CONSOLIDATED FINANCIAL REPORT（Japanese GAAP）
FIRST QUARTER OF THE FISCAL YEAR ENDINGFEBRUARY 29, 2024
(March 1, 2023 to May 31, 2023)
July 6, 2023
YONDOSHI HOLDINGS INC. is listed on the Prime Market of the Tokyo Stock Exchange under the securities code number
8008.
Representative:
Inquiries:

Hidetoshi Masuda, President and Representative Director
Masahiko Nishimura, Managing Director, Managing Executive Officer
responsible for Finance
Tel: +81-3-5719-3429
URL: https:// yondoshi.co.jp/
Quarterly Securities Report filing date (planned): July 7, 2023
Supplemental materials prepared for quarterly financial results: No
Holding of quarterly financial results meeting: No
Dividend payment commencement date (planned): —(Millions of yen rounded down)

1. Consolidated Operating Results for the First Quarter of Fiscal 2023
(March 1, 2023 to May 31, 2023)(1) Consolidated Operating Results (Cumulative)(Percentage figures are the increase / (decrease) for the corresponding period of the previous fiscal year.)
Profit attributable toNet sales
Operating Income
Ordinary Income
owners of parent％

Millions of yen

1Q FY2023
1Q FY2022

9,585Millions of yen

2.8727％

Millions of yen％

Millions of yen％

87.3

850

73.5502

25.2

401

55.2

9,324
6.738814.8490(1.8)
Note: Comprehensive income 1Q FY2023: 485 million yen (―%) 1Q FY2022: (2,369) million yen (―%)
Net Incomeper ShareNet Income perShare after Dilution
YenYen1Q FY2023
23.45—
1Q FY2022
18.73—(Reference) Operating income before the amortization of goodwill:
1Q FY 2023: ¥852 million
1Q FY 2022: ¥512 million
The Company considers operating income before the amortization of goodwill to be an important management
indicator.

(2) Consolidated Financial Position
Total Assets

Net Assets to Total
AssetsNet Assets

Millions of yen

Millions of yen

May 31, 2023
52,99437,80750,211
38,214
February 28, 2023
(Reference) Shareholders’ equity: May 31, 2023: 37,776 million yen

Net Assets per Share%

Yen

71.3

1,761.67

76.0

1,780.71

February 28, 2023: 38,183 million yen

2. Dividends
Dividends per Share
(Record Date)
Fiscal 2022
Fiscal 2023
Fiscal 2023
(Forecast)End of 1Q

End of 2Q

End of 3Q

AnnualYear-end

Yen

Yen

Yen

Yen

Yen——

41.50—

41.50

83.00

41.50

—

41.50

83.00

Note: Revision to the most recently announced cash dividend forecast: No-1-3. Forecasts of Consolidated Operating Results for the Fiscal Year Ending February 29, 2024
(March 1, 2023 to February 29, 2024)(Percentages represent percentage changes as compared with the corresponding period in the previous fiscal year)
Profit attributable toNet Income
Net Sales
Operating Income Ordinary Income
owners of parent
per Share
Millions of yen

Interim period
Fiscal year
endingFebruary 29,2024%

Millions of yen%

Millions of yen%

Millions of yen%

Yen en19,000

2.6

800

24.0

1,000

21.6

550

7.1

25.65

40,000

1.2

2,100

6.1

2,500

6.7

1,300

13.1

60.63

Note: Revision to the most recently announced operating results forecast: No(Reference) EPS before the amortization of goodwill is ¥83.78.

