Consolidated Financial Results
for the Fiscal Year Ended February 29, 2024
[Japanese GAAP]
April 4, 2024
Company name: Onward Holdings Co., Ltd.
Stock exchange listing: Tokyo Stock Exchange
Securities code: 8016
URL: https://www.onward-hd.co.jp/en/
Representative: Michinobu Yasumoto, President and CEO
Contact: Osamu Sato, Managing Director in charge of Finance, Accounting, Investor Relations
Phone: +81-3-4512-1030
Scheduled date of Annual General Meeting of Shareholders: May 23, 2024
Scheduled date of commencing dividend payments: May 24, 2024
Scheduled date of filing annual securities report: May 24, 2024
Availability of supplementary materials on financial results: Available
Schedule of financial results briefing session: Scheduled (for institutional investors, securities analysts, and the press)(Amounts of less than one million yen are rounded down.)
1. Consolidated Performance for the Fiscal Year Ended February 29, 2024 (March 1, 2023 – February 29, 2024)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating profit
Recurring profit
owners of parent
Fiscal year ended
Million yen%
Million yen%
Million yen%
Million yen%
February 29, 2024
189,629
7.7
11,260115.9
10,126
90.4
6,611
116.0
February 28, 2023
176,072
4.5
5,214
–
5,319
948.7
3,061
(64.3)(Note) Comprehensive income: Fiscal year ended February 29, 2024: 6,938 million yen [(35.6)%]
Fiscal year ended February 28, 2023: 10,767 million yen [(7.6)%]
DilutedRatio ofRatio of
Basic earnings
Return on
earnings
recurring profit operating profit
per share
equityper share
to total assets
to net sales
Fiscal year ended
Yen
Yen
%
%
%
48.72
48.66
8.6
6.1
5.9
February 29, 2024
February 28, 2023
22.57
22.53
4.3
3.4
3.0
(Reference) Share of profit (loss) of entities accounted for using equity method:
Fiscal year ended February 29, 2024: (249) million yen
Fiscal year ended February 28, 2023: (46) million yen
EBITDA (operating profit + depreciation and amortization):
Fiscal year ended February 29, 2024: 16,052 million yen [54.7%]
Fiscal year ended February 28, 2023: 10,373 million yen [165.0%](2) Consolidated Financial Position
Total assets
Million yen

Net assets

Shareholders’equity ratio

Million yen

As of February 29, 2024
171,362
84,995
As of February 28, 2023
159,198
85,073(Reference) Shareholders’ equity: As of February 29, 2024: 79,796 million yen
As of February 28, 2023: 74,747 million yen

Net assets per share
%

Yen

46.6
47.0

587.92550.76

(3) Consolidated Cash Flows
Cash and cash
equivalents
at end of period

Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Million yen

Million yen

Million yen

Million yen

3,999
5,685

(4,321)
4,390

263(11,955)

14,133
13,795

Fiscal year ended
February 29, 2024
February 28, 2023
2. Dividends
1stquarterend
Fiscal year ended
February 28,
2023
Fiscal year ended
February 29,
2024
Fiscal year ending
February 28,2025 (Forecast)

Annual dividends per share
2nd
3rd
Yearquarter- quarterend
end
end

Total

Total
dividends(annual)Ratio of
Payout ratio dividends to(consolidated)
net assets(consolidated)

Yen

Yen

Yen

Yen

Yen

Million yen

%

%

–

–

–

12.00

12.00

1,628

53.2

2.0

–

–

–

20.00

20.00

2,714

41.1

3.2

–

–

–

24.00

24.00

40.7

3. Consolidated Performance Forecast for the Fiscal Year Ending February 28, 2025 (March 1, 2024 – February
28, 2025)(% indicates changes from the previous corresponding period.)
Basic
Profit attributable to
Net sales
Operating profit
Recurring profit
earnings
owners of parent
per share
Million yen%

Million yen% Million yen%

Million yen

%

Yen

1H
94,900
5.0
5,500
9.5
5,300
20.1
3,800
32.7
28.00
(cumulative)
Full year
200,000
5.5
12,500
11.0
12,000
18.5
8,000
21.0
58.94
(Reference) EBITDA (operating profit + depreciation and amortization):
Fiscal year ending February 28, 2025 (forecast): 17,700 million yen [10.3%]
Full year ended February 29, 2024: 16,052 million yen [54.7%]* Notes:(1) Changes in significant subsidiaries during the fiscal year under review (changes in specified subsidiaries resulting
in changes in scope of consolidation): None
Newly included: – (Company name:)
Excluded: – (Company name:)(2) Changes in accounting policies, changes in accounting estimates, and restatement
1) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Restatement: None(3) Total number of issued shares (common stock)1) Total number of issued shares at the end of the period (including treasury shares):
As of February 29, 2024:
157,921,669 shares
As of February 28, 2023:
157,921,669 shares2) Total number of treasury shares at the end of the period:
As of February 29, 2024:
22,193,554 shares
As of February 28, 2023:
22,204,488 shares
3) Average number of shares outstanding during the period:
Fiscal year ended February 29, 2024:
135,719,792 sharesFiscal year ended February 28, 2023:
135,655,390 shares(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended February 29, 2024 (March 1, 2023 – February
29, 2024)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Operating profit
Recurring profit
Net income
Fiscal year ended
Million yen%
Million yen%
Million yen%
Million yen%
February 29, 2024
9,920
(10.5)
5,555(20.8)
4,848
123.1
7,115
179.8
February 28, 2023
11,082(23.5)
7,012(35.1)
2,173(59.3)
2,542(70.2)

Fiscal year ended
February 29, 2024
February 28, 2023

Basic earnings
per share

Diluted earnings
per share

Yen

Yen

52.43
18.74

52.37
18.71

(2) Non-consolidated Financial Position
Total assets
Million yen

Net assets

Shareholders’equity ratio

Million yen

140,428
87,891
As of February 29, 2024
136,058
83,502As of February 28, 2023
(Reference) Shareholders’ equity: As of February 29, 2024: 87,815 million yen
As of February 28, 2023: 83,419 million yen

Net assets per share
%

Yen

62.5
61.3

646.99614.66* These consolidated financial results are outside the scope of audit by certified public accountants or an audit firm.
* Explanation of the proper use of performance forecast and other notes
The performance outlook and other forward-looking statements herein are based on information currently available
to the Company and certain assumptions that have been deemed reasonable. Actual performance may differ
significantly from these forecasts due to a wide range of factors. For conditions used as the assumptions for the
performance forecast and notes on the use of performance forecast, please refer to “1. Overview of Operating
Results, etc.” on page 2 of the Attachments.
Note:
This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document
and the Japanese original, the original shall prevail.

