Results Presentation for
Fiscal Year Ended February 29, 2016

April 8, 2016
J. Front Retailing Co., Ltd.
YAMAMOTO Ryoichi, President

Today’s Agenda

Ⅰ. FY2015 Results
Ⅱ. FY2016 Forecast
Ⅲ. Initiatives toward Medium-Term Growth1

FY2015 Results

2

FY2015 Consolidated Results
Operating income grew by double digits, marking the 6th consecutive YoY increase
and a record high since J. Front Retailing’s inception
Operating income / ordinary income / net income were above October forecast,driven by Department Store BusinessAnnual per-share dividend increased ¥2 YoY on a post-share consolidation basis,marking the 5th consecutive year of increase(Millions of yen, %)Fiscal year
ended
Feb 29, 2016

YoY

Results

vs October forecast

Change% change% change

ChangeNet sales

1,163,564

14,035

1.2(16,436)(1.4)

Gross profit

245,532

1,793

0.7

(2,268)

(0.9)

SGA

197,494(4,078)(2.0)(3,306)(1.6)

Operating income

48,038

5,871

13.9

1,038

2.2

Ordinary income

47,910

7,430

18.4

1,410

3.0

Net income

26,313

6,346

31.8

813

3.2

6.9

1.5

－

0.2

－

(Annual) 27

2

－

1

－

ROE (%)
Dividend per share (Yen)**Calculated on a post-share consolidation basis

3

FY2015 Segment Information
Department Store Business significantly increased profits due to strong sales ofurban stores and thorough management of ad and other costs
Expansion of Fukuoka Parco and opening of Nagoya Zero Gate and Nagoya
Midi contributed to Parco Business
Wholesale Business increased profits by double digits, Other Businesses were
driven by J. Front Design & Construction’s strong performance of interior finish
works(Millions of yen, %)Net sales

Operating income

Fiscal year
ended
Feb 29, 2016

Results

Department Store

763,2223,356

0.4 (5,978)

Parco

281,050

6,838

Wholesalevs Octforecast

YoY

vs Octforecast

Change % change

Change28,786

5,594

24.1

1,086

2.5 (7,450)

12,582

327

2.7

(118)

57,849 (1,522)(2.6) (5,351)

1,315

248

23.2

(125)

Credit10,455

74

0.7

(245)

2,703

(721)

(21.1)

(417)

Other

104,739

7,441

7.6

3,739

2,807

389

16.1

447

YoY
Change % change

Results

Change4

FY2015 Segment Information
FY2015 analysis of changes in consolidated operating income by segment(Millions of yen)
Parco
327

Wholesale
248 Credit
(721)

Other
389

Adjustment
34

Adjustment
Other
164
447

Department
store
5,594

Up ¥5,871 mn (13.9%) YoY

Last year
Results

Credit(417)

Wholesale Parco
(118)
(125)
Department
store
1,086

Up ¥1,038 mn (2.2%) vs Oct forecast

FY2015Results

Oct
Forecast

5

FY2015 Daimaru Matsuzakaya Department Stores
Renovated key stores including Nagoya and Sapporo stores to build new
department store model
Sales increased 1.9% in 1Q to 3Q and decreased 1.8% in 4Q due todecreased sales area of Shinsaibashi store and warm winterDuty-free sales, as indicator of inbound tourist spending, increased 2.2-fold
YoY to ¥33.8 bn
FY2015 Daimaru Matsuzakaya Department Stores sales of major stores (% change YoY)
Fiscal year ended
1Q to 3Q
4Q
Full year
Feb 29, 2016

Daimaru Shinsaibashi

14.0

(7.3)

7.8

Daimaru Umeda

3.8

(2.0)

2.1

Daimaru Tokyo

4.0

5.0

4.3

Daimaru Kyoto

(0.5)

(0.3)

(0.5)

Daimaru Kobe

(0.7)

(2.1)

(1.1)

Daimaru Sapporo

2.8

0.8

2.2

Matsuzakaya Nagoya

(0.1)

(2.1)

(0.6)

Matsuzakaya Ueno

(4.5)

(2.7)

(4.0)

Total all stores

1.9

(1.8)

0.9

6

*The sales area of Daimaru Shinsaibashi store has decreased by approx 40% from Dec 31, 2015 for the rebuilding of its main building.

