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 Year Ended March 31, 2024
[Japanese GAAP]May 14, 2024
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
Executive Officer, General Manager, Accounting and Finance Division
Phone:+81-3-6741-1204
Scheduled date of Annual General Meeting of Shareholders:June 20, 2024
Scheduled date of commencing dividend payments:
June 4, 2024
Scheduled date of filing annual securities report:
June 21, 2024
Availability of supplementary briefing material on annual financial results: Yes
Schedule of annual 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 Fiscal Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Millions of yen%
Millions of yen%
Millions of yen%
Millions of yen%
Fiscal year ended
March 31, 2024
895,799(5.5)
127,725(8.8)
132,377(8.1)
86,523(9.0)
March 31, 2023
948,09416.8
140,0761.3
144,085
1.6
95,129(1.6)(Note) Comprehensive income:Fiscal year ended March 31, 2024:¥
94,931 million [(5.0) %]
Fiscal year ended March 31, 2023:¥
99,881 million [(4.9) %]
Basic earnings per Diluted earnings per Rate of return on
share
share
equityYen
Fiscal year ended
March 31, 2024
765.62
March 31, 2023
841.90(Reference) Equity in earnings (losses) of affiliated companies:

Yen

Ordinary profit tototal assets ratio

%

10.1
12.3
Fiscal year ended March 31, 2024:
Fiscal year ended March 31, 2023:

Operating profit to
net sales ratio

%

%

11.2
13.6
¥
¥

14.3
14.8
542 million
929 million(2) Consolidated Financial Position
Total assets
As ofMarch 31, 2024
March 31, 2023
(Reference) Equity:

Net assets

Millions of yen

1,238,679
1,133,771
As of March 31, 2024:
As of March 31, 2023:

Capital adequacy ratio

Millions of yen¥¥

896,308
818,096896,304 million
818,096 million

Net assets per share

%

Yen

72.4
72.2

7,931.07
7,239.04(3) Consolidated Cash Flows
Cash flows fromoperating activities
Fiscal year ended
March 31, 2024
March 31, 2023

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at the endof period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

143,593
91,398(131,824)(132,538)(20,606)
36,903

117,313125,115―1―2. Dividends
Annual dividends
1st
2nd
3rd
quarter-end quarter-end quarter-end

Year-end

Total

Total
dividends

Payoutratio(consolidated)

Dividends
to netassets(consolidated)

Fiscal year ended

Yen

Yen

Yen

Yen

%

%

March 31, 2023

-

73.00

-

73.00

146.0016,53417.3

2.1

March 31, 2024

-

75.00

-

72.00

147.0016,669

19.2

1.9

-

76.00

-

76.00

152.00

Yen Millions of yen

Fiscal year ending
March 31, 2025

18.7

(Forecast)
3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025 (April 1, 2024 to March 31, 2025)(% indicates changes from the previous corresponding period.)
Net sales

Six months ending
September 30, 2024
Full year

Operating profit

Profit attributable to Basic earnings perowners of parent
share

Ordinary profit

Millions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

456,100

9.4

56,7002.8

58,5002.8

40,2005.7

393.76

960,000

7.2

129,600

1.5

134,000

1.2

92,0006.3

814.07* Notes:(1) Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes inscope of consolidation): No(Company name:New)
Exclusion:(Company name:)(2) 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(3) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
March 31, 2024:
114,443,496 shares
March 31, 2023:
114,443,496 shares
2) Number of treasury shares at the end of the period:
March 31, 2024:
1,431,638 shares
March 31, 2023:
1,431,761 shares
3) Average number of shares outstanding during the period:
Fiscal Year ended March 31, 2024:
Fiscal Year ended March 31, 2023:

113,011,881 shares
112,994,490 shares―2―

(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Fiscal year ended
March 31, 2024
March 31, 2023

Operating profit

Ordinary profit

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

30,18832,078(5.9)(46.1)(8,818)(6,997)

-

5,002
8,983

(44.3)(77.3)

4,354
2,426

79.4
(93.5)

Basic earnings per share Diluted earnings per share
Fiscal year ended
March 31, 2024
March 31, 2023

Yen

Yen

38.40
21.45

-

(2) Non-consolidated Financial Position
Total assets
As ofMarch 31, 2024
March 31, 2023
(Reference) Equity:

Net assets

Millions of yen

576,173595,267
As of March 31, 2024:
As of March 31, 2023:

Capital adequacy ratio

Millions of yen¥¥

406,797
416,523
406,797 million
416,523 million

Net assets per share

%

Yen

70.6
70.0

3,587.30
3,673.07* Financial results reports are not subjected to 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.