Table of Contents - Attachments
1. Overview of Operating Results, etc. ..................................................................................................... 2(1) Overview of Operating Results for the Fiscal Year under Review ................................................... 2(2) Overview of Financial Position for the Fiscal Year under Review .................................................. 3(3) Overview of Cash Flows for the Fiscal Year under Review ............................................................. 3(4) Basic Policy on Shareholder Returns and Dividends for the Fiscal Year under Review and
the Next Fiscal Year ........................................................................................................................... 4(5) Future Outlook ................................................................................................................................. 4
2. Basic Policy on Selection of Accounting Standards ............................................................................. 4
3. Consolidated Financial Statements and Principal Notes ...................................................................... 5(1) Consolidated Balance Sheets ........................................................................................................... 5(2) Consolidated Statements of Income and Comprehensive Income ................................................... 7(3) Consolidated Statements of Changes in Equity ............................................................................... 9(4) Consolidated Statements of Cash Flows ........................................................................................ 13(5) Notes to Consolidated Financial Statements .................................................................................. 15(Uncertainties of entity’s ability to continue as going concern) ................................................ 15(Significant accounting policies for preparation of Consolidated Financial Statements) .......... 15(Changes in accounting policies) .............................................................................................. 19(Changes in the presentation method) ....................................................................................... 19(Additional information) .......................................................................................................... 20(Notes to Consolidated Statements of Comprehensive Income) ............................................... 21(Notes to Consolidated Statements of Changes in Equity) ....................................................... 22(Notes to Consolidated Statements of Cash Flows) .................................................................. 24(Segment information, etc.) ....................................................................................................... 25(Per share information) .............................................................................................................. 30(Significant events after reporting period) ................................................................................ 31
4. Others ................................................................................................................................................... 32
Changes in Directors ................................................................................................................. 32

1

1. Overview of Operating Results, etc.
(1) Overview of Operating Results for the Fiscal Year Ended February 29, 2024
In the fiscal year ended February 29, 2024 (March 1, 2023 to February 29, 2024), the Japanese economy continued
to recover at a moderate pace as socioeconomic activities gradually returned to normal propelled by the liftingof various COVID-related restrictions. However, soaring energy and raw materials prices owing to geopoliticaltensions and rising domestic prices caused by foreign exchange rate fluctuations among other factors dampened
consumer sentiment and corporate activities, rendering the economic outlook persistently uncertain.
Under these circumstances, at the Onward Group, improvement in the operation of OMO (Online Merges with
Offline) stores offering “Click & Try” services and greater accuracy of the marketing measures using social
media have boosted traffic to both physical and online stores, thus substantially contributing to overall sales
growth. Operating profit margin also increased year-on-year due to the achievements of global business reforms
and progress in streamlining the product supply chain. Thanks to these factors, the Group achieved higher sales,
along with significant increases in all profit categories, year-on-year. Operating profit reached a record high forthe first time since the fiscal year ended February 28, 2009.
As a result of the above, in the fiscal year ended February 29, 2024, consolidated net sales came to 189,629 million
yen (+7.7% year-on-year), consolidated operating profit was 11,260 million yen (+115.9% year-on-year),consolidated recurring profit was 10,126 million yen (+90.4% year-on-year), and profit attributable to owners ofparent was 6,611 million yen (+116.0% year-on-year).
The Onward Group is accelerating growth by reinforcing and expanding its business base through the developmentof new businesses and M&As. In doing so, the Group has adopted EBITDA (operating profit + depreciation andamortization) as a key performance indicator to facilitate earnings comparisons between companies regardlessof differences in accounting standards.
In the fiscal year ended February 29, 2024, EBITDA amounted to 16,052 million yen (+54.7% year-on-year).
Results by segment were as follows.
[Apparel Business]
In Japan, sales grew thanks to the strong performance of “Nijyusanku” and other mainstay brands of the core
operating company Onward Kashiyama Co., Ltd. The development and launch of popular products in “UNFILO”
also contributed to substantial sales growth. At Onward Personal Style Co., Ltd., which operates the“KASHIYAMA” brand, sales at directly managed stores and B2B sales were robust as advertising efforts had amarked effect.
Overseas, sales increased in Europe, America, and Asia, with the profitability sharply improving.
As a result, the Apparel Business posted higher sales and profit.
[Lifestyle Business]
Chacott Co., Ltd., which runs the wellness business, posted higher sales owing to enhanced marketing strategies
utilizing social media and the development and launch of popular products in the Chacott Cosmetics line. At
Creative Yoko Co., Ltd., a subsidiary engaged in a pet and home life business, sales remained favorable backed
by the success of aggressive store opening measures. Performance at Yamato Co., Ltd., which operates a gift
catalog business, also held firm.
As a result, sales and profit increased in the Lifestyle Business.

2(2) Overview of Financial Position for the Fiscal Year under Review
Total assets on a consolidated basis as of the end of the fiscal year under review increased by 12,163 million yen
compared with the end of the previous fiscal year to 171,362 million yen. This was primarily due to increases innotes and accounts receivable—trade, and contract assets of 1,952 million yen, merchandise and finished goodsof 7,959 million yen, and retirement benefit asset of 2,333 million yen.
Liabilities increased by 12,242 million yen compared with the end of the previous fiscal year to 86,367
million yen. This was primarily due to increases in short-term borrowings of 5,318 million yen and long-termborrowings of 3,598 million yen.
Net assets decreased by 78 million yen compared with the end of the previous fiscal year to 84,995 million
yen. This was primarily due to profit attributable to owners of parent of 6,611 million yen, dividends of surplus
of 1,628 million yen, a decrease in foreign currency translation adjustment of 990 million yen, an increase inremeasurements of defined benefit plans of 1,265 million yen, and a decrease in non-controlling interests of
5,121 million yen.
As a result, the shareholders’ equity ratio was 46.6%.
(3) Overview of Cash Flows for the Fiscal Year under Review
1) Status of cash flows as of the end of the fiscal year under review
Cash flows provided by operating activities amounted to 3,999 million yen (an inflow of 5,685 million yen forthe previous fiscal year) mainly due to a profit before income taxes, an impairment loss, an increase in tradereceivables, and an increase in inventories.
Cash flows used in investing activities amounted to 4,321 million yen (an inflow of 4,390 million yen forthe previous fiscal year) mainly due to purchase of property, plant and equipment, and purchase of investment
securities.
Cash flows provided by financing activities amounted to 263 million yen (an outflow of 11,955 million yen
for the previous fiscal year), which primarily included a net increase (decrease) in short-term borrowings andproceeds from long-term borrowings.
As a result, cash and cash equivalents at the end of the fiscal year under review increased by 337 million
yen compared with the end of the previous fiscal year to 14,133 million yen.

