HOME CENTER and HOME FASHION STORE

Financial Results Briefing Material
for the Fiscal Year Ended March 31, 2024
(April 01, 2023 - March 31, 2024)

April 30, 2024
NAFCO Corporation(Securities Code: 2790)

All Rights Copying NAFCO Co.,Ltd.

http://www.nafco.tv

HOME CENTER and HOME FASHION STORE

Results for the Fiscal Year Ended
March 31, 2024
(April 01, 2023 - March 31, 2024)

All Rights Copying NAFCO Co.,Ltd.

http://www.nafco.tv

11

HOME CENTER and HOME FASHION STOREStatements of Income for the Fiscal Year Ended March 31, 2024
(Millions of yen)
Fiscal Year Ended
March 31, 2023

% of sales

Fiscal Year Ended
March 31, 2024

% of sales

YoY Change

Net sales

202,259

100.0%

192,116100.0%

95.0%

Gross profit

69,57534.4%

65,053

33.9%

93.5%

Operating grossprofit69,95834.6%

65,384

34.0%

93.5%

Selling, general andadministrative
expenses

60,73930.0%

60,220

31.4%

99.1%

Operating profit

9,219

4.6%

5,164

2.7%

56.0%

Ordinary profit

9,661

4.8%

5,552

2.9%

57.5%

Profit

5,639

2.8%

3,107

1.6%

55.1%

All Rights Copying NAFCO Co.,Ltd.

http://www.nafco.tv

22

HOME CENTER and HOME FASHION STORE

Balance Sheets
Fiscal Year Ended
March 31, 2023

(Millions of yen)
Fiscal Year Ended
March 31, 2024

Change From
the End of thePrevious Fiscal YearNet assets

238,408

232,246(6,162)Current assets

105,748

99,574(6,173)36,12332,997(3,125)

132,660

132,672+11

119,010

119,210+199

76,59472,885(3,709)19,033

18,828(204)

161,813

159,361(2,452)

15.2

14.2

8.0

8.1

Equity ratio (%)

67.9

68.6

Current ratio (%)

167.3

170.4

82.0

83.3

Of which, cash and deposits

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

Liabilities
Of which, interest-bearing liabilities（short-term borrowings, current portion of long-termborrowings, long-term borrowings）

Net assets
Cash and deposit ratio (%)
Ratio of interest-bearing liabilities (%)

Non-current ratio (%)
All Rights Copying NAFCO Co.,Ltd.

http://www.nafco.tv

33

HOME CENTER and HOME FASHION STOREStatements of Cash Flows(Millions of yen)Free cash flow

Cash flows fromoperatingactivities

Cash flows frominvestingactivities

Cash flows fromfinancing
activities

Cash and cash
equivalents at
theend of the term

Fiscal Year Ended
March 31, 2019

3,508

7,115

(3,607)(7,537)

20,196

Fiscal Year Ended
March 31, 2020

6,470

11,885(5,415)(5,368)21,297

Fiscal Year Ended
March 31, 2021

21,28624,781(3,495)(4,492)

38,091

Fiscal Year Ended
March 31, 2022

(2,316)

1,180(3,496)(4,556)

31,218

Fiscal Year Ended
March 31, 2023

6,229

9,656

(3,427)(4,217)33,230Fiscal Year Ended
March 31, 2024

4,232

9,167

(4,935)(7,357)30,104All Rights Copying NAFCO Co.,Ltd.

Purchase of property,
plant and equipment+1,700 million yen (YoY)

Purchase of treasury
shares4,000 million yen

http://www.nafco.tv

44

HOME CENTER and HOME FASHION STORE

Trends in Sales Composition by ProductMaterials, DIY andgardening goods

Fiscal year
ended
Mar. 2017

Fiscal year
ended
Mar. 2018

All Rights Copying NAFCO Co.,Ltd.

