YONDOSHI HOLDINGS INC.
Prime Market, Tokyo Stock Exchange (8008)

Investors’ Presentation
Results for the Fiscal 2023
(The Fiscal Year Ended February 29, 2024)

April 12, 2024

Contents
Ⅰ． Results for FY2/24 and Forecasts for FY2/25
Ⅱ．Review of the 6th Medium-Term Management Plan
Ⅲ．7th Medium-Term Management Plan
Ⅳ．2030 Vision – Policy Measures for Improving Returns on Capital

Ⅴ. Appendix
Hidetoshi Masuda. President and Representative Director
YONDOSHI HOLDINGS INC.
Note: Amounts identified in this report are presented in millions of yen rounded down. Percentage figures are calculated from raw data.

Disclaimer: Operating forecasts and forward-looking statements that are not of historic fact are based on information available
to management as of the date of this report. Subject to a variety of risks and uncertainties, these forecasts and forward-looking
statements may differ substantially from actual results due to a diversity of factors including changes in the Company’s
operating environment, market trends and fluctuations in foreign currency exchange rates. As a result, readers are advised not
to rely solely on the information provided as the basis for investment decisions.
2Contents
Ⅰ． Results for FY2/24 and Forecasts for FY2/25
Ⅱ．Review of the 6th Medium-Term Management Plan
Ⅲ．7th Medium-Term Management Plan
Ⅳ．2030 Vision – Policy Measures for Improving Returns on Capital

Ⅴ. Appendix

3

Consolidated Operating Results for Fiscal 2023
 Full-year results: Net sales was mostly in line with plan, while operating income andordinary income rose for a second consecutive year Profitability has improved, and earnings at all levels are in line with plan
FY2022 (2023/2)

FY2023 (2024/2)(Millions of yen, %)ActualResults

Share

Net sales

39,508Gross profit

19,727Gross profit margin
Selling, general andadministrative expenses

YoY

vs.
Forecasts

100.0

－0.1

－1.4

49.5

－1.0

－2.4

－0.5

－0.6

Forecasts

ActualResults

Share

100.0

40,00039,45749.9

20,00019,530

50.0

49.5

49.9

17,74844.9

17,90017,433

44.2

－1.8

－2.6

496

1.3

496

496

1.3

±0.0

±0.0

Operating income

1,979

5.0

2,100

2,096

5.3

＋5.9

－0.1

Ordinary income

2,342

5.9

2,500

2,515

6.4

＋7.4

+0.6

Net income

1,149

2.9

1,300

1,300

3.3

＋13.2

±0.0

Operating income before
the amortization of
goodwill
Net income before theamortization of goodwill

2,475

6.3

2,596

2,593

6.6

+4.8

▲0.1

1,645

4.2

1,796

1,796

4.6

+9.2

±0.0

Amortization of goodwill* Operating income before the amortization of goodwill = operating income + goodwill amortization;
net income before the amortization of goodwill = profit attributable to owners of parent + goodwill amortization

4

Business Results by Segment for Fiscal 2023
Jewelry Business

Ongoing structural reforms led to a decrease in revenue, but earnings rose forthe second consecutive year Fashion jewelry: Sluggish sales during the Christmas shopping season, but positive
response to priority issues➢ Sales to women +1.1% YoY➢ EC sales

Slow growth since December, enhancing productappealGrowth through both Yondoshi’s website and thirdparty sites
Customer engagement through LINE messaging
service+8.6% YoY

➢ Customer sales +3.0% YoY

 Bridal jewelry:Profit margins improved on consolidation of stores➢ Full-scale renewal of the Ginza Main Store led to significant increase in sales (+31.0% YoY)➢

Improved profitability from restructuring of specialty store business(Millions of yen, %)FY2022(2023/2)