32) Indicators related to cash flows
Fiscal year
ended February
29, 2020
Shareholders’
38.3
equity ratio (%)
Shareholders’equity ratio
30.1
based on fairvalue (%)
Ratio of interest875.8
bearing debt tocash flow (%)
Interest
17.4
coverage ratio(times)Fiscal year
ended February
28, 2021

Fiscal year
ended February
28, 2022

Fiscal year
ended February
28, 2023

Fiscal year
ended February
29, 2024

28.9

42.4

47.0

46.6

17.4

23.8

29.1

40.6

(461.1)

492.3

532.9

1,012.4(46.5)

18.3

13.7

5.2

Shareholders’ equity ratio:
Shareholders’ equity / Total assets
Shareholders’ equity ratio based on fair value: Total market value of shares / Total assets
Ratio of interest-bearing debt to cash flow:
Interest-bearing debt / Cash flow
Interest coverage ratio:
Cash flow / Interest paid
(Note 1) All indicators were calculated using consolidated financial figures.
(Note 2) The total market value of shares was calculated based on the total number of issued shares excluding

treasury shares.
(Note 3)(Note 4)

Cash flows from operating activities are used.
Interest-bearing debt includes all debt recorded on the Consolidated Balance Sheets for which interest is
paid.

(4) Basic Policy on Shareholder Returns and Dividends for the Fiscal Year under Review and the Next Fiscal
Year
The Company positions returning profits to its shareholders as one of the most important management measures.
Its basic policy is to provide stable and appropriate shareholder returns linked to performance, with a target
dividend payout ratio of 40% or more, raised from previous 35% or more.
With regard to dividends for the fiscal year under review, the Company plans to pay out a dividend of 20
yen per share. For the next fiscal year, the Company plans to raise the annual dividend forecast per share by 4
yen from the previous year to 24 yen.
The Company will flexibly utilize its internal reserve for strategic investments in the establishment of arobust business structure, enhancement of financial constitution, and other efforts while giving consideration tobalancing its needs for funds.
(5) Future Outlook
For future outlook, please refer to “FY2023 Results Presentation Materials” announced today.

2. Basic Policy on Selection of Accounting Standards
In consideration of comparability between each reporting period of Consolidated Financial Statements andcomparability between companies, the Group plans to prepare its Consolidated Financial Statements using theJapanese GAAP for the time being.
The Group plans to appropriately handle the adoption of IFRS (International Financial Reporting Standards)
in consideration of various circumstances in Japan and overseas.

4

3. Consolidated Financial Statements and Principal Notes(1) Consolidated Balance Sheets(Million yen)
As of February 28, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable—trade, and contract
assetsMerchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Long-term prepaid expenses
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

5

As of February 29, 2024

13,805

14,133

13,981

15,93327,297
486
2,935
4,185
(437)
62,25535,257
456
3,244
4,675
(301)
73,40040,719(21,220)
19,49823,328
9,988(6,784)
3,204
18,548(11,449)
7,099
53,13041,039(21,772)
19,267
22,626
10,036(7,215)2,820
17,513(11,759)
5,753
50,468

4,025
5,081
9,106

3,289
5,533
8,822

16,433
2,882
383
5,441
3,454
6,442
(331)
34,706
96,943
159,198

16,600
2,566
347
7,774
4,805
6,671
(93)
38,67197,962
171,362(Million yen)
As of February 28, 2023
Liabilities
Current liabilities
Notes and accounts payable—trade
Electronically recorded obligations—operating
Short-term borrowings
Current portion of long-term borrowings
Lease obligations
Income taxes payable
Provision for bonuses
Provision for bonuses for directors
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease obligations
Deferred tax liabilities for land revaluation
Retirement benefit liability
Provision for retirement benefits for directors andcorporate auditors
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

6

As of February 29, 2024

8,154
13,236
14,880
3,720
887
1,129
914
179
10,021
53,1248,740
13,871
20,198
5,214
858
965
1,296
216
10,98862,350

8,657
3,902
241
2,886

12,255
3,420
180
2,752

262

290

2,563
2,485
21,00074,1252,629
2,488
24,01786,36730,07950,347
16,042(20,748)
75,721

30,07950,342
21,165(20,737)
80,8492,620
30(5,698)
1,441
631
(973)
82
10,24385,073
159,198

2,431
4(5,837)451
1,896(1,052)76
5,122
84,995
171,362(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Million yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on disposal of salesfloor fixtures, etc.
Foreign exchange losses
Share of loss of entities accounted for using equity
methodOther
Total non-operating expenses
Recurring profit
Extraordinary income
Gain on sales of investment securities
Gain on sales of non-current assets
Gain on sales of shares of subsidiaries and associates
Other
Total extraordinary income
Extraordinary losses
Impairment loss
Extraordinary loss due to closing and other
Loss on disaster
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

For the fiscal year ended
February 28, 2023
176,072
79,32096,751
91,5375,214

For the fiscal year ended
February 29, 2024
189,629
83,847
105,782
94,521
11,260

28
205
789
136
219
1,380

52
231

363
45

–

896
16
109

46

249

819
1,274
5,319

356
1,628
10,126

527
21
1,300
29
1,878

363
69

2,906
5

3,586

–

195
614
4,395
6,164
1,263
(1,976)
(713)
6,878
266
6,611

475
3,388
3,809
1,387
(688)
698
3,111
49
3,061

7

–
–
211
494

–
–
433

–

Consolidated Statements of Comprehensive Income(Million yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:
Owners of parent
Non-controlling interests

For the fiscal year ended
February 28, 2023
3,111

For the fiscal year ended
February 29, 2024
6,878

4,267
29
2,256
1,103

(197)
(25)
(990)
1,265

–

7

*7,656
10,767*60
6,938

10,231
535

6,672
266

8

(3) Consolidated Statements of Changes in Equity
Fiscal year ended February 28, 2023 (from March 1, 2022 to February 28, 2023)(Million yen)
Shareholders’ equity
Share
capitalBalance as at
March 1, 2022
Cumulative effects
of changes inaccounting policies
Restated balance
Changes during
periodDividends ofsurplusProfit attributableto owners ofparentPurchase oftreasury shares
Disposal oftreasury shares
Net changes in
items other thanshareholders’equityTotal changes in
items during
periodBalance as at
February 28, 2023

