HOME CENTER and HOME FASHION STORE

Financial Results Briefing Material
for the Fiscal Year Ended March 31, 2023
(April 01, 2022 - March 31, 2023)

May 1, 2023
NAFCO Corporation(Securities Code: 2790)

All Rights Copying NAFCO Co.,Ltd.

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HOME CENTER and HOME FASHION STORE

Full-year Results for the Fiscal Year Ended
March 31, 2023
(April 01, 2022 - March 31, 2023)

All Rights Copying NAFCO Co.,Ltd.

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HOME CENTER and HOME FASHION STOREStatements of Income for the Fiscal Year Ended March 31, 2023
(Millions of yen)
Fiscal Year
Ended March
31, 2022% of sales

Fiscal Year
Ended March 31,2023% of sales

YoY Change

Net sales

206,549

100.0%

202,259

100.0%

97.9%

Gross profit

71,80934.8%

69,575

34.4%

96.9%

Operating grossprofit72,13834.9%

69,958

34.6%

97.0%

Selling, general andadministrative
expenses

60,13629.1%

60,73930.0%

101.0%

Operating profit

12,002

5.8%

9,219

4.6%

76.8%

Ordinary profit

12,572

6.1%

9,661

4.8%

76.8%

Profit

7,961

3.9%

5,639

2.8%

70.8%

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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 thePrevious Fiscal Year

Fiscal Year Ended
March 31, 2023

Net assets

233,075

238,408+5,333Current assets

100,744

105,748+5,003

34,111

36,123+2,011

132,331

132,660＋329

118,557

119,010＋452

75,312

76,594＋1,282

20,293

19,033(1,259)157,763

161,813+4,050Cash and deposit ratio (%)

14.6

15.2

Ratio of interest-bearing liabilities (%)

8.7

8.0

Equity ratio (%)

67.7

67.9

Current ratio (%)

161.1

167.3

Non-current ratio (%)

83.9

82.0

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

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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, 2018

5,103

12,696(7,593)(2,539)24,226

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)33,230All Rights Copying NAFCO Co.,Ltd.

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HOME CENTER and HOME FASHION STORE

Trends in Sales Composition by ProductHouseholdgoods

Materials, DIY andgardening goods

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

Furniture and homefashion goods

Fiscal year
ended
Mar. 2020

Fiscal year
ended
Mar. 2021

OthersFiscal year
ended
Mar. 2022

Fiscal year
ended
Mar. 2023

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HOME CENTER and HOME FASHION STORE

Trends in Existing Stores Fiscal year ended March 31, 2023
cumulative(existing stores)
Net sales: 97.7％
Customers: 93.7％
Customer average: 104.2％

Net sales of existing stores compared to previous year (%)

Substantial
easing of
政府によるEarly end of the government border control.
早い梅⾬明け Launch
⽔際対策⼤幅緩和。
of a subsidy program
rainy season（速報値）
また全国旅⾏⽀援開始
for domestic travel(Initial
report)Successive
recordコロナ“第7波”
number of new positive
新規感染者のpatients of the “7th wave”
過去最多が相次ぐ
of COVID-19

全国的に
Fairlywarm
temperatures nationwide
かなり気温が⾼い影響。
(Thehighest temperature for(東⽇本は、統計開始以降、
November
was recorded in
11⽉として最も気温が⾼かった)
eastern Japan since records
began)

Typhoon hitting
毎週末に台⾵襲来。
every weekend（台⾵14号は、九州で特別警報）(Emergency Warning issued for
Typhoon Nanmadol for Kyushu)

Apr.

May

Jun.

Jul.

Aug.

Sep.

The end of the month is affectedby the amount of snowfall inwestern Japan(A month with many warm days
nationwide and significant
temperature fluctuation)

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

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

34.4%
Promotion of developmentof private brand products
for home center products

Strengthened sales
promotions in 2Q
and 3Q

Marked a record high forboth net sales and profit

Consumption tax hike to 8%
April 2014（%）

FY3/12

FY3/13

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

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

FY3/22

FY3/23

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HOME CENTER and HOME FASHION STORE

Factors for a Change in Operating Profit(Millions of yen)
(266)

Selling, general and administrative expenses

Gross profit(666)(1,219)Household
goods

(82)

＋54

OthersOperatingrevenue(367)

Furniture and homefashion goods

12,002

Materials, DIY
and gardening
goods

Advertisingexpenses

(473)

＋978

(736)
Personnel
expenses(4)
Utilityexpenses

OthersDepreciation
and amortization

Fiscal year ended March 2022
Operating profit
All Rights Copying NAFCO Co.,Ltd.