FY2023 (2024/2)
Forecasts

YoY

Actual Results

Increase(Decrease)vs.
Forecasts

Net sales

18,587

17,70016,995－8.6(1,591)－4.0

Operating income

1,356

1,450

1,426

＋5.1

+69

－1.6
5

Business Results by Segment for Fiscal 2023
Apparel Business

Revenue increase for seven consecutive years, earnings gain for two
consecutive years Network of 100 PALETTE stores driving top-line growth➢ Same-store sales up 0.1%, rising for fourth consecutive year
➢ New store openings at a pace of 10 stores per year, providing considerable
revenue boost of +7.4% YoY
 Apparel manufacturers posted strong results, with revenue and earnings
significantly exceeding plan
➢ Leveraged the strengths of overseas production bases to expand orders frommain business partners➢ In response to yen depreciation, strengthened planning proposal capabilities toimprove the gross profit margin(Millions of yen, %)Net sales
Operating income

FY2022(2023/2)

FY2023 (2024/2)
Forecasts

YoY

ActualIncrease(Decrease)vs.
Forecasts

20,921

22,30022,462＋7.4＋1,540

＋0.7

942

1,050

1,046

＋11.1

＋104

－0.3
6

Overview of Financial Position and Cash Flows(Consolidated) Total assets ¥50.6 billion, liabilities ¥12.0 billion, net assets ¥38.5 billion
Equity ratio of 76.2%, financial soundness maintained Free cash flows improved to approximately ¥1.5 billion, +¥0.8 billion YoY
Financial Position

Cash Flows
As of February 29, 2024

Total liabilities¥12.0 billion

Millions of yen)

FY2022(2023/2)

FY2023(2024/2)

Increase(Decrease)

Operating cash
flows

3,103

2,666

(437)

Investingcash flows(2,371)(1,103)+1,268Financing cashflows

(1,834)(1,791)

+43

732

1,563

+831

Total assets¥38.5 billion

Total net assets¥50.6 billionFreecash flows

7

Consolidated Business Results Forecasts for Fiscal 2024
Full-year revenue increase, with operating income and ordinary income
gains for a third consecutive year
FY2023 (2024/2)

FY2024 (2025/2)

YoY

Increase(Decrease)

100.0

＋3.9

＋1,542

48.8

＋2.4

+469

(Millions of yen, %)ActualResults

Share

Forecasts

Share

Net sales

39,457100.0

41,000Gross profit

19,53049.5

20,000Gross profit margin
Selling, general andadministrative expenses

49.5

－0.7

48.8

17,43344.2

17,600

42.9

＋1.0

＋166

496

1.3

496

1.2

±0.0

±0.0

Operating income

2,096

5.3

2,350

5.7

＋12.1

＋253

Ordinary income

2,515

6.4

2,800

6.8

＋11.3

+284

Net income

1,300

3.3

1,600

3.9

＋23.1

＋300

2,593

6.6

2,846

6.9

+9.8

＋253

1,796

4.6

2,096

5.1

+16.6

＋299

Amortization of goodwill

Operating income before theamortization of goodwill
Net income before theamortization of goodwill* Operating income before the amortization of goodwill = operating income + goodwill amortization;
net income before the amortization of goodwill = profit attributable to owners of parent + goodwill amortization

8

Consolidated Business Results Forecasts by Segment for
Fiscal 2024
Jewelry Business
Revenue decrease from ongoing business restructuring, but earnings gain for a third
consecutive year Same-store sales are expected to increase 1.7% YoY on higher unit price per customer
 Aiming for double-digit growth in e-commerce sales, up 10.0% YoY from implementation of OMO strategy
 Full renewal of bridal e-commerce website

Apparel Business
Aiming for eighth consecutive year of revenue increase, and third consecutive year of
earnings gains
 Plan to open 10 new PALETTE stores, with same-store sales expected to rise 3.0% YoY
 Apparel manufacturers to expand initiatives with major business partners and develop new businesses byutilizing overseas production and planning proposal capabilities(Millions of yen, %)Jewelry BusinessApparel Business

FY2023 (2024/2)

FY2024 (2025/2)

Results

Forecasts

YoY

Increase(Decrease)

Net sales

16,995

16,500

－2.9

(495)

Operatingincome

1,426

1,524

＋6.9

＋97

Net sales

22,462

23,900＋6.4＋1,437

Operatingincome

1,046

1,180

＋12.8

＋133

9

Contents
Ⅰ． Results for FY2/24 and Forecasts for FY2/25
Ⅱ．Review of the 6th Medium-Term Management Plan
Ⅲ．7th Medium-Term Management Plan
Ⅳ．2030 Vision – Policy Measures for Improving Returns on Capital