Capitalsurplus30,07950,390Retainedearnings
15,391

Treasuryshares(20,831)(782)
30,07950,39014,608

Accumulated othercomprehensive income
Valuation
DeferredTotal
difference on
gains orshareholders’available-forlosses on
equitysale securities
hedges75,0301(1,646)

1

4,267

29

(782)
(20,831)

74,247(1,627)(1,627)

3,061

3,061

(43)

(1,646)

(0)

(0)

82

39

－

(43)

1,433

82

1,473

4,267

29

30,07950,347

16,042(20,748)

75,721

2,620

30

9

Accumulated other comprehensive income
Total
Foreign
Remeasurements accumulated
Revaluation
currencyof defined
otherreserve for land translation
benefit plans comprehensive
adjustment
incomeBalance as at
March 1, 2022
Cumulative effects
of changes inaccounting policies
Restated balance
Changes during
periodDividends ofsurplusProfit attributableto owners ofparentPurchase oftreasury shares
Disposal oftreasury shares
Net changes in
items other thanshareholders’equityTotal changes in
items during
periodBalance as at
February 28, 2023

(5,698)

(328)

(472)

(8,144)

Shareacquisitionrights

Noncontrollinginterests

122

10,248

Total net
assets77,257(782)(5,698)

(328)

(472)

(8,144)122

10,24876,474(1,627)
3,061
(0)
39

－

1,770

1,103

7,170

(39)

(5)

7,125

－

1,770

1,103

7,170

(39)

(5)

8,598

(5,698)

1,441

631

(973)

82

10,24385,07310

Fiscal year ended February 29, 2024 (from March 1, 2023 to February 29, 2024)(Million yen)
Shareholders’ equity
Share
capitalBalance as at
March 1, 2023
Changes during
periodDividends ofsurplusProfit attributableto owners ofparentPurchase oftreasury shares
Disposal oftreasury shares
Reversal ofrevaluation
reserve for land
Net changes in
items other thanshareholders’equityTotal changes in
items during period
Balance as at
February 29, 2024

Capitalsurplus30,079Retainedearnings

50,347

16,042

Treasuryshares(20,748)

Accumulated othercomprehensive income
Valuation
DeferredTotal
difference on
gains orshareholders’available-forlosses on
equitysale securities
hedges75,721(1,628)(1,628)

6,611

6,611

(5)

(0)

(0)

11

6

139

2,620

30

(189)

(25)

139

－

(5)

5,122

11

5,128

(189)

(25)

30,07950,342

21,165(20,737)

80,849

2,431

4

11

Accumulated other comprehensive income
Total
Foreign
Remeasurements accumulated
Revaluation
currencyof defined
otherreserve for land translation
benefit plans comprehensive
adjustment
incomeBalance as at
March 1, 2023
Changes during
periodDividends ofsurplusProfit attributableto owners ofparentPurchase oftreasury shares
Disposal oftreasury shares
Reversal ofrevaluation
reserve for land
Net changes in
items other thanshareholders’equityTotal changes in
items during period
Balance as at
February 29, 2024

(5,698)

1,441

631

(973)

Share
acquisitionrights

Noncontrollinginterests

82

10,243

Total net
assets85,073(1,628)
6,611
(0)
6
139

(139)

(990)

1,265

(79)

(6)

(5,121)(5,207)

(139)

(990)

1,265

(79)

(6)

(5,121)(78)(5,837)

451

1,896

(1,052)76

5,122

84,99512

(4) Consolidated Statements of Cash Flows(Million yen)
For the fiscal year ended
February 28, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation and amortization
Impairment loss
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Decrease (increase) in retirement benefit asset
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Share of loss (profit) of entities accounted for using equity
methodLoss (gain) on disposal of non-current assets
Loss on disposal of salesfloor fixtures, etc.
Loss (gain) on sales of investment securities
Loss (gain) on valuation of investment securities
Loss (gain) on sales of shares of subsidiaries andassociates
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Income taxes refund
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of investment securities
Proceeds from sales of investment securities
Purchase of long-term prepaid expenses
Payments of guarantee deposits
Proceeds from refund of guarantee deposits
Proceeds from sales of shares of subsidiaries resulting inchange in scope of consolidation
Other, net
Net cash provided by (used in) investing activities

13

For the fiscal year ended
February 29, 2024

3,809
4,366
2,906
794
330
(2,192)
26
(234)
363

6,164
3,978
3,586
813
(413)
(2,333)
(134)
(283)
896

46

249

4
45
(505)
166

(21)
16
(363)

(1,300)0358(3,653)
3,077(1,032)
7,377
1,414
(414)
(2,726)35
5,685(1,742)(7,848)
931
1,793
5,289
252
(766)
(2,373)
1,597
3,999

(11)
11
(2,164)
0
(3)
3,238
(69)
(878)
474

10
(1,967)289(2,022)
1,771
(9)
(607)
317

7,644

–

(3,851)
4,390(2,101)(4,321)––

(Million yen)
For the fiscal year ended
February 28, 2023
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
Dividends paid
Repayments to non-controlling shareholders
Dividends paid to non-controlling interests
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

For the fiscal year ended
February 29, 2024

(4,796)–(4,053)(0)(1,627)(190)(248)(1,038)(11,955)475(1,403)
15,199*13,795

14

3,202
9,000
(3,907)(0)(1,628)(5,020)(366)(1,014)263
396
337
13,795*14,133

(5) Notes to Consolidated Financial Statements(Uncertainties of entity’s ability to continue as going concern)
Not applicable.