―3―Consolidated Financial Statements
Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023

As of March 31, 2024

AssetsCurrent assets
Cash and deposits

131,928

137,943

57,408112,401

79,247
101,206

Work in process
Raw materials and supplies

479
7,496

520
6,802

Other
Allowance for doubtful accounts

20,641(1)

22,018(2)

Total current assets

330,353

347,736

Notes and accounts receivable - trade
Merchandise and finished goods

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

422,887

490,324

Accumulated depreciation(219,531)(234,477)

Buildings and structures, net

203,356

255,847

Machinery, equipment and vehicles

20,792

25,531

Accumulated depreciation(13,978)(16,072)

6,813

9,458

Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net

29,77334,037(18,417)(20,237)

11,356

13,799377,009
4,414

403,228
4,408

Accumulated depreciation(2,894)(3,163)

Leased assets, net

1,519

1,244

15,333

18,632(4,203)(6,637)

Land
Leased assets

Right of use assets
Accumulated depreciation

11,12911,995Construction in progress

Right of use assets, net

38,294

41,323

Total property, plant and equipment

649,479

736,897

Goodwill
Software

19,6195,267

17,0604,128

Software in progress
Leasehold interests in land

1,740
6,272

3,463
6,406

107

102

33,00531,162

Investment securities
Long-term loans receivable

39,089562

42,439520

Guarantee deposits
Leasehold deposits

16,89330,313

16,64630,982

Deferred tax assets
Other

21,765
12,37921,513
10,851Intangible assets

Other
Total intangible assets
Investments and other assets

Allowance for doubtful accounts

(72)

(72)

Total investments and other assets

120,932

122,882

Total non-current assets
Total assets―4―803,417890,942

1,133,771

1,238,679

(Millions of yen)
As of March 31, 2023

As of March 31, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings

38,45983,06848,294
107,557

Lease obligations
Accounts payable - other

1,602
24,058

1,895
45,933

Income taxes payable
Contract liabilities

28,351
23,774

20,36629,091

Provision for bonuses
Provision for point card certificates

8,380
11

6,604
11

422
220

318
-

Provision for shareholder benefit program
Provision for loss on business liquidation
Other

13,41916,264

Total current liabilities

221,769

276,336

Non-current liabilities
Long-term borrowings

57,33030,000

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

4,598

4,519

228

145

5,886

5,558

Asset retirement obligations
Other

14,80011,06014,748
11,061

Total non-current liabilities

93,90566,033

315,674

342,370

Shareholders' equity
Share capital

13,37013,370Capital surplus
Retained earnings

30,711
771,743

30,715
841,541

Treasury shares(10,111)(10,113)

Total shareholders' equity

805,714875,513

1,769

4,711

Total liabilities
Net assets

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges(1,829)-Foreign currency translation adjustment
Remeasurements of defined benefit plans

12,479(36)

15,816262

Total accumulated other comprehensive income

12,382

20,790-4

Non-controlling interests
Total net assets
Total liabilities and net assets―5―818,096896,308

1,133,771

1,238,679

Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Millions of yen)
For the fiscal year
ended March 31, 2023

For the fiscal year
ended March 31, 2024

Net sales
Cost of sales

948,094
469,988895,799
439,850

Gross profit

478,106

455,949

Selling, general and administrative expenses

338,029

328,223

Operating profit

140,076

127,725

Non-operating income
Interest income

638

1,323

Dividend income
Foreign exchange gains
Share of profit of entities accounted for using equity
methodSubsidy income

275
853

521
680

929

542

298

180

Vending machine income
Gain on sales of goods

363
303

341
281

Other

1,097

1,477

Total non-operating income

4,760

5,349

Interest expenses
Other

401
349

521
176

Total non-operating expenses

751

697

144,085

132,377

Gain on sale of non-current assets

17

1,784

Total extraordinary income

17

1,784

139
4,769

25
10,230

61
218

0
-

Non-operating expenses

Ordinary profit
Extraordinary income

Extraordinary losses
Loss on sale and retirement of non-current assets
Impairment losses
Loss on change in equity
Provision for loss on business liquidation

5,189

10,257

Profit before income taxes

Total extraordinary losses

138,913

123,904

Income taxes - current

47,50339,293

Income taxes - deferred(3,720)(1,912)

Total income taxes

43,78337,381

Profit95,12986,523

Profit attributable to owners of parent

95,12986,523―6―

Consolidated Statements of Comprehensive Income(Millions of yen)
For the fiscal year
ended March 31, 2023
ProfitOther comprehensive income

For the fiscal year
ended March 31, 2024

95,12986,523

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

542(1,829)

2,941
1,829

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

5,888
151

3,337
298

Total other comprehensive income
Comprehensive income

4,751

8,407

99,881

94,931

99,881

94,931

Comprehensive income attributable to
Owners of parent―7―

Consolidated Statements of Changes in Equity
For the fiscal year ended March 31, 2023
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase oftreasury shares
Disposal of treasury
sharesNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period13,370CapitalsurplusRetainedearnings

26,814

692,768

Treasuryshares(7,771)

Total
shareholders'equity725,181(16,154)(16,154)