Ⅴ. Appendix

10Review of the 6th Medium-Term Management Plan (1)(Unit: ¥mn)

Jewelry
Business
ApparelBusiness

Consolidated
Results

FY2/21

FY2/24

Variance% Change

Net sales

20,641

16,995(3,646)－17.7%

Operatingincome

2,139

1,426

(713)

－33.3%Net sales

18,807

22,462+3,654+19.4%

Operatingincome

896

1,046

+154

+17.2%Net sales

39,44939,457＋7+0.0%

Operatingincome

2,767

2,096

(670)

－24.2%The business environment changed significantly in response to the COVID-19 pandemic
Jewelry Business: Greatly affected by restrictions on movement

Apparel Business: Growthdriven by COVID-19 pandemic

1) Smaller market area for stores, same-store sales
1) Bridal jewelry sales down ¥3.2 billion
growth at PALETTE stores for three consecutive(of which, bridal specialty stores (street-level stores)
years
down ¥2.2 billion)2) Increased revenue from new store openings and same2) Decline in demand from men for gifts
store sales growth, expansion to Kanto region3) Structural reform for bridal specialty stores through 3) Strong performance by apparel manufacturers fromleveraging advantages in Bangladesh
consolidation and large-scale renovation

Risk diversification in business portfolio, resulting in greater stability

11Basis for Revising the Jewelry Business Strategy
Initiatives in the Jewelry Business in the 6th MTMP

1) Large-scale renovation of the flagship Ginza main store
2) Conduct “Nameless Jewelry Shop” experience-style event
3) Full renewal of the e-commerce site

【Insight gained through initiatives】

Enhancing the value provided to customers leads to greater support

Fashionability

Experience ValueHigh Price Range

Loyal Customers
121) Large-Scale Renovation of the Flagship Ginza Main Store●

Offering of high-priced： Increase in spending per customer
items:●

Brand variation:：●

Product display:

Reduced number of products, effective： presentation, and visual merchandising toenhance the sense of quality●

Store presentation： Creating a sense of seasonality on the façade●

Customer loyalty： Party invitations for top customers

HOMME+, cofl by 4℃, RUGIADA,
stimulating diverse demand

Creation of a street-level flagship store offering new value(Potential sales channel strategy for the future)

Net sales+31% YoY
Per-customer sales +17.0% YoY(* Figures for the previous fiscal year are the total for the 4℃ Bridal Ginza Main Store and 4℃ Ginza Harumi-dori Store)

High Price Range

Loyal Customers
132) Conduct “Nameless Jewelry Shop” Experience-Style Event●

Product
composition: excluding standard and basic items)●

Experiencevalue: Brand value conveyed by wearing

Opinion●leaders

Fashionability (lineup centered on new products,

Customers sensitive to trends and with discerning: tastes(Different from customers who visit regular stores)

Merchandise, Presentation, and Customers different from
regular stores
No. of customers: 5,500 (90% women)【Survey result】・Positive assessment of products: 98%
・More than 98% of customers “felt fashionable”

Fashionability

Experience Value
143) Full Renewal of the E-Commerce Site●

Enhanced fashionability from expansion of seven brand variations●

Site renovation based on customer feedback and behavioral analysis●

Improved experience value from AR try-on and 360-degree

Importance of Experience Value
E-commerce sales continue to grow significantly(Unit: ¥mn)

2,437

2,500
2,242

2,000

+8.7%

2,004

+11.9%

1,500
FY2/22

FY2/23

Fashionability

FY2/24

Experience Value
15

Contents
Ⅰ． Results for FY2/24 and Forecasts for FY2/25
Ⅱ．Review of the 6th Medium-Term Management Plan
Ⅲ．7th Medium-Term Management Plan
Ⅳ．2030 Vision – Policy Measures for Improving Returns on Capital

Ⅴ. Appendix

16Formulation of the 7th Medium-Term Management Plan
【Jewelry Business – Insights gained from the initiatives in the 6th MTMP】
Fashionability

Experience ValueHigh price range

Loyal Customers

Implement business strategies to increase the number of female customers
1) Enhance fashionability… Renew and refresh merchandising