FY2015 Daimaru Matsuzakaya Department Stores
Gross margin was down 0.18 points YoY in 1H but up 0.09 points in 2H
In spite of increased sales, ad costs decreased ¥2.2 bn partly due to overhaulof loyalty point program
Operating income increased 30% and ¥1.1 bn above Oct forecast due tothorough cost management(Millions of yen, %)YoY

vs Oct forecast

Fiscal year ended
Feb 29, 2016

Results

Net sales

677,511

5,744

0.9

(5,889)

(0.9)

23.53

(0.04)－

0.04－

Gross profit

159,406

1,054

0.7

(1,094)

(0.7)

SGA

133,232(4,987)(3.6)(2,268)(1.7)

Operating income

26,173

6,040

30.0

1,173

4.7

Ordinary income

24,474

6,073

33.0

1,274

5.5

Net income

10,747(1,063)

(9.0)

2,647

32.7

Gross margin (%)

Change% change

Change% change7

FY2015 Daimaru Matsuzakaya Department Stores
FY2015 Daimaru Matsuzakaya Department Stores
analysis of operating income by factor
Ad costreduction
2,278

Labor cost
reduction
1,996(Millions of yen)

Ad costreduction Labor cost583
reduction
Other cost373
reduction
1,312
Improvement of
Decrease inprofit margin gross profit due
271
to salesdecrease(1,352)Other cost
reduction
713

Increase in grossprofit due tosales increase
1,337
Decrease ingross profit due
to decrease inprofit margin(283)

Up ¥6,040 mn (30.0%) YoY

Last year
Results

Up ¥1,173 mn (4.7%) vs Oct forecast

FY2015Results

Oct
Forecast

8

FY2015 Consolidated Results (B/S and CF)
Equity was up ¥7.8 bn and equity ratio grew 0.7 points to 37.6%
Interest-bearing debt increased ¥12.4 bn to ¥180.9 bn mainly due to acquisition ofshares in Senshukai
Operating cash flows decreased ¥7.8 bn mainly due to increase in income taxes paid
Investing cash outflows increased ¥23.4 bn due to acquisition of shares in
Senshukai and acquisition of fixed assets
Financing cash outflows were ¥1 bn partly due to new issue of bonds<Balance sheet>
Fiscal year ended
Feb 29, 2016

(Millions of yen)

Results

YoY
Change<Cash flows>(Millions of yen)

Fiscal year ended
Feb 29, 2016

Results

YoY
Change1,019,146

651

Operating cash flows

36,799(7,851)

Interest-bearing debt

180,922

12,464

Investing cash flows(39,741)(23,469)

Equity383,699

7,813

Financing cash flows(1,041)

26,54637.6

0.7

Total assets

Equity ratio (%)

9

FY2016 Forecast

10

Recognition of Environment in FY2016
Greater uncertainty in the world economy /concern about slowdown in the domestic economy

Plunge in share prices at the start of the year
Sluggish growth in real wages / more frugal consumer mindset
Polarized income
Polarized consumption / polarized consumption of one person

Personal financial assets worth approx ¥1,700 trillion

Gaps among companies will widen depending on market responsiveness11

FY2016 Consolidated Forecast
Must achieve consolidated operating income target of 50 bn for the final yearof Medium-Term Business Plan
Eye the possibility of ROE of 7.1% above the target of 5.8% for the final yearof Medium-Term Business Plan
Plan to pay annual dividend of ¥28 per share, up ¥1 YoY, marking the 6thconsecutive year of increase(Millions of yen, %)Fiscal year
endingFeb 28, 2017

YoY

1H
forecast

Change% change

Full year
forecast

YoY
Change% change

Net sales

570,500(2,810)(0.5)

1,175,000

11,4361.0

Gross profit

120,200

(177)

(0.1)

247,400

1,868

0.8

SGA

98,400

(264)

(0.3)

197,400

(94)

(0.0)

Operating income

21,80087

0.4

50,0001,962

4.1

Ordinary income

20,000(3,071)(13.3)

48,00090

0.2

Net income

13,400(1,608)(10.7)

28,000

1,687

6.4

－

－

－

7.1

0.2

－

(End of 1H) 14

1－(Annual) 28

1－

ROE (%)
Dividend per share (Yen)12

FY2016 Segment Information
Department Store Business is expected to increase sales mainly in flagship stores
but factors in the effect of 40% decrease of sales area of Shinsaibashi store
Opening of Sendai Parco and other stores will contribute to Parco Business inspite of temporary closing of Shibuya Parco from August
Wholesale Business, Credit Business and Other Businesses are all expected
to increase profits(Millions of yen, %)Fiscal year
endingFeb 28, 2017

