Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Three Months Ended May 20, 2017
(Based on Japanese GAAP)
June 28, 2017
Company name:

Nitori Holdings Co., Ltd.

Stock exchange listing: Tokyo, Sapporo
Stock code:
9843
URL
Representative:
Inquiries:

http://www.nitorihd.co.jp/

President and Chief Operating Officer
General Manager,

Toshiyuki ShiraiFumiki Takeda

Accounting and Finance Division
Scheduled date to file Quarterly Securities Report:

TEL

03-6741-1204

June 30, 2017

Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:–Yes

Holding of quarterly financial results meeting:Yes(for institutional investors and analysts)(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended May 20, 2017 (from February 21, 2017 to May 20, 2017)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Net income attributable
Net sales
Operating income
Ordinary income
to owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%Three months ended May 20, 2017
147,516
7.6
25,719(5.6)
26,010(6.0)
19,081
12.8
Three months ended May 20, 2016
137,033
14.9
27,25630.9
27,65829.4
16,92142.9(Note) Comprehensive income:Three months ended May 20, 2017 15,983 million yen [27.1%]
Three months ended May 20, 2016 12,576 million yen [2.4%]
Net income per share

Diluted net income per share

Yen
170.93152.88Three months ended May 20, 2017
Three months ended May 20, 2016

Yen
169.99151.59(2) Consolidated financial position

As of May 20, 2017
As of February 20, 2017
(Reference) Equity:
As of May 20, 2017 406,295 million yen

Total assets
Millions of yen
503,705
487,814

Net assets
Millions of yen
407,187394,778

As of February 20, 2016

Equity ratio
%
80.7
80.7

393,693 million yen

2. Cash dividends
Annual dividends per share

Year ended February 20, 2017
Year ending February 20, 2018

1st quarter-endYen––

2nd quarter-end
Yen
35.00

Year ending February 20, 2018 (Forecast)(Note) Revisions to dividend forecasts published most recently: None

3rd quarter-end
Yen–

Fiscal year-end
Yen
47.00

–

47.00

45.00

Total
Yen
82.00
92.00

3. Forecast of consolidated financial results for the year ending February 20, 2018 (from February 21, 2017 to February 20, 2018)
Percentages indicate year-on-year changes
Net
income attributable
Net income
Net sales
Operating income
Ordinary income
to owners of parent
per share
Millions of yen% Millions of yen% Millions of yen
Six months ending
282,000
10.7
48,500(1.4)
49,000August 20, 2017
Full year
568,000
10.7
99,00015.4
100,000(Note) Revisions to financial forecasts published most recently: None
1% Millions of yen%Yen(1.7)

33,0000.5

295.4014.2

68,50014.2

613.18

4. Notes(1) Changes in significant subsidiaries during the three months ended May 20, 2017(changes in specified subsidiaries resulting in the change in scope of consolidation):
Added: No
Excluded: SHANGHAI LIQIAO INDUSTRIAL CO., LTD.
(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

Yes

Yes

(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:No
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

NoNo

Restatement of prior period financial statements:

No(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of May 20, 2017

114,443,496 shares As of February 20, 2017

114,443,496 shares

Number of treasury shares at the end of the period
As of May 20, 2017

2,731,038 shares As of February 20, 2017

2,931,758 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended May 20, 2017

111,630,611 shares Three months ended May 20, 2016

110,684,729 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 reasonable assumptions to thecompany. 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
Consolidated balance sheets(Millions of yen)
As of February 20, 2017

As of May 20, 2017

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

63,66023,160

Merchandise and finished goods
Work in process

46,52092

45,497173Raw materials and supplies
Deferred tax assets

2,354
1,001

2,007
1,591

Forward exchange contracts
Other

15,002
16,174

11,07028,121

Allowance for doubtful accounts

(9)

(9)

170,182

175,273

103,763

103,962

Land
Other, net

126,923
17,408135,638
18,701

Total property, plant and equipment

248,094258,303

13,732

13,762

Investment securities
Long-term loans receivable

3,531
856

3,514
841

Guarantee deposits
Lease deposits

15,72020,515

15,47921,087

Deferred tax assets
Other

2,952
12,2393,574
11,878(9)(9)

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

Intangible assets
Investments and other assets

Allowance for doubtful accounts
Total investments and other assets

55,80456,366317,631

328,432

487,814503,705

Notes and accounts payable - trade
Short-term loans payable

16,001625

17,356–

Lease obligations
Accounts payable - other187
19,291

187
16,099

Income taxes payable
Deferred tax liabilities

15,630564

11,032–

Provision for bonuses
Provision for point card certificates

3,751
1,301

4,754
1,956

21444175
30

Other

18,112

27,693

Total current liabilities

75,72479,284

Total non-current assets
Total assets
Liabilities
Current liabilities

Provision for special benefits to shareholders
Asset retirement obligations

3

(Millions of yen)
As of February 20, 2017

As of May 20, 2017

Non-current liabilities
Lease obligations
Deferred tax liabilities

2,330
3

2,283
3

Provision for directors' retirement benefits
Net defined benefit liability

228
2,634

228
2,437

Asset retirement obligations
Other

4,565
7,548

4,705
7,574

Total non-current liabilities

17,31017,23393,03596,518

Shareholders' equity
Common stock

13,37013,370Capital surplus
Retained earnings

16,306361,103

17,468374,944

Treasury stock(10,188)(9,492)

Total shareholders' equity

380,592

396,291

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

884
10,369881
7,654

Foreign currency translation adjustment
Remeasurements of defined benefit plans

2,243
(396)

1,759
(291)

Total accumulated other comprehensive income

13,10010,003

940
144

891
–

394,778

407,187487,814

503,705

Total liabilities
Net assets

Accumulated other comprehensive income

Subscription rights to shares
Non-controlling interests
Total net assets
Total liabilities and net assets

4Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)

Net sales
Cost of sales

Three months ended

Three months ended

May 20, 2016

May 20, 2017
137,033
62,422

147,516
68,836Gross profit

74,611

78,680

Selling, general and administrative expenses

47,35452,961Operating income

27,25625,719Interest income
Vending machine income

9455

10156

Gain on sales of goods
Construction revenue from tenants

72138

77–

Facility use revenue
Other

148
99–
122

Total non-operating income

608

356

Non-operating income

Non-operating expenses
Interest expenses

1416

Foreign exchange losses
Other

166
25

37
10

Total non-operating expenses

206

65

27,65826,010Gain on sales of non-current assets
Subsidy income

280

7–

Gain on reversal of subscription rights to shares
Gain on sales of shares of subsidiaries and associates

2–443,836

Other

–

17

Total special gains

84

3,906

Loss on sales and disposal of non-current assets
Penalty for the scrap and build of outlets

2937
0

Impairment loss
Special retirement expenses

––

440
359

Cancellation penalty
Other

107
78

–
–

Total special losses

198

838

Income before income taxes

27,54429,079

Income taxes

10,6109,997

Net income

16,93319,081

11–

16,921

19,081

Ordinary income
Special gains

Special losses

Net income attributable to non-controlling interests
Net income attributable to owners of parent5Consolidated statements of comprehensive income (cumulative)(Millions of yen)

Net income
Other comprehensive income

Three months ended

Three months ended

May 20, 2016

May 20, 201716,93319,081

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

161(3,289)(2)(2,715)

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax(1,232)2(483)
104

Total other comprehensive income(4,357)(3,097)

12,576

15,983

12,564
11

15,983–Comprehensive income
Total comprehensive income attributable to:
Owners of parent
Non-controlling interests6