CONSOLIDATED FINANCIAL REPORT（Japanese GAAP）
NINE-MONTH PERIOD OF THE FISCAL YEAR ENDINGFEBRUARY 29, 2024
(March 1, 2023 to November 30, 2023)
January 9, 2024
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): January 10, 2024
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 Nine-Month Period of Fiscal 2023
(March 1, 2023 to November 30, 2023)(1) Consolidated Operating Results (Cumulative)(Percentage figures are the increase / (decrease) for the corresponding period of the previous fiscal year.)
Profit attributable to
Net sales
Operating Income
Ordinary Income
owners of parent

FY2023Nine-Month Period
FY2022Nine-Month Period

Note: Comprehensive income

Millions of yen％

28,6971.0

28,402

3.7％

Millions of yen％

Millions of yen

％

1,337

28.0

1,663

25.2

921

24.5

1,044

40.1

1,328

13.6

739

23.2

Millions of yen

FY2023 Nine-Month Period: 1,526 million yen (－%)
FY2022 Nine-Month Period: (3,105) million yen (－%)

Net Income
per Share

FY2023Nine-Month Period
FY2022Nine-Month Period

Net Income per
Share after Dilution
Yen

Yen

42.96

—

34.51

—

(Reference) Operating income before the amortization of goodwill:
FY 2023 Nine-Month Period: ¥1,709 million FY 2022 Nine-Month Period: ¥1,416 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 per Share%Yen

54,71537,95669.3

1,768.45

50,211

38,21476.0

1,780.71

Millions of yen

November 30, 2023
February 28, 2023

Net Assets to Total
AssetsNet Assets
Millions of yen(Reference)Shareholders’ equity: November 30, 2023: 37,921 million yen

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

—
—

41.50

83.00

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)(% figures for the full fiscal year represent year-on-year increase or decrease)
Profit attributable to
Net Income
Operating Income
Ordinary Income
owners of parent
per Share

Net Sales
Millions of yen

Fiscal year
endingFebruary 29,
2024

40,000%

1.2

Millions of yen

2,100

%

6.1

Millions of yen

2,500

%

Millions of yen

6.7

1,300

%

Yen

13.1

60.63

Note: Revision to the most recently announced operating results forecast: No(Reference) Forecast EPS before the amortization of goodwill for the full FY 2023 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:
November 30, 2023: 24,331,356 sharesFeb. 28, 2023: 24,331,356 shares
2. Total number of treasury stock as of the period-end:
November 30, 2023: 2,888,150 sharesFeb. 28, 2023: 2,888,198 shares
3. Average number of shares for the period (Cumulative total for the quarterly consolidated
period)FY2023 Nine-Month Period: 21,443,218 shares FY2023 Nine-Month Period: 21,440,888 shares
Note: The number of recorded treasury stock includes 132,170 of the Company’ shares held by the Shares Grant
Trust for Officers as of the end of the third quarter of the fiscal year.

The financial statement summary is not subject to auditing by certified public accountants or audit firms.
Explanation concerning the Proper Use of Operating Results Forecasts and Other Relevant Specific Items
1. The forecasts of operating results and other items concerning the future contained in this document are
based on management’s assumptions and beliefs that are determined to be reasonable in light ofcurrently available information, YONDOSHI HOLDINGS INC. cautions readers that due to a variety
of factors actual results may differ materially from forecasts. For the assumptions that underpin
operating results forecasts as well as cautionary notes on the use of operating results forecasts, pleaserefer to “1. Qualitative Information on Business and Financial Results (3) Explanation of Consolidated
Results Forecasts and Other Future Predictions” on page 5.

-2-

Contents
1.

2.

Qualitative Information on Business and Financial Results

4(1)

Explanation of Business Results

4(2)

Explanation of Financial Condition

4(3)

Explanation of Consolidated Results Forecasts and Other Future Predictions

5

Consolidated Quarterly Financial Statements and Major Notes

5(1)

Consolidated Quarterly Balance Sheets

6(2)

Consolidated Quarterly Statements of Income and Consolidated Quarterly Statements of

8Comprehensive Income(3)

Consolidated Quarterly Statements of Income Third Quarter Cumulative

8

Consolidated Quarterly Statements of Comprehensive Income Third Quarter Cumulative

9

Notes to Consolidated Quarterly Financial Statements

10(Notes Regarding Going Concern Assumptions)10(Notes Regarding Substantial Changes in Shareholders’ Equity)

10(Application of Special Accounting Treatment in the Preparation of the Consolidated
Financial Statements)(Changes in Accounting Policies)

