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 February 20, 2021
[Japanese GAAP]
March 31, 2021
Nitori Holdings Co., Ltd.
Company name:
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
General Manager,Accounting and Finance Division
Phone:
03-6741-1204
Scheduled date of Annual General Meeting of Shareholders:
May 13, 2021
Scheduled date of commencing dividend payments:
April 22, 2021
Scheduled date of filing annual securities report:
May 14, 2021
Availability of supplementary briefing material on annual financial results: Yes
Holding of annual financial results meeting: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 February 20, 2021 (February 21, 2020 to February 20, 2021)(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%
Fiscal year ended
February 20, 2021
716,900
11.6
137,68728.1
138,426
26.4
92,11429.0
February 20, 2020
642,273
5.6
107,478
6.6
109,522
6.3
71,395
4.7(Note) Comprehensive income:Fiscal year ended February 20, 2021:¥
90,944 million [29.1%]
Fiscal year ended February 20, 2020:¥
70,443 million [5.5%]
Net income per
share

Diluted net income
per share

Rate of return on
equityYen%

Yen
Fiscal year ended
February 20, 2021
817.01February 20, 2020
635.42(Reference) Equity in net income of affiliates:

Ordinary income to Operating income tototal assets ratio
net sales ratio

816.6615.3
634.03
13.5
Fiscal year ended February 20, 2021:
Fiscal year ended February 20, 2020:

%

%

17.2
16.8
¥
¥

19.2
16.7
566 million
588 million(2) Consolidated Financial Position
Total assets
As ofFebruary 20, 2021
February 20, 2020
(Reference) Equity:

Net assets

Million yen

927,048
683,247
As of February 20, 2021:
As of February 20, 2020:

Equity ratio

Net assets per share

Million yen

681,857
560,861
642,096 million
560,571 million

¥
¥

%

Yen

69.3
82.0

5,691.11
4,984.29(3) Consolidated Cash Flows
Cash flows fromoperating activities
Fiscal year ended
February 20, 2021
February 20, 2020

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at the endof period

Million yen

Million yen

Million yen

Million yen

150,879
99,337(195,985)(44,486)

30,309(13,862)

125,487
140,791―1―2. Dividends
Annual dividends
1st
2nd
3rd
quarter-end quarter-end quarter-end

Year-end

Total
dividends

Total

Payoutratio(consolidated)

Dividends
to netassets(consolidated)

Fiscal year ended

Yen

Yen

Yen

Yen

Yen

Million yen%%

February 20, 2020

-

54.00

-

54.00

108.0012,16017.0

2.3

February 20, 2021

-

57.00

-

66.00

123.0013,907

15.1

2.3

-

70.00

-

70.00

140.00Fiscal year ending
February 20, 2022

16.0

(Forecast)
3. Consolidated Financial Results Forecast for the Fiscal Year Ending February 20, 2022 (February 21, 2021 to February 20, 2022)(% indicates changes from the previous corresponding period.)
Net income
Net income per
Net sales
Operating income Ordinary income
attributable toshareowners of parent
Six months ended August20, 2021
Full year

Million yen%

Million yen%

Million yen%

Million yen%

Yen

434,500

19.9

75,000(6.9)

76,100(6.1)

50,8002.1

450.26873,600

21.9

143,900

4.5

146,400

5.8

98,6007.0873.92* Notes:(1) Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes inscope of consolidation): Yes
New
1(Company name: SHIMACHU CO.,LTD)(Company name:
Exclusion:)(2) 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(3) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):February 20, 2021:
114,443,496 shares
February 20, 2020:
114,443,496 shares2) Total number of treasury shares at the end of the period:
February 20, 2021:
1,619,063 shares
February 20, 2020:
1,975,782 shares
3) Average number of shares during the period:
Fiscal Year ended February 20, 2021:
Fiscal Year ended February 20, 2020:

