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, 2020
[Japanese GAAP]
June 25, 2020
Company name:
Nitori Holdings Co., Ltd.
Stock exchange listing: Tokyo,Sapporo
Code number:
9843
URL:
https://www.nitorihd.co.jp/
Representative:
Toshiyuki Shirai
President and Chief Operating Officer
Contact:
Masaomi Zenji
General Manager,Accounting and Finance DivisionPhone:
03-6741-1204
Scheduled date of filing quarterly securities report:
June 30, 2020
Scheduled date of commencing dividend payments:
Availability of supplementary briefing material on quarterly financial results: Yes
Schedule of quarterly financial results briefing session:
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, 2020 (February 21, 2020 to May 20, 2020)(1) Consolidated Operating Results(Cumulative)(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Million yen%
Million yen%
Million yen%
Million yen%Three months ended
May 20, 2020
173,780
3.9
37,21622.3
37,361
21.6
25,51925.4
May 20, 2019
167,332
6.1
30,4310.0
30,7220.1
20,3483.2(Note) Comprehensive income:Three months ended May 20, 2020:¥28,011 million [34.4%]
Three months ended May 20, 2019:¥20,847 million [8.4%]
Basic earnings
per share
Three months ended
May 20, 2020
May 20, 2019

Diluted earnings
per share
Yen

Yen

226.73181.24226.42180.81(2) Consolidated Financial Position
Total assets
As ofMay 20, 2020
February 20, 2020(Reference) Equity:

Net assets

Capital adequacy ratio

Million yen

Million yen

696,196683,247

584,689
560,861584,508 million
560,571 million

As of May 20, 2020:
As of February 20, 2020:

¥¥

―1―%

84.0
82.0

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended February 20, 2020

-54.00-54.00108.00Fiscal year ending February 20, 2021

57.00

-58.00115.00Fiscal year ending February 20, 2021
(Forecast)(Note) Revision to the forecast for dividends announced most recently:

Year-endTotalNo

3. Consolidated Financial Results Forecast for the Fiscal Year Ending February 20, 2021(February 21, 2020 to February 20, 2021)(% indicates changes from the previous corresponding period.)
ProfitBasic earnings
Net sales
Operating profit
Ordinary profit
attributable toper shareowners of parent%

Million yen%

Million yen%

Yen

Six months ended August
318,900(0.8)
57,7003.820, 2020
Full year
653,200
1.7
112,200
4.4(Note) Revision to the financial results forecast announced most recently:

Million yen%

Million yen

57,9002.4

39,1006.1

347.07

113,300
No

3.4

75,7006.0

671.96* Notes:(1) Changes in significant subsidiaries during the three months ended May 20, 2020(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, 2020:
114,443,496 shares
February 20, 2020:
114,443,496 shares2) Total number of treasury shares at the end of the period:
May 20, 2020:
1,787,317 shares
February 20, 2020:
1,975,782 shares
3) Average number of shares during the period:
Three months ended May 20, 2020:Three months ended May 20, 2019:112,552,732 shares
112,270,194 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 theseforecasts by a variety of reasons.

―2―Quarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets(Million yen)
As of February 20,2020

As of May 20,2020

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade159,190
27,880167,538
38,927

Merchandise and finished goods
Work in process

61,203
182

54,434168

Raw materials and supplies
Forward exchange contracts

4,127-3,348
5,793

OtherAllowance for doubtful accounts

11,010(4)

10,114(4)

Total current assets

263,589

280,322

Non-current assets
Property, plant and equipment
Buildings and structures, net

111,548

109,420

Land
Other, net

173,010
22,827173,060
22,977

Total property, plant and equipment

307,387

305,457

24,59924,847

Investment securities
Long-term loans receivable

25,535732

24,747
701

Guarantee deposits
Leasehold deposits

13,98723,756

13,71523,808Deferred tax assets
Other

13,246
10,42911,52011,077

Intangible assets
Investments and other assets

Allowance for doubtful accounts

(18)

(0)

Total investments and other assets87,670

85,569419,657

415,874

683,247

696,196

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

19,774

18,710

Short-termborrowings
Lease obligations

2,787
1,554

2,705
1,490

Accounts payable - other
Income taxes payable

22,923
20,224

16,443
12,645

Provision for bonuses
Provision for point card certificates

4,020
2,076

5,733
2,869

Provision for shareholder benefit program
Other

282
23,420220
27,060Total current liabilities

97,06387,877―3―

(Million yen)
As of February 20,2020
Non-current liabilities
Long-term borrowings

As of May 20,2020

4,000

3,019

Lease obligations
Provision for retirement benefits for directors (andother officers)
Retirement benefit liability

6,714

6,043

228

228

1,343

1,454

Asset retirement obligations
Other

5,673
7,361

5,729
7,154

Total non-current liabilities

25,322

23,630122,385

111,507

Shareholders' equity
Share capital

13,37013,370Capital surplus
Retained earnings

25,074532,471

25,738551,917

Total liabilities
Net assets

Treasury shares(10,875)(9,540)Total shareholders' equity

560,042

581,486

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains on hedges

750

466-4,019

Foreign currency translation adjustment
Remeasurements of defined benefit plans

161
(382)

(1,093)(371)

Total accumulated other comprehensive income

529

3,021

289

180

560,861

584,689

683,247

696,196

Share acquisition rights
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 20,2019

For the three months
ended May 20,2020

Net sales
Cost of sales

167,332
77,136

173,780
76,006Gross profit

90,195

97,774

Selling, general and administrative expenses

59,76460,557

Operating profit

30,431

37,216

Interest income
Share of profit of entities accounted for using equity
methodForeign exchange gains
Subsidy income

115

134

7-50

22287

Penalty income
Vending machine income

155

141
55

Gain on sales of goods
Other93
111

48
97

Total non-operating income

436

786

6975-327

Non-operating income

Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodForeign exchange losses
OtherTotal non-operating expenses

52-

23

238

145

641

30,72237,361

Extraordinary income
Gain on cancellation of leasehold contracts-400

Gain on sales of non-current assets
Gain on reversal of share acquisition rights

312
10

Total extraordinary income

314

400

13-

160
98

622
14

Ordinary profit

Extraordinary losses
Loss on sales and retirement of non-current assets
Impairment loss
Loss on change in equity272636

Profit before income taxes

Total extraordinary losses

30,764

37,124

Income taxes

10,416

11,605

Profit20,34825,519Profit attributable to owners of parent

20,34825,519―5―

Quarterly Consolidated Statements of Comprehensive Income (For the three months)(Million yen)
For the three months
ended May 20,2019ProfitOther comprehensive income

For the three months
ended May 20,2020

20,34825,519Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

105-(283)
4,019

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

384
9(1,255)
11

Total other comprehensive income
Comprehensive income

499

2,491

20,84728,011

20,84728,011

Comprehensive income attributable toOwners of parent―6―