9,219

Fiscal year ended March 2023
Operating profit
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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

Fiscal year
ended
Mar. 2023

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HOME CENTER and HOME FASHION STORE

Private Brand Products (Materials, DIY and Gardening goods)

Ladies Gardening Wear

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HOME CENTER and HOME FASHION STORE

Private Brand Products (Materials, DIY and Gardening goods)

Energy-saving Industrial Fans

Energysaving
modelsAll Rights Copying NAFCO Co.,Ltd.

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HOME CENTER and HOME FASHION STORE

Private Brand Products (Materials, DIY and Gardening goods)

Work Gear■ New color options for the hugely popular carabiner light, which
now comes with waterproof specifications, making it even tougher.

■ 2-way work dolly. Function and design suitable for both
work and recreational activities.
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HOME CENTER and HOME FASHION STORE

Private Brand Products (Materials, DIY and Gardening goods)

100% Food-Based Natural Herbicide

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Gentle lemon scent 2.5L

Gentle apple scent 2.5L

Vinegar herbicide shower 2.5 L
The power of everyday vinegar.
Specified control material containing foodingredients.

Vinegar herbicide shower 5 L
Large version of a popular product.

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HOME CENTER and HOME FASHION STORE

Private Brand Products (Materials, DIY and Gardening goods)

Watering Supplies
High water-volume nozzle series■Approx. 1.5 times more water thanconventional nozzles (NAFCO comparison)■The nozzle has five different spraypatterns to choose from
■The nozzle shape allows it to be hookedon the edge of a container, etc.

Cleaning bubble nozzle■Two spray patterns — water only andwater/detergent mix (dispersion)■Suitable for use with neutral detergent only
■Pour detergent into the bottle, then use thenozzle to spray out together with waterHigh water-volume hose reel
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HOME CENTER and HOME FASHION STORE

Private Brand Products (Household goods)

Portable Highback Chair

Socialmedia

Products

Stores■The high backrest makes
you feel like you’re relaxing
in a hammock■Uses mesh on either sideof the seat for better
breathability■ Weighs approx. 2.2 kg
and can be folded compactly
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HOME CENTER and HOME FASHION STORE

Private Brand Products (Household goods)

Slippers and Towels

Silent mesh slippers

Uses same-color mesh on the sole for a silencing and anti-slip function

All Rights Copying NAFCO Co.,Ltd.

Material that feels like summer

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HOME CENTER and HOME FASHION STORE

Private Brand Products (Furniture and Home Fashion goods)

Dining Table Sets

Dining Table Set NS Light LD Series■Six types of tables, four types of couches, eight typesof benches, and two types of stools in different sizes
and colors.

Dining Table Set NS Light Round Table■Lavishly uses natural wood. Available in two colors.
■Wooden portion of chairs coated with urethane resin.

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HOME CENTER and HOME FASHION STORE

Private Brand Products (Furniture and Home Fashion goods)

New Spring Life

Morbi Series
Cabinet, lowboard table, table（Rug: Aditi）

Open interior complemented by natural lightWest Coast interior is defined by vivid colors on a purewhite backdrop to create a refreshing look evoking
images of the sun and sea.

https://www.21style.co.jp/

NS Grace Series
Desk, side rack, side wagon（Vintage chair: NS Romano）
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Black & white interior creating a refined and unified
lookBefitting the district of New York it takes its name from,
Brooklyn style is characterized by a vintage vibe fusedwith modern items to produce a seamless stylecomprised of dark tones.

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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: 329 (as of March 31, 2023)
・ 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 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: DP

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 Center

DC

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
Scheduled for
operation

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HOME CENTER and HOME FASHION STOREStore Openings and Expansion/Renovation
Ube Store（HC）

New Stores
Expansion/Renovation

All Rights Copying NAFCO Co.,Ltd.

Store Name

Opening

Location

Store style

TWO-ONE STYLE
Matsuzakaya
Shizuoka

April

Shizuoka

Furniture andhome fashion
store

KurobeSeptember

ToyamaTWO-ONE
STYLE
Takarazuka Itami

September

Hyogo

Furniture andhome fashion
store

TWO-ONE
STYLE Kyoto
Katsura-minami

November

Kyoto

Furniture andhome fashion
store

Yasu

December

Shiga

Higashiyatsushiro

AugustKumamoto

Combination
store

Ezu

AugustKumamoto

Combination
store

Ibusuki

October

Kagoshima

Combination
store

Yame

December

Fukuoka

Combination
store

Ouchi

December

YamaguchiHome center

Ube (HC)March

YamaguchiHome center

Home center

Home center

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HOME CENTER and HOME FASHION STORE

Number of Stores by Area
KyushuChugoku
ShikokuKansai

Chubu

Kanto
Tohoku︓New stores in fiscal year ended
March 31, 2023

Total stores

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

TohokuChugoku

Kanto
KyushuAll Rights Copying NAFCO Co.,Ltd.

