%

Furniture only
store

4.4%

All Rights Copying NAFCO Co.,Ltd.

Related segment(s)Priority store opening pattern

Materials, DIY
and gardening
goods

Householdgoods

Furniture andhome fashion
goods

Other

Store area

Number ofpeople inservedbusiness area

○

○

○

○

13,000 square
meters or more

200,000○

7,000 square
meters,
10,000 square
meters or more

100,000

7,000 square
meters300,000

○

○

(some
products)○

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HOME CENTER and HOME FASHION STORE

Shareholder Benefit Program
Expansion from Mar. 2023 was disclosed in the news release“Expansion of Shareholder Benefit Program” on Sep. 20, 2022
Number of Shares Held

End of September (Interim)【Not changed this time】

End of March (Year-end)【Either A or B】

100 or more
but less than 500 shares

UC Gift Voucher worth¥500

A. UC Gift Voucher worth ¥1,000
B. NAFCO Shopping Voucher
worth ¥2,000500 or more
but less than 1,000 shares

UC Gift Voucher worth¥1,500A. UC Gift Voucher worth ¥3,000
B. NAFCO Shopping Voucher
worth ¥6,000

1,000 or more shares

UC Gift Voucher worth¥2,500A. UC Gift Voucher worth ¥5,000
B. NAFCO Shopping Voucher
worth ¥10,000

Number of Shares Held

End of September (Interim)

End of March (Year-end)

100 or more but less than 500 shares

UC Gift Voucher worth ¥500

UC Gift Voucher worth ¥1,000

500 or more but less than 1,000 shares

UC Gift Voucher worth ¥1,500

UC Gift Voucher worth ¥3,000

1,000 or more shares

UC Gift Voucher worth ¥2,500

UC Gift Voucher worth ¥5,000

Current benefit from the program

All Rights Copying NAFCO Co.,Ltd.

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HOME CENTER and HOME FASHION STORE

Trends in the Number of Shareholders(People)[Nov. 08, 2019] Notice of Introduction of Shareholder Benefit Program[May 08, 2020] Notice of Dividends of Surplus (Increase)

10,351[Oct. 30, 2020] Notice of Expansion of Shareholder Benefit Program[Oct. 30, 2020] Notice of Dividends or Surplus (Interim Dividends and Increase)[Feb. 19, 2021] Notice of Revision from Year-End Dividend Forecast for
the Fiscal Year Ending March 31, 2021 (Increase)

8,103[Sep. 20, 2022] Expansion of Shareholder Benefit Program

Started theintroduction of
Shareholder
Benefit Program

FY3/14

Mar.
Mar. 31,31,
FY3/152014
2014

All Rights Copying NAFCO Co.,Ltd.

FY3/16

FY3/17

FY3/18

FY3/19FY3/20FY3/21

FY3/22

Q2
FY3/23

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HOME CENTER and HOME FASHION STORE

Trends in DividendInterim
Dividend(%)

Year-end
Dividend

Payout ratio

56 yen56 yen(forecast)

50 yen36 yenFiscal year
ended
Mar. 2014

38 yen38 yen38 yen 38 yen 38 yen 39 yen

Fiscal year
ended
Mar. 2015

Fiscal year
ended
Mar. 2016

Fiscal year
ended
Mar. 2017

All Rights Copying NAFCO Co.,Ltd.

Fiscal year
ended
Mar. 2018

Fiscal year
ended
Mar. 2019

Fiscal year
ended
Mar. 2020

Fiscal year
ended
Mar. 2021

Fiscal year
ended
Mar. 2022

Fiscal year
ended
Mar. 2023(forecast)

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HOME CENTER and HOME FASHION STORE

Living Support■ Had “Foundation Memorial Grand Sales”
in October to further strengthen sales
promotion■ About 1,000 items sold at sale prices■ Offered a “Foundation Memorial Grand Sale”
every week in October

All Rights Copying NAFCO Co.,Ltd.

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HOME CENTER and HOME FASHION STORE

Renovation of Existing Stores
Ibusuki Store(Renovation of home center)-Opened on October 20, 2022-

All Rights Copying NAFCO Co.,Ltd.

