News Release Dated May 1, 2024
Company: AOKI Holdings Inc.
Representative: Haruo Tamura, President
Stock code: 8214, TSE Prime
Contact: Satoshi Eguchi,
General Manager of IR/PR OfficeTel: +81-45-941-1388

Revisions to Consolidated Earnings Forecasts and Dividend Forecast
for the Fiscal Year Ended March 31, 2024
AOKI Holdings Inc. has revised earnings forecasts and year-end dividend forecast for the fiscal year ended
on March 31, 2024 that were announced on November 9, 2023.
1. Consolidated forecasts(1) Revisions to consolidated forecasts for the fiscal year ended March 31, 2024
(April 1, 2023 – March 31, 2024)
Profitattributable toowners ofparent

Net income
per share

Million yen

Million yen

Yen

13,00012,500

6,800

80.83

187,700

13,85013,200

7,550

89.74

2,700

850

700

750

1.5

6.5

5.6

11.0

176,170

10,235

8,430

5,632

Net sales

OperatingprofitOrdinary
profitMillion yen

Million yen

Previous forecast (A)185,000

Revised forecast (B)Change (B - A)
Percentage change (%)(Reference)Previous fiscal year
(ended March 31, 2023)

66.34(2) Reasons for revisions
The net sales forecast was revised as shown above based on the robust performance of the general market,
freshers and other apparel in the Fashion Business mainly due to the normalization of economic activities,
and as both the Entertainment Business and the ANNIVERSAIRE and Bridal Business progressed
generally as planned.
The operating profit and ordinary profit forecasts were revised as shown above, while the implementationof effective sales measures in response to rising purchase prices in the Fashion Business and other factors
helped to maintain a high profit margin, expenses increased due to the strengthening of sales measures inthe Fashion Business and an increase in personnel expenses in all businesses.
Profit attributable to owners of parent is expected to exceed the forecast. This is due to an increase inordinary profit and a reduction in tax expenses, influenced by factors such as the system of tax credit forsalary increase.

2. Dividend forecast(1) Revisions to year-end dividend forecast
Dividend per share
2Q-endYear-end
Yen

Total
Yen

Yen

Previous forecast

27.00

40.00

Revised forecast

37.00

50.00

13.00

20.00

Current fiscal year results(Reference)Previous fiscal year
(ended March 31, 2023)

13.00
7.00

(2) Reasons for revisions
The distribution of earnings to shareholders is one of our highest management priorities. For dividends,
our basic policy is to maintain a dividend payout ratio of at least 30% while paying a dividend that ishigher than in previous years. In addition, unless there are specific funding needs, our basic policy is tomaintain a total payout ratio of 50% or more through measures such as repurchasing stock.
Although the dividend forecast for the fiscal year that ended in March 2024 is far higher than the levelbased on this earnings distribution policy, the forecast was determined by taking into account all applicablefactors. Most significant are the outlook for sales and earnings is higher than the forecast, as was explainedin “1. Consolidated forecasts”, and the request of the Tokyo Stock Exchange for management thatrecognizes the importance of the cost of capital and stock price. As a result, the year-end dividend forecast
has been raised by 10 yen to 37 yen per share. This results in an annual dividend of 50 yen per share,including the interim dividend of 13 yen per share.
Note: These forecasts are based on judgments made in accordance with information available tomanagement at the time this release was prepared. Actual results may differ substantially from theseforecasts for a number of reasons. An announcement will be made promptly if there is any
significant new information concerning these forecasts.

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