Note:This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy
between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results
for the Nine Months Ended November 20, 2017
[Japanese GAAP]
December 22, 2017
Company name:
Nitori Holdings Co., Ltd.
Stock exchange listing: Tokyo,Sapporo
Code number:
9843
URL:
http://www.nitorihd.co.jp/
Representative:
Toshiyuki Shirai
President and Chief Operating Officer
Contact:
Fumiki Takeda
General Manager,Accounting and Finance Division
Phone:
03-6741-1204
Scheduled date of filing quarterly securities report: December 28, 2017
Scheduled date of commencing dividend payments: Availability of supplementary briefing material on quarterly financial results: Yes
Holding of quarterly financial results meeting:Yes (for institutional investors and analysts)(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Nine Months Ended November 20, 2017 (February 21, 2017 to November 20, 2017)(1) Consolidated Operating Results (Cumulative)(% indicates changes from the previous corresponding period.)
Net income attributable
Net sales
Operating income
Ordinary income
to owners of parent
Million yen%
Million yen%
Million yen%
Million yen%
Nine months ended
November 20, 2017
422,712
11.5
70,4250.3
71,5000.5
51,245
7.7
November 20, 2016
379,016
13.2
70,20628.3
71,17526.1
47,595
35.7
Nine months ended November 20, 2017: ¥45,218 million [(1.9) %](Note) Comprehensive income:Nine months ended November 20, 2016: ¥46,113 million [63.4%]
Net income
per share
Nine months ended
November 20, 2017
November 20, 2016

Diluted net income
per share
Yen

Yen

458.60429.58456.23425.64(2) Consolidated Financial Position
Total assets
Million yen
As ofNovember 20, 2017
531,269
February 20, 2017
487,814(Reference) Equity: As of November 20, 2017:
As of February 20, 2017:

Net assets

Equity ratio

Million yen

432,344394,778¥
431,585 million¥393,693 million

―1―%

81.2
80.7

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

47.00

82.00

47.00

92.00Year-end

Fiscal year ended February 20, 2017

-

35.00

-

Fiscal year ending February 20, 2018-45.00-Fiscal year ending February 20, 2018
(Forecast)

TotalNo(Note) Revision to the forecast for dividends announced most recently:

3. Consolidated Financial Results Forecast for the Fiscal Year Ending February 20, 2018(February 21, 2017 to February 20, 2018)(% indicates changes from the previous corresponding period.)
Net income toNet income
Net sales
Operating income
Ordinary income
owners of parent
per share%

Million yen%

Million yen%

Yen

Full year
568,000
10.799,000
15.4(Note) Revision to the financial results forecast announced most recently:

Million yen%

Million yen

100,000
No

14.2

68,50014.2

612.28* Notes:(1) Changes in significant subsidiaries during the nine months ended November 20, 2017(changes in specified subsidiaries resulting in changes in scope of consolidation):
Yes
New(Company name: (Company name: Shanghai Liqiao Industrial Co., Ltd
Exclusion:
1(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:))
Yes(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
November 20, 2017:
114,443,496 shares
February 20, 2017:
114,443,496 shares2) Total number of treasury shares at the end of the period:
November 20, 2017:
2,566,338 shares
February 20, 2017:
2,931,758 shares
3) Average number of shares during the period:
Nine months ended November 20, 2017:
Nine months ended November 20, 2016:

111,743,070 shares
110,793,843 shares*Quarterly financial results reports are not required to be subjected to quarterly reviews.
*Explanation for appropriate use of financial forecasts and other special notes
The forecasts given in this document are based on the current available information in the company and certain reasonableassumptions to the company. And we don’t commit to achieve these forecasting numbers. Actual results may differ from these
forecasts by a variety of reasons.