Net sales
1H
forecast

Department store 367,600

YoYchangeOperating income

Full year
forecast

YoYchange(1.6) 764,100

0.1

11,100(8.6)

29,5002.5

1H
forecast

YoYchangeFull year
forecast

YoYchangeParco142,000

2.1

285,300

1.5

7,000

6.5

13,2004.9

Wholesale

29,300(7.9)

59,000

2.0

760

5.4

1,400

6.4

Credit5,400

6.6

11,000

5.2

1,470

11.1

3,000

11.0

Other

50,8002.3

104,000

(0.7)

1,540

45.2

3,300

17.6
13

FY2016 Daimaru Matsuzakaya Department Stores
Slight increase in total sales of all stores due to renovation and strengthening of
events in spite of 40% decrease in sales area of Shinsaibashi store
Expect sales to grow 0.6% in 1H, 3.5% in 2H and 2.1% in full year excluding
the effect of Shinsaibashi store
Expect sales to be driven by flagship stores including Nagoya store whose
phase III renovation will be completed and Tokyo and Sapporo stores
FY2016 Daimaru Matsuzakaya Department Stores sales forecast of major stores (% change YOY)

Fiscal year
ending Feb 28, 2107

1H

2H

Daimaru Shinsaibashi(17.3)(9.1)(13.3)

Daimaru Umeda

0.8

1.7

1.3

Daimaru Tokyo

3.4

5.4

4.4

Daimaru Kyoto

0.4

2.8

1.6

Daimaru Kobe

0.9

2.9

1.9

Daimaru Sapporo

0.5

3.9

2.3

Matsuzakaya Nagoya

0.4

5.6

3.0

Matsuzakaya Ueno

0.1

2.1

1.1

Total all stores

(1.9)

1.8

0.0

(Excluding Shinsaibashi)

0.6

3.5

2.1

Full year*The sales area of Daimaru Shinsaibashi store has decreased approx 40% from Dec 31, 2015 for the rebuilding of its main building.

14

FY2016 Daimaru Matsuzakaya Department StoresGreater focus on affluent market
Aim to acquire 14,600 new gaisho cardholders (13,881 in FY2015)
Keihanshin area・・・Increase the active account ratio of new and existing customers
by strengthening promotions such as events outside storesTokyo area

・・・Strongly promote customer acquisition with an eye to the future
FY2016Gaisho sales target ¥160 bn (up 5.6% YoY)

Greater focus on inbound tourism market
Fix repeat customers⇒Issued Exclusive Card
Expanded the adoption of WeChat payment, popular Chinese payment service⇒Actively respond to diversifying payment methods
FY2016Duty-free sales target ¥37 bn (up 9.3% YoY)15

FY2016 Daimaru Matsuzakaya Department Stores
YoY changes in gross margin are expected to be 0.00 pts in 1H and down 0.11 pts
in 2H due to preopening expenses of Ginza store to be recorded as cost of sales
Reduce total SGA ¥600 mn in spite of increases in retirement benefit expenses
and preopening expenses of Ginza store
Aim to increase operating income in spite of large effect of significant decrease insales area of Shinsaibashi store(Millions of yen, %)Fiscal year
endingFeb 28, 2017

1H
forecast

YoY
Change% change

Full year
forecast

YoY
Change% change

326,200(6,178)(1.9)

677,700

189

0.0

23.51

0.00

－

23.48

(0.05)－

Gross profit

76,700(1,441)(1.8)

159,100

(306)

(0.2)

SGA

66,700166(0.2)

132,600

(632)

(0.5)

Operating income

10,000(1,275)(11.3)

26,500327

1.2

Ordinary income

8,900(1,901)(17.6)

24,50026

0.1

Net income

4,700

2,898

160.8

14,500

3,753

34.9

Net sales
Gross margin (%)

16

FY2016 Consolidated Forecast (B/S and CF)
Expect equity to increase ¥20.6 bn and equity ratio to increase 0.7% to 38.3％
Expect interest-bearing debt to increase ¥14 bn to ¥195 mainly due to redevelopment
Expect operating cash flows to increase ¥8.2 bn mainly due to profit increase anddecrease in income taxes
Expect investing cash outflows to increase ¥13.2 bn due to redevelopment of Ginza,
Ueno, etc.
Expect financing cash flows to increase ¥6 bn mainly due to increase in loans
associated with the above<Balance sheet>(Millions of yen)