Notes(1) Changes in Important Subsidiaries during the Period:(Changes in specified subsidiaries that caused changes in the scope of consolidation): No(2) Application of Special Accounting Practices in the Preparation of the Quarterly Consolidated
Financial Statements: Yes(3) Changes in Accounting Policies, Changes in Accounting Estimates, and Restatements
1) Changes of accounting principles in line with revisions to accounting and other standards: Yes
2) Changes of accounting principles other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(4) Number of Shares Issued and Outstanding (Common Stock)
1. Total number of shares issued and outstanding (including treasury stock) as of the period-end:
May 31, 2023: 24,331,356 sharesFeb. 28, 2023: 24,331,356 shares
2. Total number of treasury stock as of the period-end:
May 31, 2023: 2,888,102 sharesFeb. 28, 2023: 2,888,198 shares
3. Average number of shares for the period (Cumulative total for the quarterly consolidatedperiod)First quarter fiscal 2023: 21,443,216 shares First quarter fiscal 2022: 21,436,381 shares
Note: The number of recorded treasury stock includes 97,170 of the Company’ shares held by the Shares
Grant Trust for Officers as of the end of the first quarter of the subject consolidated fiscal year.

* These quarterly consolidated financial results are not subject to auditing by certified public accountants oraudit firms.
* Explanation concerning the Proper Use of Operating Results Forecasts and Other Relevant Specific Items
Results forecasts are prepared based on information available at the time of disclosure of this document.
Actual results may vary from forecast figures for a variety of reasons. For the assumptions that underpin
operating results forecasts as well as cautionary notes on the use of operating results forecasts, please refer
to “1. Qualitative Information on Business and Financial Results (3) Explanation of Consolidated Results
Forecasts and Other Future Predictions” on page 4.

-2-Contents1.

2.

Qualitative Information on Business and Financial Results

4(1)Explanation of Business Results4(2)Explanation of Financial Condition

4(3)Explanation of Consolidated Results Forecasts and Other Future Predictions

4Consolidated Quarterly Financial Statements

5(1)Consolidated Quarterly Balance Sheets

5(2)Consolidated Quarterly Statements of Income and Consolidated Quarterly Statements of7

Comprehensive Income(3)

Consolidated Quarterly Statements of Income First Quarter Cumulative

7

Consolidated Quarterly Statements of Comprehensive Income

8First Quarter Cumulative

Notes to Consolidated Quarterly Financial Statements

9(Notes Regarding Going Concern Assumptions)9(Notes Regarding Substantial Changes in Shareholders’ Equity)9(Application of Special Accounting Treatment in the Preparation of the Consolidated

9Financial Statements)(Changes in Accounting Policies)

9(Additional Information)

9(Segment Information)

10(Matters related to Revenue Recognition)

11(Important Subsequent Events)