Fiscal year
ended
Mar. 2019

Householdgoods

Fiscal year
ended
Mar. 2020

Furniture and homefashion goods

Fiscal year
ended
Mar. 2021

Fiscal year
ended
Mar. 2022

OthersFiscal year
ended
Mar. 2023

Fiscal year
ended
Mar. 2024

http://www.nafco.tv

55

HOME CENTER and HOME FASHION STORE

Trends in Existing Stores
Net sales of existing stores compared to previous year (%)
Sales of winter products
grew as temperatures
went down

Sales of seasonal products
for summer were strong
due to a extreme heat

The rainy season started
more than 10 days earlier
than last year in the area from
Northern Kyushu to Kinki

Jan.

Feb.

Mar.

Apr.

May

Fiscal year ended March 31,
2024 cumulative(existing stores)
Net sales: 95.0%
Customers: 92.5%
Customer average: 102.7%

Sales of winter products
were sluggish as there
were many warm days
Jun.

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Sales
Customers
Customeraverage

All Rights Copying NAFCO Co.,Ltd.

http://www.nafco.tv

66

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
for the fiscal year
ended March 31, 2024

33.9%

(%)

FY3/13

FY3/14

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

FY3/15

FY3/16

FY3/17

FY3/18

FY3/19FY3/20FY3/21

FY3/22

FY3/23

FY3/24

http://www.nafco.tv

7
7

HOME CENTER and HOME FASHION STORE

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

Selling, general and administrative expenses

Gross profit- (1Q) Gardening goods, etc. ↓ due to bad weather- (3Q) Winter workwear ↓ due to high temperatures- (4Q) Reactionary decrease in water pipe repairs, etc.
due to cold waves in the previous year

(2,500)- (3Q) Heating goods, etc. ↓ due to high temperatures- (1Q, 4Q) Leisure goods ↓ due to bad weather(883)- (3Q) Kotatsu, etc. ↓ due to high temperatures

9,219(1,105)
Householdgoods

Materials, DIY
and gardening
goods

(33)

(52)

OthersOperatingrevenue

Furniture and homefashion goods

Fiscal year ended March 2023
Operating profit
All Rights Copying NAFCO Co.,Ltd.

(22)

+624
(123)

Advertisingexpenses

Others(84)
Personnel
expenses+124

Utilityexpenses

Depreciation
and amortization

5,164

Fiscal year ended March 2024
Operating profit
http://www.nafco.tv

88

HOME CENTER and HOME FASHION STORE

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

Company total
Private Brand ratio

Fiscal year
ended
Mar. 2020
All Rights Copying NAFCO Co.,Ltd.

Householdgoods

Materials, DIY andgardening goods

Fiscal year
ended
Mar. 2021

Fiscal year
ended
Mar. 2022

Furniture and homefashion goods

Fiscal year
ended
Mar. 2023

Fiscal year
ended
Mar. 2024
http://www.nafco.tv

99

HOME CENTER and HOME FASHION STORE

Private Brand Products (Materials, DIY and Gardening Goods)

N-Force Series
50V rechargeable string trimmer
50V multi-type string trimmer

All Rights Copying NAFCO Co.,Ltd.

http://www.nafco.tv

10
10

HOME CENTER and HOME FASHION STORE

Private Brand Products (Materials, DIY and Gardening Goods)

N COLOR ECO Series
Water-based matting paint inenvironmentally friendly paper container

Easier to handle thanconventional steel cansand can be disposed ofas combustible waste

All Rights Copying NAFCO Co.,Ltd.

http://www.nafco.tv

11
11

HOME CENTER and HOME FASHION STORE

Private Brand Products (Household Goods)

Slim Bath Towels
Dark
green
Light
purple

Light
green

Middlegreen

100% cotton bath towels with the same width with hand towels. Easy to hangand do not take up too much storage space.
All Rights Copying NAFCO Co.,Ltd.

http://www.nafco.tv

12
12

HOME CENTER and HOME FASHION STORE

Private Brand Products (Household Goods)

Silicone Spoon
Attracting media attention with high functionality
Silicone spoon withexcellent heat resistance
Length: Approx. 30 cm
Made of silicone, boastingelasticity and excellent
heat resistance.
Makes it much easier toprotect pots and frying
pans from scratches.