<Cash flows>(Millions of yen)

YoYchangeFiscal year ending
Feb 28, 2017

Forecast

1,056,900

37,754

Operating cash flows

45,0008,201Interest-bearing debt

195,000

14,078Investing cash flows(53,000)(13,259)

Equity404,300

20,601

Financing cash flows

5,000

6,041

38.3

0.7

Fiscal year ending
Feb 28, 2017
Total assets

Equity ratio (%)

Forecast

YoYchange17

Initiatives toward Medium-Term Growth18Changes in Consumer Trends and Sales
Floor Configuration of Department Stores
Changes in customers

Ratio of “clothing and footwear” expenditure to consumption expenditure(1991) 7.3% ⇒ (2014) 4.1%*”From the Family Income and Expenditure Survey of the Ministry of Internal Affairs and Communications

Increasing globalization and shift to casual styles of fashion
Changes in ways of self-expression / great changes in values

Current status of department stores

Women’s clothing sales area in particular enlarged
from around the bubble economy
Sales floor configuration insufficiently responds to changes in customers 19

Strengthen Department Store Business
Overhaul sales floor configuration to adapt to market changes
Thoroughly scrutinize sales floor productivity in each store
Reduce low productive sales areas / shops
Expand productive sales areas
Introduce new categories / brands

Strengthen response to markets with growth potential
20

Reopen Nagoya Store after Phase III Renovation
Massive renovation by increasing sales area 30% from spring 2015 to spring 2016
Reduce sales area 15% including women’s clothing and homeware
Introduced Yodobashi Camera (Oct 2015) / Expand men’s clothing and accessories (Apr 2016)

21*The photo is for illustrative purposes only.

Develop New Curated Sales Areas
No. 1

Expand the introduction of “accessible luxury”

・Relatively affordable luxury goods are future growth area
・Salon du Goût Branché opened on 2nd floor of Kyoto store last year ahead ofother stores is performing well・2nd one opened in Shinsaibashi store in Mar and will be followed by other stores

No. 2

Develop mixed-category areas

・Area combining well-performing cosmetics with accessories⇒Planned to open in Kyoto store
・Mature women’s fashion area with non-apparel items⇒Planned to open in Tokyo store
・Launch initiatives to create new markets in individual storesfrom 2H FY2016

22

Strengthen Original Merchandising
Shift the focus of strategy to “product development through alliance”

1st step

Rebuild Senshukai’s Kcarat brand as “original
fashion brand” planned and developed by Daimaru
Matsuzakaya and Senshukai
Store
Umeda/Tokyo/Kyoto/Kobe/Sapporo
WEB
Start to offer online in late Apr
Centralize customer information of
stores and website
Sales staff canoperate tablets tomake an optimal
offer including
items not on store
shelves

Items not on
store shelves
can be delivered
speedily using
Senshukai’s
fulfillment

23

Omnichannel Retailing
Promote initiatives to completely renew department store website
Use Senshukai’s expertise and fulfillment
Fall 2016 1st renewal
Renew site design

Overhaul orderprocessing flow

Improve user interface

Reduce delivery
lead time

Expand product range including fashion, cosmetics,
homeware and depachika foodSpring 2017 Grand opening(Integrate Click & Collect)24

Urban Dominant Strategy
Urban Dominant Strategy is
Business model to actively increase appeal of whole areawith a store as its core and grow along local communities

Medium-term efforts to “increase asset value” and “monetize real estate”

25*The photo is for illustrative purposes only.

Ginza 6-chome Redevelopment
Build “world-class quality” commercial facilities in Japan’s most prestigious Ginza area
Develop a large-scale complex with commercial facilities, offices, cultural facilities
and a tourist hub
Façade spans approx 115m along Chuo-dori, one of the world’s most prestigious
fashion streets

26*The photo is for illustrative purposes only.

Scheme of Ginza Redevelopment Project
Urban Redevelopment Project
The project is intended to develop buildings, building sites, public facilities, etc. in an integrated manner for
rational high-level use of urban land. It is implemented according to the procedures required by law (Urban
Development Act). It is classified into Category 1 (right conversion method) and Category 2 (land purchasemethod) and our project is Category 1 Urban Redevelopment Project.