(Significant accounting policies for preparation of Consolidated Financial Statements)
1. Disclosure of scope of consolidation(1) Number of consolidated subsidiaries and names of major consolidated subsidiaries
Number of consolidated subsidiaries: 39
Names of major consolidated subsidiaries
Onward Kashiyama Co., Ltd.
Onward Corporate Design Co., Ltd.
Chacott Co., Ltd.
Creative Yoko Co., Ltd.
Island Co., Ltd.
Onward Personal Style Co., Ltd.
Yamato Co., Ltd.
Kokobuy Co., Ltd.
Joseph Ltd.
Beginning in the fiscal year under review, Onward Creative Center Co., Ltd. has been excluded from the scopeof consolidation due to an absorption merger with Onward Corporate Design Co., Ltd., which changed its namefrom Onward Trading Co., Ltd. on September 1, 2023, as the surviving company. FREED U.S.A. LLC. was
liquidated and therefore has been excluded from the scope of consolidation. JOSEPH JAPAN CO., LTD. wasestablished and is now included in the scope of consolidation.
(2) Names of major unconsolidated subsidiaries
Bien Co., Ltd.
Reasons for exclusion from scope of consolidation
Unconsolidated subsidiaries have been excluded from the scope of consolidation because they are smallin scale and the effects of their total assets, net sales, profit or loss (amount attributable to the Company’s
share), retained earnings (amount attributable to the Company’s share), etc. on the Consolidated Financial
Statements in the aggregate are not material.
2. Disclosure about application of equity method(1) Number of unconsolidated subsidiaries and associates accounted for using equity method
12
Names of major associates accounted for using equity method
WEGO Co., Ltd.
SANMARINO Ltd.
In the fiscal year under review, we acquired shares of WEGO Co., Ltd. and four of its subsidiaries andassociates, and SANMARINO Ltd. and six of its subsidiaries and associates, and these associates areincluded in the scope of equity method application.
15

We transferred our shares of Mulberry Japan Co., Ltd., and the company is excluded from the scope ofequity method application.

(2) Names of major unconsolidated subsidiaries and associates not being accounted for using equity method
Bien Co., Ltd.
Reasons for not being accounted for using equity method
Companies not accounted for using equity method have been excluded from the scope of application ofequity method because their effects on consolidated profit or loss, consolidated retained earnings, etc. areinsignificant and immaterial individually or in the aggregate.
(3) The fiscal year-end of SANMARINO Ltd. is June 30, and their financial statements prepared on a basis similar
to that for the year-end closing as of December 31 have been used for consolidation purposes.
3. Disclosure about fiscal years, etc. of consolidated subsidiaries
Among the consolidated subsidiaries, companies whose fiscal year-end is different from the consolidated fiscal
year-end are as follows.
(1) Companies with fiscal year-end on November 30
Joseph Ltd.
8 other companies(2) Companies with fiscal year-end on December 31
J. Press, Inc.
Onward Fashion Trading (China) Co., Ltd.
11 other companies

4. Accounting policies(1) Accounting policy for measuring significant assets
1) Accounting policy for measuring securities
Available-for-sale securities
Securities other than shares, etc. that do not have a market value
Carried at the fair values prevailing at the fiscal year-end date (unrealized gains or losses areincluded as a component of net assets, and cost of sales is computed by the moving-averagemethod).
Shares, etc. that do not have a market value
Stated at cost using the moving-average method.
2) Accounting policy for measuring derivatives
Stated at fair value.
3) Accounting policy for measuring inventories
Inventories are measured at cost determined principally by the specific identification method(the balance sheet value is calculated using the inventory write-down method based on decreased
profitability).

16

(2) Accounting policy for depreciation of significant assets
1) Property, plant and equipment (excluding leased assets)
The Company and its domestic consolidated subsidiaries principally provide depreciation by the
declining-balance method, while overseas consolidated subsidiaries provide depreciation by thestraight-line method. Provided, however, that certain buildings (other than facilities attached tobuildings) acquired on and after April 1, 1998 and facilities attached to buildings and structuresacquired on and after April 1, 2016 are depreciated by the straight-line method.
The useful lives of property, plant and equipment are summarized as follows:
Buildings and structures
3 to 50 years
Other
2 to 20 years
2) Intangible assets (excluding leased assets)
Amortized by the straight-line method. Software costs for internal use are amortized over their
expected useful lives (5 to 10 years) by the straight-line method.
3) Long-term prepaid expenses
Amortized by the straight-line method.
4) Leased assets
Leased assets pertaining to finance lease transactions without transfer of ownership
Depreciated by the straight-line method with the leasing period as the useful life and without
residual value.
(3) Accounting policy for significant provisions
1) Allowance for doubtful accounts
In order to prepare for probable future losses on collection, estimated amount uncollectible isprovided for in accordance with the historical average charge-off ratio in the case of ordinary
receivables. In the case of certain accounts designated as highly doubtful accounts, a specificallowance is provided for based on individual detailed credit analysis.
2) Provision for bonuses
Provision for bonuses is recognized for the estimated amount to provide for payment of bonuses
to employees.
3) Provision for bonuses for directors
The Company and certain of its domestic consolidated subsidiaries recognize provision forbonuses for directors in an estimated amount to provide for payment of bonuses to their directors.
4) Provision for retirement benefits for directors and corporate auditors
Certain domestic consolidated subsidiaries recognize provision for retirement benefits for
directors and corporate auditors in an amount payable as of the end of the fiscal year based oninternal regulations, to provide for payment of retirement benefits for Directors and Audit &Supervisory Board Members.

17

(4) Accounting policy for retirement benefits
1) Method of allocating estimated retirement benefits to each reporting period
In calculating retirement benefit liability, the method of allocating estimated retirement benefits
to each reporting period up to the end of the fiscal year under review is based on the benefit
formula basis.
2) Accounting policy for actuarial differences and prior service costs
Actuarial differences are accounted for as expenses over a certain number of years within the
average remaining years of service of the employees at the time of occurrence during each fiscal
year (5 to 10 years) using the straight-line method, commencing with the fiscal year following
the one in which they were incurred.
Prior service costs are accounted for as expenses over a certain number of years within the
average remaining years of service of the employees at the time of occurrence (5 to 10 years)
using the straight-line method.
(5) Accounting policy for significant revenue and expenses
The main content of performance obligations and normal time when the performance obligations are
satisfied (normal time when revenue is recognized) in core businesses related to revenue from contracts
with customers of the Company and its consolidated subsidiaries are as follows.
1) Revenue related to wholesale sales
Revenue related to wholesale sales identifies the delivery and shipment of products asperformance obligations. In wholesale sales, the performance obligation is satisfied when theinspection by the customer is complete, but as there is no material difference between this andwhen the product ships, revenue is recognized when the product ships. Furthermore, theconsideration for transactions is generally received within approximately three months fromthe time when performance obligations are satisfied and does not include a significant
financing component.
2) Revenue related to retail sales
Revenue related to retail sales identifies the delivery of products as a performance obligation.
In retail sales, the performance obligation is normally satisfied when a product is delivered, so
revenue is recognized when the product is delivered. Furthermore, the consideration fortransactions is generally received within approximately one month from the time when
performance obligations are satisfied and does not include a significant financing component.
3) Revenue related to service provision
Revenue related to the provision of services primarily includes royalties received for granting
licenses, and these grants are identified as performance obligations. These are either sales or
usage-based royalties, measured using the counterparty’s sales, etc. as the calculation basis,and revenue is recognized when the license is used or when the performance obligation
allocated to sales or usage-based royalties is satisfied, whichever is later. Furthermore, theconsideration for transactions is generally received within approximately three months fromthe time when performance obligations are satisfied and does not include a significant
financing component.
(6) Accounting policy for hedging
1) Accounting policy for hedging
Deferred hedging is applied. However, appropriation procedures are applied to trade payables
and trade receivables denominated in foreign currencies with forward exchange contracts.

