Note: This document has been translated from the Japanese original for reference purposes only. In theevent of any discrepancy between this translated document and the Japanese original, the original
shall prevail.
August 13, 2024

Consolidated Financial Results
for the Three Months Ended June 30, 2024
(Under Japanese GAAP)
Company name:

Komehyo Holdings Co., Ltd.

Listing:
Securities code:

Tokyo Stock Exchange / Nagoya Stock Exchange
2780

URL:
Representative:

https://komehyohds.com(Name)Takuji Ishihara, (Title)President and Representative Director

Inquiries:
Telephone:(Name)Hiroyuki Yoshida, (Title)General Manager of IR・PR Department+81-52-249-5366

Scheduled date to commence dividend payments: －Preparation of supplementary material on financial results: Yes
Holding of financial results briefing: Scheduled (Posting videos on our website)(Yen amounts are rounded down to millions, unless otherwise noted.)
1. Consolidated financial results for the three months ended June 30, 2024 (from April 1, 2024 to June 30,2024)(1) Consolidated operating results (cumulative)
Net sales
Three months
ended(Percentages indicate year-on-year changes.)

Operating profit

Profit attributable

Ordinary profit

to owners of parent

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%June 30, 2024

33,499

33.5

2,137

23.9

2,186

24.1

1,412

19.3

June 30, 2023

25,096

33.8

1,724

133.2

1,762

131.9

1,183

127.9

Note: Comprehensive income

for the three months ended June 30, 2024: \1,792 million [42.8%]
for the three months ended June 30, 2023: \1,254 million [79.5%]

Basic earnings
per share

Diluted earnings
per share

Three months
ended
June 30, 2024

128.92－June 30, 2023

108.05

－

Yen

Yen

(2) Consolidated financial position
Total assets
As of

Net assets

Equity-to-asset
ratio

Millions of yen

Millions of yen%

June 30, 2024

75,32729,98039.3

March 30, 2024

64,03928,77044.4

Reference: Equity
As of June 30, 2024:\29,608 million

As of March 30, 2024:\28,405 million- 1 -2. Cash dividends
Annual dividends per shareFirst quarter-

Second quarter-

Third quarter-

end

end

end

Yen

Fiscal year ended
March 30, 2024
Fiscal year ending
March 30, 2025
Fiscal year ending
March 30, 2025
(Forecast)

Yen－

Fiscal year-end

Yen

Total

Yen

Yen

44.0

－

44.0

88.0

52.0

－

52.0

104.0

－

Note: Revisions to the forecast of cash dividends most recently announced: Yes
3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025（April 1，2024 toMarch 31，2025）（％ indicates changes from the previous corresponding period.）
Net sales

Operating profit

Ordinary profit

Net income
attributable toowners of parent

Basic earnings
per share

Millionsof yen%Millionsof yen%Millionsof yen%Millionsof yen%YenFirst half

68,500

29.8

3,400

5.9

3,380

3.3

2,210

3.4

201.71

Full year

144,500

21.0

8,470

13.6

8,400

12.3

5,560

10.6

507.47

Note: Revision to the financial results forecast announced most recently：Yes＊

Notes（１）Major changes in the scope of consolidation during the period under review : No
（２）Accounting policies adopted specially for the preparation of quarterly consolidated financial
statements：Yes（３）Changes in accounting policies, changes in accounting estimates and retrospective restatement① Changes in accounting policies due to the revision of accounting standards：No② Changes in accounting policies other than ① above：No③ Changes in accounting estimates：No④ Retrospective restatement：No（４）Total number of issued shares (common shares)① Total number of issued sharesat the end of the period(including treasury stock)② Total number of treasury sharesat the end of the period③ Average number of shares during
the period:

Three months ended
June 30, 2024
Three months ended
June 30, 2024
Three months ended
June 30, 2024

11,257,000shares

March 31, 2024

11,257,000shares

300,715shares

March 31, 2024

300,715shares

10,956,285shares

Three months ended
June 30, 2023

10,956,372shares＊

Review of the accompanying quarterly consolidated financial statements by certified public accountants
or an auditing corporation: Yes (optional)＊

Explanation of the proper use of financial results forecast and other notes(Notes on the earnings forecasts and other forward-looking statements)
The earnings forecasts and other forward-looking statements herein are based on data currently
available to the Company and certain assumptions that the Company believes are reasonable, and theCompany has no intention of guaranteeing the achievability of them. Actual results may differ
significantly from these forecasts due to various factors.

