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 Three Months Ended May 20, 2019
[Japanese GAAP]
July 03, 2019
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 DivisionPhone:
03-6741-1204
Scheduled date of filing quarterly securities report: July 03, 2019
Scheduled date of commencing dividend payments: Availability of supplementary briefing material on quarterly financial results: Yes
Holding of quarterly 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 Three Months Ended May 20, 2019 (February 21, 2019 to May 20, 2019)(1) Consolidated Operating Results (Cumulative)(% indicates changes from the previous corresponding period.)
Net income
Net sales
Operating income
Ordinary income
attributable to ownersof parent
Million yen%
Million yen%
Million yen%
Million yen%Three months ended
May 20, 2019
167,332
6.1
30,4310.0
30,7220.1
20,3483.2
May 20, 2018
157,648
6.9
30,42618.3
30,67817.9
19,7203.4(Note) Comprehensive income:Three months ended May 20, 2019:¥20,847 million [8.4%]
Three months ended May 20, 2018:¥19,234 million [20.3%]
Net income
per share
Three months ended
May 20, 2019
May 20, 2018

Diluted net income pershareYen

Yen

181.24176.05180.81
175.33(2) Consolidated Financial Position
Total assets
As ofMay 20, 2019
February 20, 2019
(Reference) Equity:

Net assets

Equity ratio

Million yen

Million yen

626,038
619,286

516,506
500,192
516,065 million
499,721 million

As of May 20, 2019:
As of February 20, 2019:

¥¥

―1―%

82.4
80.7

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended February 20, 2019-47.00-50.00

97.00

Fiscal year ending February 20, 202054.00-54.00108.00Fiscal year ending February 20, 2020
(Forecast)Year-end

Total

No(Note) Revision to the forecast for dividends announced most recently:

3. Consolidated Financial Results Forecast for the Fiscal Year Ending February 20, 2020(February 21, 2019 to February 20, 2020)(% indicates changes from the previous corresponding period.)
Net income
Net income perNet sales
Operating income
Ordinary income
attributable toshareowners of parent
Million yen%

Million yen%Six months ended August
323,200
7.1
53,100(5.0)
20, 2019
Full year
643,000
5.7
104,0003.2(Note) Revision to the financial results forecast announced most recently:

Million yen%

Million yen%

Yen

54,300(4.3)

36,200(4.6)

322.30106,000
No

2.9

71,5004.9636.59* Notes:(1) Changes in significant subsidiaries during the three months ended May 20, 2019(changes in specified subsidiaries resulting in changes in scope of consolidation):
New(Company name: (Company name: Exclusion:-No(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: Yes
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):
May 20, 2019:
114,443,496 shares
February 20, 2019:
114,443,496 shares2) Total number of treasury shares at the end of the period:
May 20, 2019:2,125,718 shares
February 20, 2019:
2,221,818 shares
3) Average number of shares during the period:
Three months ended May 20, 2019:
Three months ended May 20, 2018:112,270,194 shares
112,018,694 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 20,2019

As of May 20,2019

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade102,345
24,818

101,404
31,900

Merchandise and finished goods
Work in process

59,184
153

54,126210

Raw materials and supplies
Other

3,570
20,9693,300
22,507

Total current assets

211,042

213,448

115,868

114,384

Land
Other, net

171,342
14,830171,672
20,235

Total property, plant and equipment

302,041

306,291

18,857

19,942

Investment securities
Long-term loans receivable

26,103778

26,168766

Guarantee deposits
Lease deposits

14,26822,90813,87523,207

Deferred tax assets
Other

11,905
11,38011,113
11,223

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

Intangible assets
Investments and other assets

Allowance for doubtful accounts

(0)

(0)

Total investments and other assets

87,34486,355408,244412,589

619,286

626,038

Total non-current assets
Total assets
LiabilitiesCurrent liabilities
Notes and accounts payable - trade20,956

17,412

Short-term loans payable
Lease obligations

2,639
187

2,741
1,320

Accounts payable - other
Income taxes payable

23,752
19,472

16,307
10,528Provision for bonuses
Provision for point card certificates

4,206
2,014

5,350
2,541

Provision for special benefits to shareholders
Other

343
21,444250
25,536

Total current liabilities

95,016

81,988―3―

(Million yen)
As of February 20,2019
Non-current liabilities
Long-term loans payable

As of May 20,2019

6,028

5,027

Lease obligations
Provision for directors' retirement benefits

1,956
228

6,320
228

Net defined benefit liability
Asset retirement obligations

3,202
5,365

3,292
5,433

Other

7,296

7,240

Total non-current liabilities

24,07827,543

119,094

109,532

Common stock
Capital surplus

13,37019,841

13,37020,614Retained earnings
Treasury stock

472,755(7,727)487,492(7,393)

Total shareholders' equity

Total liabilities
Net assets
Shareholders' equity

498,240

514,084

Accumulated other comprehensive income
Unrealized holding gain (loss) on securities947

1,052

Foreign currency translation adjustment
Remeasurements of defined benefit plans

901(367)

1,285
(357)

Total accumulated other comprehensive income

1,481

1,980

470

441

500,192

516,506

619,286

626,038

Subscription rights to shares
Total net assets
Total liabilities and net assets―4―Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the three months)(Million yen)
For the three months
ended May 20,2018

For the three months
ended May 20,2019

Net sales
Cost of sales

157,648
70,638167,332
77,136Gross profit

87,01090,195

Selling, general and administrative expenses

56,584

59,764

Operating income

30,42630,431

Interest income
Equity in net income of affiliates

116-

115
7

Subsidy income
Vending machine income

83
54

5055

Gain on sales of goods
Other

94
104

93
113

Total non-operating income

452

436

Interest expenses
Equity in losses of affiliates

21
2

69-

Foreign exchange losses
Other

50
126

52
23

Non-operating income

Non-operating expenses

Total non-operating expenses

200

145

30,67830,722Gain on sales of non-current assets
Gain on reversal of subscription rights to shares

66312
1

Penalty income
Settlement received

1224-

Total special gains

49314

Special losses
Loss on change in equity

171

98

8013160

Ordinary income
Special gains

Loss on sales and disposal of non-current assets
Impairment loss
Other16-

Total special losses

196

272

Income before income taxes

30,53030,764

Income taxes

10,81010,416

Net income

19,72020,348Net income attributable to owners of parent

19,72020,348―5―

Quarterly Consolidated Statements of Comprehensive Income (For the three months)(Million yen)
For the three months
ended May 20,2018
Net income
Other comprehensive income

For the three months
ended May 20,2019

19,72020,348

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

238
1,263

105
-

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax(1,997)9384
9Total other comprehensive income
Comprehensive income(485)499

19,234

20,847

19,234

20,847

Total comprehensive income attributable to:
Owners of parent―6―