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 Six Months Ended August 20, 2016
(Based on Japanese GAAP)
September 27, 2016
Nitori Holdings Co., Ltd.
Company name:
Stock exchange listing: Tokyo, Sapporo
Stock code:
Representative:

9843
URL http://www.nitorihd.co.jp/President and Chief Operating Officer
Toshiyuki Shirai

Inquiries:

General Manager,Accounting and Finance Division

Fumiki Takeda

Scheduled date to file Quarterly Securities Report:
Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:
Holding of quarterly financial results meeting:TEL

03-6741-1204

September 30, 2016
October 25, 2016
YesYes(for institutional investors and analysts)(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the six months ended August 20, 2016 (from February 21, 2016 to August 20, 2016)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating income
Ordinary income
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Six months ended August 20, 2016
254,763
14.7
49,17034.0
49,84532.0
32,82843.3
Six months ended August 20, 2015
222,185
5.4
36,706(2.1)
37,771(1.1)
22,9053.4(Note) Comprehensive income:Six months ended August 20, 2015 24,800 million yen[9.7%]
Six months ended August 20, 2016 13,199 million yen[(46.8)%]
Net income per share

Diluted net income per shareYen
296.45207.46Six months ended August 20, 2016
Six months ended August 20, 2015

Yen
293.72205.62(2) Consolidated financial position
Total assets
As of August 20, 2016
As of February 20, 2016
(Reference) Equity:
As of August 20, 2016

Net assets

Millions of yen
444,128
414,541
340,879 million yen

Equity ratio

Millions of yen
342,268
330,968

As of February 20, 2016

%
76.8
79.5
329,695 million yen

2. Cash dividends
Annual dividends per share

Year ended February 20, 2016
Year ending February 20, 2017

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––Yen
30.00
35.00

Yen–

Yen
35.00

Yen
65.00

–

35.00

70.00

Year ending February 20, 2017 (Forecast)(Note) Revisions to dividend forecasts published most recently: NoneTotal

3. Forecast of consolidated financial results for the year ending February 20, 2017 (from February 21, 2016 to February 20, 2017)
Percentages indicate year-on-year changes
Profit attributable toNet income
Net sales
Operating income
Ordinary income
owners of parent
per share
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Full year
500,000
9.1
79,0008.2
80,0006.7
51,4009.4
463.81(Note) Revisions to financial forecasts published most recently: None14. Notes(1) Changes in significant subsidiaries during the six months ended August 20, 2016(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

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:
Changes in accounting policies due to other reasons:

YesNo

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of August 20, 2016

114,443,496 shares As of February 20, 2016

114,443,496 shares

Number of treasury shares at the end of the period
As of August 20, 2016

3,622,026 shares As of February 20, 2016

3,854,468 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended August 20, 2016

110,740,707 shares Six months ended August 20, 2015

110,408,960 shares*Notice regarding quarterly review procedures for the quarterly financial results
This quarterly financial results statement is exempt from the quarterly review procedures based upon the Financial Instruments and ExchangeAct. At the time of disclosure of this quarterly financial results statement, the quarterly review procedure based upon the Financial Instruments
and Exchange Act has not been completed.
*Explanation for appropriate use of financial forecasts and other special notes
The forecasts given in this document are based on the information currently available to the Company and certain reasonable assumptions.
Actual results may differ from these forecasts for a variety of reasons.

2Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of February 20, 2016

As of August 20, 2016

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade42,327
15,25862,963
15,395Merchandise and finished goods
Work in process

43,07990

34,835112

Raw materials and supplies
Other

2,247
26,994

1,886
26,658

Allowance for doubtful accounts
Total current assets

(8)

(7)

129,989

141,845

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

88,225100,151

Land
Other, net

115,504
21,134122,459
16,018

Total property, plant and equipment

224,863

238,628

Intangible assets
Investments and other assets

11,20912,472

Guarantee deposits
Lease deposits

15,362
18,07914,603
18,284

Other
Allowance for doubtful accounts

15,046(9)18,303(9)

Total investments and other assets

48,47851,181

284,551

302,282

414,541444,128

15,356

13,730

Short-term loans payable
Accounts payable - other

1,504
16,195875
14,252

Income taxes payable
Provision for bonuses

14,9293,024

19,314
3,387

Provision for point card certificates
Provision for special benefits to shareholders

1,031
191

1,939
121

Other

15,36430,191

Total current liabilities

67,597

83,811

625
228

–228

Net defined benefit liability
Asset retirement obligations

2,279
3,902

2,338
4,038

Other

8,937

11,441

Total non-current liabilities

15,97418,047

83,572

101,859

Total non-current assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable - tradeNon-current liabilities
Long-term loans payable
Provision for directors' retirement benefits

Total liabilities

3

(Millions of yen)
As of February 20, 2016

As of August 20, 2016

Net assets
Shareholders' equity
Common stock

13,37013,370Capital surplus
Retained earnings

14,411
308,854

15,484
337,812

Treasury shares(13,392)(12,586)

Total shareholders' equity

323,244354,081

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

289
4,165

391
(12,008)

Foreign currency translation adjustment
Remeasurements of defined benefit plans

2,301
(305)

(1,293)(291)

Total accumulated other comprehensive income

6,450(13,202)

1,174
98

1,265
123

330,968

342,268

414,541444,128

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)Six months ended

Six months ended

August 20, 2015

August 20, 2016

Net sales
Cost of sales

222,185
105,208

254,763
115,229

Gross profit

116,976

139,534

Selling, general and administrative expenses

80,27090,363Operating income

36,70649,170Interest income
Dividends income

237
23193
26

Foreign exchange gains
Vending machine income

377
108

–117

Gain on sales of goods
Construction revenue from tenants

141–147
147

Facility use revenueOther21194

148
141

1,105

922

Non-operating income

Total non-operating income
Non-operating expenses
Interest expenses

3933

Foreign exchange losses
Other–
1187
25

Total non-operating expenses

40

246

37,771

49,845Gain on sales of non-current assets
Subsidy income

3–

649
80

Gain on reversal of subscription rights to shares

510

Total special income

8739

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

1228

119

Cancellation penalty
Special retirement expenses

––

107
38

Other

43Ordinary income
Special income

Special losses

45170

Income before income taxes and minority interests

Total special losses

37,73350,414

Income taxes

14,812

17,561

Net income

22,92132,85316

24

22,90532,828

Profit attributable to non-controlling interests
Profit attributable to owners of parent

5Consolidated statements of comprehensive income (cumulative)(Millions of yen)

Net income
Other comprehensive income

Six months ended

Six months ended

August 20, 2015

August 20, 2016
22,92132,853

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges349
1,449

101
(16,173)

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

79(0)(3,594)
13

1,878(19,653)

24,80013,19924,784

13,175

1624

Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

6