The First Quarter of Fiscal Year 2025

Financial Briefing

AGENDA
1

FY2025 1Q Results Overview

2

Existing Channels Overview

3

Brands Overview

4Structural Reforms Status

5

1Q Topics

6

Appendix1
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FY2025 1Q

Results Overview

2

FY2025 1Q: Executive Summary
Although sales fell slightly short of the plan, effective control of SG&A expenses kept operating profit nearly in linewith the plan (planned loss for the first half: 0.9 billion yen) .

Consolidated Sales

Operating Profit

1Q Net Income¥39.29 billion¥1.01 billion¥0.54 billion

99.8% YoY

55.5% YoY

27.5% YoY¥-0.07 billion YoY¥-0.81 billion YoY¥-1.44 billion YoY➢ Although sales started off slow in March due to unfavorable weather conditions, they recovered month by month thereafter,
ending at 99.8% YoY, nearly matching last year's performance.
(Preliminary sales for domestic directly operated stores in June were strong, reaching 110.4% YoY. )➢Due to increased cost of sales from “rising raw material prices” and “valuation losses associated with increased inventory,” as well as higher

SG&A expenses resulting from “increased labor costs” and “structural reform costs,” operating profit deteriorated YoY but is progressing almost
in line with the plan.
➢

Net profit decreased by ¥1.44 billion YoY due to a decline in "investment-related income" and an increase in "adjustments for taxes and otheritems."

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3

FY2025 1Q: Performance
250

Gross Profit

200¥22.03 billion

150

97.7% YoY

100

56.0%

58.6%

¥-0.52 billion YoY(Sales amount in million JPY)

57.3%

56.1%

60.0%
55.0%

191

223

Q1ST
2022
Ended
22年2月期
Feb.

226

220

営業利益

50
0

> Gross Profit

Q1ST
2023
Ended
23年2月期Feb.
売上総利益
Gross Profit

Q1ST
2024
Ended
24年2月期
Feb.

Q1ST
2025
Ending
25年2月期
Feb.

50.0%
45.0%
40.0%

売上総利益率Gross Profit Margin

SG&A¥21.01 billion

150
100

101.4% YoY¥+0.28 billion YoY

60.0%

54.4%

200

52.6%

53.5%

169

207

210

Q1ST
2022 Ended
22年2月期
Feb.

50.0%
45.0%

50
0

55.0%

49.3%

207

Q1ST
2023 Ended
23年2月期
Feb.
SG&A
販管費
Expenses

Q1ST
Q1ST
2024 Ended
2025 Ending
24年2月期25年2月期
Feb.
Feb.
SG&A
販管費率
Expenses Rate

While the impact was somewhat
mitigated by passing on higher costs to
the retail price of some products, grossprofit still declined by 1.2% YoY.

> SG&A(Sales amount in million JPY)
250

• Exchange rate deterioration and soaring
energy resource prices leading toincreased raw material costs• Increased valuation losses due to the risein remaining inventory• Discounted sales to optimize inventory

40.0%[Negative Factors]• Increase in labor costs (including impactof yen depreciation)• Incurrence of temporary expenses related
to structural reforms[Positive Factors]• Efficiency improvement of promotional
advertising expenses• Efficiency improvement of logistics costs

SG&A expenses progressed below
planned costs
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4

FY2025 1Q: Items Affecting Net Profit
Ordinary income, including non-operating income and expenses such as decreased dividends and rental income, and equity
method losses from U.S. affiliated companies, amounted to 1.1 billion yen.
Special income and expenses, including 0.3 billion yen from the sale of investment securities and impairment losses, coupledwith a tax adjustment (loss) of 0.87 billion yen, which includes a decrease in deferred tax assets, resulted in a net profit for the
first quarter of 0.54 billion yen, with a profit margin of 1.4%.
・Gain on sale of investment securities.:¥0.46 billion

・Forex Gain ¥0.16 billion
・Dividend Income ¥0.13 billion
・Real Estate Income: ¥90 million¥0.45
billion¥-0.16¥-0.35¥0.46

billionbillionInvestment impairment loss:¥0.28 billion.