11-3-1. Qualitative Information on Business and Financial Results(1) Explanation of Business Results
During the first quarter period (March 1, 2023, to May 31, 2023) of fiscal 2023 (ending February 2024),the Japanese economy showed signs of a modest recovery as economic activity returned to normal withthe easing of restrictions implemented in response to the COVID-19 pandemic. Nevertheless, the outlook
for the future remains uncertain, including concerns of a global recession due to price increases to meetsoaring costs, and the impact of monetary policies in Europe and the United States.
In the retail sector, despite positive signs beginning to emerge in some areas, such as strong sales ofhigh-ticket items and a gradual recovery in inbound tourism, the situation continues to be unpredictable,
as successive price increases for daily necessities has heightened awareness of defensive measures tomaintain current lifestyles.
Under such circumstances, YONDOSHI HOLDINGS Group, in response to changes in the businessenvironment, is fully leveraging the strengths of the corporate group to provide products and services thatexceed customer expectations, with the aim of further growth. In addition, the Company practiced
sustainable management to establish a highly trusted corporate group, and worked to enhance enterprisevalue by strengthening internal controls, providing shareholder returns, and making medium- to longterm investments linked to earnings growth.
As a result, net sales for the subject first quarter period amounted to ¥9,585 million (up 2.8% from thesame period of the previous fiscal year), with operating income of ¥727 million (up 87.3%), ordinary
income of ¥850 million (up 73.5%) and profit attributable to owners of parent to ¥502 million (up 25.2%),
for a third consecutive quarter of revenue and earnings gains. Operating income before the amortizationof goodwill, which the Company considers to be an important management indicator, amounted to ¥852
million (up 66.2%).
Operating results by business segment were as follows.
Jewelry Business
Jewelry business company The F.D.C. Products Group made steady progress with business restructuring.
For bridal jewelry, the business company pursued greater efficiency through consolidation of specialty
stores, while making large-scale investments for store relocation and renovation. For fashion jewelry,F.D.C. focused on broadening the base of female customers, increasing sales in the e-commerce business,and developing new customers.
As a result, net sales in the Jewelry Business segment amounted to ¥3,911 million (down 5.1% fromthe same period of the previous fiscal year), with operating income of ¥382 million (up 97.6%).
Apparel Business
Retailer age Co., Ltd., operator of the everyday fashion brand PALETTE, increased sales through openingof new stores.
Apparel manufacturing and wholesaler The AS’TY Group expanded measures with major business
partners that increased profit margins.
As a result, net sales in the Apparel Business segment amounted to ¥5,674 million (up 9.1% from thesame period of the previous fiscal year), with operating income of ¥451 million (up 57.6), for gains inboth revenue and earnings.
(2) Explanation of Financial Condition
Total assets at the end of the subject first quarter period (May 31, 2023) amounted to ¥52,994 million, an
increase of ¥2,782 million from the end of the previous fiscal year (February 28, 2023). This was due
mainly to increases of ¥1,441 million in investment securities, and ¥733 million in merchandise andfinished goods. Total liabilities amounted to ¥15,186 million, an increase of ¥3,189 million from the endof the previous fiscal year, due mainly to an increase of ¥2,700 million in short-term borrowings. Total
net assets at the end of the subject period amounted to ¥37,807 million, a decrease of ¥406 million fromthe end of the previous fiscal year.
(3) Explanation of Consolidated Results Forecasts and Other Future Predictions
Consolidated results forecasts for fiscal 2023 are unchanged from those announced on April 14, 2023.

-4-2. Consolidated Quarterly Financial Statements(1) Consolidated Quarterly Balance Sheets(Millions of yen)
End of the Fiscal Year EndedFebruary 28, 2023
(As of February 28, 2023)

End of the First Quarter ofthe Fiscal Year Ending
February 29, 2024
(As of May 31, 2023)

1,804
2,876
7,647
70685
620
(5)

1,854
3,103
8,381
170
429
985
(5)

13,69914,918

4,265
5,839
433

4,409
5,839
485

ASSETS
Current assets:
Cash and deposits
Notes and accounts receivable ― trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Other current assets
Allowance for doubtful accounts
Total current assets
Noncurrent assets:
Property, plant and equipment:
Buildings and structures, net
Land
Other, net

10,538

10,734

Intangible assets:
Goodwill
Other intangible assets

Total property, plant and equipment

1,737
369

1,613
426

Total intangible assets

2,107

2,040

Investments and other assets:
Investment securities
Net defined benefit asset
Other
Allowance for doubtful accounts

19,408349
4,156(47)

20,849357
4,141(47)

Total investments and other assets

23,86625,30036,512

38,07550,211

52,994

Total noncurrent assets
Total assets-5-５．
（要約）四半期連結財務諸表(Millions of yen)
End of the Fiscal Year EndedFebruary 28, 2023
(As of February 28, 2023)

End of the First Quarter ofthe Fiscal Year Ending
February 29, 2024
(As of May 31, 2023)

2,089
692
531
240
33
208
2,077

2,935
542
2,700
316
230
1835
2,235

5,872

9,015

184

199

501
1,130
4,308

495
1,175
4,300

LIABILITIESCurrent liabilities:
Notes and accounts payable ― trade
Electronically recorded obligations – operating
Short-term borrowings
Income taxes payable
Provision for bonuses
Provision for directors' bonuses
Asset retirement obligations
Other―

Total current liabilities
Noncurrent liabilities:
Provision for share-based remuneration for directors (andother officers)
Retirement benefit liability
Asset retirement obligations
Other6,124