Renovation

Store Name

Scheduled
Opening

Location

Store style

Ibusuki

Q3

Kagoshima

Combination store

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HOME CENTER and HOME FASHION STOREForecast for the Fiscal Year Ending March 31, 2023
No revisions have been made to the forecasts which were announced on April 28, 2022.
(Millions of yen)
Full-year(Plan)

% of
sales

YoY
Change(%)

Fiscal year
ended March 31,
2022 (Results)

% of
sales

Fiscal year
ended
March31, 2021
(Results)

% of
sales

Net Sales

208,100

100.0%

100.8%

206,549

100.0%

234,578

100.0％

Operatingprofit12,8006.2%

106.6%

12,002

5.8%

18,221

7.8%

Ordinary profit

13,200

6.3%

105.0%

12,572

6.1%

18,918

8.1%

Profit

8,000

3.8%

100.5%

7,961

3.9%

11,6885.0%

Annualdividends

56 yen (forecast)(Interim/
Full year)(28 yen/28 yen)

56 yen(28 yen/28 yen)

50 yen(23 yen/27 yen)

*The Company has applied “Accounting Standard for Revenue Recognition” and others since the beginning of the fiscal year ended March 31, 2022.
The figures before the application of such Standard and others are presented based on the disclosed figures before the application.

All Rights Copying NAFCO Co.,Ltd.

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HOME CENTER and HOME FASHION STORE

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HOME CENTER and HOME FASHION STORE

appendix*The Company has applied “Accounting Standard for Revenue Recognition”
and others since the beginning of the fiscal year ended March 31, 2022.
The figures before the application of such Standard and others are presented
based on the disclosed figures before the application.

All Rights Copying NAFCO Co.,Ltd.

http://www.nafco.tv

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HOME CENTER and HOME FASHION STOREStatements of Income
Six months ended
September 30, 2020

Items
(Millions of yen)Six months ended
September 30, 2021

Results

YoY
Change% ofsales

Results

YoY
ChangeNet Sales

126,865

109.7%

100.0%

107,975

Gross profit

44,057116.5%

34.7%

-

-

Selling, general andadministrative
expenses

30,346

Operating profit

Six months ended
September 30, 2022

% of
sales

Results

YoY
Change85.1%

100.0%

104,62996.9%

100.0%

37,529

85.2%

34.8%

36,512

97.3%

34.9%

-

37,689-34.9%36,701

97.4%

35.1%

93.6%

23.9%

30,603100.8%

28.3%

30,078

98.3%

28.7%

13,711254.8%

10.8%

7,086

51.7%

6.6%

6,622

93.5%

6.3%

Ordinary profit

13,910246.3%

11.0%

7,304

52.5%

6.8%

6,831

93.5%

6.5%

Profit8,465

258.1%

6.7%

4,531

53.5%

4.2%

4,203

92.8%

4.0%

Operating grossprofitExisting Stores(YoY Change)

% of
sales

Six months ended
September 30, 2020

Six months ended
September 30, 2021

Six months ended
September 30, 2022

Net Sales

110.6%

87.0%

96.7%

Customers

108.5%

84.9%

92.4%

Customer average

101.8%

102.4%

104.5%All Rights Copying NAFCO Co.,Ltd.

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HOME CENTER and HOME FASHION STORE

Segments
Six months ended
September 30, 2020

Net Sales(Millions of yen)Six months ended
September 30, 2021

Results

YoY
Change% ofsales

Results

YoY
ChangeMaterials, DIY andgardening goods

59,497115.7%

46.9%

52,36288.0%

Household goods

33,851

107.1%

26.7%

27,055

Furniture andhome fashion goods

23,496103.8%

18.5%

Others10,019100.1%

Total

126,865

109.7%

Results

YoY
Change48.5%

51,217

97.8%

49.0%

79.9%

25.1%

26,255

97.0%

25.1%

20,049

85.3%

18.6%

18,942

94.5%

18.1%

7.9%

8,507

84.9%

7.9%

8,213

96.5%

7.8%

100.0%

107,97585.1%

100.0%

104,62996.9%

100.0%

Six months ended
September 30, 2020

Gross profit(Millions of yen)

% of
sales

Six months ended
September 30, 2021

Results

YoY
Change% ofsales

Results

YoY
ChangeMaterials, DIY andgardening goods

21,600121.7%

36.3%

18,766

86.9%

Household goods

9,874

118.4%

29.2%

7,841

Furniture andhome fashion goods

9,464

107.5%

40.3%

Others3,118

107.3%

Total

44,057116.5%All Rights Copying NAFCO Co.,Ltd.