Developer
TenantAcquisition of reserved floors
Receive part of floorsof new building andrights of land

Landowner

Purchase amount of reserved floors
Right conversion
Cover the project
Provide a large
costs incl building
Receive part of floors of new
lot of land
construction costs
building and rights to land

Pay subsidies forurban development

Entitled floors

Necessary funds for Category
1 Urban Redevelopment
Project including construction
costs of new building arebasically covered by the“project fund” obtained byselling to new operators the“reserved floors” that are
newly created through highlevel use of land and“subsidiaries” from the local
government.

Reserved
floorsFunding

Subsidies

Localgovernment

Right conversion
Local residents in thedevelopment area canreceive part of new building
worth the lands andbuildings they owned prior toredevelopment as assets.
Such method of converting
original rights into part ofbuilding floors after
redevelopment is called“right conversion.”27

Ginza 6-chome Redevelopment
Approx 240 tenants in Ginza’s largest retail space as a core of redevelopment

Operate all sales floors of approx 46,000㎡ with other retail space holders
Invest approx ¥7 bn in interior work, etc. and plan to complete
construction in Jan 2017 and open in Apr
Rooftop garden<Office> 7-12F/13F (partial)<Retail> B2-6F/13F (partial)<Cultural facilities> B3F<Tourist hub> 1F

Cross section from B1F to rooftop (subject to changes)

It has also “Ginza’s first” tour
bus loading/unloading space28

Rebuilding of South Wing of Ueno Store
Rebuild the south wing of Matsuzakaya Ueno store into a high-rise complex
with Parco, cinema complex and offices
Operate a large sports shop, a beauty shop and an outdoor shop around the store
Build a business model to contribute to local revitalization and grow with local
communities

Matsuzakaya
Ueno(main)

Annex*The photo is for illustrative purposes only.

【Total floor area】 Approx 41,000 ㎡【Construction】
B1F: Daimaru Matsuzakaya Department Stores(South wing)*Underreconstruction

Okachimachi
Art
Sports Panda Hiroba

1-6F: Parco
7-10F: Cinema complex

mont ･ bell

12-22F: Offices【Total project cost】 Approx ¥21.3 bn(including cost of renovation-related work of main building of Matsuzakaya Ueno store)

29

Shinsaibashi Store Rebuilding Project
Radically strengthen regional competitiveness by rebuilding main building of Daimaru
Shinsaibashi store
New main building will open with 30% increased sales area in fall 2019 as a full-scale
department store
Introduce large specialty shops and popular brands in north wing for stable rental revenues
Complete connection between main building and north wing in spring 2021 after rebuilding
main building. Invest approx ¥38 bn.
<Map of Daimaru Shinsaibashi store and its surroundings>
Crysta Nagahori (Daimaru COM Development)

Shinsaibashi
Zero Gate

White Avenue(Daimaru COM Development)

Midosuji(North)Daimaru
Shinsaibashi(Main)

Chanel(Opened on 1F ofsouth wing on Mar 25)(South)Commercial complex(Daimaru COM Development)
Open shortly*The photo is for illustrative purposes only.

*

30

denotes the stores operated by Shinsaibashi store.

Shibuya Udagawa Area Development
Tokyo Metropolitan Government decided an urban plan in Dec 2015
concerning Udagawa-cho 15 Development Project proposed by ParcoCo., Ltd. and the project kicked into gear for concrete implementation.
<Overview>
Developer

Parco Co., Ltd.

Location

Udagawa-cho 15 and part of Udagawa-cho 14
Shibuya-ku, Tokyo

Intended purpose

Stores, offices, business incubation facilities,
commercialization support facilities, cultural
facilities (e.g. theaters), car parking, etc.

Land area

Approx 5,380 ㎡

Total floor area

Approx 65,000 ㎡

Number of floors

20 above ground / 3 below ground

HeightApprox 110 m

Plannedconstruction period

March 2017 – September 2019

<Contribution to urban revitalization>
1) Enlivenment of area surrounding Shibuya station
・Develop pedestrian network to enhance foot traffic and energize town
・Enliven area through area management, cultivation of fashion andtheater culture, and communication of trends2) Implementation of local-issue initiatives, improvement of disaster
response and reduction of environmental impact
・Improve community delivery sorting area
・Improve support capabilities for people unable to return home in theevent of disaster・Take measures to reduce environmental impact*The photo is for illustrative purposes only.