¥1.01 billion

billion・Impairment Losses: ¥20 million
・Loss on sale of Investment
Securities: ¥0.13 billion

Operating Profit
Marginbillion・Corporate, resident, and businesstaxes: ¥0.59 billion
・Income Tax-Deferred: ¥0.28 billion

2.6%
Operatingincome¥-0.87

Non-operating
incomeNon-operating
expenses

Ordinary Profit: ¥1.1 billion

Extraordinary
incomeExtraordinaryloss

Income Before Taxes:¥1.41 billion

Income taxes
deferred¥0.54
billion
Net Profit Rate

1.4%
Net income attributableto owners of parent

1Q Net Profit: ¥5.4 billion
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5Balance Sheet> Cash and Deposits【Year-on-year Comparison】(Sales amount in million JPY)

Cumulative Q1ST 2024
Ended Feb.
Composition

Results

Rate (%)

FY Ended Feb. 2024

Results

Composition
Rate (%)

Cumulative Q1ST 2025 Ending Feb.

Results

Composition

Y/Y

Rate (%)

ChangeY/Y (%)

Q1/Q4

Q1/Q4

Change(%)

72,09653.0%

70,87753.1%

68,58852.0%-3,50895.1%-2,28996.8%(of Cash and Deposits)

28,49821.0%

27,472

20.6%

24,42518.5%-4,07385.7%-3,04788.9%(of which, Inventory)

27,26920.0%

28,05121.0%

28,85921.9%

1,590 105.8%

808 102.9%

63,93047.0%62,58646.9%

63,428

48.0%

-502

99.2%

842 101.3%(of Investment Securities)

27,805

20.4%

25,13718.8%

25,81619.6%-1,98992.8%

679 102.7%(of Investment Real estate)

4,701

3.5%

4,683

3.5%

4,886

3.7%

185 103.9%

203 104.3%

136,027100.0%

133,464100.0%

132,016100.0%-4,01097.1%-1,44798.9%

27,665

20.3%

28,38821.3%

27,529

20.9%

-136

99.5%

-859

97.0%

Current Assets

Non-current Assets

Total Assets
Current Liabilities

Due to increased inventory and stock buybacks,
cash and deposits decreased by 4.07 billion yen.

> Inventory【Year-on-year Comparison】
Current purchasing control is progressing
smoothly; however, there has been an increase of
1.59 billion yen due to bulk purchases of long-termsales products and excess inventory from previous
years. Efforts are underway to promptly achieve
optimal inventory levels.

-

0.0%

5,013

3.8%

5,000

3.8%

5,000

-

-13

99.7%

4,553

3.3%

3,309

2.5%

2,759

2.1%

-1,794

60.6%

-550

83.4%

> Treasury Stock

9,281

6.8%

7,653

5.7%

7,449

5.6%

-1,832

80.3%

-204

97.3%

【Comparison with Previous Term】

4,175

3.1%

1,630

1.2%

1,345

1.0%

-2,830

32.2%

-285

82.5%

Total Liabilities

36,94627.2%

36,041

27.0%

34,97926.5%-1,96894.7%-1,063

97.1%

Total Net Assets

99,08072.8%

97,422

73.0%

97,03773.5%-2,043

97.9%

-385

99.6%

-3,774-2.8%-7,605-5.7%-4,052-3.1%-278 107.4%

3,553

53.3%

136,027100.0%

133,464100.0%

132,016100.0%-1,44898.9%(of Short-term borrowings)(of Current portion of long-term borrowings)

Non-current Liabilities(of Long-term borrowings)(of Treasury stock(-))
Total Liabilities and Net Assets-4,011

97.1%

Continuing our acquisition of treasury stock as partof capital policy and shareholder returns, wecanceled some of the acquired stock, reducing thetreasury stock balance by 3.55 billion yen.

> Equity Ratio
Maintained a high equity ratio of 73.3%.

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6

Existing Channels Overview

7

FY2025 1Q: Existing Channels
Benefiting from the recovery in consumer behavior with increased outings and rising international visitor demand, domestic physical store
sales (department stores + non-department stores) showed a solid performance, reaching 103.4% YoY, an increase of 780 million yen.
In e-commerce, the impact of stabilizing demand in the market for high-demand products from the previous period, and in wholesale(domestic and others), the effects of the rebound from increased COVID-19-related demand, have both posed challenges.