112,745,933 shares
112,358,824 shares―2―

(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended February 20, 2021 (February 21, 2020 to February 20, 2021)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Fiscal year ended
February 20, 2021
February 20, 2020

Operating income

Ordinary income

Net income

Million yen%

Million yen%

Million yen%

Million yen%

28,08030,411(7.7)(65.1)(8,903)(1,010)

-

5,335
9,945

(46.4)(84.7)(1,562)
3,771(93.4)Net income per share
Fiscal year ended
February 20, 2021
February 20, 2020

Diluted net income per
share

Yen

Yen

(13.83)
33.55

33.47

(2) Non-consolidated Financial Position
Total assets
As ofFebruary 20, 2021
February 20, 2020
(Reference) Equity:

Net assets

Million yen

469,507438,713
As of February 20, 2021:
As of February 20, 2020:

Equity ratio

Million yen¥¥

402,206
414,852
402,206 million
414,563 million

Net assets per share
%

Yen

85.7
94.5

3,557.30
3,675.62* 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 of 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(Million yen)
As of February 20,2020
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Right of use assets
Accumulated depreciation
Right of use assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Goodwill
Software
Software in progress
Leasehold interests in land
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Guarantee deposits
Leasehold deposits
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets―4―

As of February 20,2021

159,190
27,88061,203182
4,127
11,010(4)
263,589

158,577
37,806
7,791
76,133200
4,403
17,843(5)
302,750

215,908(104,359)
111,548
13,511(9,798)3,713
19,686(10,615)
9,071
173,0103,776(1,752)
2,023
5,742(1,212)
4,529
3,489
307,387

353,576(178,932)
174,644
13,811(10,188)
3,623
24,554(15,430)
9,124
257,012
4,384(2,189)2,194
6,015(2,342)
3,673
9,762
460,034

11,391
5,984
7,160
64
24,59931,665
9,296
517
7,178
89
48,74825,535732
13,98723,756
13,246
10,429(18)
87,670419,657
683,247

25,727665
19,85828,94525,38914,999(72)
115,514624,297
927,048

(Million yen)
As of February 20,2020

As of February 20,2021

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

19,7742,787

44,554
48,715

Lease obligations
Accounts payable - other

1,554
22,923

1,570
33,512

Income taxes payable
Provision for bonuses

20,2244,020

30,351
5,120

Provision for point card certificates
Provision for special benefits to shareholders

2,076
282

2,669
463

Other

23,42039,388

Total current liabilities

97,063

206,345

Long-term borrowings
Lease obligations
Provision for retirement benefits for directors (andother officers)
Retirement benefit liability

4,000
6,714

2,000
5,875

228

228

1,343

5,186

Asset retirement obligations
Other

5,673
7,361

14,608
10,945

Non-current liabilities

Total non-current liabilities

25,322

38,844

122,385

245,190

Shareholders' equity
Common stock

13,37013,370Capital surplus
Retained earnings

25,074532,471

26,255612,082

Total liabilities
Net assets

Treasury stock(10,875)(8,971)

Total shareholders' equity

560,042642,737

Unrealized holding gain (loss) on securities
Foreign currency translation adjustment

750
161

690
(1,122)Remeasurements of defined benefit plans

(382)

(208)

Total accumulated other comprehensive income

529

(640)

Accumulated other comprehensive income

Subscription rights to shares289-

Non-controlling interests-

39,760560,861

681,857

683,247

927,048

Total net assets
Total liabilities and net assets―5―Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Million yen)
For the fiscal year
ended February 20,2020

For the fiscal year
ended February 20,2021

Net sales
Cost of sales

642,273
287,909

716,900
305,109

Gross profit

354,364

411,791

Selling, general and administrative expenses

246,886

274,104

Operating income

107,478

137,687

Interest income
Dividend income

522
36

501
38

Equity in net income of affiliates
Subsidy income

588
203

566
212

Vending machine income
Gain on sales of goods

247
374

253
187

Other

503

603

2,476

2,363

283

294

Commission expenses
Foreign exchange losses

24

1,000
6

Other

124

323

Total non-operating expenses

432

1,624

109,522

138,426315

5

Gain on reversal of subscription rights to shares
Gain on cancellation of leasehold contracts