Heat resistant up to 210ºC

All Rights Copying NAFCO Co.,Ltd.

http://www.nafco.tv

13
13

HOME CENTER and HOME FASHION STORE

Private Brand Products (Household Goods)

Spring and Summer Slippers
Materials and designs that help sense the seasons

Indian cotton
All Rights Copying NAFCO Co.,Ltd.

Hemp
http://www.nafco.tv

14
14

HOME CENTER and HOME FASHION STORE

Private Brand Products (Household Goods)

Sunscreen
Protection from sunlight that is becoming increasingly strong every year
Protection from spots, freckles, and dry skincaused by sunburnSunscreen for everyday use
Protection
against UVBlock ultraviolet
rays for the skin

For face & body

For face & body

UV Sun Mist

UV Protection CreamApplicable to hair and scalp

Blocks UV in sunlight

For feet and back, where applying
can be difficult
Reapply when you are out
Ideal for kids playing outside andon leisure occasions

On leisure and outdoor occasions
Easy to remove with soap
Fragrance-free

For face & body

For face & body

UV Sun Mist

UV Protection CreamAll Rights Copying NAFCO Co.,Ltd.

Applicable to hair and scalp

Blocks UV in sunlight

For feet and back, where applying can bedifficult

On leisure and outdoor occasions

Reapply when you are out

Easy to remove with soap

Ideal for kids playing outside and on leisureoccasions

Fragrance-free
http://www.nafco.tv

15
15

HOME CENTER and HOME FASHION STORE

Private Brand Products (Furniture and Home Fashion Goods)

Total Coordination

West Coast_Joyful Flowery Home, characterized by artistic vegetable motifs and bright colors.
Brooklyn_Comfortable Sunny Home, characterized by seaweed motifs inspired by the bounty of the sea and water-like colors.

Casual sofa NF Mokoro II (wooden armrest BR) 2P BE
All Rights Copying NAFCO Co.,Ltd.

2P sofa N Roman 2P Denim
Vintage style sofa that uses iron.
Dark brown natural wood is used for thearmrests.

http://www.nafco.tv

16
16

HOME CENTER and HOME FASHION STOREStore Openings and Expansion/Renovation (New Stores)
Sakanoichi StoreNew Stores

Arie StoreAll Rights Copying NAFCO Co.,Ltd.

Expansion/Renovation

Nogata Store

Kashiba StoreStore Name

Opening

Location

Store style

NogataJune

FukuokaHome center

Arie

July

NagasakiHome center(small store)

Kashiba

December

NaraHome center

Sakanoichi

March

Oita

Home center(small store)

Ube(Furniture)

April

Yamaguchi

Furniture
house (TWOONE STYLE)

Washinomiya

May

SaitamaHome center

TWO-ONE
STYLE
Saitama
Shobu

November

SaitamaFurnitureand home
fashion store

Nishi
Hiroshima

December

Hiroshima

Combination
store

Minami
Miyakonojo

February

MiyazakiHome center

http://www.nafco.tv

17
17

HOME CENTER and HOME FASHION STOREStore Openings and Expansion/Renovation (Expansion/Renovation)
Minami Miyakonojo StoreTWO-ONE STYLE
Saitama Shobu StoreAll Rights Copying NAFCO Co.,Ltd.

Nishi Hiroshima Store

http://www.nafco.tv

18
18

HOME CENTER and HOME FASHION STORE

Number of Stores by Area
KyushuChugoku
ShikokuKansai

Chubu

Kanto
Tohoku：New stores in the fiscal year ended
March 31, 2024

Total Stores

KansaiComposition ratio (no. of stores)by area (%)

TohokuChugoku

Kanto
KyushuAll Rights Copying NAFCO Co.,Ltd.

