YONDOSHI HOLDINGS INC.
January 6, 2022
(Securities Code: 8008, First Section, Tokyo Stock Exchange)
Summary of the Consolidated Financial Report for the Third Quarter
Cumulative Period of Fiscal 2021 (Ending February 28, 2022)
・ Both net sales and operating income declined, mainly due to the prolonged
state of emergency.
・ Jewelry Business: Sales of fashion jewelry recovered following the lifting of
the state of emergency in October.
・ Apparel Business: Results were positive on opening of eight new PALETTE
locations and sales growth at existing stores. Apparel manufacturing focusedon strengthening product planning capabilities.
・ Consolidated results forecasts for fiscal 2021 have been revised based on
performance during the Christmas shopping season.
・ No change in dividend forecast of two yen increase to ¥83 per share, for 11th
consecutive year of dividend growth.
YONDOSHI HOLDINGS INC. (“YONDOSHI HOLDINGS” or “the Company”;
Headquarters: Shinagawa-ku, Tokyo; Chairman and Representative Director, CEO:Saishi Kimura) today announced its consolidated operating results for the third quarter
cumulative period of fiscal 2021 (March 1 to November 30, 2021), the fiscal year ending
February 28, 2022. A summary of these results is presented as follows.
1. Consolidated Business Results(Millions of yen, %)Net Sales
Operating Income

Fiscal 2020 3Q
28,323
1,874
2,210

Fiscal 2021 3Q
27,323
695
1,169

YoY
(3.5) %(62.9) %(47.1) %Ordinary Income
Profit Attributable to
1,188
600
(49.5) %Owners of Parent
1. Net income per share for the subject period was ¥28.04 (¥54.80 for the corresponding period of theprevious fiscal year).
2. The average number of issued shares for the period (consolidated basis) was 21,428,376 shares.
3. Operating income before the amortization of goodwill was ¥1,068 million (¥2,246 million in thecorresponding period of previous fiscal year).

In the retail industry, the outlook remained clouded as a result of the impact from thegovernment’s call for people to remain at home, along with business suspensions andshortened operating hours at stores. In addition, even after the lifting of emergency
measures, the employment and income situation failed to improve, leading to further
cooling off in consumer sentiment and a slowdown in spending. Under thesecircumstances, during fiscal 2021, the initial year of the sixth medium-term management
plan, YONDOSHI HOLDINGS Group pursued priority measures in each of its businesses,
Head Office:Establishment:
Paid-in Capital:
Business Activities:
URL:
Inquiries:

2-19-10 Kami-Osaki, Shinagawa-ku, Tokyo
May 1950¥2,486.52 million
Brand business focusing mainly on jewelry; planning, manufacture and wholesale mainly ofapparel and bags; and retail business
https://yondoshi.co.jp/eng/
YONDOSHI HOLDINGS INC. Finance Department
TEL: +81-3-5719-3295; FAX: +81-3-5719-3296; e-mail: ir-yondoshi@yondoshi.co.jp

aiming to enhance enterprise value.
As a result, net sales in the subject third quarter cumulative period amounted to¥27,323 million (down 3.5% from the same period of the previous fiscal year), with
operating income of ¥695 million (down 62.9%), ordinary income of ¥1,169 million(down 47.1%), and profit attributable to owners of parent of ¥600 million (down 49.5%).
Jewelry Business
Net Sales:
Operating Income:¥12,131 million¥116 million(down 12.3% YoY)
(down 90.5% YoY)

The F.D.C. Products Group, which operates the jewelry business, faced a harsh businessenvironment stemming from the prolonged state of emergency in response to the spreadof COVID-19. Sales of fashion jewelry recovered after the lifting of the emergency
declaration in October, but a recovery in bridal jewelry will require more time. In addition,
operating income decreased significantly due to a reactionary increase in personnel
expenses, a portion of which was recorded as an extraordinary loss in the corresponding
period of the previous fiscal year.
Apparel Business
Net Sales:
Operating Income:¥15,192 million¥872 million(up 4.8% YoY)
(down 6.2% YoY)

