FY02/24 (FY2023) Q1

Results Presentation Material

July 6, 2023

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

Today, I would like to explain our group’s financial results for the first quarter using the financial resultspresentation material.
There are two key points. First, we have achieved significant growth in both sales and profit in each stageof earnings, with the results exceeding our initial plans. Second, given the current circumstances, we aremaking upward revisions to our performance forecasts. First, please look at slide 5 of the material.

Onward Group’s Raison d’Être

Copyright © ONWARD HOLDINGS CO., LTD.

Enriching and Adding Color to People’s Lives
while Caring for the Planet© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

22

Contents

Consolidated Financial Results andPerformance Forecasts Highlights

402

FY2023 Q1 Consolidated Financial
Results

1003

FY2023 First Half and Full Year
Consolidated Performance Forecasts

13

04

Topics

16

05

Appendix19

Copyright © ONWARD HOLDINGS CO., LTD.

01

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

33

01
Copyright © ONWARD HOLDINGS CO., LTD.

Consolidated Financial Results andPerformance Forecasts Highlights© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

44

FY2023 Q1 : Consolidated Financial Results Highlights
Net Sales

49.9

billion yen+12% YoY+5.4 bn yen YoY

Operating Profit

5.4

billion yen+168% YoY
+3.4 bn yen YoY

Recurring Profit

4.9

billion yen+84% YoY+2.2 bn yen YoY

Net Profit

3.3

billion yen+84% YoY+1.5 bn yen YoY

1. In Q1, our key brands including Nijyusanku, GOTAIRIKU, Chacott, and PET PARADISE,
continued to perform well as a result of our focus on strengthening customer-oriented
product development and sales services. In addition, new brands such as KASHIYAMA
and UNFILO accelerated growth.

Copyright © ONWARD HOLDINGS CO., LTD.

2. Customers visiting our physical and online stores increased steadily due to increased
recognition of our “Click & Try” OMO service and the improved accuracy of our marketingmeasures utilizing social media. As a result, net sales grew faster than initially planned.
3. The global business reforms, which we have been working on over the past few years,
have also clearly borne fruit. While gross profit margin continued to increase due partly to
improvement in the efficiency of the product supply chain, the SG&A expenses ratio
declined significantly partly due to improvement in sales efficiency through the operation ofmulti-brand stores.
4. As a result, operating profit, recurring profit and net profit all increased significantly.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

5

This page outlines the highlights of the consolidated financial results for the first quarter of fiscal 2023.
Looking at the consolidated results for the first quarter, net sales were ¥49.9 billion, up 12% or ¥5.4 billion
year on year. Our key brands including Nijyusanku, GOTAIRIKU, PET PARADISE, and Chacott continued toperform strongly. Also contributing to the results were the expansion of our new brands, such as the madeto-order suits of KASHIYAMA and UNFILO, with which we aim to achieve net sales of ¥5 billion,
respectively, and the accelerated growth of our “Click & Try” OMO service.
Please see pages 20 and 21 for additional information on the brand business, and page 22 on the numberof stores that introduced the OMO service.

In terms of profits, operating profit was ¥5.4 billion, up 168% or ¥3.4 billion year on year. While gross profit
margin increased partly due to reducing discount sales and improving the efficiency of the supply chain,
the SG&A expense ratio decreased mainly due to improving the sales efficiency through the operation of
ONWARD CROSSET SELECT, multi-brand stores, among other factors.
Recurring profit was ¥4.9 billion, up 84% or ¥2.2 billion and net profit came to ¥3.3 billion, up 84% or ¥1.5
billion.
Next, please look at slide 6.

FY2023 1H / Full-Year : Performance Forecasts Highlights
Net Sales
First
Half

90.0

billion yen+10% YoY+7.8 bn yen YoY

Full
Year

188.8

billion yen+7% YoY+12.7 bn yen YoY

Operating Profit

Recurring Profit

4.0

3.4

billion yen+1973% YoY+3.8 bn yen YoY

10.0

billion yen+92% YoY+4.8 bn yen YoY

billion yen+420% YoY
+2.7 bn yen YoY

9.0

billion yen+69% YoY+3.7 bn yen YoY

Net Profit

2.4

billion yen+404% YoY
+1.9 bn yen YoY

5.0

billion yen+63% +54億
YoY+12%+1.9 bn
yen YoY+54億 +12%

Copyright © ONWARD HOLDINGS CO., LTD.

1. Since the Q1 performance significantly exceeded the initial plans, the Company
revised up its performance forecasts for the first half of the fiscal year.
2. The Company also revised up its full-year performance forecasts while maintaining its
initial forecasts for the second half.
3. As a result, we forecast operating profit of 10 billion yen (for the first time in 11 fiscal
years since FY2012), recurring profit of 9 billion yen and net profit of 5 billion yen for
the full year.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

6

In light of the recent strong performance, we are revising our first-half and full-year performance forecasts
upward.
The revised performance forecasts for the first half are as follows. Net sales are expected to be ¥90 billion,
an increase of 10% or ¥7.8 billion year on year. We expect operating profit to increase by about 20 times or¥3.8 billion to ¥4 billion, recurring profit to increase by about fivefold or ¥2.7 billion to ¥3.4 billion, and net
profit to also increase by about fivefold or ¥1.9 billion to ¥2.4 billion.
While we are maintaining our initial forecasts for the second half of the fiscal year, the full-year
performance forecasts are revised to reflect the upward revisions for the first half. As such, we expect net
sales to increase by 7%, or ¥12.7 billion year on year to ¥188.8 billion, and operating profit to roughly
double or increase by ¥4.8 billion year on year to ¥10 billion. Recurring profit is expected to increase by
69% or ¥3.7 billion year on year to ¥9 billion and net profit is expected to increase by 63% or ¥1.9 billion
year on year to ¥5 billion. For comparisons with the initial forecasts, please see the supplementary
information on slide 26.
Please look at slide 7.

Trends of Operating Profit and Operating Profit Margin◼ Operating profit for FY2023 is expected to reach 10 billion yen for the first timein 11 fiscal years since FY2012.
5.3％(Billion yen)

5.0%

Operating Profit

Operating Profit Margin

4.3%

11.2

130
3.4%

3.0％

3.0%

9.4

2.1%

2.0%

45億円 1.4%

1.7%

3.8

4.2

5.7

1.0%

5.2

10.0

80

1.9%

5.2

4.5

-1.0%

30

▲20

-1.1
-0.6％

-3.1
-1.2％

▲70

Copyright © ONWARD HOLDINGS CO., LTD.

-3.0%

-5.0%
2012
年度

2013
年度

2014
年度

2015
年度

2016
年度

2017
年度

2018
年度

2019
年度

FY2012FY2013

FY2014FY2015FY2016FY2017FY2018FY2019© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

7

-20.2
2020

▲120

-11.5％
年度

2021
年度

2022
年度

FY2020

FY2021

FY2022

2023
年度
（予想）
FY2023(Forecast)
Note: New revenue recognition standards havebeen applied since FY2020.