2) Customer development… Improve proposal capabilities through subdivision of customer classifications3) Sales channel strategy…Strengthen support for high-end department stores
Develop street-level flagship stores (Osaka, Yokohama)

Jewelry Business → Brand Business
Expansion of new business domains
17

7th Medium-Term Management Plan

Challenge for Future～Looking Ahead to 2030～
Period: FY2/25 to FY2/27
Based on the premise of responding to the business environment,enhance the value provided to customers, and build a foundation
for growth to support future business development.
18

7th MTMP– Numerical Vision

Brand(Jewelry)

Business
ApparelBusiness

Consolidated
Results

6th MTMP
Final FY

7th MTMP
Final FY

FY2023 (2024/2)

FY2026 (2027/2)(Millions of yen)Amount ofincrease

Rate ofincrease

Net sales

16,995

17,200

+204

+1.2%

Operatingincome

1,426

1,750

＋323

＋22.7%Net sales

22,46227,000＋4,537+20.2%

Operatingincome

1,046

1,200

+153

+14.7%Net sales

39,45745,000＋5,542＋14.0%

Operatingincome

2,096

3,100

＋1,003＋47.8%

Ordinary income

2,515

3,600

＋1,084＋43.1%Net income

1,300

2,050

＋749

＋57.6%

ROE

3.4%

5.7%

＋2.3ptOperating income before
the amortization of
goodwill

2,593

3,348

＋754

＋29.1%Net income before theamortization of goodwill

1,796

2,298

＋501

＋27.9%

ROE before theamortization of goodwill

4.7%

6.4%

＋1.7pt19

Presumed Business Environment during the Period of
the 7th MTMP
Presumed Business Environment during the Period of the 7th MTMP
 In an era of population decline, improving productivity and securing a workforce
will be important management issues
 Rising prices and declining real wages are leading to polarization in consumption
 Digitization of society is advancing, including widespread use of generative AI

Brand
Business➢ Steady performance at department stores (the main sales channel for
Yondoshi), driven by high price ranges and inbound tourism➢ Expanded scale of the e-commerce market for jewelry andaccessories➢ Higher prices for precious metals due to heightened geopolitical risks
and currency effects

ApparelBusiness➢ Decline in consumer population➢ Increasing severe worker shortage and recruitment difficulties➢ Higher production and delivery costs
20

7th MTMP – Investments for GrowthBased on a solid financial foundation, make investments of
3.6 billion yen to support sustainable growth1) Investment in People
Strengthening of human capital to support a sustainable increase incorporate value2) Investment in Brand Value Enhancement and Marketing
Continuous promotional activities to enhance customer experience value
and support from women3) Investment in Store Openings
Investment for growth in PALETTE, building a robust business portfolio4) Investment in IT Systems and DX
Response to the shift to a digital world and changes in the businessenvironment

21

7th MTMP – Investment in People
From “a company where you can build a career” to “a company where you want to build a career”
Promote initiatives for personal growth and enhancing motivation

Creating a Comfortable Workplace

Establish a future-oriented salary vision(March 2024 spring labor offensive)
Implementation of base pay increase
Increase in the number of days off by 5 days (* F.D.C. Products,
AS’TY)

Increase in starting salaries
Investment in Education

Proactive human resource development through systematic educational programs• Development of management personnel• Fostering of a positive corporate culture• Creation of business value
22

7th MTMP – Brand Business
Establish a foundation to expand support among female
customers by revising product and sales promotion strategies

Create value for the next 50 years to become
a “100-Year Brand”≪Promotion of business strategies≫
1)
2)
3)

Rebuild the fashion jewelry business (renewal of product mix andmerchandising)
Expand department store and e-commerce sales channels
Deepen new customer development and implement OMO marketingstrategies

Linkage to the growth phase from the 8th MTMP
Establish a foundation for a new level of value provided by the 4℃ brand23

Initiatives for FY2/25 – Product Renewal
Replace standard products, which account for 80% of business,and express the brand’s fashionability with lineups that matchthe characteristics of each store, and fresh product offerings
Approx.
80%

Standard Products

Present

New andSpecialty Items

Approx.
40%
DecemberStandard Products

New and Specialty Items

Ensure a successful Christmas shopping season with therenewed 4℃, and take the first step to a new level24