Shikoku

Chubu

Small stores of
1,000 m2

HI stand-alone
storesFurniture-onlystoresCombination
storeshttp://www.nafco.tv

19
19

HOME CENTER and HOME FASHION STORE

Business Growth Status
Furniture and home fashion goods

9.5%■Sold at:
Combination stores, furniture-only storesand home centers■Products
Furniture, floor coverings, curtains, interior
goods, lightings, bedding, remodelingmaterials, floor materials

19.0%
Sales inthe fiscal year ended
March 2024

Build a product strategy around thethree cores and operate storesmaking full use of each store format
Materials, DIY
and gardening goods

45.6%■Products
Carpentry tools, small metal building
components, paints, plastering supplies,
gardening goods, plumbing supplies, exteriormaterials, lumber, shelves, room accessories,
work supplies, plants, electrical materials

192,116 million yen

Household goods■Sold at:
Combination stores, home centers and small
stores of about 1,000 m2■Products
Household goods, seasonal goods, storage
containers, stationery, daily goods, cooking
appliances, footwear, foods, cosmetics,
outdoor goods
All Rights Copying NAFCO Co.,Ltd.

25.8%
Store type

*Percentage figures represent
sales composition by productcategory■Sold at:
Combination stores, home centers and small
stores of about 1,000 m2

Composition
Ratio(no. ofStores)Priority store opening pattern
Store area

Number ofpeople inservedbusiness area

39.1%

13,000 m2 or
more

200,000

Home center

50.4%

7,000 m2,
10,000 m2 or
more

100,000

Furniture-only
store

4.4%

7,000 m2

300,000

Combination
store

http://www.nafco.tv

20
20

HOME CENTER and HOME FASHION STORE

Roles in Disasters
Number of local authorities withwhich we have entered agreements
As of March 31, 2024

336 local authorities

Change in the number of
local authorities with which wehave entered agreements(agreements for the supply
of disaster supplies)* Local authorities include police(excluding those during the application process from the number)

Agreements we entered into in the fiscal year ended March 31, 2024
Local authority(Prefecture name)Date of agreement

Fukuoka (Umi Town)

October 2023

Shizuoka (Kakegawa City)

December 2023

Okayama (Setouchi City)

December 2023

Fukuoka (Kurate Town)

January 2024

Shiga (Yasu City)

February 2024

Okayama (Asakuchi City)

February 2024

Nagano (Omachi City)

March 2024
FY3/17All Rights Copying NAFCO Co.,Ltd.

FY3/18

FY3/19FY3/20FY3/21

FY3/22

FY3/23

FY3/24

http://www.nafco.tv

21
21

HOME CENTER and HOME FASHION STOREForecast for the Fiscal Year Ending
March 31, 2025
(April 01, 2024 – March 31, 2025)

All Rights Copying NAFCO Co.,Ltd.

http://www.nafco.tv

22
22

HOME CENTER and HOME FASHION STOREStore Openings and Renovation/Expansion Plans for the Fiscal Year Ending March 31, 2025
Taka Store

Arao Chuo Store(Home center)
Open April 2024

New stores(Home center)
Open April 2024

Store nameLocation

Taka

Hyogo

6 more stores

Expansion/
Renovation

Matsunaga

Hiroshima

6 more stores

The information shown here is current as of thedisclosure of financial results (April 26, 2024)

Hino Store(Home center)
Reopen after renovation
April 2024

All Rights Copying NAFCO Co.,Ltd.

Matsunaga Store(Home center)
Reopen after renovation
April 2024

Hikarimachi Store(Home center)
Reopen after renovation
April 2024

http://www.nafco.tv

23
23

HOME CENTER and HOME FASHION STORE

Product Appeal and Low-Cost Operations
Private Brand Product Development（Imported product development）
From commencing storage of furniture in
distribution centers (2007) to commencing
storage of home center merchandise in
distribution centers（Full-scale operation from 2021)

To Distribution
Center: Distribution Center

Acceleration of Private
Brand Development

From 2019, transitioned fromdirect store purchase toconcentration at Transfer
Centers
Reduced inspection work,
etc. at stores
All Rights Copying NAFCO Co.,Ltd.