- 2 -(How to obtain supplementary presentation materials for quarterly financial results)
Supplementary presentation materials for quarterly financial results will be published on the Komehyo
Holdings' website as soon as the financial results are reported to the Tokyo Stock Exchange.

- 3 -○Table of Contents
１．Overview of business results, etc. ………………………………………………………………………………

5（１）Explanation of Operating Results ……………………………………………………………………………

5（２）Explanation of Financial Position……………………………………………………………………………

6（３）Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information

7

２．Quarterly Consolidated Financial Statements and Primary Notes……………………………………………

8（１）Quarterly Consolidated Balance Sheets………………………………………………………………………

8（２）Quarterly Consolidated Statements of Income and Comprehensive Income……………………………… 10
Quarterly Consolidated Statements of Income
Three Months Ended June 30, 2023 and 2024………………………………………………………………

10

Quarterly Consolidated Statements of Comprehensive Income
Three Months Ended June 30, 2023 and 2024………………………………………………………………

11（３）Notes to Quarterly Consolidated Financial Statements…………………………………………………… 12(Notes regarding accounting treatments specific to the preparation of quarterly consolidated
12
financial statements)………………………………………………………………………………………………
（Notes on segment information）………………………………………………………………………………… 12（Notes when there is a significant change in the amount of shareholders' equity）……………… 13（Notes regarding going concern assumption）………………………………………………………………… 13（Notes on quarterly consolidated statements of cash flows）…………………………………………… 13- 4 -１．Overview of business results, etc.
（１）Explanation of Operating Results
During the three months ended June 30, 2024, the Japanese economy was on the edge of transitioning
from prolonged deflation to a virtuous circle of rising prices and wages, as exemplified by the Bankof Japan's ending the negative interest rate policy and increasing interest rates for the first timein 17 years in March 2024. However, the future remained uncertain, including the uncertain impact ofinterest rates and the fluctuation of exchange rates on domestic and overseas economies and the riskthat prolonged price increases may put downward pressure on consumer spending.
In the reuse industry, the market as a whole continued to expand, reflecting moves to build asustainable society and the growing awareness of reuse associated with these moves. The Komehyo Group
has set its Mission (the significance of its existence): We respect people for making products, thankpeople for providing products for use by other people, and make people who reuse such products happy,
and by doing so, create an empathy-based recycling society. Guided by this mission, the Group willcontribute to creating sound reuse markets in Japan and overseas and will promote initiatives toenable many people to become familiar with reuse and aware of its convenience, aiming to achieve its
Vision (what it aims to be like): We develop a concept of environmentally and socially conscious
recycling into a culture.
Guided by these ideas, the Group as a whole worked to achieve its Vision. As a result, the Group's net
sales for the three months ended June 30, 2024 increased 33.5% year on year to 33,499 million yen. In
the Brand Fashion business, sales increased significantly, with record-high net sales achieved by
Komehyo Co., Ltd. and K-Brand Off Co., Ltd. Sales also increased in the Tire and Wheel business,
mainly reflecting strong sales of summer tires.
Regarding operating income, ordinary income and net income attributable to owners of parent, grossprofit increased with the increase in net sales and selling, general and administrative expenses were
controlled as planned. As a result, operating income increased 23.9％ year on year, to 2,137 million
yen, ordinary income grew 24.1％ year on year to 2,186 million yen and net income attributable toowners of parent increased 19.3% year on year to 1,412 million yen. Thus, all of these indicators
increased significantly.