Initiatives for FY2/25 – New Director Structure
Increase the number of directors, renew the structure, and develop products by type
Expand support among female customers through merchandizing by type according to the sales channel

Price Axis

Current Development Zone
New Development Zone

Authenticity

Taste
4℃ Basic Merchandizing

TrendsDesign Axis

25

7th MTMP – Apparel Business

Further market expansion
PALETTE: Continue to open about 10 new stores each fiscal year, including in the Kanto area
Apparel manufacturers: Develop new customers in the specialty store market
Plan for PALETTE Sales and No. of Stores(Units: ¥mn, stores)

Sales

20,00016,000No. of Stores

Sales
No. of Stores

15,20013,597

18,400

140

129

120

119
109

12,000

100

99
8,000

No. of Stores

FY2/24

FY2/252024.22025.299

80

FY2/272026.21092027.2

119

129

26

Contents
Ⅰ． Results for FY2/24 and Forecasts for FY2/25
Ⅱ．Review of the 6th Medium-Term Management Plan
Ⅲ．7th Medium-Term Management Plan
Ⅳ．2030 Vision – Policy Measures for Improving Returns on Capital

Ⅴ. Appendix

272030 Vision– Policy Measures for Improving Returns on Capital
Improve returns on capital through growth strategies, along with capital and financial strategies
Growth strategies

Dynamic profit growth centered on the Brand Business⚫ Brand Business: Establish a foundation for products, customers, and sales
channels⚫ Apparel Business: Continue to expand openings of PALETTE stores⚫ Make investments for growth, including M&A, overseas businessdevelopment, and new business

Capital and financial
strategies

Improve asset efficiency⚫ Stable and continuous dividends⚫ Flexible share buybacks⚫ Sale of share holdings
282030 Vision – Achieve ROE of 8% or Higher (1)Maintain ROE above 4% cost of equity
In the 7th MTMP, achieve ROE of 6% or higher through earnings growth and capital policy
By FY2/31, achieve ROE of 8% or higher through dynamic business growth
ROE (excluding
goodwill)

4.7%

6% or higher

8% or higher

Estimated cost ofequity

4.0%

4.0%

4.0%

Sustainable Growth¥5.1bn¥3.1bnOperating
Income¥2.0bnNet Income¥1.3bn¥2.0bnEquityCapital¥38.5bn¥35.0bn

FY2/24
6th MTMP final FY(Actual results)

FY2/27
7th MTMP final FY¥3.4bnFY2/3129

2030 Vision – Achieve ROE of 8% or Higher (2)Aim for ROE of 8% or higher through earnings gains and implementation of capital policy
Capital Policy

Increase in Earnings (Operating income)

Including extraordinary
gains and losses from thesale of cross-shareholdings

Approx.

¥1.3
bn

¥1.8
bn
¥2.0
bn
FY2/24

Profit growth in
the ApparelBusiness

¥5.2
bn

¥5.1
bn

¥38.5
bn

Profit growth in
the Brand
Business

FY2/31

Aim for operating income of ¥5.1 billion throughearnings growth centered on the Brand Business

FY2/24

Net income
Approx.
(3 FYs Dividends*1¥3.0
cumulative)bn
Sharebuybacks
*2

¥35.0
bn
FY2/27

Aim for equity capital of ¥35 billion by
improving the total return ratio※1. Dividends are estimated based on the profit plan, but dividend policy will be determined in accordance with actual profits.
※2. The specific timing and amount of share buybacks has not yet been determined. The Company will make a prompt disclosure for any material matters.

30

2030 Vision – Consolidated Results Numerical Vision
Establish a foundation over the three years of the 7th MTMP
Aim for dynamic profit growth through subsequent growth investments
2030 Vision
Net sales(Units: ¥mn ）60,000Operating income

Net sales: ¥60.0bn
Operating income: ¥5.1bn

7th MTMP
Net sales: ¥45.0bn
Operating income: ¥3.1bn

45,000・Brand Business: Establish a foundation
through structural reforms andenhancements in brand value
・Apparel Business: Expand sales throughopenings of PALETTE stores

5,500

3,500

17,00030,000・Expansion of business domains throughgrowth investments
・Accelerated pace of PALETTE store
openings (from 10 stores per year to 15)