3
-

12
397

Reversal of provision for loss on cancellation
Penalty income

307

352
-

Total special gains

626

767

99

63

4,090
172

8,351
81

85
630

-

Total special losses

5,078

8,497

Income before income taxes

105,069

130,696

Income taxes - current

34,97942,431Non-operating income

Total non-operating income
Non-operating expenses
Interest expenses

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

Special losses
Loss on sales and disposal of non-current assets
Impairment loss
Loss on change in equity
Compensation for damage
Provision for loss on cancellation

Income taxes - deferred(1,304)(3,848)

Total income taxes

33,674

38,582

Net income

71,395

92,114

Net income attributable to owners of parent

71,395

92,114―6―

Consolidated Statements of Comprehensive Income(Million yen)
For the fiscal year
ended February 20,2020
Net income
Other comprehensive income
Unrealized holding gain (loss) on securities
Foreign currency translation adjustment

For the fiscal year
ended February 20,2021

71,395

92,114

(197)
(740)

(60)
(1,283)Remeasurements of defined benefit plans, net of tax

(14)

173

Total other comprehensive income(951)(1,169)Comprehensive income

70,44390,944

Total comprehensive income attributable to
Owners of parent

70,44390,944―7―

Consolidated Statements of Changes in Net Assets
For the fiscal year ended February 20,2020(Million yen)
Shareholders' equity

Balance at February
20,2019
Changes of items
during the year
Dividends of surplus
Net income
attributable to ownersof parent
Acquisition oftreasury stock
Disposal of treasurystock
Net changes in items
other than those inshareholders' equity
Total changes of items
during the year
Balance at February
20,2020

Common stock

Capital surplus

Retained earnings

13,37019,841

472,755

Total shareholders'equityTreasury stock(7,727)498,240(11,679)(11,679)

71,39571,395

5,232(5,012)(5,012)

1,865

7,098

-

5,232

59,716(3,147)61,801

13,37025,074532,471(10,875)

560,042

Accumulated other comprehensive income

Balance at February
20,2019
Changes of items
during the year
Dividends of surplus
Net income
attributable to ownersof parent
Acquisition oftreasury stock
Disposal of treasurystock
Net changes in items
other than those inshareholders' equity
Total changes of items
during the year
Balance at February
20,2020

Unrealized holding
gain (loss) on
securities

Foreign currencytranslation
adjustment

947

901

Remeasurements of Total accumulated otherdefined benefit plans comprehensive income

(367)

1,481

Subscription rights
to shares

Total net assets

470

500,192(11,679)
71,395(5,012)
7,098
(197)

(740)

(14)

(951)

(180)

(1,132)

(197)

(740)

(14)

(951)

(180)

60,669

750

161

(382)

529

289

560,861―8―

For the fiscal year ended February 20,2021(Million yen)
Shareholders' equity
Common stock
Balance at February
20,2020
Changes of items during
the year
Dividends of surplus
Net income
attributable to ownersof parent
Acquisition oftreasury stock
Disposal of treasurystock
Net changes in items
other than those inshareholders' equity
Total changes of items
during the year
Balance at February
20,2021

Capital surplus

13,370Retained earnings

25,074532,471

Treasury stock

Total shareholders'equity(10,875)

560,042(12,504)(12,504)

92,114

92,114

1,181

(21)

(21)

1,924

3,105

-

1,181

79,6101,903

82,694

13,37026,255612,082(8,971)