Trends of operating profit and operating profit margin over the period from fiscal 2012 to the forecast of
fiscal 2023 are indicated. Operating profit for fiscal 2023 is expected to reach ¥10 billion for the first time in
11 fiscal years. Since the collapse of Lehman Brothers in 2008, operating profit margin has remained low ataround 1% to 2%, especially as the profitability of physical stores declined, bringing down the profitabilityof the overseas business as well. In response, we initiated global business reforms in 2019. However, wewere hit by the COVID-19 pandemic right after and recorded a significant operating loss of over ¥20 billion
in fiscal 2020. The Company started on a recovery track from fiscal 2021, returned to profitability in fiscal
2022 for the first time in four fiscal years, and is expected to achieve operating profit of ¥10 billion in fiscal
2023. We expect operating profit margin to exceed 5% due to structural reforms that have beentransforming the Company and giving it a leaner business structure.
Next, please look at slide 8.

Shareholder Returns▍Dividends Policy
The Company views the distribution of profits to shareholders as one of the
management’s highest priority issues, and sets a dividend payout ratio target of 35%
or more, ensuring stable and appropriate distribution of profits in conjunction with its
performance.
➢ The Company plans a year-end dividend of 16 yen for FY2023 (scheduled for
May 2024), up 2 yen from the initial plan of 14 yen (up 4 yen from 12 yen in
FY2022), in line with the upward revision of the full-year forecast for net profit.

▍Dividends
FY2023Copyright © ONWARD HOLDINGS CO., LTD.

Revised Forecast●●

Initial Forecast

億円

FY2022

Dividends per Share (yen)

16

14

●●
12

Total Dividends (mil. yen)

2,171

1,900

1,628

億円

Net Profit (mil. yen)

5,000

4,000

3,061

Payout Ratio

43.4%

47.5%

53.2%

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

8

On shareholder returns. The Company maintains a basic policy to stably distribute profits to shareholders
in conjunction with its performance and sets a dividend payout ratio target of 35% or more. Accordingly,
with the upward revisions made to the full-year performance forecasts, we are also revising the year-end
dividend forecast upward. The Company plans a year-end dividend per share of ¥16 for fiscal 2023, up ¥2from the initial plan of ¥14 and up ¥4 from the year-end dividend for fiscal 2022. We expect total dividends
to be ¥2,171 million with a payout ratio of 43.4%.
Next, please turn to slide 11.

Promote Management that is Conscious of Cost of
Capital and Stock Price▍Recognition of the current situation and future plans
Recognizing that improving PBR and ROE is a key management issue, we will
announce a comprehensive financial strategy together with a revised version of"ONWARD VISION 2030" and a medium-term three-year management plan
(FY2024-FY2026) scheduled for release next April, and promote it with speed.
ROE

PBR

13.9％

（％）
（times）

1.0

0.8
0.7
0.6

0.6

6.0

0.6

Cost of shareholders’ equity

Copyright © ONWARD HOLDINGS CO., LTD.

-42.0％End of
FY2018

4.3％

3.1％
0.0

0.5

End of
FY2019End of
FY2020End of
FY2021

End of
FY2022Endof2023
FY2023
年度
Q1
End of Q1▍Future planned disclosure

2018
2019
2018
2019
FY2018 FY2019
年度
年度
年度
年度

-31.6％
2020
2021
2022
2023
2020
2021
2022
2023
FY2020 年度
年度
FY2021 年度
FY2022 年度
FY2023年度
年度
年度
年度*We recognize that the Company’s cost of shareholders’ equity isapproximately 6%.

As “Action to Implement Management that is Conscious of Cost of Capital and Stock Price”, we plan
the following disclosures.
• Announcement of FY2023 interim financial results (October 2023): Outline of financial policies andtarget financial indicators• Announcement of FY2023 year-end financial results (April 2024): Specific measures for realization© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.
of financial policies and target financial indicators
9

02
Copyright © ONWARD HOLDINGS CO., LTD.

FY2023 Q1 Consolidated Financial Results© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

10
10

FY2023 Q1 : Consolidated Financial Results◼ Net sales increased to 49.9 billion yen, up 5.4 billion yen (12.0%) YoY.
◼ Operating profit increased to 5.4 billion yen, up 3.4 billion yen (+168.3%) YoY as a result ofhigher gross profit margin (+2.6pp) and a lower SG&A expense ratio (-3.7pp), and theoperating profit margin was 10.8% (+6.3pp).
◼ Net profit increased to 3.3 billion yen, up 1.5 billion yen (+83.6%).
◼ EBITDA increased to 6.5 billion yen, up 3.2 billion yen (+94.5%).
Q1 Results(Million yen)

FY20231
2
3

Copyright © ONWARD HOLDINGS CO., LTD.

4

5

6

7

Net Sales

FY2022

49,907

Change% of Change

44,551+5,356+12.0%+4,261+17.2%

Gross Profit

28,97924,718(% of Sales）(58.1%)(55.5%)

SG&A Expanses

23,59922,713(% of Sales）(47.3%)(51.0%)

Operating Profit

5,380

2,005

(% of Sales）(10.8%)(4.5%)

Recurring Profit

4,861

2,638

(% of Sales）(9.7%)(5.9%)Net Profit

3,348

1,823

(% of Sales）(6.7%)(4.1%)EBITDA※

6,545

3,365

(% of Sales）(13.1%)(7.6%)(+2.6%)

+886

+3.9%
(- 3.7%)+3,375+168.3%+2,223+84.3%+1,525+83.6%+3,180+94.5%(+6.3%)(+3.8%)(+2.6%)(+5.5%)© Copyright 2007-2015 ONWARD
HOLDINGS
CO.,LTD.
*Note: EBITDA= operating profit+ depreciation and amortization.