Consolidated results（Millions of yen）

Three months
ended June 30,
2023

Three months
ended June 30,
2024

YoY

ChangeNet sales

25,09633,499

33.5％

8,402

Operating profit

1,724

2,137

23.9％

412

Ordinary profit

1,762

2,186

24.1％

423

Profit attributableto owners of parent

1,183

1,412

19.3％

228

Performance results by business segment are as follows.
① Brand Fashion businessIn the Brand Fashion business, Group companies in Japan opened 11 purchase centers, in addition to
KOMEHYO Nagoya main store BAG+, a sales store offering select products, and KOMEHYO Nihonbashi store,
a store annexed with sales facilities, which were opened by Komehyo Co., Ltd. K-Brand Off Co., Ltd.
opened two purchase centers (franchised stores). Among the overseas Group companies, SAHA KOMEHYOCOMPANY LIMITED (Thailand) opened one sales store and KOMEHYO SINGAPORE PTE. LTD. (Singapore) opened
one store.
Regarding the purchase price of used goods, Komehyo Co., Ltd. strengthened existing stores by- 5 -enhancing promotional activities and campaigns in addition to holding purchase events under theconcept, "Sell your goods at the reliable and familiar store nearby," aggressively opening purchasecenters and taking other measures. Further, to expand the lineup of products offered at retail stores,
goods were purchased from individuals for high purchase prices, with a focus on popular products, andcorporate purchasing was also actively utilized.
Regarding sales, the Group increased online contact points starting with an e-commerce site andcontact centers, enhanced the in-store inventory to respond to the increase in the number of visitors
to stores, including foreigners visiting Japan, took measures to deepen its relationship withcustomers and renovated multiple BRAND OFF retail stores in Japan and overseas. In addition, in
response to strong purchases from individuals, the Group strengthened corporate sales after enhancing
products for retail and strengthened the corporate auctions that KOMEHYO Auction Co., Ltd. and K-Brand
Off Co., Ltd. each operate.
Regarding operating income, net sales increased significantly because retail sales remained steady due
to strong purchases, and further, corporate sales were strengthened. As a result, gross profit
increased despite a decline in the gross profit margin. Additionally, it was possible to control
selling, general and administrative expenses as planned, which proved effective.
As a result of the above, the net sales of this segment for the three months ended June 30, 2024 were32,377 million yen (up 34.5％ year on year) and operating income was 2,106 million yen (up 25.1％ year
on year).
② Tire and Wheel business
Regarding sales of tires, wheels and parts for customization, sales of used goods remained favorable
due to an increase in the number of items offered at online auctions, and sales of various products,
mainly including popular series of wheels that were planned and sold in-house, remained strong.
As a result of the above, the net sales of this segment for the three months ended June 30, 2024 were1,111 million yen (up 10.1% year on year) and the segment posted an operating loss of 3 million yen(compared to an operating income of 2 million yen in the same period of the previous fiscal year).
③ Real Estate Leasing businessIn the Real Estate Leasing business, the Group manages the leasing of stores and leases the Group
companies' major stores to the Group companies.
The net sales of this segment for the three months ended June 30, 2024 were 82 million yen (up 15.0％
year on year) and operating income was 27 million yen (up 25.9% year on year).
（２）Explanation of Financial Position（Assets）
Total assets as of June 30, 2024 were 75,327 million yen, which is an increase of 11,287 million yen
from the end of the previous fiscal year. This mainly reflects increases of 2,705 million yen in cash
and deposits, 344 million yen in accounts receivable - trade, 6,342 million yen in inventories, 1,082
million yen in other current assets (including accounts receivable - other), 390 million yen inbuildings and structures, net, 264 million yen in other intangible assets (including software) and 103
million yen in investments and other assets.
（Liabilities）
Total liabilities as of June 30, 2024 were 45,346 million yen, which is an increase of 10,077 million
yen from the end of the previous fiscal year. This is mainly because decreases of 2,453 million yen incurrent portion of long-term borrowings and 641 million yen in income taxes payable were more thanoffset by increases of 525 million yen in accounts payable - trade, 12,276 million yen in short-termborrowings, 148 million yen in other current liabilities (including deposits received) and 195 million
yen in long-term borrowings.

- 6 -（Net assets）
Total net assets as of June 30, 2024 were 29,980 million yen, which is an increase of 1,210 million
yen from the end of the previous the fiscal year. This is mainly because increases of 1,412 million
yen in net income attributable to owners of parent and 260 million yen in foreign currency translation
adjustment more than offset 482 million yen in dividends of surplus.
As a result, the equity ratio stood at 39.3% (compared to 44.4% at the end of the previous fiscal
year).
（３）Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information
The consolidated financial results forecast and dividends forecast for the fiscal year ending March
31, 2025 announced in the Consolidated Financial Results for the Fiscal Year Ended March 31, 2024
dated May 13, 2024 have been revised.
For details, please refer to the "Notice regarding revisions to business performance and dividend
forecasts" announced today (August 13, 2024).
① Revision of consolidated performance forecast
Fiscal year ending
March 2025 2ndquarter cumulative

Fiscal year ending
March 2025 Full year

Net sales

68,500144,500

Operating profit

3,400

8,470

Ordinary profit

3,380

8,400

Profit attributable to owners ofparent

2,210

5,560

Consolidated Financial Results
Forecast（Millions of yen）

② Revision of dividend forecast
Annual dividends per share（Yen）
Second quarter-end