Name

Function

Location

Established

Kitakyushu Distribution
CenterDC

FukuokaFeb. 2007

Fukuoka Distribution
CenterTC

Fukuoka

Oct. 2019

Kansai Distribution
Center

DC/TC

Hyogo

Apr. 2021

Wakamiya Distribution
CenterDC/TC

Fukuoka

Apr. 2021

Chubu Distribution
CenterTC

Shizuoka

May 2023

Minamikyushu
Distribution CenterTC

Miyazaki

Apr. 2024

http://www.nafco.tv

24
24

HOME CENTER and HOME FASHION STORE

Installation of Solar Power Generation Systems【Solar power generation】

Fiscal year ended March 31, 2024
Cumulative installations

Kurobe Store (Toyama Prefecture)

30 stores
Plan to installat 8 more
storesFiscal year
ended
Mar. 2019

Fiscal year
ended
Mar. 2021

Enzan StoreAll Rights Copying NAFCO Co.,Ltd.

Fiscal year
ended
Mar. 2023

Fiscal year
ended
Mar. 2024

Fiscal year
endingMar. 2025

Chino Store
http://www.nafco.tv

25
25

HOME CENTER and HOME FASHION STOREForecast for the Fiscal Year Ending March 31, 2025
(Millions of yen)
YoY
Change(%)

Fiscal year
ended
March 31, 2024
(Results)

% of
sales

Fiscal year
ended
March 31, 2023
(Results)

% of
sales

193,000 100.0% 100.5%

192,116100.0%

202,259

100.0%

Full-year(Plan)Net sales

% of
sales

Operatingprofit

6,500

3.4%

125.9%

5,164

2.7%

9,219

4.6%

Ordinary profit

6,803

3.5%

122.5%

5,552

2.9%

9,760

4.8%

Profit

3,780

2.0%

121.6%

3,107

1.6%

5,639

2.8%

Annualdividends

All Rights Copying NAFCO Co.,Ltd.

58 yen (forecast)

58 yen56 yenhttp://www.nafco.tv

26
26

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)

11,683[Oct. 30, 2020] Notice of Expansion of Shareholder Benefit Program[Oct. 30, 2020] Notice of Dividends of 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)[Sep. 20, 2022] Expansion of Shareholder Benefit Program

8,103[Aug. 18, 2023] Notice of Expansion of Shareholder Benefit Program

Started theintroduction of
Shareholder
Benefit Program

FY3/15

FY3/16All Rights Copying NAFCO Co.,Ltd.

FY3/17

FY3/18

FY3/19FY3/20FY3/21

FY3/22

FY3/23

FY3/24

http://www.nafco.tv

27
27

HOME CENTER and HOME FASHION STORE

Shareholder Benefit Program
Expansion from September 2023 was disclosed in the news release“Expansion of Shareholder Benefit Program” on August 18, 2023

Number of shares held

End of September (Interim)[Either A or B]

End of March (Year-end)[Either A or B]

100 or more
but less than 500 shares

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

A. UC Gift Voucher worth ¥1,000
B. NAFCO Shopping Voucher
worth ¥2,000500 or more
but less than 1,000
sharesA. UC Gift Voucher worth ¥1,500
B. NAFCO Shopping Voucher
worth ¥3,000

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

1,000 or more shares

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

A. UC Gift Voucher worth ¥5,000
B. NAFCO Shopping Voucher
worth ¥10,000*The red text indicates the latest expansion.

*NAFCO Shopping Voucher
All Rights Copying NAFCO Co.,Ltd.

http://www.nafco.tv

28
28

HOME CENTER and HOME FASHION STOREManagement Conscious of Cost of Capital and Stock Price
Growthinvestment■Enhanced investment in store openings■Continued investment in renovation/expansion of existing stores■Continued investment in product development (private brandenhancement)

Investment
amount on an
upward trend

FY3/12

FY3/13

FY3/14

FY3/15

FY3/16

FY3/17

FY3/18

FY3/19FY3/20FY3/21

FY3/22

FY3/23

March 31, March 31,
2023
2024
PBR

0.31

0.45

PER

8.93

22.95

FY3/24■Improved profit margin followed by increased dividends
Shareholder ■Treasury share acquisition factoring in liquidity
returns

FY3/14

Interimdividend

FY3/15

FY3/16

FY3/17All Rights Copying NAFCO Co.,Ltd.