95,12995,1293,897(4,949)(4,949)

2,608

6,505

-

3,897

78,975(2,340)80,532

13,37030,711

771,743(10,111)805,714

Accumulated other comprehensive income
Total
Valuation
Foreign
Deferred gains
Remeasureme accumulateddifference on
currency
or losses on
nts of defined
otheravailable-fortranslation
hedgesbenefit plans comprehensiv
sale securities
adjustmente income
Balance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase oftreasury shares
Disposal of treasury
sharesNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period

1,227

-

6,591

(187)

7,631

Total net
assets732,813(16,154)
95,129(4,949)6,505
542(1,829)

5,888

151

4,751

4,751

542

(1,829)

5,888

151

4,751

85,283

1,769(1,829)12,479(36)

12,382

818,096―8―

For the fiscal year ended March 31, 2024
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase oftreasury shares
Disposal of treasury
sharesNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period13,370CapitalsurplusRetainedearnings

30,711

771,743

Total
shareholders'equityTreasuryshares(10,111)805,714(16,725)(16,725)

86,52386,523

3

(2)

(2)

0

4

-

3

69,797(1)

69,79913,37030,715

841,541(10,113)875,513

Accumulated other comprehensive income
Total
NonValuation
Foreign
Deferred gains
Remeasureme accumulated controlling
difference on
currency
or losses on
nts of defined
otherinterests
available-fortranslation
hedgesbenefit plans comprehensiv
sale securities
adjustmente income
Balance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase oftreasury shares
Disposal of treasury
sharesNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period1,769(1,829)12,479(36)

12,382-

Total net
assets818,096(16,725)
86,523
(2)
4
2,941

1,829

3,337

298

8,407

4

8,411

2,941

1,829

3,337

298

8,407

4

78,211

4,711-

15,816262

20,7904

896,308―9―

Consolidated Statements of Cash Flows(Millions of yen)
For the fiscal year
ended March 31, 2023
Cash flows from operating activities
Profit before income taxes

For the fiscal year
ended March 31, 2024

138,913

123,904

Depreciation
Impairment losses

26,186
4,769

27,111
10,230

Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts

2,772
(7)

2,559
1

Increase (decrease) in provision for bonuses
Increase (decrease) in provision for retirement
benefits for directors (and other officers)
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for point cardcertificatesInterest and dividend income
Interest expenses
Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on sale and retirement of non-current
assetsLoss (gain) on change in equity
Increase (decrease) in provision for loss on businessliquidation
Decrease (increase) in trade receivables

3,874(1,810)

-

(83)

255

124

(3,116)

(0)

(913)
401

(1,844)
521

(929)

(542)

122

(1,759)

61

0

218

-

(39,324)(24,050)

Decrease (increase) in inventories
Increase (decrease) in trade payables(33,301)(414)

12,592
9,184

Increase (decrease) in accounts payable - other
Increase (decrease) in contract liability(4,864)23,79911,935
5,246

Increase (decrease) in accrued consumption taxes
Other, net

1,463
4,235

5,077
9,859

124,202

188,257

1,736
(417)

3,158
(524)

Income taxes paid
Income taxes refund(40,043)
5,919(47,946)647

Net cash provided by (used in) operating activities

91,398

143,593

SubtotalInterest and dividends received
Interest paid

―10―

(Millions of yen)
For the fiscal year
ended March 31, 2023
Cash flows from investing activities
Payments into time deposits

For the fiscal year
ended March 31, 2024

(5,789)(20,793)

2,502(113,933)

7,193(118,664)

17(2,471)

3,263(3,297)(11,989)

-

0

2

(546)
2,010

(253)
1,395

(2,681)308(1,644)
1,018

Guarantee deposits received
Refund of guarantee deposits received

12
(247)

26
(231)

Proceeds from deposits received
Repayments of deposits received

957
(147)

411
(118)

Purchase of long-term prepaid expenses
Loan advances

(762)
-

(380)
(0)

Proceeds from collection of loans receivable
Other, net

202
18

248
(0)

Net cash provided by (used in) investing activities(132,538)(131,824)

Cash flows from financing activities
Net increase (decrease) in short-term borrowings

40,00040,222

Repayments of long-term borrowings
Proceeds from long-term borrowings(35,068)
50,000(43,068)-

Repayments of lease liabilities
Purchase of treasury shares(1,961)(2)(1,044)(2)

Dividends paid

(16,064)(16,713)

Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents

36,903(20,606)

2,276

1,035

(1,960)(7,801)

Cash and cash equivalents at beginning of period

127,076

125,115

Cash and cash equivalents at end of period

125,115

117,313

Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of short-term and long-term investment
securities
Proceeds from sale of short-term and long-term
investment securities
Payments of guarantee deposits
Proceeds from refund of guarantee deposits
Payments of leasehold deposits
Proceeds from refund of leasehold deposits―11―