11

I will explain the details of the consolidated financial results for the first quarter.
The figures enclosed in orange on the left indicate the actual results. Starting from item No. 1, net sales amounted to¥49,907 million, up 12.0% year on year. Sales in the domestic apparel business increased significantly due to the
expanded use of the OMO service of Onward Kashiyama and the recovery of the uniforms business at Onward
Trading. In the domestic lifestyle business, Chacott, which provides ballet goods and cosmetics, Creative Yoko,
operating the pet business, and Yamato, engaging in the catalog gift business, all performed well. Also, in theoverseas business, sales increased in all areas.
Item No. 2: Gross profit was ¥28,979 million, up 17.2% year on year. In addition to reducing discount sales as in theprevious fiscal year, goods with high unit prices such as men’s suits performed well. As a result, gross profit margin
went up 2.6 pp year on year to 58.1%.
Item No. 3: SG&A expenses improved by 3.7 pp in terms of percentage of sales to ¥23,599 million. Although theamount increased by 3.9% year on year, this was due to sales-linked rent and other factors, and fixed expenses havebeen properly controlled through streamlining store operations and taking other measures.
As a result, item No. 4, operating profit came to ¥5,380 million, up 168.3% year on year, and operating profit margin
also improved by 6.3 pp. Please see page 29 for additional information on the main breakdown of SG&A expenses.
Item No. 5: Recurring profit was ¥4,861 million, up 84.3% year on year after posting non-operating profit/loss suchas interest income, interest expenses and foreign exchange losses.
Item No. 6: Net profit came to ¥3,348 million, up 83.6% year on year after recording minus items such as an
impairment loss on non-current assets and income taxes.
Item No. 7: EBITDA was ¥6,545 million, up 94.5% year on year. Please see page 29 for additional information on
breakdown details regarding non-operating profit and loss, extraordinary profit and loss, income taxes, etc.
Please look at slide 12.

FY2023 Q1 : Net Sales & Operating Profit by Segment◼ In the domestic business, both the apparel and lifestyle segments increased sales YoY.
Operating profit increased significantly by +115.4% in the apparel segment and by+68.8% in the lifestyle segment.
◼ In the overseas business, sales increased by more than 20% YoY, and operating
profit/loss improved by 0.4 billion yen, although an operating loss remained.

Q1 Results(Million yen)

FY2023
Net Sales

1

ApparelOperating Profit
Net Sales

2LifestyleOperating Profit

Copyright © ONWARD HOLDINGS CO., LTD.

+4,117+12.3%

4,604

2,137

+2,467+115.4%

10,539

9,808

+731

+7.5%

1,256

744

+512

+68.8%

43,251+4,848+11.2%

5,860

2,881

+2,979+103.4%

Net Sales

4,496

3,732

+764

+20.5%

Operating Profit

-251

-613

+362

49,90744,551+5,356+12.0%

5,380

2,005

+3,375+168.3%

Overseas Total
Net Sales

5% of Change

33,44348,099Domestic Total

4

Change37,560Operating Profit

Net Sales

3

FY2022

Consolidated Total
Operating Profit

Note: The group breakdown is calculated using simple sums. Consolidated totals are after eliminating intergroup transactions.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

12

The results of net sales and operating profit by segment are shown here. In the domestic business, boththe apparel and lifestyle segments achieved sales growth from a year earlier. Operating profit increased
significantly, up 115.4% in the apparel segment and up 68.8% in the lifestyle segment.
In our overseas business, sales increased by more than 20% year on year. Operating profit/loss improvedby ¥0.4 billion year on year, although an operating loss remains.
Please look at slide 14.

03
Copyright © ONWARD HOLDINGS CO., LTD.

FY2023 First Half and Full Year
Consolidated Performance Forecasts© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

13
13

FY2023 1H / Full-Year : Consolidated Performance Forecast◼ First-half net sales are expected to be 90 billion yen, up 7.8 billion yen (+9.5%) YoY. Gross profit
margin is expected to increase by 2.2pp YoY, and gross profit is expected to increase by 6.2 billion
yen (+14.0%). The SG&A expenses ratio is expected to improve by 2.0pp YoY. As a result of theabove, operating profit is expected to be 4 billion yen, up 3.8 billion yen (+1972.5%). Net profit isexpected to be 2.4 billion yen, up 1.9 billion yen (+404.2%).
◼ Full-year performance forecasts are a combination of the upwardly revised first -half performance
forecasts and the initial second-half forecasts, which remain unchanged.
First Half

Full-Year(Million yen)

1
2

3

Copyright © ONWARD HOLDINGS CO., LTD.

4

5

6

7

Net Sales

FY2023

FY2022

Change% of hange

FY2023

FY2022

Change% of Change

90,00082,166+7,834+9.5%

188,800

176,072+12,728+7.2%+6,245+14.0%

105,780

96,751+9,029(+2.2%)(56.0%)(54.9%)

Gross Profit

50,98044,735（% of Sales）(56.6%)(54.4%)

SG&A
Expenses

46,98044,542（% of Sales）(52.2%)(54.2%)

Operating
Profit4,000

193（% of Sales）(4.4%)(0.2%)

Recurring
Profit3,400

654（% of Sales）(3.8%)(0.8%)Net Profit

2,400

476

（% of Sales）(2.7%)(0.6%)

6,600

2,838

※

EBITDA+2,438+5.5%

95,78091,537(- 2.0%)(50.7%)(52.0%)+1972.5%

10,0005,214(+4.2%)(5.3%)(3.0%)+2,746+419.9%

9,000

5,319

(+3.0%)(4.8%)(3.0%)+1,924+404.2%

5,000

3,061

(+2.1%)(2.6%)(1.7%)+3,762+132.6%

15,10010,373(+3.8%)(8.0%)(5.9%)+3,807（% of Sales）(7.3%)(3.5%)© Copyright 2007-2015 ONWARD HOLDINGS
CO.,LTD.

14+9.3%(+1.1%)+4,243+4.6%(- 1.3%)+4,786+91.8%+3,681+69.2%+1,939+63.3%+4,727+45.6%(+2.3%)(+1.8%)(+0.9%)(+2.1%)*Note: EBITDA = operating profit + depreciation and amortization.

Details of our first-half and full-year performance forecasts are presented here. As I mentioned under the
performance highlights at the beginning of the presentation, in light of the results of the first quarter, theinitial forecasts are revised upward.
The figures enclosed in orange are the revised forecasts. The forecasts for the second half of the fiscal year
remain unchanged, while the full-year forecasts reflect the upward revisions made for the first half.
On a full-year basis, we expect net sales to increase by 7.2% year on year, and gross profit margin to go up
by 1.1 pp to 56.0%. The SG&A expense ratio is expected to improve by 1.3 pp to 50.7%, and operating
profit margin to improve by 2.3 pp to 5.3%, marking the highest figure since fiscal 2012.

FY2023 1H / Full-Year : Forecast of Net Sales & Operating Profit by Segment◼ In the domestic business, in the apparel segment for the full year, net sales are expected toincrease by 9.1 billion yen (+7.1%) and operating profit by 3.9 billion yen (+78.0%). In thelifestyle segment for the full year, net sales are expected to increase by 3 billion yen (+7.8%)
and operating profit by 0.5 billion yen (+20.1%) from the previous fiscal year, which aresignificant increase.
◼ In the overseas business for the full year, net sales are expected to increase by 2.1 billion yen(+12.2%) YoY. Although an operating loss remains, operating profit/loss is expected to improveby 0.8 billion yen.
First Half

Full-Year(Million yen)
FY2023

1

2

Copyright © ONWARD HOLDINGS CO., LTD.