17,0001,500
312030 Vision – Brand Business Numerical Vision
In the mainstay brand business, we will revise our brand value during thethree years of the 7th MTMP, aiming for dynamic growth from the 8th MTMP
onward through expansion of business domains.
2030 Vision

Net sales(Units: ¥mn ）2,5000Operating income

7th MTMP
Net sales: ¥17.0bn
Operating income: ¥1.7bn

Net sales: ¥23.5bn
Operating income: ¥3.2bn

Future-oriented
growth investmen

Enhancement of Brand Value
・Department store channel: Expansion of sales per store
・Further growth of e-commerce・Expansion of repeat sales by through customer
development

3,000

20,0002,000

17,00015,000・Development of new products and brands
・Overseas store openings
・M&A

17,0001,500
322030 Vision – Shareholder Return Policy
 Work to improve the total return ratio through stable and continuous dividends
and share buybacks, and reduce equity capital, aiming to achieve ROE of 8%
 Maintain dividends at a dividend on equity (DOE) ratio of 4% or higher
 Aim for a dividend of 100 yen per share in the future➢ FY2/24: Full-year dividend of 83 yen, DOE of 4.6%
➢ FY2/25: Planned full-year dividend of 83 yen
Resume dividend
increases

Dividend per Share

(Yen)

100
yen

Stabledividends

100
80

Continuous
dividend
increases

60
40
20

0
2013.2

2014.2

2015.2

2016.22017.22018.2

2019.22020.22021.22022.22023.22024.233

34

Contents
Ⅰ． Results for FY2/24 and Forecasts for FY2/25
Ⅱ．Review of the 6th Medium-Term Management Plan
Ⅲ．7th Medium-Term Management Plan
Ⅳ．2030 Vision – Policy Measures for Improving Returns on Capital

Ⅴ. Appendix

35

1．Net Sales by Business (Consolidated)
FY 2020 (2021/2)(Millions ofyen, %)

Actualresults

FY 2021 (2022/2)

Share
(%)

Actualresults

Share(%)

FY 2022 (2023/2)

FY 2023 (2024/2)

Actualresults

Actualresults

Share
(%)

Share
(%)

Jewelrybusiness

20,641

52.3

18,42448.4

18,58747.0

16,995

43.1

Apparelbusiness

18,80747.7

19,62651.6

20,92153.0

22,462

56.9(The AS’TYGroup)

9,624

-

9,396

-

9,910

-

10,702-(age)

10,660-11,815-

12,656-

13,597-

Total

39,449100.0

38,050100.039,508100.0

39,457100.0

Note: YONDOSHI HOLDINGS applied the “Accounting Standard for Revenue Recognition” (Accounting Standards Board of Japan Statement No. 29, March 31, 2020)
effective from the beginning of the fiscal year ended February 28, 2023. Figures for the fiscal year under review are after application of this accounting standard.

36

2. Overview of Capital Investment as well as
Depreciation and Amortization (Consolidated)
FY 2021 (2022/2)

FY 2022 (2023/2)

Actual results

Actual results

FY 2023 (2024/2)(Millions of yen, %)Actual results

YoY (%)

Capitalinvestment

123

559

606

108.5

Depreciation
andamortization

464

396

317

80.0

Capitalinvestment

335

394

516

131.0

Depreciation
andamortization

339

352

361

102.6

Jewelry BusinessApparel Business37

3. Overview of Employees (Consolidated) and
Board of Directors
FY 2021 (2022/2)
Regular employees(The number in a parenthesis represent
female employees ) (Persons)

FY 2022 (2023/2)

FY 2023 (2024/2)

1,252(1,071)

1,149(977)

1,003(846)Part-timers (Persons)

952

1,059

1,163

Total (Persons)

2,204

2,208

2,166

Ratio of female employees (%) *1

85.5

85.0

84.3

*1 Ratio of female employees excluding part-time employees.

FY 2021 (2022/2)

FY 2022 (2023/2)

FY 2023 (2024/2)

Number of board of directors meetings(Times)

18

18

18

Outside directors’ attendance to the boardof directors meetings (%)

98.6

98.5

98.8

Number of outside directors (Persons) *2

4

5

4

*2 The number of outside directors for FY 2022 includes one outside director who retired on May 26, 2022.