Fiscal-year end

Total

Previous forecasts

50.00

50.00

100.00

Revised forecasts

52.00

52.00

104.00

－

－

－

44.00

44.00

88.00

Actual results for thecurrent fiscal year
Actual results for theprevious fiscal year
(Fiscal year ended March 31, 2024)- 7 -２．Quarterly Consolidated Financial Statements（１）Quarterly Consolidated Balance Sheets(Thousands of yen)
As of March 31, 2024
AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Inventories
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
LandConstruction in progress
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Leased assets
Other
Total intangible assets
Investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Accounts payable - trade
Short-term borrowings
Current portion of bonds payable
Current portion of long-term borrowings
Lease liabilities
Accounts payable - other
Income taxes payable
Contract liabilities
Provision for bonuses
Provision for merchandise warranties
Provision for point card certificates
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Lease liabilities
Provision for retirement benefits for
directors (and other officers)
Provision for merchandise warranties
Provision for point card certificates
Retirement benefit liability
Asset retirement obligations
Contract liabilities
Other
Total non-current liabilities
Total liabilities- 8 -As of June 30, 2024

15,208,866
3,917,182
24,353,155
6,447,695
49,926,900

17,914,477
4,261,364
30,695,293
7,529,732
60,400,868

4,619,444
1,644,961
156,906
1,048,097
7,469,408

5,010,174
1,644,961
31,7391,120,299
7,807,174

449,586
752,061
1,669,547
2,871,194
3,771,971
14,112,574
64,039,475

531,261
778,033
1,934,464
3,243,760
3,875,532
14,926,467
75,327,335

870,728
19,154,400
72,0002,788,170
395,098
1,428,784
1,442,075
463,476
1,198,397
10,417102,088
510,418
28,436,056

1,395,886
31,431,300
72,000335,160
415,205
1,478,517
800,630
366,282
1,117,201
10,297
107,027
659,367
38,188,876

68,0004,825,000
431,281

32,0005,020,000
442,663

23,59823,598610
177,879
126,063
953,440
115,816
111,726
6,833,416
35,269,473

630
208,839
134,083
1,035,370
137,484
123,390
7,158,060
45,346,937

(Thousands of yen)
As of March 31, 2024
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-forsale securities
Foreign currency translation adjustment
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets- 9 -As of June 30, 2024

1,803,780
1,909,872
24,013,796△80,858
27,646,589

1,803,780
1,909,872
24,944,252△80,858
28,577,045

67,05679,021

691,836

952,647

758,892

1,031,668

364,519
28,770,002
64,039,475

371,684
29,980,398
75,327,335

（２）Quarterly Consolidated Statements of Income and Comprehensive Income（Quarterly Consolidated Statements of Income）（First quarter consolidated cumulative period）(Thousands of yen)Three months ended
June 30, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Commission income
Insurance claim income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Rent expenses on store(construct inprogress)
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on cancellation of rental contracts
Impairment losses
Total extraordinary losses
Profit before income taxes
Income taxes
ProfitProfit attributable to non-controllinginterests
Profit attributable to owners of parent- 10 -

Three months ended
June 30, 2024

25,096,827
18,504,212
6,592,614
4,867,992
1,724,621

33,499,768
24,920,044
8,579,723
6,442,304
2,137,419

1,736
11,51031,300
1,571
2,672
6,114
54,905

4,980
18,623
46,902
1,083
7,202
9,039
87,833

13,19637,511

2,234

－

1,568
16,9981,762,528

1,132
38,643
2,186,608

668
668

179
179

151
542
7,791
8,484
1,754,713
565,230
1,189,482

54,8095,860－
60,6702,126,117
709,075
1,417,042

5,603

4,509

1,183,879

1,412,532

（Quarterly Consolidated Statements of Comprehensive Income）（First quarter consolidated cumulative period）(Thousands of yen)Three months ended
June 30, 2023
ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to ownersof parent
Comprehensive income attributable to noncontrolling interests- 11 -

Three months ended
June 30, 2024

1,189,482

1,417,042

7,585

11,96557,81865,404
1,254,886

363,292375,257
1,792,299

1,240,147

1,785,134

14,7397,164

（３）Notes to Quarterly Consolidated Financial Statements（Notes regarding accounting treatments specific to the preparation of quarterly consolidated financial
statements）（Calculation of tax expenses）
Regarding tax expenses, we reasonably estimate the effective tax rate after applying tax effectaccounting to the consolidated net income before taxes for the consolidated fiscal year including
the current first quarter, and multiply the quarterly net income before taxes by the estimatedeffective tax rate. It is calculated as follows.
However, for companies whose tax expenses would be extremely unreasonable if calculated using theestimated effective tax rate,
The amount calculated using the effective statutory tax rate is recorded.
（Notes on segment information）
Ⅰ For the three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023)
１．Net sales and income (loss) for each reportable segment and the breakdown of revenue(Thousands of yen)AmountReportable Segment
recorded inquarterly
Adjustment
Total
consolidated
Tire and real estate
amountBrand/Fashio
statements
wheel
rentaln businessof incomebusinessbusiness（Note）１
Net sales
Revenue from contracts
with customers

