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 Three Months Ended May 20, 2018
[Japanese GAAP]
June 28, 2018
Nitori Holdings Co., Ltd.
Company name:
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:
July 03, 2018
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 Three Months Ended May 20, 2018 (February 21, 2018 to May 20, 2018)(1) Consolidated Operating Results (Cumulative)(% indicates changes from the previous corresponding period.)
Net income
Net sales
Operating income
Ordinary income
attributable to ownersof parent
Million yen%
Million yen%
Million yen%
Million yen%Three months ended
May 20, 2018
157,648
6.9
30,42618.3
30,67817.9
19,720
3.4
May 20, 2017
147,516
7.6
25,719(5.6)
26,010(6.0)
19,081
12.8(Note) Comprehensive income:Three months ended May 20, 2018:¥19,234 million [20.3%]
Three months ended May 20, 2017:¥15,983 million [27.1%]
Net income
per share
Three months ended
May 20, 2018
May 20, 2017

Diluted net income
per share
Yen

Yen

176.05170.93

175.33169.99(2) Consolidated Financial Position
Total assets
As ofMay 20, 2018
February 20, 2018
(Reference) Equity:

Net assets

Equity ratio

Million yen

Million yen

568,138
550,507457,160
441,668
456,542 million
440,991 million

As of May 20, 2018:
As of February 20, 2018:

¥¥

―1―%

80.4
80.1

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended February 20, 2018-45.00-47.00

92.00

Fiscal year ending February 20, 201947.00-50.00

97.00

Fiscal year ending February 20, 2019
(Forecast)Year-end

Total

No(Note) Revision to the forecast for dividends announced most recently:

3. Consolidated Financial Results Forecast for the Fiscal Year Ending February 20, 2019(February 21, 2018 to February 20, 2019)(% indicates changes from the previous corresponding period.)
Net income
Net income
Net sales
Operating income
Ordinary income
attributable toper shareowners of parent
Million yen%

Million yen%Six months ended August
304,400
7.2
52,9009.9
20, 2018
Full year
614,000
7.3
99,0006.0(Note) Revision to the financial results forecast announced most recently:

Million yen%

Million yen%

Yen

53,4009.8

35,6001.6

317.64

100,000
No

5.4

68,0005.9606.72* Notes:(1) Changes in significant subsidiaries during the three months ended May 20, 2018(changes in specified subsidiaries resulting in changes in scope of consolidation):(Company name: New
Exclusion:(Company name: -No(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):
May 20, 2018:
114,443,496 shares
February 20, 2018:
114,443,496 shares2) Total number of treasury shares at the end of the period:
May 20, 2018:
2,366,138 shares
February 20, 2018:
2,485,358 shares
3) Average number of shares during the period:
Three months ended May 20, 2018:
Three months ended May 20, 2017:

112,018,694 shares
111,630,611 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 20,2018

As of May 20,2018

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade63,33922,45860,56527,758Merchandise and finished goods
Work in process

49,69056

49,416207

Raw materials and supplies
Deferred tax assets

2,985
5,309

2,954
4,506

Forward exchange contracts
Other20,191

805
32,703

Total current assets

164,031

178,918

Non-current assetsProperty, plant and equipment
Buildings and structures, net

107,258

106,242Land
Other, net

167,153
16,903

168,410
17,742

Total property, plant and equipment

291,315

292,396

13,887

15,648Investment securities
Long-term loans receivable

26,472804

26,637815

Guarantee deposits
Lease deposits

14,813
21,88014,55022,117

Deferred tax assets
Other

5,447
11,854

5,591
11,462Intangible assets
Investments and other assets

Allowance for doubtful accounts

(0)

(0)

Total investments and other assets

81,273

81,175

386,476389,219

550,507568,138

19,607

18,998

Short-term loans payable
Lease obligations

2,000
187

2,352
187

Accounts payable - other
Income taxes payable

18,323
17,39914,985
11,648Provision for bonuses
Provision for point card certificates

3,395
1,625

4,688
2,529

290
4220
-

Other

20,59230,857

Total current liabilities

83,42586,468

Total non-current assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable - trade

Provision for special benefits to shareholders
Asset retirement obligations―3―(Million yen)
As of February 20,2018

As of May 20,2018

Non-current liabilities
Long-term loans payable

8,000

7,032

Lease obligations
Deferred tax liabilities

2,143
4

2,096
0

Provision for directors' retirement benefits
Net defined benefit liability

228
2,713

228
2,694

Asset retirement obligations
Other

4,950
7,373

5,075
7,380

Total non-current liabilities

25,41324,508108,839

110,977

Shareholders' equity
Common stock

13,37013,370Capital surplus
Retained earnings

18,232415,108

19,397429,568

Total liabilities
Net assets

Treasury stock(8,640)(8,228)

Total shareholders' equity

438,072454,109

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

796(704)

1,035
558

Foreign currency translation adjustment
Remeasurements of defined benefit plans

3,105(279)1,108(269)

Total accumulated other comprehensive income

2,918

2,433

677

618

441,668

457,160

550,507568,138

Accumulated other comprehensive income

Subscription rights to shares
Total net assets
Total liabilities and net assets―4―Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the three months)(Million yen)
For the three months
ended May 20,2017

For the three months
ended May 20,2018

Net sales
Cost of sales

147,516
68,836

157,648
70,638Gross profit

78,68087,010

Selling, general and administrative expenses

52,961

56,584

Operating income

25,71930,426

Interest income
Subsidy income

101
63116
83

Vending machine income
Gain on sales of goods

5677

54
94

Other58

104

Total non-operating income

356

452

Non-operating income

Non-operating expenses
Interest expenses

1621

Equity in losses of affiliates
Foreign exchange losses

37250

Other

10126

Total non-operating expenses

65200

26,01030,678

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

7644
3,836

6--

122417-

3,90649

Loss on change in equity
Loss on sales and disposal of non-current assets

37

171
8

Impairment loss
Special retirement expenses

440
3590-

Total special gains
Special losses

Other016

Total special losses838

196

Income before income taxes

29,07930,530

Income taxes

9,997

10,810Net income

19,081

19,720Net income attributable to owners of parent

19,081

19,720―5―

Quarterly Consolidated Statements of Comprehensive Income (For the three months)(Million yen)
For the three months
ended May 20,2017
Net income
Other comprehensive income
Unrealized holding gain (loss) on securities
Unrealized gain (loss) from hedging instruments
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income

For the three months
ended May 20,2018

19,081

19,720(2)(2,715)

238
1,263

(483)
104

(1,997)9(3,097)(485)

15,983

19,234

15,983

19,234

Total comprehensive income attributable to
Owners of parent―6―