10(Additional Information)

10(Segment Information)

11(Matters Related to Revenue Recognition)

12(Important Subsequent Events)

12

-3-

1. Qualitative Information on Business and Financial Results(1) Explanation of Business Results
During the third quarter cumulative period (March 1, 2023, to November 30, 2023) of fiscal 2023 (ending
February 2024), the Japanese economy showed signs of a modest recovery with the easing of pandemicrelated restrictions. Nevertheless, the outlook for the future remains uncertain, with concerns about the
impact on the domestic economy from prolonged inflation, domestic and international monetary policy,
and exchange rate fluctuations.
In the retail sector, sales of high-ticket items remained firm, and demand from inbound tourism
continued to rise. However, aspects for concern remained that could hinder full-fledged recovery in the
consumer mindset, including sluggish growth in real wages due to rising prices.
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 third quarter cumulative period amounted to ¥28,697 million (up1.0% from the same period of the previous fiscal year), with operating income of ¥1,337 million (up28.0%), ordinary income of ¥1,663 million (up 25.2%), and profit attributable to owners of parent to ¥921
million (up 24.5%). Operating income before the amortization of goodwill, which the Company considers
to be an important management indicator, amounted to ¥1,709 million (up 20.6%).
Operating results by business segment were as follows.
Jewelry Business
Jewelry business company The F.D.C. Products Group continued to make steady progress with businessrestructuring. Although revenue declined due to the consolidation of bridal jewelry specialty stores, theprofit margin improved. For fashion jewelry, sales at existing stores rose from the previous fiscal year on
efforts to broaden the base of female customers, expansion in e-commerce, and new customer
development. The e-commerce channel especially continued to perform strongly, registering double-digit
growth.
In terms of store openings and closings, 4 stores were opened, 12 stores were closed, and 7 stores wererenovated, for a total of 143 stores at the end of the subject period.
As a result, net sales in the Jewelry Business segment amounted to ¥11,687 million (down 6.3% fromthe same period of the previous fiscal year), with operating income of ¥601 million (up 12.0%).
Apparel Business
Retailer age Co., Ltd., operator of the everyday fashion brand PALETTE, recorded a year-on-year increasein sales at existing stores, which along with a boost from opening new stores, resulting in gains for bothrevenue and earnings. In terms of store openings and closings, 10 stores were opened, and 3 stores wereclosed, for a total of 100 stores at the end of the subject period.
Apparel manufacturing and wholesaler The AS’TY Group expanded measures with major business
partners against the backdrop of the overseas production bases that are its strength, with growth in bothrevenue and earnings.
As a result, net sales in the Apparel Business segment amounted to ¥17,010 million (up 6.8% from thesame period of the previous fiscal year), with operating income of ¥1,078 million (up 32.0%), for bothgains in both revenue and earnings.
(2) Explanation of Financial Condition
Total assets at the end of the subject third quarter cumulative period (November 30, 2023) amounted to¥54,715 million, an increase of ¥4,503 million from the end of the previous fiscal year (February 28,2023). This was due mainly to an increase of ¥1,453 million in merchandise and finished goods, and anincrease of ¥2,391 million in investment securities. Total liabilities amounted to ¥16,759 million, an
increase of ¥4,762 million from the end of the previous fiscal year, due mainly to an increase of ¥3,300
million in short-term borrowings. Total net assets at the end of the subject period amounted to ¥37,956
million, a decrease of ¥258 million from the end of the previous fiscal year.

-4-(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.

-5-

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

End of the Third Quarter of
the Fiscal Year Ending
February 29, 2024
(As of November 30, 2023)

1,804
2,876
7,647
70
685
620
(5)

2,099
3,381
9,101
74
287
913
(5)

13,69915,853

4,265
5,839
433

4,433
5,839
482

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

10,53810,754

Intangible assets:
Goodwill
Other intangible assets

Total property, plant and equipment

1,737
369

1,365
441

Total intangible assets

2,107

1,807

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

19,408
349
4,156
(47)

21,799
372
4,174
(47)

Total investments and other assets

23,866

26,29936,512

38,861

50,21154,715

Total noncurrent assets
Total assets

-6-

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

End of the Third Quarter of
the Fiscal Year Ending
February 29, 2024
(As of November 30, 2023)

2,089
692
－
531
240
33
208
2,077

3,599
735
3,300
258
313
45
188
2,020

5,872

10,461

184

228

501
1,130
4,308

493
980
4,595

LIABILITIESCurrent liabilities:
Notes and accounts payable ― trade
Electronically recorded obligations – operating
Short-term loans payable
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
Other