FY3/18Year-end
dividend

FY3/19

Payout ratio

FY3/20FY3/21

FY3/22

FY3/23

FY3/24

http://www.nafco.tv

29
29

HOME CENTER and HOME FASHION STORE

All Rights Copying NAFCO Co.,Ltd.

http://www.nafco.tv

30
30

HOME CENTER and HOME FASHION STORE

appendix

All Rights Copying NAFCO Co.,Ltd.

http://www.nafco.tv

31
31

HOME CENTER and HOME FASHION STOREStatements of Income
Fiscal year
ended
March 31, 2022

Items
(Millions of yen)
Results

YoY
ChangeNet Sales

206,549

Gross profit

Fiscal year
ended
March 31, 2023
% of
sales

Results

YoY
Change88.1%

100.0%

202,25972.138

89.4%

34.9%

Operating gross profit

71,809-Selling, general andadministrative expenses

60,136

Operating profit

Fiscal year
ended
March 31, 2024
% of
sales

Results

YoY
Change97.9%

100.0%

192,11695.0%

100.0%

69,575

96.9%

34.4%

65,053

93.5%

33.9%

34.8%

69,958

97.0%

34.6%

65,384

93.5%

34.0%

96.2%

29.1%

60,739101.0%

30.0%

60,220

99.1%

31.4%

12,002

65.9%

5.8%

9,219

77.0%

4.6%

5,164

56.0%

2.7%

Ordinary profit

12,572

66.5%

6.1%

9,760

77.6%

4.8%

5,552

57.5%

2.9%

Profit

7,961

68.1%

3.9%

5,639

70.8%

2.8%

3,107

55.1%

1.6%

Fiscal year
ended
March 31, 2022

Fiscal year
ended
March 31, 2023

Fiscal year
ended
March 31, 2024

Net Sales

90.8%

97.7%

95.0%

Customers

88.0%

93.7%

92.5%

Customer average103.2%

104.2%

102.7%

Existing Stores(YoY Change)

All Rights Copying NAFCO Co.,Ltd.

% of
sales

http://www.nafco.tv

32
32

HOME CENTER and HOME FASHION STORE

Segments
Fiscal year
ended
March 31, 2022

Net Sales(Millions of yen)
Results

YoY
ChangeMaterials, DIY andgardening goods

95,123

90.5%

Household goods

52,003

Furniture andhome fashion goods

Fiscal year
ended
March 31, 2023
% of
sales

Results

YoY
Change46.1%

93,742

98.5%

83.6%

25.2%

51,22841,485

87.3%

20.1%

Others17,936

90.8%

Total

206,549

88.1%

Results

YoY
Change46.3%

87,688

93.5%

45.6%

98.5%

25.3%

49,599

96.8%

25.8%

39,567

95.4%

19.6%

36,502

92.3%

19.0%

8.7%

17,720

98.8%

8.8%

18,325103.4%

9.6%

100.0%

202,25997.9%

100.0%

192,11695.0%

100.0%

Fiscal year
ended
March 31, 2022

Gross profit(Millions of yen)

YoY
Change36.0%

33,932

99.2%

84.1%

29.4%

14,617

16,997

90.9%

41.0%

Others

5,331

89.3%

Total

71,80989.0%

YoY
ChangeMaterials, DIY andgardening goods

34,19890.2%

Household goods

15,283

Furniture andhome fashion goods

All Rights Copying NAFCO Co.,Ltd.

