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 Six Months Ended August 20, 2017
[Japanese GAAP]
September 27, 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 DivisionPhone: 03-6741-1204
Scheduled date of filing quarterly securities report: October 02, 2017
Scheduled date of commencing dividend payments: October 24, 2017
Availability of supplementary briefing material on quarterly financial results: Yes
Schedule of quarterly financial results briefing session: Yes(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Six Months Ended August 20, 2017 (February 21, 2017 to August 20, 2017)(1) Consolidated Operating Results(% 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%Six months ended
August 20, 2017
283,947
11.5
48,142(2.1)
48,640(2.4)
35,033
6.7
August 20, 2016
254,763
14.7
49,17034.0
49,84532.0
32,82843.3(Note) Comprehensive income:Six months ended August 20, 2017:¥
29,760 million [125.5%]
Six months ended August 20, 2016:¥13,199 million [(46.8) %]Net income
per share
Six months ended
August 20, 2017
August 20, 2016

Diluted net income
per shareYen

Yen

313.69296.45311.99293.72(2) Consolidated Financial Position
Total assets
As ofAugust 20, 2017
February 20, 2017
(Reference) Equity:

Net assets

Million yen

511,486
487,814
As of August 20, 2017:
As of February 20, 2017:

Equity ratio

Million yen¥¥

421,691
394,778
420,888 million
393,693 million

―1―%

82.3
80.7

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen-

47.00

82.00

-

47.00

92.00

Fiscal year ended February 20, 2017-35.00Fiscal year ending February 20, 2018-45.00Fiscal year ending February 20, 2018
(Forecast)(Note) Revision to the forecast for dividends announced most recently:

Year-endTotal

No

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 attributable Net income
Net sales
Operating income
Ordinary income
to owners of parent
per share
Million yen%

Million yen%

Yen

Full year
568,000 10.7
99,000 15.4
100,000
No(Note) Revision to the financial results forecast announced most recently:

Million yen%

Million yen%

14.2

68,50014.2

612.51* Notes:(1) Changes in significant subsidiaries during the six months ended August 20, 2017(changes in specified subsidiaries resulting in changes in scope of consolidation):
New(Company name: Exclusion:
1(Company name: Shanghai Liqiao Industrial Co., Ltd.

Yes

(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):
August 20, 2017:
114,443,496 shares
February 20, 2017:
114,443,496 shares2) Total number of treasury shares at the end of the period:
August 20, 2017:
2,607,938 shares
February 20, 2017:
2,931,758 shares
3) Average number of shares during the period:
Six months ended August 20, 2017:
Six months ended August 20, 2016:

111,684,026 shares
110,740,707 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 August 20,2017

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade70,56018,48658,387
20,542Merchandise and finished goods
Work in process

46,52092

39,772
176

Raw materials and supplies
Deferred tax assets

2,354
1,001

2,061
2,572

Forward exchange contracts
Other

15,002
16,174

7,644
22,466

Allowance for doubtful accounts(9)-170,182

153,624

Buildings and structures, net
Land103,763
126,923

103,068
142,973

Other, net

17,40818,512

Total property, plant and equipment

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

248,094

264,554

Intangible assets

13,732

14,123

Investments and other assets
Investment securities

3,531

26,757Long-term loans receivable
Guarantee deposits

856
15,720829
15,138

Lease deposits
Deferred tax assets

20,515
2,952

21,2483,576

Other
Allowance for doubtful accounts

12,239(9)11,633(0)Total investments and other assets

55,804

79,183

317,631357,861

487,814

511,486

Notes and accounts payable - trade
Short-term loans payable

16,001625

15,600-

Lease obligations
Accounts payable - other187
19,291

187
14,918

Income taxes payable
Deferred tax liabilities

15,630564

17,955-

Provision for bonuses
Provision for point card certificates

3,751
1,301

2,845
2,303

214
44

140-

Other

18,112

18,586

Total current liabilities

75,72472,536

Total non-current assets
Total assets
Liabilities
Current liabilities

Provision for special benefits to shareholders
Asset retirement obligations―3―(Million yen)
As of February 20,2017
Non-current liabilities
Lease obligations
Deferred tax liabilities
Provision for directors' retirement benefits
Net defined benefit liability
Asset retirement obligations

As of August 20,2017

2,330

2,236

3
228

4
228

2,634
4,565

2,501
4,796

Other

7,548

7,490

Total non-current liabilities

17,31017,25893,03589,795

Common stock
Capital surplus

13,37016,306

13,37017,856

Retained earnings
Treasury stock

361,103(10,188)

390,897(9,064)

Total shareholders' equity

380,592

413,060

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Unrealized holding gain (loss) on securities
Unrealized gain (loss) from hedging instruments
Foreign currency translation adjustment
Remeasurements of defined benefit plans

884

842

10,3692,243

5,285
1,983(396)(283)

13,100

7,828

Subscription rights to shares

940

803

Non-controlling interests

144-

394,778

421,691

487,814

511,486

Total accumulated other comprehensive income

Total net assets
Total liabilities and net assets―4―

Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the six months)(Million yen)
For the six months
ended August 20,2016

For the six months
ended August 20,2017

Net sales
Cost of sales

254,763
115,229

283,947
131,061

Gross profit

139,534

152,885

Selling, general and administrative expenses

90,363

104,743

Operating income

49,17048,142Non-operating income
Interest income

193

212

Dividends income
Vending machine Income

26
117

27120

Gain on sales of goods
Construction revenue from tenants

147
147

165
-Facility use revenue
Other148
141

224

Total non-operating income

9227493324

Foreign exchange losses
Share of loss of entities accounted for using equity
method
Other

187

195-

725

23

Total non-operating expenses

246

251

49,84548,640Non-operating expenses
Interest expenses

Ordinary income
Special gains
Gain on sales of non-current assets

649

8

Subsidy income
Gain on reversal of subscription rights to shares

80
1045

Gain on sales of shares of subsidiaries and associates
Other-

3,819
21739

3,895

1161

9-

0436

38107355-

Total special gains
Special losses
Loss on sales and disposal of non-current assets
Penalty for the scrap and build of outlets
Impairment loss
Special retirement expenses
Cancellation penalty
Other3-

Total special losses

170854

Income before income taxes

50,414

51,681

Income taxes

17,561

16,647

Net income

32,85335,03324-

32,82835,033

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

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

For the six monthsended August 20,2017

32,85335,033

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

101(16,173)(41)(5,084)Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax(3,594)13(259)112

Total other comprehensive income(19,653)(5,272)

13,19929,76013,17524

29,760-Comprehensive income
Total comprehensive income attributable to:
Owners of parent
Non-controlling interests―6―