6,124

6,297

Total liabilities

Total noncurrent liabilities

11,996

16,759NET ASSETS
Shareholders’ equity:
Capital stock
Capital surplus
Retained earnings
Treasury stock

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

2,486
7,178
30,188(6,137)

34,58433,716

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

4,052
0
(233)
2
(222)

4,659
(10)
(233)

Total other accumulated comprehensive income

3,599

4,204

Subscription rights to shares
Total net assets
Total liabilities and net assets

-7-

―
(210)

30

34

38,21437,95650,21154,715

(2) Consolidated Quarterly Statements of Income and Consolidated Quarterly Statements ofComprehensive Income
Consolidated Quarterly Statements of Income
Third Quarter Cumulative(Millions of yen)
Nine-Month Period of the
Fiscal Year Ended
February 28, 2023
(March 1, 2022 toNovember 30, 2022)

Nine-Month Period of the
Fiscal Year Ending
February 29, 2024
(March 1, 2023 toNovember 30, 2023)

Net sales
Cost of Sales

28,402
14,31928,697
14,530Gross profit

14,082

14,167

Selling, general and administrative expenses

13,038

12,830Operating income

1,044

1,337

72
169
9
1
34

110
182
11
―
24

287

329

0
1
1

1
0
0

Non-operating income
Interest income
Dividends received
Foreign exchange gains
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on cancellation of insurance policies
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of investment securities

2

2

1,328

1,663

293

152

Total extraordinary income

293

152

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

194
6
9
29

148
60
―
―

Total extraordinary losses

208

208

Net income before income taxes

1,382

1,607

Total income taxes

642

686

Net income

739

921

Profit attributable to owners of parent

739

921

-8-

Consolidated Quarterly Statements of Comprehensive Income
Third Quarter Cumulative(Millions of yen)
Nine-Month Period of the
Fiscal Year Ended
February 28, 2023
(March 1, 2022 toNovember 30, 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-9-

Nine-Month Period of the
Fiscal Year Ending
February 29, 2024
(March 1, 2023 toNovember 30, 2023)

739

921

(3,828)
(18)
1
(0)

607
(11)
(2)
12

(3,845)(3,105)605
1,526(3,105)

1,526

(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 Financial
Statements)(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 third 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 Value
Measurement”). 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 the
new 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 (excluding
directors who are audit and supervisory committee members) and directors who are audit andsupervisory committee members (excluding outside directors), as well as directors and corporate
auditors (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 ¥255 million, for 132,170 shares at the end of the third quarter of the subject consolidated
fiscal year.

- 10 -

(Segment Information)
Ⅰ The nine-month period of the fiscal year ended February 28, 2023
(March 1, 2022 to November 30, 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

12,42015,30327,724―27,724

Other revenue (Note 3)

54

623

678

―

678

12,475

15,92728,402―

28,402

0

88

88

(88)

―

Total

12,47516,01528,491(88)

28,402

Segment income

537

816

1,353

(309)

1,044

Net sales

Net sales to outside
customers
Intrasegment net sales
and transfers

Notes:
1. The adjustment amount of minus ¥309 million for segment income mainly includes amortization of goodwill totaling
minus ¥372 million, general administrative expenses that are not attributable to individual reporting segments amounting
to minus ¥384 million and elimination of inter-segment transactions of ¥447 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 by
Reporting Segment(Material loss on impairment of fixed assets)
The Company recorded a loss on impairment of fixed assets in the Jewelry Business segment. The amount recorded
for this impairment loss for the subject third quarter cumulative period was ¥184 million.

Ⅱ The nine-month period of the fiscal year ending February 29, 2024
(March 1, 2023 to November 30, 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

11,632

16,35927,992―

27,992Other revenue (Note 3)

54

650

705

―

705

11,687

17,01028,697―

28,697

0

88

88

(88)

―

Total

11,687

17,09828,785(88)

28,697

Segment income

601

1,078

1,679

(342)

1,337

Net sales

Net sales to outside
customers
Intrasegment net sales
and transfers- 11 -

Notes:1. The adjustment amount of minus ¥324 million for segment income mainly includes amortization of goodwill totaling
minus ¥372 million, general administrative expenses that are not attributable to individual reporting segments amounting
to minus ¥385 million and elimination of inter-segment transactions of ¥415 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 by
Reporting Segment(Material loss on impairment of fixed assets)
The Company recorded a loss on impairment of fixed assets in the Jewelry Business segment. The amount recorded
for this impairment loss for the subject third quarter cumulative period was ¥124 million.

(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- 12 -