Shikoku

Chubu

Small stores of 300
tsubo
Furniture-onlystoresHI stand-alone
storesCombination
storeshttp://www.nafco.tv

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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

4.5%

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

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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

11,026[May 08, 2020] Notice of Dividends of Surplus (Increase)[Oct. 30, 2020] Notice of Expansion of Shareholder Benefit Program[Oct. 30, 2020] Notice of Dividends of Surplus (Interim Dividends and Increase)

8,103[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

Started theintroduction of
Shareholder
Benefit Program

FY3/14

FY3/15All Rights Copying NAFCO Co.,Ltd.

FY3/16

FY3/17

FY3/18

FY3/19FY3/20FY3/21

FY3/22

FY3/23

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HOME CENTER and HOME FASHION STORE

Trends in DividendInterim
Dividend(%)

Year-end
Dividend

Payout ratio

56 yen 56 yen
Dividends have not fallen since the Company was listed

36 yenFiscal year
ended
Mar. 2014

38 yen38 yenFiscal year
ended
Mar. 2015

Fiscal year
ended
Mar. 2016

All Rights Copying NAFCO Co.,Ltd.

38 yen 38 yen 38 yen

Fiscal year
ended
Mar. 2017

Fiscal year
ended
Mar. 2018

Fiscal year
ended
Mar. 201950 yen39 yenFiscal year
ended
Mar. 2020

Fiscal year
ended
Mar. 2021

Fiscal year
ended
Mar. 2022

Fiscal year
ended
Mar. 2023

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HOME CENTER and HOME FASHION STORE

Trends in Total Return Ratio
Left axis: Total dividends(millions of yen)

FY3/14

FY3/15All Rights Copying NAFCO Co.,Ltd.

FY3/16

Left axis: Treasury sharesacquisition amount (millions ofyen)

FY3/17

FY3/18

FY3/19FY3/20

Right axis: Total return (%)

FY3/21

FY3/22

FY3/23

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HOME CENTER and HOME FASHION STOREForecast for the Fiscal Year Ending March 31, 2024

（April 01, 2023 - March 31, 2024)

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HOME CENTER and HOME FASHION STOREStore Openings and Renovation Plans for the Fiscal Year Ending March 31, 2024
Ube Store (Furniture)
Open April 2023

Store nameLocation

New stores

A

FukuokaB

Saga

Expansion/
Renovation

Ube (furniture)

Yamaguchi

8 more stores

The information shown here iscurrent as of the disclosure offinancial results (April 28, 2023)

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HOME CENTER and HOME FASHION STOREForecast for the Fiscal Year Ending March 31, 2024
(Millions of yen)
Full-year(Plan)

% of
sales

YoY
Change(%)

Fiscal year ended
March 31, 2023
(Results)

% of
sales

Fiscal year
ended March31,
2022 (Results)

% of
sales

99.4
％

202,259

100.0%

206,549

100.0％

Net Sales

201,000

100.0%

Operatingprofit

9,450

4.7%

102.5
％

9,219

4.6%

12,002

5.8%

Ordinary profit

9,890

4.9%

102.4
％

9,760

4.8%

12,572

6.1%

Profit

5,770

2.9%

102.3
％

5,639

2.8%

7,961

3.9%

Annualdividends

All Rights Copying NAFCO Co.,Ltd.

58 yen (forecast)

56 yen56 yenhttp://www.nafco.tv

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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.

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HOME CENTER and HOME FASHION STOREStatements of Income
Fiscal year
ended
March 31, 2021

Items
(Millions of yen)

Fiscal year
ended
March 31, 2022

Results

YoY
Change% ofsales

Results

YoY
ChangeNet Sales

234,578107.7%

100.0%

206,549

Gross profit

80,726112.6%

34.4%

-

-

Selling, general andadministrative expenses

62,504

Operating profit

Fiscal year
ended
March 31, 2023
% of
sales

Results

YoY
Change88.1%

100.0%

202,25997.9%

100.0%

72.138

89.4%

34.9%

69,575

96.9%

34.4%

-

71,809-34.8%

69,958

97.0%

34.6%

98.6%

26.6%

60,136

96.2%

29.1%

60,739101.0%

30.0%

18,221

219.0%

7.8%

12,002

65.9%

5.8%

9,219

77.0%

4.6%

Ordinary profit

18,918211.0%

8.1%

12,572

66.5%

6.1%

9,760

77.6%

4.8%

Profit11,688236.6%

5.0%

7,961

68.1%

3.9%

5,639

70.8%

2.8%

Operating gross profit

Fiscal year
ended
March 31, 2021

Fiscal year
ended
March 31, 2022

Fiscal year
ended
March 31, 2023

Net Sales

108.2%

90.8%

97.7%

Customers

103.5%

88.0%

93.7%

Customer average

104.5%

103.2%

104.2%

Existing Stores(YoY Change)

All Rights Copying NAFCO Co.,Ltd.