―2―Quarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets(Million yen)
As of February 20,2017

As of November 20,2017

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade70,56018,486

48,57326,078Merchandise and finished goods
Work in process

46,52092

44,236210

Raw materials and supplies
Deferred tax assets

2,354
1,001

2,029
3,341

Forward exchange contracts
Other15,002
16,174

5,701
22,713

Allowance for doubtful accounts(9)-170,182

152,885

Buildings and structures, net
Land103,763
126,923

102,626
161,467

Other, net

17,40820,472

Total property, plant and equipment

Total current assets
Non-current assets
Property, plant and equipment

248,094

284,566

Intangible assets

13,732

14,495Investments and other assets
Investment securities

3,531

26,663Long-term loans receivable
Guarantee deposits

856
15,720817
14,854

Lease deposits
Deferred tax assets

20,515
2,952

21,8693,576

Other
Allowance for doubtful accounts

12,239(9)11,542(0)Total investments and other assets

55,80479,322

317,631378,384

487,814531,269

Notes and accounts payable - trade
Short-term loans payable

16,001625

18,2272,000

Lease obligations
Accounts payable - other187
19,291

187
16,314

Income taxes payable
Deferred tax liabilities

15,630564

11,002-

Provision for bonuses
Provision for point card certificates

3,751
1,301

4,599
2,615

214
44

100
9

Other

18,112

18,461

Total current liabilities

75,72473,517

Total non-current assets
Total assets
Liabilities
Current liabilitiesProvision for special benefits to shareholders
Asset retirement obligations―3―(Million yen)
As of February 20,2017
Non-current liabilities
Long-term loans payable

As of November 20,2017

-

8,000

Lease obligations
Deferred tax liabilities

2,330
3

2,190
4

Provision for directors' retirement benefits
Net defined benefit liability

228
2,634

228
2,590

Asset retirement obligations
Other

4,565
7,548

4,951
7,442

Total non-current liabilities

17,31025,40893,03598,925

Shareholders' equity
Common stock

13,37013,370Capital surplus
Retained earnings

16,306361,103

17,984402,075

Total liabilities
Net assets

Treasury stock(10,188)(8,920)Total shareholders' equity

380,592

424,511

Unrealized holding gain (loss) on securities
Unrealized gain (loss) from hedging instruments

884
10,369805
3,942

Foreign currency translation adjustment
Remeasurements of defined benefit plans

2,243(396)

2,602
(275)

Total accumulated other comprehensive income

13,100

7,074

940
144

758
-

394,778

432,344487,814531,269

Accumulated other comprehensive income

Subscription rights to sharesNon-controlling interests
Total net assets
Total liabilities and net assets―4―Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the nine months)(Million yen)
For the nine months
ended November 20,2016

For the nine months
ended November 20,2017

Net sales
Cost of sales

379,016
171,836

422,712
192,430

Gross profit

207,179

230,281

Selling, general and administrative expenses

136,973

159,856

Operating income

70,20670,425Interest income
Dividends income

308
26303
27

Vending machine income
Gain on sales of goods

182217

188251

Construction revenue from tenants
Facility use revenue

147
148

-

Other

205

564

1,237

1,334

41

42

193

186-

032

31

Non-operating income

Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Share of loss of entities accounted for using equity
methodOther
Total non-operating expenses
Ordinary income

267

260

71,17571,500

650
80

8-

7-

48
3,827

Special gains
Gain on sales of non-current assets
Subsidy income
Gain on reversal of subscription rights to shares
Gain on sales of shares of subsidiaries and associates
Other

7928

Total special gains

817

3,914

Special losses
Loss on sales and disposal of non-current assets

47106

Penalty for the scrap and build of outlets
Impairment loss

30-

37453

Special retirement expenses
Cancellation penalty

37190

354-

Loss on change in equity
Other

342
46

Total special losses

309

1,043

Income before income taxes

71,68374,371

Income taxes

24,054

23,126

Net income

47,62951,245

Net income attributable to non-controlling interests
Net income attributable to owners of parent―5―34-

47,59551,245

Quarterly Consolidated Statements of Comprehensive Income (For the nine months)(Million yen)
For the nine months
ended November 20,2016
Net income
Other comprehensive income

For the nine months
ended November 20,2017

47,62951,245

Unrealized holding gain (loss) on securities
Unrealized gain (loss) from hedging instruments

402
1,962

(78)
(6,427)

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax(3,901)
20

359
120

Total other comprehensive income
Comprehensive income(1,515)(6,026)

46,11345,21846,07934

45,218-Total comprehensive income attributable to :Owners of parent
Non-controlling interests―6―