3

4

5

ApparelLifestyleDomestic Total

Overseas Total

Consolidated Total

FY2022

Change% of Change

FY2023

FY2022

Change% of Change

Net Sales

65,92259,704+6,218+10.4%

137,803

128,672+9,131+7.1%

Operating
Profit3,279

484+2,795+577.5%

8,924

5,014

+3,910+78.0%Net Sales

20,557

19,155+1,402+7.3%

41,791

38,779+3,012+7.8%

Operating
Profit

1,968

1,484

+484

+32.6%

3,275

2,727

+548

+20.1%Net Sales

86,47978,859+7,620+9.7%

179,594

167,451+12,143+7.3%

Operating
Profit

5,247

1,968

+3,279+166.6%

12,1997,741+4,458+57.6%Net Sales

8,613

7,733

+880

+11.4%

19,35817,250+2,108+12.2%

Operating
Profit- 728- 1,132

+404

- 300

- 1,090+790

Net Sales

90,00082,166+7,834+9.5%

188,800

176,072+12,728+7.2%

Operating
Profit4,000

193+3,807+1972.5%

10,0005,214+4,786+91.8%

Note: The group breakdown is calculated using simple sums. Consolidated totals are after eliminating intergroup transactions.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

15

In terms of the performance forecasts by segment shown on page 15, we expect the domestic business will
perform strongly. Net sales are expected to increase by 7% in both apparel and lifestyle segments.
Operating profit is expected to increase by 78% in apparel and 20% in lifestyle. In the overseas business,
although we expect a significant improvement from the loss of ¥1.1 billion in the previous fiscal year, an
operating loss of ¥0.3 billion will likely remain. We hope to return to the black in fiscal 2024.
This completes the explanation on the results of profit and loss for the first quarter and the forecasts forthe first half and full year. For the balance sheet, please see the appendix on slide 30.

Please now go back to slide 9.

Promote Management that is Conscious of Cost of
Capital and Stock Price▍Recognition of the current situation and future plans
Recognizing that improving PBR and ROE is a key management issue, we will
announce a comprehensive financial strategy together with a revised version of"ONWARD VISION 2030" and a medium-term three-year management plan
(FY2024-FY2026) scheduled for release next April, and promote it with speed.
ROE

PBR

13.9％

（％）
（times）

1.0

0.8
0.7
0.6

0.6

6.0

0.6

Cost of shareholders’ equity

Copyright © ONWARD HOLDINGS CO., LTD.

-42.0％End of
FY2018

4.3％

3.1％
0.0

0.5

End of
FY2019End of
FY2020End of
FY2021

End of
FY2022Endof2023
FY2023
年度
Q1
End of Q1▍Future planned disclosure

2018
2019
2018
2019
FY2018 FY2019
年度
年度
年度
年度

-31.6％
2020
2021
2022
2023
2020
2021
2022
2023
FY2020 年度
年度
FY2021 年度
FY2022 年度
FY2023年度
年度
年度
年度*We recognize that the Company’s cost of shareholders’ equity isapproximately 6%.

As “Action to Implement Management that is Conscious of Cost of Capital and Stock Price”, we plan
the following disclosures.
• Announcement of FY2023 interim financial results (October 2023): Outline of financial policies andtarget financial indicators• Announcement of FY2023 year-end financial results (April 2024): Specific measures for realization© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.
of financial policies and target financial indicators
9This page outlines our recognition of the current situation and future plans in preparation for the series ofactions requested by the Tokyo Stock Exchange regarding the implementation of management that is
conscious of capital cost and stock price (analysis of current situation → planning & disclosure →implementation of initiatives).
As of today, July 7, the share price is ¥502, with PBR of roughly 0.9. ROE was 14% in fiscal 2021, but was
4.3% in fiscal 2022, which did not exceed the cost of shareholders’ equity of about 6%. We expect ROE to
exceed 6% in fiscal 2023. In terms of “Action to Implement Management that is Conscious of Capital Costand Stock Price”, we plan to establish a framework of our financial policies, target indicators, etc. before
the end of the first half of the fiscal year and disclose it at the time of announcing our financial results forthe first half. We will also review ONWARD VISION 2030 by the time we announce our full-year financial
results, while examining and announcing specific measures to implement such management.
Topics are shown on slides 17 and 18.

04
Copyright © ONWARD HOLDINGS CO., LTD.

Topics© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

17
16

Capital and Business Alliance with WEGO Co., Ltd.

- Strategic partnership for mutual use of the two companies’ platforms ◼ Overview of WEGO
✓ Company Profile：
WEGO is a fashion company that aims to create new value by combining fashion,culture, and lifestyle to add color to the town and the world with the theme of “YOUR
FAN.” WEGO’s main customer base is Generation Z, who are in their teens and 20s.
✓ Net sales: Approximately 30 billion yen (fiscal year ended February 2023)✓ Number of stores: Approximately 170 stores (as of February 2023)✓ Number of employees: Approximately 2,200 employees (as of February 2023)✓ Our stake: 20.27%

Copyright © ONWARD HOLDINGS CO., LTD.

◼ Purpose of the capital and business alliance✓ The Company has started a capital and business alliance with WEGO through athird-party allotment of shares by WEGO Co., Ltd., a fashion company.
✓ The purpose of this capital and business alliance is to contribute to the businessexpansion of both the Company and WEGO by combining their respective
strengths. The Company aims to acquire a new customer base by utilizing WEGO’s
strengths in marketing platforms for Generation Z.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

17

Slide 17 provides information on the capital and business alliance with WEGO Co., Ltd., and page 18 isabout the acquisition of additional shares of SanMarino Co., Ltd., with which the capital and businessalliance began in 2021.
By combining WEGO’s strength in marketing platforms for young generations with the Company’s productproduction and digital platforms, we believe we can generate significant synergies for both companies, aswell as expand and evolve our business, which will lead to providing new value to customers.

Deepening of Capital and Business Alliance with
SanMarino Co., Ltd.
Onward Holdings Deepens Capital and Business Alliance with Textile Trading
Company SanMarino Co., Ltd.
Acquires Additional Portion of Outstanding Shares- For Further Acceleration of Structural Reform in Areas of Planning and Production ◼ Overview of SanMarino✓ Company Profile ：SanMarino is a trading company specialized in textiles that is engaged in the business of planning,proposal, and OEM (original equipment manufacturing) of women’s clothing. SanMarino is theCompany’s main business partner with extensive information gathering and material procurement
capabilities and a production network in Asia and Europe, SanMarino has long built a relationshipof trust with the Company as its main customer.
✓ Net sales: 13.7 billion yen (fiscal year ended June 2022)✓ Number of employees: 158 employees (including seconded employees, as of June 2022)✓ Our stake: 34.0% (5.1% before change)

Copyright © ONWARD HOLDINGS CO., LTD.