182) Hedging instruments and hedge items
The derivatives designated as hedging instruments are principally forward exchange contracts.
The related hedged items are trade payables and trade receivables denominated in foreign
currencies and scheduled transactions.
3) Hedging policy
For the purpose of fixing cash flows denominated in Japanese yen from payables andreceivables denominated in foreign currencies by avoiding the risk of future foreign currency
exchange rate fluctuation in relation to export and import transactions denominated in foreign
currencies, the Company enters into forward exchange contracts based on settlement dates in
response to orders received from and sent to business partners.
4) Evaluation of hedge effectiveness
By setting up forward exchange contracts denominated in the same currencies with the sameamounts and the same due dates to the amounts of orders received and sent denominated inforeign currencies, the Company ensures that the correlation from fluctuations in foreign
currency exchange rates after entering into forward exchange contracts is maintained.
(7) Accounting policy for goodwill
Goodwill is evaluated on an individual basis and amortized on a straight-line basis over areasonable number of years within 20 years.
(8) Scope of cash and cash equivalents in Consolidated Statements of Cash Flows
Funds (cash and cash equivalents) in the Consolidated Statements of Cash Flows are composedof cash on hand, bank deposits that can be withdrawn on demand, and short-term investments,
which are highly liquid and readily convertible into cash, with an original maturity of 3 months
or less and insignificant risk of changes in value.
(9) Other significant information for preparation of consolidated financial statements
Application of group tax sharing system
The Company and certain of its domestic consolidated subsidiaries apply the group tax sharing
system.
(Changes in accounting policies)(Application of Implementation Guidance on Accounting Standard for Fair Value Measurement)
The Company has applied the “Implementation Guidance on Accounting Standard for Fair Value Measurement”(ASBJ Guidance No. 31, July 17, 2021; hereinafter referred to as the “Fair Value Measurement Guidance”) fromthe beginning of the fiscal year under review, and will prospectively apply the new accounting policies stipulatedby the Fair Value Measurement Guidance in accordance with the transitional treatment provided in paragraph 272 of the Fair Value Measurement Guidance.
This does not affect the consolidated financial statements.
(Changes in the presentation method)(Consolidated Statements of Income)“Commission expenses” under “Non-operating expenses” presented separately in the previous fiscal year, is
included in “Other” as of the fiscal year under review, since it was no more than 10% of total non-operating

19

expenses. To reflect this change in presentation, the consolidated financial statements for the previous fiscal year
have been reclassified.
As a result, the 186 million yen that was presented in “Commission expenses” and the 632 million yen in“Other” under “Non-operating expenses” in the Consolidated Statements of Income for the previous fiscal year
have been reclassified as “Other” of 819 million yen.
(Consolidated Statements of Cash Flows)“Repayments to non-controlling shareholders” included in “Other” under “Cash flows from financing activities”
in the previous fiscal year, is presented separately as of the fiscal year under review, since it has become moresignificant. To reflect this change in presentation, the consolidated financial statements for the previous fiscal
year have been reclassified.
As a result, the (1,229) million yen that was presented in “Other” under “Cash flows from financing activities”
in the Consolidated Statements of Cash Flows for the previous fiscal year has been reclassified as “Repayments
to non-controlling shareholders” of (190) million yen and “Other” of (1,038) million yen.
(Additional information)(Application of Practical Solution on the Accounting and Disclosure Under the Group Tax Sharing System)
The Company and consolidated subsidiaries in Japan have transitioned from a consolidated taxation system tothe group tax sharing system from the fiscal year under review. In accordance with this, the accounting anddisclosure of corporate taxes, local corporate taxes, and tax effect accounting are in accordance with the “Practical
Solution on the Accounting and Disclosure Under the Group Tax Sharing System” (PITF No. 42, August 12,2021; hereinafter referred to as “PITF No. 42”).
Furthermore, based on paragraph 32 (1) of PITF No. 42, it is deemed that there are no effects due to changes
in accounting policies accompanying the application of PITF No. 42.

20

(Notes to Consolidated Statements of Comprehensive Income)* Notes regarding reclassification adjustments and tax effects relating to other comprehensive income

Valuation difference on available-for-salesecurities:
Amount arising during period
Reclassification adjustment for gain and loss
Amount before income tax effect
Income tax effect
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges:
Amount arising during period
Reclassification adjustment for gain and loss
Amount before income tax effect
Income tax effect
Deferred gains or losses on hedges
Foreign currency translation adjustment:
Amount arising during period
Reclassification adjustment for gain and loss
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net oftax:
Amount arising during period
Reclassification adjustment for gain and loss
Amount before income tax effect
Income tax effectRemeasurements of defined benefit plans,
net of tax
Share of other comprehensive income of entities
accounted for using equity method:Amount arising during period
Total other comprehensive income

For the fiscal year
ended February 28, 2023

(Million yen)
For the fiscal year
ended February 29, 2024

5,638
(384)
5,253
(986)

159
(366)
(206)
9

4,267

(197)

39
(1)
38
(8)
29

10
(43)
(32)
6
(25)

(784)
3,041
2,256

(995)
5
(990)

1,759
(71)
1,688
(585)

2,073
(142)
1,930
(665)

1,103

1,265

–

7
60

7,656

21

(Notes to Consolidated Statements of Changes in Equity)
For the fiscal year ended February 28, 2023
1. Notes regarding issued shares
Number of shares at
Increase
Class of shares
beginning of period
Ordinary shares (Shares)－－

Increase

Decrease

157,921,669

2. Notes regarding treasury shares
Number of shares at
Class of shares
beginning of period
Ordinary shares (Shares)

22,287,771

Number of shares at
end of period

Decrease

157,921,669

763

Number of shares at
end of period

84,04622,204,488(Outline of reasons for changes)
Major component of the increase are as follows.
Increase due to the purchase of shares less than one unit: 763 shares
Major components of the decrease are as follows.
Sale due to purchase requests for shares less than one unit: 46 shares
Decrease due to the exercise of stock options: 84,000 shares
3. Notes regarding share acquisition rights
Company
nameReportingcompany