6,171

Total liabilities

Total noncurrent liabilities

11,99615,186NET ASSETS
Shareholders’ equity:
Capital stock
Capital surplus
Retained earnings
Treasury stock

2,486
7,189
31,056(6,148)

2,486
7,189
30,665(6,148)34,58434,193

Other accumulated comprehensive income:
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustments
Remeasurements of defined benefit plans

Total shareholders’ equity

4,0520(233)
2(222)

4,00033(233)

Total other accumulated comprehensive income

3,599

3,582

Subscription rights to shares
Total net assets
Total liabilities and net assets-6-―(218)30

31

38,21437,80750,211

52,994

(2) Consolidated Quarterly Statements of Income and Consolidated Quarterly Statements ofComprehensive Income
Consolidated Quarterly Statements of Income
First Quarter Cumulative(Millions of yen)First Quarter of theFiscal Year EndedFebruary 28, 2023
(March 1, 2022 toMay 31, 2022)

First Quarter of theFiscal Year Ending
February 29, 2024
(March 1, 2023 toMay 31, 2023)

Net sales
Cost of Sales

9,324
4,647

9,585
4,772

Gross profit

4,676

4,813

Selling, general and administrative expenses

4,288

4,085

Operating income

388

727

Non-operating income
Interest income
Dividends received
Foreign exchange gains
Other1959
2
2234
69
515

104

1230
1
0000

Total non-operating income
Non-operating expenses
Interest expenses
Loss on insurance cancellation
Other21

Ordinary income

Total non-operating expenses

490

850

Extraordinary income
Gain on sales of investment securities

293

―
―

Total extraordinary income

293

Extraordinary loss
Impairment loss
Loss on closing of stores
Building demolition expenses

―

3919―

Total extraordinary losses

1210

Net income before income taxes

771

840

Total income taxes

369

337

Net income

401

502

Profit attributable to owners of parent

401502-7-Consolidated Quarterly Statements of Comprehensive Income
First Quarter Cumulative(Millions of yen)First Quarter of theFiscal Year EndedFebruary 28, 2023
(March 1, 2022 toMay 31, 2022)
Income before minority interests
Other comprehensive income
Other valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustments
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of the parent-8-

First Quarter of theFiscal Year Ending
February 29, 2024
(March 1, 2023 toMay 31, 2023)
401

502

(2,791)200(0)(51)
33(2)
4(2,770)(2,369)(16)
485(2,369)

485

(3) Notes to Consolidated Quarterly Financial Statements(Notes Regarding Going Concern Assumptions)Not applicable(Notes Regarding Substantial Changes in Shareholders’ Equity)
Not applicable(Application of Special Accounting Treatment in the Preparation of the Consolidated FinancialStatements)(Calculation of Tax Expense)
Tax expense has been calculated by rationally estimating the effective tax rate after the application oftax effect accounting for profit before income taxes in the consolidated fiscal year, including the subject
first quarter period, and multiplying this estimated effective tax rate by profit before income taxes.
(Changes in Accounting Policies)(Adoption of Implementation Guidance on Accounting Standard for Fair Value Measurement)
Effective from the beginning of the first quarter of the subject fiscal year, the Company adopted the“Implementation Guidance on Accounting Standard for Fair Value Measurement” (ASBJ Guidance No.
31, June 17, 2021; hereinafter, “Implementation Guidance on Accounting Standard for Fair ValueMeasurement”). Under the transitional treatment stipulated in Paragraph 27-2 of the “Implementation
Guidance on Accounting Standard for Fair Value Measurement”, the Company decided to adopt thenew accounting policy stipulated by the Implementation Guidance on Accounting Standard for Fair
Value Measurement for the future. There is no impact on the quarterly consolidated financial statements.
(Additional Information)(Stock Compensation Plan for Directors)
Under its 68th annual shareholders meeting held on May 17, 2018, the Company introduced a stockcompensation plan (hereinafter, the “Plan”), with eligible persons the Company’s directors (excludingdirectors who are audit and supervisory committee members) and directors who are audit andsupervisory committee members (excluding outside directors), as well as directors and corporateauditors (excluding outside corporate auditors) of the Company’s major group companies from
November 28, 2018.
i. Summary of the transaction
The Plan is a stock compensation plan to grant the Company’s shares to eligible directors of eligible
companies in accordance with rules for granting trust-based stock compensation to corporate officers as
determined by the eligible companies. The Company will contribute funds to the trust, and the trust will
use these funds to acquire the Company’s shares, and grant them to eligible directors. In principle,
directors and other officers will receive the Company’s shares at the time of retirement.
ii. The Company’s own shares held in the Trust
The Company’s own shares held in the Trust are recorded as treasury stock under net assets at theirbook value in the Trust (excluding the amount of ancillary expenses). The book value and number ofshares of such treasury stock was ¥191 million, for 97,170 shares at the end of the previous consolidated
fiscal year, and ¥191 million, for 97,170 shares at the end of the first quarter of the subject consolidated
fiscal year.