38

4. Jewelry Business: Sales by Brand and Product（百万円、％）FY 2021 (2022/2)
Actual results

FY 2022 (2023/2)
Actual results

YoY (%)FY 2023 (2024/2)
Actual results

YoY (%)YoY (%)

4ºC Total *12,088－10.8

11,871－1.8

10,190－14.2(4ºC Jewelry)(8,906)－(9,217)－(8,698)－(3,182)－(2,654)－(1,492)－

Canal4ºC

3,313

－5.4

3,373

+1.8

3,127

－7.3

EAU DOUCE4ºC

365

＋5.5

409

+12.1

388

－5.2

Other brands

-

-

-

-

-

-

EC Business

2,003

－1.8

2,242

+11.9

2,436

+8.7

Overseas・Advance
Sales・Other

652－327.9

692

+6.1

854

+23.4

Total

18,424－10.4

18,587+0.9

16,995－8.6(4ºC BRIDAL specialty store)* The figures for 4ºC Total represent the sums of the figures for 4ºC and 4ºC BRIDAL.
* Real estate rental income has been included in "Overseas ・ Advance sales ・ Other“ since the fiscal year ended February 2023.
39

5. Jewelry Business: Number of Customers andAverage Spending per Customer by Brand and Product
FY 2021 (2022/2)

FY 2022 (2023/2)

FY 2023 (2024/2)(Existingstores, %)Number ofcustomers

Averagespending per
customer

Number ofcustomers

Averagespending per
customer

Number ofcustomers

Averagespending per
customer

4ºC Jewelry

－2.6

－6.1

+6.2

－1.6

－9.4

4.0

4ºC BRIDAL

－15.9

－2.7

－18.5

4.4

－26.3

5.8

EAU DOUCE4ºC

+9.4

－2.6

+10.0

3.8

－4.5

1.4

Canal4ºC

+7.0

－9.3

+9.8

－5.1

－7.2

2.5

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6. Jewelry Business : Sales by Store Channel
FY 2021(2022/2)

FY 2022(2023/2)

Actual results

Actual results

Actual results

Roadside stores

164

166

36

0.2

－78.3

Bridal stores

3,183

2,653

1,633

9.6

－38.4

Fashion buildings

4,748

4,684

4,601

27.1

－1.8

Department stores

7,671

8,152

7,842

46.1

－3.8

EC Business

2,003

2,242

2,436

14.3

+8.7

Overseas・Advance Sales・
Other

652

690

447

2.6

－35.2

Total

18,424

18,587

16,995

100.0

－8.6

FY 2023 (2024/2)(Millions of yen, %)Share (%)

YoY (%)

41

7. Store openings and closings in Fiscal 2023
ApparelBusiness

Jewelry Business
Japan

Total
Roadsidebutique

FY2022
ActualResults(2023/2)

FY2023
ActualResults(2024/2)

Department
store

Bridal Shop

PALETTE

Fashion
Building

Total

Fiscalyearend

2

69

24

56

151

93

244

Storesopened

1

2

2

1

6

10

16

Storesclosed

1

2

12

4

19

4

23

Fiscalyearend

2

69

14

53

138

99

237

42

8. Status of the Number of Brand Stores in the
Jewelry Business

4ºC

4ºC

FY2022
Actual Results

EAU DOUCE
4℃

Canal4ºC

BRIDAL

Total

Fiscal year-end

80

24

43

13

160

Stores opened

4

2

1

4

11

Stores closed

5

12

3

1

21

Fiscal year-end

81

14

41

16

152

(2023/2)

FY2023
Actual Results(2024/2)* Composite stores that handle multiple brands are recorded as a single store by each individual brand.
43

We kindly request that you direct all inquiries regarding this document and investor relations in general to
the following point of contact:

YONDOSHI HOLDINGS INC.
Corporate Planning Office (Kozuka)
TEL +81-3-5719-3295
E-mail ir-yondoshi@yondoshi.co.jp

Note: Projections throughout these materials are based on forecasts, and shall not be regarded as pledges orguarantees. They shall be used on the full acknowledgment that actual results may differ from projections.
44