◼ Purpose of the capital and business alliance✓ Having formed a capital and business alliance with SanMarino in 2021, the Company has worked
to further strengthen its planning and production bases, which serve as a source ofcompetitiveness as an apparel maker.
✓ Through the acquisition of an additional portion of outstanding shares in SanMarino, we will further
promote PLM (Product Lifecycle Management), which is a platform for product planning,production and distribution, and aim to strengthen its foundation for the kind of sustainable
manufacturing that meets the needs of the times, which does not generate excess inventory, andserves to connect production, stores, e-commerce websites, and customers.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

18

As for the capital and business alliance with SanMarino, through the acquisition of an additional portion ofoutstanding shares in SanMarino, we intend to further promote PLM (Product Lifecycle Management),
which is a platform for product planning, production and distribution, and strengthen the foundation forsustainable manufacturing.
Slides 19 and thereafter are provided as appendix for your reference.
This completes my explanation. Thank you.

05
Copyright © ONWARD HOLDINGS CO., LTD.

Appendix© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

20
19

Brand Business
Nijyusanku 【Onward Kashiyama】
Onward Kashiyama’s core brand,
Nijyusanku, continued its strong sales
growth from the previous fiscal year due
to the evolution of “standard items,” which
are the strengths of the brand.

Q1

Sales
(YoY)

+

19.5%

Copyright © ONWARD HOLDINGS CO., LTD.

PET PARADISE【Creative Yoko】

Measures to open new stores
were successful. PET PARADISE
Harajuku Takeshita-Dori store andtwo outlet stores all exceeded
forecasts significantly. The
Harajuku Takeshita-Dori store wasboosted by inbound sales.

Q1

Sales
(YoY)

+

16.4%

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

20

GOTAIRIKU 【Onward Kashiyama】
For the men’s suits brand
GOTAIRIKU, net sales were
driven by an increase in the shareof high-priced pattern-made suits
and an increase in the customer
unit price. It also contributed to anincrease in gross profit.
Q1

S ales(YoY)

Chacott+

11.2%【Chacott】

Sales of the Chacott
COSMETICS businessincreased significantly. Balletand fitness also remained
strong. In cosmetics, Chacott
strengthened its promotional
efforts, focusing on its facecolor palettes.
Q1

S ales
(YoY)

+

6.0%

Brand Business
UNFILO / Steppi 【Onward Kashiyama】
UNF I L O, wh i ch h a s cr e a ted b i g h i t p r o d ucts si n ce i t s d e b u t
i n 2 0 2 1 a n d a p p r oxi ma tely d o u b le d i t s n e t sa l e s i n F Y2 0 2 2,
co n t inue d si g n ifican t sa l e s g r o wt h i n Q 1 . I n cre ase d u se o f
O MO se r vice s a n d t h e cr e a tion o f h i t p r o d uct s co n t ribut ed t o
g r o wt h o f n e t sa l e s f o r b o t h EC a n d st o r es.
“ st e ppi ,” wh i ch ma d e i t s d e b u t a s UNF I L O’s sh o e l i n e i n
2 0 2 2 , b e ca me a n i n d e pen den t b r a nd i n 2 0 2 3 . T h e b r a n d h a s
p u r sued co mf o r t a n d f u n ctionality a s kn i tte d sh o e s, a n dr e ce ived t h e G o o d De si g n Awa r d .

Q1

S ales
(YoY)

+

96.3%

Copyright © ONWARD HOLDINGS CO., LTD.

KASHIYAMA 【 Onward Personal Style】
Sa l e s o f d i r e ctly ma n a g e d st o r es i n crea sed si g nificantly.
T h e Ki ch ijo ji st o r e, r e va mp ed a s o n e o f t h e l a r gest
st o r es i n T o kyo i n Ap r il 2 0 2 3 , p e r fo rme d b e t t er t h a n
p l a n ned. Cu st ome rs i n cr ease d si g n ifican tly, a n d t h e
cu st ome r u n i t p r i ce a l so i n cre ase d.
Bu si n esses f o r co r p orat e cl i en ts a l so co n t ribut ed t o a
sa l e s i n cr ease b y wi n n i ng d e a ls f o r co mp a n y u n i fo rms,
wh i ch h a ve r e co ve red a f t e r t h e CO VI D -19 p a n d emi c.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

21

Q1

S ales
(YoY)

+

33.6%

OMO Service “Click ＆ Try”
◼ The number of stores that introduced the “Click & Try” service increased by 70 stores from the end of
the same period of the previous fiscal year to 360 stores, and the adoption rate increased to 51%.
◼ The number of reservations increased by 184% to 37,000 reservations YoY.
◼ Net sales at existing stores that introduced the service exceeded those for 2019 before the COVID -19
pandemic by 13%, and exceeded those at 87% of stores that have not introduced the service by 26
pp.
▍Change in Number of Stores that Introduced Service and Number of Reservations
FY2023Q1

FY2022
Q1

Change％ of Change

Number of stores (stores)

360

290

+70

-

Adoption rate

51%

35%

+15%

-

Number of reservations(thousands ofreservations)

37

13

+24

+184%

Copyright © ONWARD HOLDINGS CO., LTD.

▍Comparison of net sales between stores that introduced and have not introduced the service (vs. 2019)72
Vs. 2019
Stores that introduced
the service
Stores that have notintroduced the service

千点
FY2023
Q1
113%

FY2022
Q1

97%

87%

77%

Effect (net)+26%© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

+20%

22

FY2023 Q1 Operating Profit Change Analysis (YoY)▍Operating Profit Change Waterfall(Billion yen)

++0.5
++0.4
++0.8

++0.2

5.4

+-1.1

++0.7
++1.8

Change due to SG&A expenses

2.0

Copyright © ONWARD HOLDINGS CO., LTD.

Change due to gross profit

2022 Q1
operatingprofitIncrease ingross profit
due toincreasedsales forOnwardKashiyama

Increase ingross profit
due toimprovedgross profit
margin for
OnwardKashiyama

Increase ingross profit
due toincreasedsales forotherdomestic
businesses© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

23

Increase ingross profit
due toimprovedgross profit
margin forotherdomestic
businesses

Increase ingross profit
for overseas
businesses

Decrease inoperatingprofit due toincrease instore rent andother saleslinked
expenses

Increase inoperatingprofit due todecrease in
fixed
expenses

2023 Q1
operatingprofitFY2023 Q1 : Net Sales & Operating Profit by Company
Q1(Million yen)

1

Onward Kashiyama+HD

2

Onward Trading

3

Island4

Domestic Apparel Total

5Chacott

6

Creative Yoko

7

Yamato8

Domestic Lifestyle Total

9

Domestic Subtotal

Net Sales
Operating Profit
Net Sales
Operating Profit
Net Sales
Operating Profit
Net Sales
Operating Profit
Net Sales
Operating Profit
Net Sales
Operating Profit
Net Sales
Operating Profit
Net Sales
Operating Profit
Net Sales
Operating Profit

10

Europe11

America

Net Sales

Copyright © ONWARD HOLDINGS CO., LTD.