% of
sales

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HOME CENTER and HOME FASHION STORE

Segments
Fiscal year
ended
March 31, 2021

Net Sales(Millions of yen)
Results

YoY
ChangeMaterials, DIY andgardening goods

105,140112.8%

Household goods

62,170Furniture andhome fashion goods

Fiscal year
ended
March 31, 2022
% of
sales

Results

YoY
Change44.8%

95,12390.5%

104.0%

26.5%

52,00347,507106.7%

20.3%

Others

19,760

97.6%

Total

234,578107.7%

Results

YoY
Change46.1%

93,742

98.5%

46.3%

83.6%

25.2%

51,228

98.5%

25.3%

41,485

87.3%

20.1%

39,567

95.4%

19.6%

8.4%

17,936

90.8%

8.7%

17,720

98.8%

8.8%

100.0%

206,54988.1%

100.0%

202,25997.9%

100.0%

Fiscal year
ended
March 31, 2021

Gross profit(Millions of yen)
Results

YoY
ChangeMaterials, DIY andgardening goods

37,901116.6%

Household goods

18,162

Furniture andhome fashion goods

% of
sales

Fiscal year
ended
March 31, 2022
Results

YoY
Change36.0%

34,19890.2%

111.6%

29.2%

15,283

18,695109.3%

39.4%

Others5,968

102.4%

Total

80,726112.6%All Rights Copying NAFCO Co.,Ltd.

Fiscal year
ended
March 31, 2023

% of
sales

% of
sales

Fiscal year
ended
March 31, 2023
% of
sales

Results

YoY
Change

% of
sales

36.0%

33,932

99.2%

36.2%

84.1%

29.4%

14,617

95.6%

28.5%

16,997

90.9%

41.0%

15,777

92.8%

39.9%

30.2%

5,331

89.3%

29.7%

5,248

98.5%

29.6%

34.4%

71,809

89.0%

34.8%

69,575

96.9%

34.4%

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Number of Stores by Area and Business Type

Number of Storesat the End of the
Term

Fiscal year
ended
March 31, 2021
Combination
storesFiscal year
ended
March 31, 2022

HI standalone
storesFurniture-only
storesCombination
storesFiscal year
ended
March 31, 2023

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

82

106

3

82

106

3

81

105

3

Chugoku andShikoku

33

52

1

33

52

1

33

51

1

Kansai

17

21

5

16

22

7

16

23

8

Chubu

9

13

1

9

13

1

9

13

2

Kanto and Tohoku

3

9

2

3

9

2

3

9

2

144

201

12

143

202

14

142

201

16

Total

357

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359

359

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Balance Sheets
Items(Millions of yen)

Fiscal Year Ended March 31, 2021

Results

Compared to
the End of
the Previous
Fiscal Year

Change From
the End of thePrevious
Fiscal Year

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

Total assets

236,164

106.8%

15,126

233,075

98.7%(3,088)238,408

102.3%+5,333Current assets

102,419119.5%

16,681

100,74498.4%(1,675)

105,748105.0%+5,00340,984169.4%

16,793

34,111

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

Non-current assets

133,74498.9%(1,554)132,33198.9%(1,413)

132,660

100.2%+329

Of which, property,
plant and equipment

119,94298.9%(1,359)118,557

98.8%(1,384)

119,010100.4%+452

83,342105.9%

4,629

75,312

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

22,03891.1%(2,156)

20,29392.1%(1,744)

19,03393.8%(1,259)152,821107.4%

10,497

157,763103.2%

4,941

161,813102.6%

4,050

Of which, cash anddeposits

Liabilities
Interest-bearing
liabilities

Net assets

Fiscal Year Ended March 31, 2021

Fiscal Year Ended March 31, 2022

Fiscal Year Ended March 31, 2023

Cash and deposit ratio
(%)

17.4%

14.6%

15.2%

Ratio of interest-bearing
liabilities (％)

9.3%

8.7%

8.0%

Equity ratio (%)

64.7%

67.7%

67.9%

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Stock (Full-year)
Fiscal Year Ended
March 31, 2021

Fiscal Year Ended
March 31, 2022

Fiscal Year Ended
March 31, 2023

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)

5,350

5,523

5,665

Dividend per Share
(yen)

50

56

56

Earnings per Share
(yen)

409

279

197

Payout Ratio

12.2%

20.1%

28.4

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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.

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