Number of underlying shares (Shares)

Breakdown

Class ofunderlying
sharesAt beginningof period

Increase

Decrease

At end ofperiodShare
acquisitionrights as
stock options

－

－

－

－

－

82

－

－

－

－

82

Total

Balance at
end of period(Million yen)

4. Notes regarding dividends(1) Cash dividends paid
Resolution

Class of shares

May 26, 2022
Annual General
Meeting of
Shareholders

OrdinarysharesTotal cash
dividends(Million yen)

Dividend pershare (Yen)

1,627

12.00

Record date

Effective dateFebruary 28, 2022

May 27, 2022

(2) Dividends for which the record date falls in the fiscal year under review, but the effective date falls in the following
fiscal year
Resolution

Class ofsharesTotal cash
dividends(Million yen)

Source ofdividend

Dividend pershare (Yen)Record date

Effective date

May 25, 2023
Annual General
Meeting of
Shareholders

Ordinaryshares1,628

Retainedearnings

12.00

February 28,
2023

May 26, 2023

22

For the fiscal year ended February 29, 2024
1. Notes regarding issued shares
Number of shares at
Class of shares
beginning of period
Ordinary shares (Shares)

Increase

Decrease－－

Increase

Decrease

157,921,669

2. Notes regarding treasury shares
Number of shares at
Class of shares
beginning of period
Ordinary shares (Shares)

22,204,488

Number of shares at
end of period
157,921,669

1,068

Number of shares at
end of period

12,002

22,193,554(Outline of reasons for changes)
Major component of the increase are as follows.
Increase due to the purchase of shares less than one unit: 1,068 shares
Major component of the decrease are as follows.
Sale due to purchase requests for shares less than one unit: 2 shares
Decrease due to the exercise of stock options: 12,000 shares
3. Notes regarding share acquisition rights
Company
nameReportingcompany

Number of underlying shares (Shares)

Breakdown

Class ofunderlying
sharesAt beginningof period

Increase

Decrease

At end ofperiodShare
acquisitionrights as
stock options

－

－

－

－

－

76

－

－

－

－

76

Total

Balance at
end of period(Million yen)

4. Notes regarding dividends(1) Cash dividends paid
Resolution

Class of shares

May 25, 2023
Annual General
Meeting of
Shareholders

OrdinarysharesTotal cash
dividends(Million yen)

Dividend pershare (Yen)

1,628

12.00

Record date

Effective dateFebruary 28, 2023

May 26, 2023

(2) Dividends for which the record date falls in the fiscal year under review, but the effective date falls in the following
fiscal year
Resolution

Class ofsharesTotal cash
dividends(Million yen)

Source ofdividend

Dividend pershare (Yen)Record date

Effective date

May 23, 2024
Annual General
Meeting of
Shareholders

Ordinaryshares2,714

Retainedearnings

20.00

February 29,2024

May 24, 2024

23

(Notes to Consolidated Statements of Cash Flows)* Reconciliation of ending balance of cash and cash equivalents with account balances per Consolidated Balance
Sheets is as follows.
(Million yen)
For the fiscal year
ended February 28, 2023

For the fiscal year
ended February 29, 2024

13,805

14,133(10)－

13,795

14,133

Cash and deposits
Time deposits with maturities of morethan three months
Cash and cash equivalents

24

(Segment information, etc.)[Segment information]
1. Summary of reportable segments
The Group’s reportable segments are components for which separate financial information is available andregular evaluation by the Board of Directors is performed to decide how management resources are allocated andto assess performance.
The Group engages in the apparel business (planning, production, and sale of textile products, including
men’s and women’s clothing) and the lifestyle business in Japan and overseas.
The reportable segments of the Group comprise the “Apparel Business,” which is divided geographicallyinto two categories, “Domestic” and “Overseas,” and the “Lifestyle Business.”
The “Apparel Business (Domestic)” operates the apparel business in Japan; the “Apparel Business(Overseas)” operates the apparel business overseas. The “Lifestyle Business” operates businesses including acosmetic business, a wellness business related to ballet and dance and resorts, a pet supply and other business, abusiness related to gifts, and a real estate leasing business.
2. Method of calculating net sales, profit or loss, assets, liabilities, and other items by reportable segment
Accounting methods for reportable segments are mostly the same as the accounting methods described in“Significant accounting policies for preparation of Consolidated Financial Statements.”
Profit by reportable segment refers to operating profit. Intersegment sales or transfers are based on market
values.

25

3. Information on net sales, profit or loss, assets, liabilities, and other items by reportable segment
For the fiscal year ended February 28, 2023 (from March 1, 2022 to February 28, 2023)(Million yen)Amountrecorded in
Adjustments Consolidated
Financial(Note 1)
Statements(Note 3)

Apparel Business
LifestyleBusiness

Total(Domestic)(Overseas)

Net sales to outside
customers
Intersegment sales ortransfers
Total

121,337

13,424

134,761

41,310176,072－

176,072

854

1,654

2,509

1,459

3,969

(3,969)－122,192

15,079137,271

42,770180,041(3,969)176,072

Segment profit (loss)

3,359

(969)

2,389

3,756

6,145

(931)

5,214

Segment assets

84,537

12,21096,74845,952

142,700

16,497

159,198

2,544

525

3,069

903

3,973

393

4,366

－

－

－

－

－

－

－

1,645

871

2,517

754

3,272

1,649

4,921

Total

Net sales

Other items
Depreciation andamortization (Note 2)
Investments in equitymethod entities
Increases in property, plantand equipment, andintangible assets (Note 2)(Notes) 1. Adjustments consist of the following:(1) The adjustment amount for segment profit (loss) of (931) million yen includes amortization of goodwillof (794) million yen, elimination of intersegment transactions of 3,433 million yen, and corporate
expenses not allocated to reportable segments of (3,570) million yen. Corporate expenses are mainly
general and administrative expenses that are not attributable to reportable segments.
(2) The adjustment amount for segment assets of 16,497 million yen includes the unamortized balance of
goodwill of 4,025 million yen, elimination of intersegment transactions of (120,851) million yen, andcorporate assets not allocated to reportable segments of 133,324 million yen. Corporate assets are mainly
assets held by the Company, a pure holding company.
2. Depreciation and amortization, and increases in property, plant and equipment, and intangible assets
include long-term prepaid expenses (furniture and fixtures).
3. Segment profit (loss) coincides with the amount of operating profit in the Consolidated Statements ofIncome.