642,737

Accumulated other comprehensive income
Unrealized holding Foreign currency
Total accumulated Subscription rights Non-controlling
Remeasurements ofto shares
interests
gain (loss) on
translation
other comprehensive
defined benefit planssecurities
adjustment
incomeBalance at February
20,2020
Changes of items during
the year
Dividends of surplus
Net income
attributable to ownersof parent
Acquisition oftreasury stock
Disposal of treasurystock
Net changes in items
other than those inshareholders' equity
Total changes of items
during the year
Balance at February
20,2021

750

161

(382)

529

289

-

Total net assets

560,861(12,504)
92,114
(21)
3,105
(60)

(1,283)173(1,169)(289)

39,76038,301(60)(1,283)173(1,169)(289)

39,760120,996690(1,122)

(208)

(640)

-

39,760681,857―9―

Consolidated Statements of Cash Flows(Million yen)
For the fiscal year
ended February 20,2020

For the fiscal year
ended February 20,2021

Cash flows from operating activities
Income before income taxes

105,069

130,696

Depreciation and amortization
Impairment loss

16,561
4,090

17,831
8,351

21
(177)

701

Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for point cardcertificatesInterest and dividend income(1,880)

389

63

591

(559)

(539)

Interest expenses
Commission expenses
Share of loss (profit) of entities accounted for using
equity method
Gain on cancellation of rental contracts

283
-

294
1,000

(588)

(566)

-

(397)

Penalty income
Provision for loss on cancellation

(307)
630

-

Reversal of provision for loss on cancellation
Loss (gain) on sales and disposal of non-current assets

(216)

(352)
58

Loss (gain) on change in equity
Decrease (increase) in trade receivables

172(3,664)81(991)

Decrease (increase) in inventories
Increase (decrease) in trade payables(2,687)
219

4,867
(99)

Increase (decrease) in accrued consumption taxes
Other, net

1,011
4,595

6,486
16,173

122,637

184,575

Interest and dividends received
Interest paid

1,214
(280)

1,098
(262)

Penalty income received
Penalty for the scrap and build of outlets paid

307
(286)

-

Income taxes paid
Income taxes refund(34,112)
9,856(34,610)79

Net cash provided by operating activities

99,337150,879

Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses

Subtotal―10―

(Million yen)
For the fiscal year
ended February 20,2020
Cash flows from investing activities
Payments into time deposits

For the fiscal year
ended February 20,2021(18,374)(15,267)

Proceeds from withdrawal of time deposits
Payments for property, plant and equipment

2,285(17,482)534(17,145)

Proceeds from sales of property, plant and equipment
Payments for intangible assets
Proceeds from sales of short-term and long-term
investment securities
Payments of guarantee deposits
Proceeds from collection of guarantee deposits
Payments for stocks of subsidiaries resulting inchange in scope of consolidation
Payments of leasehold deposits

517(9,550)40(3,094)

5-(1,032)277(1,289)108-(158,304)(1,157)(1,417)

Proceeds from collection of leasehold deposits
Proceeds from guarantee deposits received

346
41

421
40

Proceeds from deposits received
Repayments of deposits received

154
(92)

66
(29)

Payments for long-term prepaid expenses
Payments of loans receivable

(158)
(296)

(354)
(339)

Proceeds from collection of loans receivable
Other payments

36
(5)

45
-

Net cash used in investing activities(44,486)(195,985)

Cash flows from financing activities
Increase in short-term loans payable88

46,000Decrease in short-term loans payable
Repayments of long-term loans payable(2)(2,009)(30)(2,000)

Repayments of lease obligations
Payments for acquisition of treasury shares(1,382)(4,907)(1,588)(21)

Proceeds from sales of treasury shares
Dividends paid

5,009
(11,663)(12,497)

Proceeds from exercise of employee stock options
Payment of commission

1,006
-

1,447
(1,000)Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents(13,862)

30,309

(250)

(507)

40,737(15,304)

Cash and cash equivalents at beginning of the year

100,053

140,791

Cash and cash equivalents at end of the year

140,791

125,487―11―