Six months ended
September 30, 2022
% of
sales

Six months ended
September 30, 2022

% of
sales

Results

YoY
Change

% of
sales

35.8%

18,654

99.4%

36.4%

79.4%

29.0%

7,547

96.2%

28.7%

8,276

87.5%

41.3%

7,751

93.7%

40.9%

31.1%

2,644

84.8%

31.1%

2,558

96.7%

31.1%

34.7%

37,529

85.2%

34.8%

36,512

97.3%

34.9%

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HOME CENTER and HOME FASHION STORE

Number of Stores by Area and Business Type

Number of Storesat the End of theTerm

Six months ended
September 30, 2020
Combination
storesSix months ended
September 30, 2021

HI standalone
storesFurniture-only
storesCombination
storesSix months ended
September 30, 2022

HI standalone
storesFurniture-only
storesCombination
storesHI standalone
storesFurniture-only
storesKyushu

85

104

3

82

106

3

82

106

3

Chugoku andShikoku

33

52

1

33

52

1

33

51

1

Kansai

17

21

4

16

21

7

16

22

8

Chubu

9

13

1

9

13

1

9

14

2

Kanto and Tohoku

3

9

2

3

9

2

3

9

2

147

199

11

143

201

14

143

202

16

Total

357

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358

361

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HOME CENTER and HOME FASHION STORE

Balance Sheets
Fiscal Year Ended March 31, 2021

Items
(Millions of yen)
Results

Compared to
the End of
the Previous
Fiscal Year

ChangeFrom theEnd of thePrevious
Fiscal Year

Total assets

236,164

106.8%

Current assets

102,419

Fiscal Year Ended March 31, 2022

Results

Compared to
the End of
the Previous
Fiscal Year

ChangeFrom theEnd of thePrevious
Fiscal Year

15,126

233,075

98.7%

119.5%

16,681

100,744

40,984169.4%

16,793

Non-current assets

133,74498.9%

Of which, property,
plant and equipment

119,942

Of which, cash anddeposits

Liabilities
Interest-bearing
liabilities
Net assets

Six Months Ended September 30, 2022

Results

Compared to
the End of
the Previous
Fiscal Year

ChangeFrom theEnd of thePrevious
Fiscal Year

(3,088)240,177103.0%

7,101

98.4%

(1,675)

107,477

106.7%

6,732

34,111

83.2%(6,872)

38,925114.1%

4,814(1,554)132,33198.9%(1,413)

132,699

100.3%

368

98.9%(1,359)118,557

98.8%(1,384)

118,886

100.3%

328

83,342105.9%

4,629

75,312

90.4%(8,029)79,016104.9%

3,703

22,03891.1%(2,156)

20,29392.1%(1,744)

19,613

96.6%

(679)

152,821107.4%

10,497

157,763103.2%

4,941

161,160

102.2%

3,397

Fiscal Year Ended March 31, 2021

Fiscal Year Ended March 31, 2022

Six Months Ended September 30, 2022

Cash and deposit
ratio (%)

17.4%

14.6%

16.2%

Ratio of interestbearing liabilities (％)

9.3%

8.7%

8.2%

Equity ratio (%)

64.7%

67.7%

67.1%

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Stock (Full-year)
Fiscal Year Ended
March 31, 2020

Fiscal Year Ended
March 31, 2021

Fiscal Year Ended
March 31, 2022

Number ofIssued Shares

29,784,400

29,784,400

29,784,400

Number ofTreasury Shares

1,221,600

1,221,800

1,221,800

Net Assets per Share (yen)

4,983

5,350

5,523

Dividend per Share (yen)

39

50

56

Earnings per Share (yen)

173

409

279

Payout Ratio

22.5%

12.2%

20.1%

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HOME CENTER and HOME FASHION STOREThis document is intended solely for the purpose of providing information toinvestors.
We will disclose information as needed at an appropriate time depending on
the external environment and the progress of business performance.
This document may contain forward-looking statements. These statements
are not statements of past fact, but are instead forecasts based on
hypotheses and assumptions determined from information available at thecurrent time.
They also involve risks and uncertainties related to economic trends, market
environments, and the like.
Actual business performance may therefore differ from the Company’s
forecasts.

http://www.nafco.tv(Securities Code: 2790)
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