-9-(Segment Information)
Ⅰ The first quarter of the fiscal year ended February 28, 2023 (March 1, 2022 to May 31, 2022)
1. Information Regarding Sales and Income or Loss by Reporting Segment(Millions of yen)
Reporting Segments

Amount recordedon consolidated
quarterlystatements ofincome (Note 2)

Adjustment
amount(Note 1)

Jewelry BusinessApparel Business

Total

Revenue from contracts
with customers

4,104

4,995

9,100

―

9,100

Other revenue (Note 3)

18205

224

―

224

4,122

5,201

9,324―

9,324―

26

26(26)

―

Total

4,122

5,228

9,351(26)9,324

Segment income

193286479(91)388

Net sales

Net sales to outside
customers
Intrasegment net sales
and transfers

Notes:
1. The adjustment amount of minus ¥91 million for segment income mainly includes amortization of goodwill totaling minus¥124 million, general administrative expenses that are not attributable to individual reporting segments amounting tominus ¥114 million and elimination of inter-segment transactions of ¥147 million. Corporate expenses are primarily
general administrative expenses not attributable to reporting segments.
2. Segment income figures have been adjusted to operating income on the consolidated quarterly income statements.
3. “Other revenue” is real estate lease revenue.

2. Information Regarding Impairment Loss of Fixed Assets, Goodwill and Related Items byReporting Segment
There was no major impairment loss recorded during the period under review.
Ⅱ The first quarter of the fiscal year ending February 29, 2024 (March 1, 2023 to May 31, 2023)
1. Information Regarding Sales and Income or Loss by Reporting Segment(Millions of yen)
Reporting Segments

Amount recordedon consolidated
quarterlystatements ofincome (Note 2)

Adjustment
amount(Note 1)

Jewelry BusinessApparel Business

Total

Revenue from contracts
with customers

3,893

5,457

9,350

―

9,350

Other revenue (Note 3)

18

217

235

―

235

3,911

5,674

9,585

―

9,585

02525(25)

―

Total

3,911

5,699

9,611

(25)

9,585

Segment income

382

451

833(105)

727

Net sales

Net sales to outside
customers
Intrasegment net sales
and transfers

Notes:
1. The adjustment amount of minus ¥105 million for segment income mainly includes amortization of goodwill totaling
minus ¥124 million, general administrative expenses that are not attributable to individual reporting segments amountingto minus ¥120 million and elimination of inter-segment transactions of ¥139 million. Corporate expenses are primarily
general administrative expenses not attributable to reporting segments.
2. Segment income figures have been adjusted to operating income on the consolidated quarterly income statements.
3. “Other revenue” is real estate lease revenue.

- 10 -2. Information Regarding Impairment Loss of Fixed Assets, Goodwill and Related Items by
Reporting Segment
There was no major impairment loss recorded during the period under review.
(Matters Related to Revenue Recognition)
Information analyzing the revenue resulting from contracts with customers is presented in “Notes(Segment information)”.
(Important Subsequent Events)
Not applicable- 11 -