Operating Profit
Net Sales
Operating Profit

12

Asia

Net Sales
Operating Profit

13

Overseas Subtotal

14

Consolidated Total

Net Sales
Operating Profit
Net Sales
Operating Profit

FY2022
26,135
1,752
3,822
461
1,465
40
33,443
2,137
2,302
133
1,265
70
5,153
301
9,808
744
43,251
2,881
2,318
- 280
286
- 194
1,128
- 139
3,732
- 613
44,551
2,005

Change+3,039+1,944
+643
+266
+56
- 23
+4,117+2,467
+138
+146
+208
+51
+475
+397
+731
+512
+4,848+2,979
+297
+116
+155
+102
+312
+144
+764
+362
+5,356+3,375% of Change+11.6%+111.0%+16.8%+57.7%+3.8%- 57.5%+12.3%+115.4%+6.0%+109.8%+16.4%+72.9%+9.2%+131.9%+7.5%+68.8%+11.2%+103.4%+12.8%

Note: Figures for each segment are simple sums of the subject companies. Consolidated totals are after eliminating intergroup transactions.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

24

FY202329,174
3,696
4,465
727
1,521
17
37,560
4,604
2,440
279
1,473
121
5,628
698
10,5391,256
48,099
5,860
2,615
-164
441
- 92
1,440
5
4,496
- 251
49,9075,380+54.2%+27.7%+20.5%+12.0%+168.3%

FY2023 Q1 : Net Sales by Channel◼ Net sales at physical stores total (department stores, shopping centers and other) increased by
12% YoY.
◼ E-commerce sales increased by 8% YoY. The e-commerce ratio and the directly managed ecommerce ratio remained at a high level at 28% and 86%, respectively.

Department
Stores

Shopping
Centers andOtherPhysicalStores Total

Directly
Managed ECommerce

Other ECommerce
Platforms

E-Commerce
Total

Total Sales

E-Commerce
Ratio

Directly
Managed ECommerce
Ratio

Onward Kashiyama

12,0099,642

21,651

6,525

998

7,523

29,174

25.8%

86.7%

2

% of Sales

41.2%

33.0%

74.2%

22.4%

3.4%

25.8%

100.0%

3

YoY

+9.9%

+15.4%+12.3%+9.1%+13.4%+9.7%+11.6%- 0.5%- 0.4%(Million yen)

Copyright © ONWARD HOLDINGS CO., LTD.

1

4

Eight Domestic
Subsidiaries Using
E-Commerce*

2,504

6,418

8,922

3,646

645

4,291

13,213

32.5%

85.0%

5

Total Domestic
Subsidiaries Using
E-Commerce

14,513

16,06030,573

10,171

1,643

11,81442,387

27.9%

86.1%

- 0.7%- 0.3%

6% of Sales

34.2%

37.9%

72.1%

24.0%

3.9%

27.9%

100.0%

7

YoY

+7.6%

+16.2%+11.9%+7.8%+10.8%+8.2%+10.9%*Note: Total of eight domestic subsidiaries using e-commerce(Island, Tiaclasse, Onward Personal Style, Chacott, Creative Yoko, Yamato, Intimates, KOKOBUY)© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

26
25

FY2023 1H / Full-Year : Consolidated Preformance Forecasts(Compared to Initial Forecast)◼ Net sales in the first half are estimated to reach 90 billion yen, up 3.8 billion yen (+4.4%) fromthe initial forecast. Operating profit is forecast to be 4 billion yen, up 3 billion yen (+300.0%),
while recurring profit is expected to be 3.4 billion yen, up 2.7 billion yen (+385.7%) and net
profit at 2.4 billion yen, up 1 billion yen (+71.4%).

◼ The Company maintains its initial forecasts for the second half.
(Million yen)

1
2

3

Copyright © ONWARD HOLDINGS CO., LTD.

4

5

6

7

Net SalesFirst Half
Initial Forecast

Change% of Change

FY2023

Initial Forecast

Change% of Change

90,00086,200+3,800+4.4%

188,800

185,000+3,800+2.1%+3,380+7.1%

105,780

102,400+3,380(+1.4%)(56.0%)(55.4%)

Gross Profit

50,98047,600（% of Sales）(56.6%)(55.2%)

SG&A
Expenses

46,98046,600（% of Sales）(52.2%)(54.1%)

Operating
Profit

4,000

1,000

（% of Sales）(4.4%)(1.2%)

Recurring
Profit3,400

700（% of Sales）(3.8%)(0.8%)Net Profit

2,400

1,400

（% of Sales）(2.7%)(1.6%)EBITDA※

6,600

3,600

（% of Sales）(7.3%)(4.2%)© Copyright*Note:2007-2015
CO.,LTD.
EBITDA = ONWARD
operating profitHOLDINGS+ depreciation andamortization.

26

Full-YearFY2023

+380

+0.8%

95,78095,400(- 1.9%)(50.7%)(51.6%)+300.0%10,0007,000(+3.2%)(5.3%)(3.8%)+2,700+385.7%

9,000

6,300

(+3.0%)(4.8%)(3.4%)+1,000+71.4%

5,000

4,000

(+1.1%)(2.6%)(2.2%)+3,000+83.3%

15,10012,100(+3.1%)(8.0%)(6.5%)+3,000+3.3%(+0.6%)

+380

+0.4%
(- 0.9%)+3,000+42.9%+2,700+42.9%+1,000+25.0%+3,000+24.8%(+1.5%)(+1.4%)(+0.4%)(+1.5%)

FY2023 1H / Full-Year : Forecast of Net Sales & Operating Profit by Segment(Compared to Initial Forecast)◼ In the domestic apparel segment for the full year, net sales are expected to increase by 2.8
billion yen (+4.5%) and operating profit by 2.1 billion yen (+178.1%) from the initial forecasts.
◼ In the domestic lifestyle segment for the full year, net sales are expected to increase by 0.3
billion yen (+1.4%) and operating profit by 0.3 billion yen (+19.6%).
◼ In overseas businesses for the full year, net sales are expected to increase by 0.7 billion yen(+9.2%) and operating profit/loss is expected to improve by 0.1 billion.
First Half
(Million yen)

1

2

Copyright © ONWARD HOLDINGS CO., LTD.

