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, 2019
[Japanese GAAP]
December 27, 2019
Nitori Holdings Co., Ltd.
Company name:
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 Division
Phone:
03-6741-1204
Scheduled date of filing quarterly securities report:
December 27, 2019
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, 2019 (February 21, 2019 to November 20, 2019)(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, 2019
481,498
7.3
84,472
8.3
86,0438.0
57,507
10.5
November 20, 2018448,536
6.1
78,033
10.8
79,655
11.4
52,023
1.5
Nine months ended November 20, 2019: ¥56,644 million [9.3%](Note) Comprehensive income:Nine months ended November 20, 2018: ¥51,821 million [14.6%]
Net income
per share
Nine months endedNovember 20, 2019
November 20, 2018

Diluted net income pershareYen

Yen

511.93464.06510.77462.42(2) Consolidated Financial Position
Total assets
Million yen
As ofNovember 20, 2019
659,859
February 20, 2019
619,286(Reference) Equity: As of November 20, 2019:
As of February 20, 2019:

Net assets

Equity ratio

Million yen¥¥―1―546,699
500,192
546,347 million
499,721 million

%82.8
80.7

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end
Yen

Yen

Yen

Fiscal year ended February 20, 2019-47.00

Fiscal year ending February 20, 2020

-54.00Fiscal year ending February 20, 2020

Year-end-(Forecast)

TotalYen

Yen

50.00

97.00

54.00

108.00

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

3. Consolidated Financial Results Forecast for the Fiscal Year Ending February 20, 2020(February 21, 2019 to February 20, 2020)(% indicates changes from the previous corresponding period.)
Net income
Net income per
Net sales
Operating income
Ordinary income
attributable toshareowners of parent%

Million yen%

Million yen%

Yen

Full year643,000
5.7
104,000
3.2(Note) Revision to the financial results forecast announced most recently:

Million yen%

Million yen

106,000
No

2.9

71,5004.9636.09* Notes:(1) Changes in significant subsidiaries during the nine months ended November 20, 2019No(changes in specified subsidiaries resulting in changes in scope of consolidation):(Company name:
NewExclusion:(Company name:(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: Yes
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, 2019:
114,443,496 shares
February 20, 2019:
114,443,496 shares2) Total number of treasury shares at the end of the period:
November 20, 2019:
2,037,818 sharesFebruary 20, 2019:
2,221,818 shares
3) Average number of shares during the period:
Nine months ended November 20, 2019:
Nine months ended November 20, 2018:

112,335,231 shares
112,105,065 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 fromthese forecasts by a variety of reasons.

―2―Quarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets(Million yen)
As of February 20,2019

As of November 20,2019

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade102,345
24,818

141,662
33,005Merchandise and finished goods
Work in process

59,184
153

55,354215

Raw materials and supplies
Forward exchange contracts

3,570-2,808
1,559

Other

20,96911,180Total current assets

211,042245,786

Buildings and structures, net
Land115,868
171,342109,807
172,028

Other, net

14,83022,110Total property, plant and equipment

Non-current assets
Property, plant and equipment

302,041

303,946

Intangible assets

18,85723,857

Investments and other assets
Investment securities

26,10325,799Long-term loans receivable
Guarantee deposits

778
14,268742
14,175

Lease deposits
Deferred tax assets

22,908
11,90523,401
11,333

Other
Allowance for doubtful accounts

11,380(0)

10,817(0)

Total investments and other assets

87,34486,270408,244414,073

619,286

659,859

Notes and accounts payable - trade
Short-term loans payable

20,956
2,639

21,5942,750

Lease obligations
Accounts payable - other187
23,752

1,393
18,440

Income taxes payable
Provision for bonuses

19,472
4,206

11,702
5,615

Provision for point card certificates
Provision for special benefits to shareholders

2,014
343

3,212
142

Asset retirement obligations
Other

21,444

4
24,433

Total current liabilities

95,01689,288

Total non-current assets
Total assets
Liabilities
Current liabilities―3―(Million yen)
As of February 20,2019
Non-current liabilities
Long-term loans payable

As of November 20,2019

6,028

4,021

Lease obligations
Provision for directors' retirement benefits

1,956
228

5,758
228

Net defined benefit liability
Asset retirement obligations

3,202
5,365

1,178
5,511

Other

7,296

7,171

Total non-current liabilities

24,07823,871

119,094

113,160

Common stock
Capital surplus

13,37019,841

13,37020,883Retained earnings
Treasury stock

472,755(7,727)

518,563(7,088)

Total shareholders' equity

498,240

545,729

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

947-698
1,081

Foreign currency translation adjustment
Remeasurements of defined benefit plans

901(367)

(824)
(338)

Total accumulated other comprehensive income

1,481

617

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income

Subscription rights to shares
Total net assets
Total liabilities and net assets―4―470351

500,192

546,699

619,286

659,859

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 20,2018

For the nine months
ended November 20,2019

Net sales
Cost of sales

448,536
203,749

481,498
217,795

Gross profit

244,787

263,702

Selling, general and administrative expenses

166,754

179,230

Operating income

78,03384,472Non-operating income
Interest income

367

339

Dividends income
Equity in net income of affiliates

28276

28
517

Foreign exchange gains
Vending machine income

140
184

185

Gain on sales of goods
Other281
596

286
568

1,874

1,924

75

215

176

37100

Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Other
Total non-operating expenses

252

353

79,65586,043Gain on sales of non-current assets
Gain on reversal of subscription rights to shares

79314
2

Penalty income
Settlement received

1624-

Total special gains

57317

Loss on sales and disposal of non-current assets
Impairment loss

22481

50
1,222

Loss on change in equity
Compensation for damage

269
-120
85

Provision for loss on cancellation
Loss on disaster

674635-

Provision for loss on disaster
Penalty for the scrap and build of outlets

431321-Other24-

Ordinary income
Special gains

Special losses

Total special losses

2,225

2,114

Income before income taxes

77,487

84,246

Income taxes

25,464

26,738Net income

52,02357,507

Net income attributable to owners of parent

52,02357,507―5―

Quarterly Consolidated Statements of Comprehensive Income (For the nine months)(Million yen)
For the nine months
ended November 20,2018
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 nine months
ended November 20,201952,02357,507

304
704

(249)
1,081

(1,350)139(1,725)
29(201)(863)

51,821

56,644

51,821

56,644

Total comprehensive income attributable to:
Owners of parent―6―