News Release Dated November 9, 2023
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 Year-end Dividend Forecast
for the Fiscal Year Ending March 31, 2024
AOKI Holdings Inc. has revised earnings forecasts and year-end dividend forecast for the fiscal year endingon March 31, 2024 that were announced on May 11, 2023.
1. Consolidated forecasts(1) Revisions to consolidated forecasts for the fiscal year ending March 31, 2024
(April 1, 2023 – March 31, 2024)
Net sales

Operatingprofit

Ordinary
profitProfitattributableto owners ofparent

Net income
per share

Million yen

Million yen

Million yen

Million yen

Yen

Previous forecast (A)180,500

10,80010,300

5,800

69.01

Revised forecast (B)185,000

13,00012,500

6,800

80.83

4,500

2,200

2,200

1,000

2.5

20.4

21.4

17.2

176,170

10,235

8,430

5,632

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

66.34(2) Reasons for revisions
First half net sales, operating profit, ordinary profit and profit attributable to owners of parent were all highin relation to the original fiscal year forecasts. This performance reflects the return in Japan to normal socialand economic activities, measures to respond to the rising cost of sales, and other factors. Due to thisperformance and the outlook for the second half, the fiscal year forecasts have been revised.
Although there are concerns about the increasing tendency of consumers to hold down expenditures due toinflation, sales are expected to remain generally firm. As a result, there is no significant change in the original
sales forecast for the second half and the fiscal year sales forecast has been increased.
The fiscal year operating profit and ordinary profit forecasts have been raised while incorporating increases
in some cost of sales in the Fashion Business and higher expenses at all AOKI Group companies foradvertising and marketing, store renovations, and other activities.
The fiscal year forecast for profit attributable to owners of parent has been raised after incorporating theoutlook for an increase in some taxes.

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

Total
Yen

Yen

Previous forecast

14.00

27.00

Revised forecast

27.00

40.00

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, ourbasic policy is to maintain a dividend payout ratio of at least 30% while paying a dividend that is higher
than in previous years. In addition, unless there are specific funding needs, our basic policy is to maintain atotal payout ratio of 50% or more through measures such as repurchasing stock.
Although there is no change in the policy for earnings distributions, the year-end dividend forecast has beenraised by 13 yen to 27 yen per share. This results in an annual dividend of 40 yen per share, including theinterim dividend of 13 yen per share. The higher dividend forecast is due to the upward revisions to thefiscal year forecasts, the absence of any large investments, and other considerations of funds affecting thedividend.
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.