3

4

5

ApparelLifestyleDomestic Total

Overseas Total

Consolidated Total

FY2023Full-Year

Change% of Change

FY2023

Initial Forecast

Change% of Change

Net Sales

65,922

63,086+2,836+4.5%

137,803

134,967+2,836+2.1%

Operating
Profit

3,279

1,179

+2,100+178.1%

8,924

6,824

+2,100+30.8%Net Sales

20,557

20,267

+290

+1.4%

41,791

41,501

+290

+0.7%

Operating
Profit

1,968

1,645

+323

+19.6%

3,275

2,952

+323

+10.9%Net Sales

86,47983,353+3,126+3.8%

179,594

176,468+3,126+1.8%

Operating
Profit

5,247

2,824

+2,423+85.8%

12,1999,776+2,423+24.8%Net Sales

8,613

7,886

+727

+9.2%

19,35818,631

+727

+3.9%

Operating
Profit

- 728

- 810

+82

- 300

- 382

+82

Net Sales

90,00086,200+3,800+4.4%

188,800

185,000+3,800+2.1%

Operating
Profit

4,000

1,000

+3,000+300.0%10,0007,000+3,000+42.9%

Note: The group breakdown is calculated using simple sums. Consolidated totals are after eliminating intergroup transactions.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

27

Initial Forecast

FY2023 1H / Full-Year : Forecast of Net Sales & Operating Profit by Company◼ In the domestic business for the full year, net sales are expected to increase by 12.1 billion
yen (+7.3%) and operating profit by 4.5 billion yen (+57.6%) from the previous fiscal year.
◼ In the overseas business, net sales are expected to increase by 2.1 yen billion (+12.2%) andoperating profit/loss is expected to improve by 0.8 billion yen from the previous fiscal year.
First Half

(Million yen)
1

Onward Kashiyama + HD

2

Onward Trading

3

IslandFY2023

Domestic Apparel Total
Chacott

6

Creative Yoko
YamatoDomestic Lifestyle Total

Copyright © ONWARD HOLDINGS CO., LTD.

Domestic Subtotal
Europe11

America12

Asia107,858

101,109+6,749+6.7%+623.2%

6,887

4,524

+2,363+52.2%Net Sales

7,228

6,865

+363

+5.3%

14,96913,650+1,319+9.7%+32.2%Net Sales

Overseas Subtotal

14

Consolidated Total

750

523

+227

+43.4%

1,350

1,021

+329

2,947

2,970

- 23

- 0.8%

6,341

6,285

+56

+0.9%

34

22

+12

+54.5%

152

80

+72

+90.0%

65,92259,704+6,218+10.4%

137,803

128,672+9,131+7.1%

Operating Profit

3,279

484

+2,795+577.5%

8,954

5,014

+3,940+78.0%Net Sales

4,976

4,714

+262

+5.6%

9,473

8,849

+624

+7.1%
+67.5%Net Sales

Net Sales

Net Sales

Net Sales

530

342

+188

+55.0%

573

342

+231

2,933

2,562

+371

+14.5%

6,246

5,801

+445

+7.7%

184

108

+76

+70.4%

545

419

+126

+30.1%

10,837

10,106

21,836

20,629

+731

+7.2%

+1,207

+5.9%

1,018

703

+315

+44.8%

1,827

1,489

+338

+22.7%

20,557

19,155+1,402+7.3%

41,791

38,779+3,012

+7.8%

1,968

1,484

+484

+32.6%

3,275

2,727

+548

+20.1%

86,47978,859+7,620+9.7%

179,594

167,451+12,143+7.3%

Operating Profit

5,247

1,968

+3,279+166.6%

12,2297,741+2,423+57.6%Net Sales

4,637

4,244

+393

+9.3%

10,694

9,960

+734

+7.4%

Operating Profit

- 462

108

- 136

+244

+15.9%

1,615

1,636

- 21

- 302

- 576

+274

5,654

+1,395Net Sales

- 514

+52

880

759

+121

Operating Profit

- 271

- 407

+136

Net Sales

3,096

Net Sales

Operating Profit

13

Net Sales
Operating Profit
Net Sales
Operating Profit

2,730

+366

5

- 211

+216

8,613

7,733

+880

+13.4%

7,049
- 106

- 378

+272

+11.4%

19,35817,250+2,108- 1.3%+24.7%+12.2%- 728- 1,132

+404

- 300

- 1,090+790

90,00082,166+7,834+9.5%

188,800

176,072+12,728

+7.2%

4,000

193

+3,807+1972.5%

10,0005,214+4,786+91.8%© CopyrightNote:2007-2015
Figures forONWARD
each segmentHOLDINGS
are simple sumsCO.,LTD.
of the subject companies. Consolidated totals are after eliminating intergroup transactions.

28% of Change+11.6%+2,069Operating Profit

9

Change+5,364332

Operating Profit

10

FY2022

46,055

Operating Profit

8

FY2023

2,401

Operating Profit

7% of Change

51,419Operating Profit

5

Full-Year

ChangeOperating Profit

Net Sales

Operating Profit

4

FY2022

FY2023 Q1 : SG&A Expenses / Items that Affect Net Profit(Million yen)

Presonnel

1

FY2023 Q1

FY2022 Q1

YoY(% of Change)

8,637

8,448

+2.2%

2

Rent

6,881

6,474

+6.3%

3

Transportation

1,621

1,561

+3.8%

4

Promotion andAdvertising

1,482

926

+60.0%

5

Depreciation

770

982

- 21.6%

6

Other

4,208

4,322

- 2.6%

7

Total SG&A
Expenses

23,59922,713+3.9%(Million yen)◼

Copyright © ONWARD HOLDINGS CO., LTD.

◼

◼

◼

+168.3%

5,380

2,005

120

1,046

-88.5%

10

Interest income

35

6

483.3%

11

Foreign exchange gains

860

-

12

Subsidy income

84

-

13

Other

85

95

-10.5%

14 Non-Operating Loss

639

414

54.3%

15

Interest expenses

176

52

238.5%

16

Foreign exchange loss

352

17

Share of loss of entities
accounted for using equity method

215-86.7%

18

Other-68.5%

19 Total Non-Operating Profit/Loss

Gain on sales of shares ofsubsidiaries and associates

23

Other

Non-operating expenses due to foreignexchange losses, interest expenses, etc. were
0.6 billion yen.

24 Extraordinary Loss
25

Impairment loss

26

Other

Extraordinary loss was 0.2 billion yen due toimpairment loss.

27 Extraordinary Profit/Loss

-

109

346

-519

632

-

4,861

2,638

+84.3%

1,343

-

1,317

-

21 Extraordinary Profit
22© Copyright
ONWARDHOLDINGS
CO.,LTD.
◼ 2007-2015
As a result,net profit
was 3.3
billion yen.

29

YoY(% of Change)

Operating Profit

Non-operating profit from interest income,dividends income, etc., was 0.1 billion yen

The income tax ratio decreased because
taxable income is expected to increase in the
future due to better performance and deferred
tax assets were recorded.