% of
sales

Fiscal year
ended
March 31, 2023
Results

Results

Fiscal year
ended
March 31, 2024

% of
sales

% of
sales

Fiscal year
ended
March 31, 2024
% of
sales

Results

YoY
Change

% of
sales

36.2%

31,431

92.6%

35.8%

95.6%

28.5%

13,733

94.0%

27.7%

15,777

92.8%

39.9%

14,672

93.0%

40.2%

29.7%

5,248

98.5%

29.6%

5,215

99.4%

28.5%

34.8%

69,575

96.9%

34.4%

65,053

93.5%

33.9%

http://www.nafco.tv

33
33

HOME CENTER and HOME FASHION STORE

Number of Stores by Area and Business Type
Number of Storesat the End of the
Term

Fiscal year
ended
March 31, 2022
Combination
storesFiscal year
ended
March 31, 2023

HI standalone
storesFurniture-only
storesCombination
storesFiscal year
ended
March 31, 2024

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

82

106

3

81

105

3

81

108

3

Chugoku andShikoku

33

52

1

33

51

1

32

50

1

Kansai

16

22

7

16

23

8

16

24

8

Chubu

9

13

1

9

13

2

9

13

2

Kanto and Tohoku

3

9

2

3

9

2

3

9

2

143

202

14

142

201

16

141

203

16

Total

All Rights Copying NAFCO Co.,Ltd.

359

359

361

http://www.nafco.tv

34
34

HOME CENTER and HOME FASHION STORE

Balance Sheets
Items(Millions of yen)

Fiscal Year Ended March 31, 2022
Results

Compared to
the End of
the Previous
Fiscal Year

Change From
the End of thePrevious
Fiscal Year

Fiscal Year Ended March 31, 2023
Results

Compared to
the End of
the Previous
Fiscal Year

Change From
the End of thePrevious
Fiscal Year

Fiscal Year Ended March 31, 2024
Results

Compared to
the End of
the Previous
Fiscal Year

Change From
the End of thePrevious
Fiscal Year

Total assets

233,075

98.7%(3,088)238,408

102.3%+5,333

232,246

97.4%(6,162)Current assets

100,74498.4%(1,675)

105,748105.0%+5,00399,574

94.2%(6,173)

34,111

83.2%(6,872)36,123105.9%+2,011

32,99791.3%(3,125)

Non-current assets

132,33198.9%(1,413)

132,660

100.2%+329

132,660

100.0%＋11

Of which, property,
plant and equipment

118,557

98.8%(1,384)

119,010100.4%+452

119,210100.2％＋199

75,312

90.4%(8,029)76,594101.7%+1,282

72,88595.2%(3,709)20,29392.1%(1,744)

19,03393.8%(1,259)18,828

98.9%

(204)

157,763103.2%

4,941

161,813102.6%

4,050

159,36198.5%(2,452)

Of which, cash anddeposits

Liabilities
Interest-bearing
liabilities

Net assets

Fiscal Year Ended March 31, 2022

Fiscal Year Ended March 31, 2023

Fiscal Year Ended March 31, 2024

Cash and deposit
ratio (%)

14.6%

15.2%

14.2%

Ratio of interestbearing liabilities (％)

8.7%

8.0%

8.1%

Equity ratio (%)

67.7%

67.9%

68.6%

All Rights Copying NAFCO Co.,Ltd.

http://www.nafco.tv

35
35

HOME CENTER and HOME FASHION STORE

Stock (Full-year)
Fiscal Year Ended
March 31, 2022

Fiscal Year Ended
March 31, 2023

Fiscal Year Ended
March 31, 2024

Number ofIssued Shares

29,784,400

29,784,400

29,784,400

Number ofTreasury Shares

1,221,800

1,221,850

3,007,890

Net Assets per Share (yen)

5,523

5,665

5,951

Dividend per Share (yen)

56

56

58

Earnings per Share (yen)

279

197

110

Payout Ratio

20.1

28.4

52.6

All Rights Copying NAFCO Co.,Ltd.

http://www.nafco.tv

36
36

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)

All Rights Copying NAFCO Co.,Ltd.

http://www.nafco.tv

37
37