Retailer age Co., Ltd., operator of the everyday fashion brand PALETTE, achieved
record-high net sales and operating income as a result of opening eight new stores, alongwith the success of its sales promotion campaigns and 25th anniversary events.
The AS’TY Group experienced a temporary slowdown in demand due to the COVID19 crisis, but continued with measures to strengthen its product planning capabilities.
2. Forecasts for Full-Year Period of Fiscal 2021
(Millions of yen, %)38,300

Variance
fromPrevious
Forecast(5.4) %(2.9) %2,800

1,700(39.3) %(38.6) %3,300

2,250(31.8) %(29.6) %Fiscal 2020
ActualFiscal 2021
Previous
Forecast

Fiscal 2021
RevisedForecast

Net Sales

39,44940,500Operating Income

2,767

Ordinary Income

3,195

YoY

Profit attributableto owners of
1,622
2,200
1,400
(36.4) %(13.7) %parent1. Forecast net income per share for FY 2021: ¥65.33
2. Average number of issued shares during FY 2021 (consolidated basis): 21,428,376 shares
3. EPS before the amortization of goodwill: ¥88.53

Consolidated earnings forecasts for the fiscal year ending February 2022, announced on
July 7, 2021, were premised on an expectation, for the mainstay jewelry business inparticular, that as restrictions on movement were relaxed with the progress of vaccination
against COVID-19, domestic consumption would gradually recover.
However, the loss of occasions and opportunities for encounters has led to a
Head Office:Establishment:
Paid-in Capital:
Business Activities:
URL:
Inquiries:

2-19-10 Kami-Osaki, Shinagawa-ku, TokyoMay 1950
¥2,486.52 million
Brand business focusing mainly on jewelry; planning, manufacture and wholesale mainly ofapparel and bags; and retail business
https://yondoshi.co.jp/eng/YONDOSHI HOLDINGS INC. Finance Department
TEL: +81-3-5719-3295; FAX: +81-3-5719-3296; e-mail: ir-yondoshi@yondoshi.co.jp

temporary contraction of demand for gifts from men as well as bridal jewelry, and sales
during the Christmas shopping season, when demand generally peaks, fell below theCompany’s expectations. In light of these circumstances, the Company has revised its
forecast for full-year earnings from the previous figures, as outlined above.
Of note, measures by the Company to enhance brand value have had a certain degreeof success, such as firm demand from women for earrings and related merchandisepurchased for themselves.
Note: Forecasts are based on available information as of the disclosure date for this material.
Actual results may vary from forecast figures as a result of future economic conditions ora variety of other factors.

3. Cash Dividends for Fiscal 2021
(Yen)

Annual Cash Dividend
1Q-EndActual for
Fiscal 2020
Actual for
Fiscal 2021
Forecast for
Fiscal 2021

2Q-End3Q-EndPeriod-End

40.50

81.00

41.50

83.00

―

40.50

―

―

41.50

―

Total

YONDOSHI HOLDINGS recognizes that providing returns to shareholders is an
important management issue. The Company has set as its basic policy for profit sharing
the raising of the level of shareholder returns through such means as a stable andcontinuous cash dividend payment, and flexible share buybacks. The Company also
maintains an adherence to continuous dividend increases, setting a medium to long-termtarget of 100 yen per share in the future.
YONDOSHI HOLDINGS uses the DOE ratio as an indicator for the shareholder
returns policy of stable payment of dividends. The Group has set a DOE ratio target of
4% or higher.
In terms of dividends for fiscal 2021, because the impact on earnings due to theCOVID-19 crisis is temporary in nature, the Company has not changed its plan to pay
interim and year-end cash dividends of ¥41.50 per common share, for a full fiscal year
cash dividend of ¥83 per share, for an eleventh consecutive fiscal year of dividend growth.
END

Head Office:Establishment:
Paid-in Capital:
Business Activities:
URL:
Inquiries:

2-19-10 Kami-Osaki, Shinagawa-ku, TokyoMay 1950
¥2,486.52 million
Brand business focusing mainly on jewelry; planning, manufacture and wholesale mainly ofapparel and bags; and retail business
https://yondoshi.co.jp/eng/
YONDOSHI HOLDINGS INC. Finance Department
TEL: +81-3-5719-3295; FAX: +81-3-5719-3296; e-mail: ir-yondoshi@yondoshi.co.jp