24,075,946

1,009,220-

25,085,166-

25,085,166--

11,66011,660-11,660Net sales to outside
customers

24,075,946

1,009,220

11,66025,096,827-

25,096,827

Inter-segment net
sales or transfers--

59,96759,967△59,967-

Total

24,075,946

1,009,220

71,62725,156,794△59,967

25,096,827

Segment profit

1,683,289

2,219

21,7091,707,218

17,403

1,724,621

Other revenue（Note）１．Segment income matches the operating income in the quarterly consolidated
statements of income.
２．Other revenue is based on the Accounting Standard for Lease Transactions(ASBJ Statement No. 13).
３．The segment income adjustment of 17,403 thousand yen includes the eliminationof inter-segment transactions of 208,512 thousand yen and company-wide expensesof -191,109 thousand yen that are not allocated to any of the reportable segments.
Company-wide expenses mainly consist of general and administrative expenses that
do not belong to any reportable segment.
２．Non-current assets impairment losses, goodwill and other information for each reportablesegment（Significant impairment losses in non-current assets）
For stores, etc. which show signs of impairment attributed to a decline in profitability
associated with changes in the market and the environment, etc., their book values werereduced to the recoverable amounts and the reduction was posted as impairment losses of 7,791
thousand yen under extraordinary losses, in accordance with the Accounting Standard for
Impairment of Fixed Assets. By segment, impairment losses of non-current assets were 7,108
thousand yen in the Brand Fashion business and 683 thousand yen in the Tire and Wheel business.
（Significant changes in the amount of goodwill）
There are no applicable items.

- 12 -

（Significant gain on negative goodwill）
There are no applicable items.
Ⅱ For the three months ended June 30, 2023 (from April 1, 2024 to June 30, 2024)
１．Net sales and income (loss) for each reportable segment and the breakdown of revenue(Thousands of yen)AmountReportable Segment
recorded inquarterly
Adjustment
Total
consolidated
Tire and real estate
amountBrand/Fashio
statements
wheel
rentaln businessof incomebusinessbusiness（Note）１
Net sales
Revenue from contracts
with customers

32,377,210

1,111,047－

33,488,258－

33,488,258－－

11,50911,509－11,509Net sales to outside
customers

32,377,210

1,111,047

11,50933,499,768－

33,499,768

Inter-segment net
sales or transfers－－

70,82970,829△70,829－

Total

32,377,210

1,111,047

82,33933,570,597△70,829

33,499,768

Segment profit orloss (△)

2,106,431△3,78527,3232,129,968

7,450

2,137,419

Other revenue（Note）１．Segment income matches the operating income in the quarterly consolidated
statements of income.
２．Other revenue is based on the Accounting Standard for Lease Transactions(ASBJ Statement No. 13).
３．The segment income adjustment of 7,450 thousand yen includes the eliminationof inter-segment transactions of 276,481 thousand yen and company-wide expensesof -269,031 thousand yen that are not allocated to any of the reportable segments.
Company-wide expenses mainly consist of general and administrative expenses that
do not belong to any reportable segment.
２．Non-current assets impairment losses, goodwill and other information for each reportablesegment（Significant impairment losses in non-current assets）
There are no applicable items.
（Significant changes in the amount of goodwill）
There are no applicable items.
（Significant gain on negative goodwill）
There are no applicable items.
（Notes when there is a significant change in the amount of shareholders' equity）
There are no applicable items.
（Notes regarding going concern assumption）
There are no applicable items.
（Notes on quarterly consolidated statements of cash flows）
The Company did not prepare quarterly consolidated statements of cash flows for the first threemonths under review. Depreciation (including amortization of intangible assets except for goodwill
and long-term prepaid expenses) and amortization of goodwill for the three months under review are
as follows.

- 13 -

(thousands of yen)

For the three months ended June30, 2023 (from April 1, 2023 toJune 30, 2023)

Depreciation expense
Amortization of goodwill

372,173
19,783- 14 -For the three months ended June30, 2023 (from April 1, 2024 toJune 30, 2024)
507,334
19,783

- 15 -