FY2022 Q1

9 Non-Operating Profit

8

20 Recurring Profit【Items that Affect Net Profit】

FY2023 Q1

25

-

152

459

-66.9%

152

458-66.8%

1

-

-152

883

-

28 Profit Before Income Taxes

4,709

3,521

+33.7%

29

Income Taxes - Current

1,278

2,016

- 36.6%30

Prof it (loss) attributable to non-controllinginterests

82

- 317

-

3,348

1,823

+83.6%

31 Net Profit

FY2023 Q1 : Consolidated Balance Sheet(Billion yen)

1
2

Current Assets

End-FY2023 Q1

End-FY2022% of Change

164.3

159.1

+5.2

+3.3%

66.1

62.2

+3.9

+6.3%

Reasins for change

Cash and Deposits

13.5

13.8

-0.3

- 2.2%

4

Accounts
Receivable-trade

15.8

13.9

+1.9

+13.7%

Expanded net sales

5

Inventory

32.4

30.7

+1.7

+5.5%

Increased purchase to expand net sales

98.2

96.9

+1.3

+1.3%

Non-current Assets

7

Property, Plant andEquipment

53.1

53.1

+0.0

+0.0%

8

Intangible Assets

9.0

9.1

-0.1

- 1.1%

9Investments andOther Assets

36.0

34.7

+1.3

+3.7%
+12.7%

Total Liabilities

83.5

74.1

+9.4

11

Accounts Payabletrade

22.1

21.4

+0.7

+3.3%

12

Borrowings

35.3

27.2

+8.1

+29.8%

13

Other

26.1

25.5

+0.6

+2.4%

10

14

Total Net Assets

80.8

85.0

-4.2

- 4.9%

15

Shareholder's Equity
Ratio

46.1%

47.0%

-

-0.9%

16

Current Ratio

104.0%

117.2%--13.2%© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

30

Change3

6

Copyright © ONWARD HOLDINGS CO., LTD.

Total Assets

Increase in shares of affiliates

Short-term borrowings due to need for funds

Decrease in minority interests

FY2023 Q1 : Results by Group
Q1 Results(Million yen)

FY2023+HD

Onward Kashiyama
Domestic Subtotal(Excl. Onward Kashiyama + HD)

Overseas Subtotal

Copyright © ONWARD HOLDINGS CO., LTD.

Change％ of Change

1

Net Sales

29,174

26,135+3,039+11.6%

2

Gross Profit

18,324

15,815+2,509+15.9%（% of Sales）(62.8%)(60.5%)

SG&A Expenses

14,62814,063（% of Sales）(50.1%)(53.8%)

3(+2.3%)

+565

+4.0%
(- 3.7%)

Operating Profit

3,696

1,752

（% of Sales）(12.7%)(6.7%)

5

Net Sales

18,925

17,116+1,809+10.6%

6

Gross Profit

9,573

8,346

+1,227+14.7%（% of Sales）(50.6%)(48.8%)

SG&A Expenses

7,409

7,217

（% of Sales）(39.1%)(42.2%)

4

7

8

Operating Profit

2,164

1,129

（% of Sales）(11.4%)(6.6%)+1,944+111.0%(+6.0%)(+1.8%)

+192

+2.7%
(- 3.0%)+1,035+91.7%(+4.8%)

9

Net Sales

4,496

3,732

+764

+20.5%

10

Gross Profit

1,984

1,437

+547

+38.1%（% of Sales）(44.1%)(38.5%)

SG&A Expenses

2,235

2,050

（% of Sales）(49.7%)(54.9%)

Operating Profit

- 251

- 613

（% of Sales）

-

-

11

12

© Copyright 2007-2015 ONWARD
HOLDINGS
CO.,LTD.
Note:
Calculated using
simple sums.

31

FY2022(+5.6%)

+185

+9.0%
(- 5.2%)+362

FY2023 1H / Full-Year : Performance Forecasts by GroupFirst Half
(Million yen)

+ HD

Onward Kashiyama
Domestic Subtotal(Excl.Onward Kashiyama + HD)

Overseas Subtotal

Copyright © ONWARD HOLDINGS CO., LTD.

FY2023

FY2022% of Change

FY2023

FY2022

Change1

Net Sales

51,41948,740+2,679+5.5%

107,858

105,179+2,6792

Gross Profit

31,121

28,812+2,309+8.0%

65,11262,803+2,309（% of Sales）(60.5%)(59.1%)(+1.4%)(60.4%)(59.7%)

3

SG&A Expenses

28,72028,337（% of Sales）(55.9%)(58.1%)

Operating Profit

2,401

475

（% of Sales）(4.7%)(1.0%)

5

Net Sales

35,06034,613

6

Gross Profit

17,757

17,356（ % of Sales）(50.6%)(50.1%)

4

14,911

15,007(42.5%)(43.4%)

Operating Profit

2,846

2,349

（ % of Sales）(8.1%)(6.8%)

9

Net Sales

8,613

7,886

10

Gross Profit

3,827

3,296

（ % of Sales）(44.4%)(41.8%)

7

8

11

SG&A Expenses（ % of Sales）

SG&A Expenses（ % of Sales）

12

Operating Profit（ % of Sales）

4,555

4,106

(52.9%)(52.1%)

- 728

- 810

-

-

Note: Calculated using simple sums.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

32

Full-Year

Change+383+1,926+1.4%

58,22557,842(-2.2%)(54.0%)(55.0%)

+383

6,887

4,961

(6.4%)(4.7%)

+447

+1.3%

71,736

71,289

+447

+401

+2.3%

36,19335,792+401(+0.5%)(50.5%)(50.2%)+1,926- 0.6%

30,88130,977(-0.9%)(43.0%)(43.5%)+21.2%

5,312

4,815

(+1.3%)(7.4%)(6.8%)

+727

+9.2%

19,35818,631+727+531+16.1%

8,443

7,912

+531

(+2.6%)(43.6%)(42.5%)

+82

8,743

8,294
(44.5%)

- 300

- 382

-

-

+38.8%+0.6%+1.1%(+0.3%)- 96(45.2%)+0.7%(+1.7%)+497(+0.8%)+3.7%(- 1.0%)(+3.7%)+10.9%+2.5%(+0.7%)+405.5%+449% of Change- 96- 0.3%+497+10.3%(-0.5%)(+0.6%)

+3.9%
+6.7%
(+1.1%)

+449

+5.4%
(+0.7%)+82

The information in this presentation is not a solicitation to purchase or sell Onward
Holdings stock. Opinions and forecasts stated herein represent the judgments of thecompany at the time this presentation was prepared. Onward Holdings makes noguarantee regarding the accuracy of the information in this presentation and may
make revisions without prior notice. Onward Holdings and the providers of thisinformation assume no responsibility whatsoever for any losses incurred inassociation with this information.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

34