26

For the fiscal year ended February 29, 2024 (from March 1, 2023 to February 29, 2024)(Million yen)
Apparel Business
LifestyleBusiness

Total

Amountrecorded in
Adjustments Consolidated
Financial(Note 1)
Statements(Note 3)

(Domestic)(Overseas)

131,256

15,265

146,522

43,107

189,629－

189,629

1,003

1,985

2,989

931

3,921

(3,921)－

132,260

17,251

149,51144,038

193,550(3,921)

189,629

Segment profit (loss)

7,572

(58)

7,513

4,364

11,878(617)

11,260

Segment assets

93,34016,229109,569

39,249148,818

22,543

171,362

2,346

347

2,693

860

3,554

424

3,978

1,775

－

1,775

－

1,775

－

1,775

3,329

271

3,600

929

4,530

82

4,613

Total

Net sales
Net sales to outside
customers
Intersegment sales ortransfers
Total

Other items
Depreciation andamortization (Note 2)
Investments in equitymethod entities
Increases in property, plantand equipment, andintangible assets (Note 2)(Notes) 1. Adjustments consist of the following:(1) The adjustment amount for segment profit (loss) of (617) million yen includes amortization of goodwillof (813) million yen, elimination of intersegment transactions of 4,069 million yen, and corporate
expenses not allocated to reportable segments of (3,873) million yen. Corporate expenses are mainly
general and administrative expenses that are not attributable to reportable segments.
(2) The adjustment amount for segment assets of 22,543 million yen includes the unamortized balance of
goodwill of 3,289 million yen, elimination of intersegment transactions of (116,597) million yen, andcorporate assets not allocated to reportable segments of 135,852 million yen. Corporate assets are mainly
assets held by the Company, a pure holding company.
2. Depreciation and amortization, and increases in property, plant and equipment, and intangible assets
include long-term prepaid expenses (furniture and fixtures).
3. Segment profit (loss) coincides with the amount of operating profit in the Consolidated Statements ofIncome.

27

[Information associated with reportable segments]
For the fiscal year ended February 28, 2023 (from March 1, 2022 to February 28, 2023)
1. Information for each product or service
Descriptions are omitted as similar information is disclosed in Segment information.
2. Information for each region(1) Net sales(Million yen)Japan

Europe160,454

Other
8,271

Total
7,346

176,072(2) Property, plant and equipment(Million yen)
Japan

U.S.
43,088Europe
6,205

Other
1,245

Total
2,591

53,1303. Information for each of main customers
Information is not stated as there are no parties whose net sales to outside customers comprise 10% or more of
net sales in the Consolidated Statements of Income.
For the fiscal year ended February 29, 2024 (from March 1, 2023 to February 29, 2024)
1. Information for each product or service
Descriptions are omitted as similar information is disclosed in Segment information.
2. Information for each region(1) Net sales(Million yen)Japan

Europe171,696

Other
9,196

Total
8,737

189,629(2) Property, plant and equipment(Million yen)
Japan

U.S.
42,591

Europe
3,852

Other
1,375

Total
2,647

50,468

3. Information for each of main customers
Information is not stated as there are no parties whose net sales to outside customers comprise 10% or more of
net sales in the Consolidated Statements of Income.

28

[Information on impairment loss on non-current assets by reportable segment]
For the fiscal year ended February 28, 2023 (from March 1, 2022 to February 28, 2023)(Million yen)
Apparel Business(Domestic)
Impairment loss

1,197

(Overseas)

LifestyleBusiness

Total

1,418

2,615

Unallocatedamounts andelimination

291

－

Total
2,906

For the fiscal year ended February 29, 2024 (from March 1, 2023 to February 29, 2024)(Million yen)
Apparel Business(Domestic)
Impairment loss

445

(Overseas)

LifestyleBusiness

Total

206

652

Unallocatedamounts andelimination

2,903[Amortization and unamortized balance of goodwill by reportable segment]
Descriptions are omitted as similar information is disclosed in Segment information.
[Information about gain on bargain purchase for each reportable segment]
Not applicable.

29

31

Total
3,586

(Per share information)
For the fiscal year
ended February 28, 2023
550.76

For the fiscal year
ended February 29, 2024
587.92

Basic earnings per share (Yen)

22.57

48.72

Diluted earnings per share (Yen)

22.53

48.66

Net assets per share (Yen)(Notes) 1. The basis for the calculation of basic earnings per share and diluted earnings per share is as follows:

Item

For the fiscal year
ended February 28, 2023

For the fiscal year
ended February 29, 2024

Basic earnings per share
Profit attributable to owners of parent(Million yen)

3,061

6,611

Components not pertaining to ordinary
shareholders (Million yen)－－

Profit attributable to owners of parent
relating to ordinary shares(Million yen)

3,061

6,611

Average number of ordinary shares
during the period (Thousand shares)

135,655

135,719

Adjustments to profit attributable toowners of parent (Million yen)－－

Increase in number of ordinary shares(Thousand shares)

229

164

[Of which, share acquisition rights(Thousand shares)]

[229]

[164]

－

－

Diluted earnings per share

Outline of residual shares not included in
the calculation of diluted earnings per share
due to not having a dilutive effect30

2. The basis for the calculation of net assets per share is as follows:
For the fiscal year
Item
ended February 28, 2023

For the fiscal year
ended February 29, 2024

Total net assets (Million yen)

85,07384,995

Amount deducted from total net assets(Million yen)

10,326

5,198[Of which, share acquisition rights(Million yen)]

[82]

[76]

[Of which, non-controlling interests(Million yen)][10,243][5,122]

Net assets relating to ordinary shares at endof period (Million yen)

74,747

79,796

Number of ordinary shares at end of periodused for the calculation of net assets per
share (Thousand shares)

135,717

135,728(Significant events after reporting period)
Not applicable.

31

4. Others
Changes in Directors
Other changes in Directors (as of May 23, 2024)
1) Director to be retired
Name
Osamu Sato

Current

2) Candidates for new Director
Name
Current
Shohei Yoshida
New

Position and responsibility-Managing Director of the Company
in charge of Finance, Accounting, Investor Relations-Director and Managing Executive Officer ofOnward Kashiyama Co., Ltd

Position and responsibility-Executive Officer of the Company
Finance, Accounting, Investor Relations-Executive Officer of Onward Kashiyama Co., Ltd-Director of the Company
in charge of Finance, Accounting, Investor Relations-Director and Executive Officer ofOnward Kashiyama Co., Ltd32