*From timely disclosure materials dated Jun 30, 201531

Sustainable Growth toward ROE of 8%
Need to reach ROE of 7.1% in FY2016 as milestone to achieve mid-term ROE
target of 8%
With top priority on profit growth, continue to improve ROE while investing
toward growth(Millions of yen)

Operating income

90,000

(%)

ROE

10.0

<Operating income and ROE>

80,000

9.0

8.9

8.0

70,000
6.9

7.1
7.0

60,000
6.0

5.8

50,000

8.0

5.0

5.3
40,0004.0
3.6

30,000

3.0

2.8
2.6

20,0002.3

2.0

10,000

(FY)

0

1.0

2008

2009

2010

2011

2012

2013

2014

2015

0.0
2016（予） 20172017以降and beyond
2016(Forecast)

32

Example of Store Indicators Adopting B/S Perspective

Gross margin

MarginNet sales

Gross profit
Operating margin

Net income

ROA

Net income

Operating income

EquityTotal assets

Gross profit
SGA ratio

Labor cost ratio

SGA

Labor cost

Net sales

Net sales

Individual
sales

Accounts receivable turnover

Current assets
turnoverTotal assets
turnoverNet sales

Financial leverage

Product sales
profitTotal assets

Net sales
Current assets

Net sales
Accounts receivable

Inventory turnover

Net sales
Inventories

Total assets

Fixed assets
turnoverTangible fixed assets
turnoverEquityNet sales

Net sales

Fixed assets

Tangible fixed assets

B/S perspective

Accounts
receivable
collection ratio

Merchandise
turnoverNet sales permonth/tsubo

Turnover ofassets held

Additional indicators

ROE

Net sales

OperatingincomeNet sales

No of newaccounts

・・・・・・・ ・・・・・・・・・・・・・・・

Operating income

No of cardholders
acquired

Major traditional indicators

Sales of products
concerned

P/L perspective

33

Shareholder Return and Improvement of Capital Efficiency
Basic policy is to appropriately return profits targeting dividend payout ratio ofat least 30%
Consider share buyback as appropriate to improve capital efficiency and flexibly
implement capital policy
Repurchased own shares of ¥5 bn in Apr to May 2015 and plan to increase
annual dividend in FY2016 for 6 consecutive years<Net income and ROE>
(Millions of yen)

FY

Net income<Dividend* and DOE>
Annual dividend per share

ROE

(%)

2016
(Forecast)

(Yen)

(%)

2015
FY

2016
(Forecast)*Annual dividend per share is shown on a post-share consolidation basis.

34

Strengthen Corporate GovernancePublished Corporate Governance Guidelines in Dec 2015
<3 points we focused on>

Strengthen the operation of the Board of Directors
based on third-party assessments
・Reviewed agenda standards from both qualitative and quantitative aspects to focus on muscular
strategy discussions
・Outside members attended discussions on important matters including vision and medium-term planfrom process stage

Improve the function of Human Resources and Remuneration
Committee and ensured its transparency

・ Changed Human Resources and Remuneration Committee, which had been chaired by President,
to be chaired by Outside Director
・Improved transparency and objectivity through discussions based on objective third-party data, etc.

Hold Governance Committee meetings using knowledge of Outside Directors
and Outside Audit & Supervisory Board Members
・Comprises 7 members including TACHIBANA FUKUSHIMA Sakie and OTA Yoshikatsu (Outside
Directors) and TSURUTA Rokurou, ISHII Yasuo and NISHIKAWA Koichiro (Outside Audit & Supervisory
Board Members) and Chairman and President
35

Kick into Gear to Enhance Corporate Value
Initiatives to enhance corporate governance by strengthening governancehave just started
Publish governance guidelines
Hold results presentations and meetings
Actively disclose information

Opportunities to deepen constructive dialogue with investors and analysts“Output stage” to generate tangible results
Sustainable growth and improvement of corporate value

36

Website

http://www.j-front-retailing.com
http://www.facebook.com/J.FrontRetailing

Forward-looking statements in this document represent our assumptions based on information currently available to us and inherently involve potential
risks, uncertainties and other factors. Therefore, actual results may differ materially from the results anticipated herein due to changes in various factors.

37