Domestic
Retail(Sales amount in billion JPY)

Department Store(% of total sales)
Non-Department Store(% of total sales) *１

EC(% of total domestic retailsales)

Domestic Misc.
(% of total sales) *2

International(%of total sales)

1Q of FY ended
Feb 2023

1Q of FY ended
Feb 2024

1Q of FY ending
Feb 2025

YoY

5.44

5.45

5.25

96.3％

(14.3%)(13.8%)(13.4%)

16.75

17.78

18.77

(43.9%)(45.2%)(47.8%)

9.1

8.75

8.29

(29.1%)(27.4%)(25.7%)

4.0

4.45

3.95

(10.5%)(11.3%)(10.1%)

2.81

2.91

3.0

(7.4%)(7.4%)(7.6%)

105.6％
94.8％

88.8%
103.2%*１ Non-Department Store: Stores located in shopping centers, outlet malls etc.
*２ Domestic Misc. Wholesale sales, sales to the employees and other sales by TSI Group’s apparel related business as well as non-apparel business.
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8

FY2025 1Q: Existing Channels
For physical store sales, the impact of withdrawing from some department stores was offset by sales from nondepartment stores, which were 105.6% of the previous year, an increase of 0.98 billion yen.
International

Physical Stores
Sales: 103.4% YoY(non-department stores: 105.6% YoY)

Benefiting from increased demand from international visitors,
urban stand-alone stores and shopping centers performed well. In
particular, 'and wander,' 'STUSSY,' and 'AVIREX' showed strong
growth. 'MARGARET HOWELL' and 'NANO universe' also
demonstrated a general recovery trend, although there wereregional differences.

Sales: 103.2% YoY
Under the current exchange rate conditions, a portion of the sales
increase can be attributed to accounting conversions to yen. When
comparing figures in local currencies to the previous period,"MARGARET HOWELL" (UK and France) showed steady
performance, while the two US-based subsidiaries continue to facechallenges.
HUF Taipei"AVIREX" and "Schott" opened theirfirst combined store in the Nagoya
Sakae area. The space showcases
the unique characteristics of eachbrand, providing customers with animmersive experience of theirrespective worldviews.

Given the challenging market
conditions in the mainland US,'HUF' has expanded its
outreach by opening new store
in Taiwan and a section in a
Hawaiian store, aiming toestablish contact points withnew customers.

▲HUF section
in a Hawaiian store
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9

FY2025 1Q: Existing Channels (E-commerce)
Due to the termination of the agency contract with "UNDEFEATED" from the previous year and a decline in the sneaker market,
which affected the availability of high-profile streetwear products, there was a slowdown in EC sales. Additionally, the sales
decrease was somewhat impacted by the winter sale conducted by "PEARLY GATES" after several years.
(Sales amount in billion JPY)

FY2023 1Q

FY2024 1Q

FY2025 1Q

vs FY2023

Vs FY2024

Domestic In-House
E-comm sales

4.51

3.99

3.46

76.9%

86.8%

(Percentage of total EC sales)(49.5%)(45.6%)(41.8%)(-7.8pt)(-3.8pt)

Domestic E-comm
sales

9.1

8.75

8.29

91.1%

94.8%

(Percentage of total
domestic retail sales)*(29.1%)(27.4%)(25.7%)(-3.4pt)(-1.7pt)

Int’l E-comm sales

0.97

0.91

0.96

99.1%

105.0%(Percentage of
total Int’l retail sales)(34.6%)(31.6%)(32.1%)(-2.5pt)(0.6pt)Total E-comm Sales

10.07

9.67

9.26

91.9%

95.7%

(Percentage of
total retail sales)*(29.5%)(27.7%)(26.2%)(-3.3pt)(-1.5pt)※ Total retail sales is not including domestic miscellaneous sales, such as wholesale sales and sales to the employees.

Sales of Pearly Gates’ In-House E-comm.
Impact due to theaftermath of promotionalsales.

100%
前期比
YoY
100%

FY2025 1Q

Pearly Gates conducted promotional sales in theprevious quarter to reduce inventory. As a result,sales declined in March due to the aftermath, buthave been strong since April."

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10Brands Overview

11

FY2025 1Q: Core Brands
Sales from loyal customers are showing signs of recovery,
however a decrease in new customer acquisitions has
contributed to underperformance year-on-year.
Additionally, the timing discrepancy in shipments andreturns within the wholesale channel has also had an
impact. This fiscal year, the brand is focusing on
optimizing inventory levels and enhancing procurement
controls.

In spring/summer 2024, the brand expanded ourcollaboration with MIZUNO, which began in fall/winter2017, and launched sales in both Japan and Europe. It
also hosted pop-up stores mainly in Tokyo, introducing
a sophisticated technical wear to new customers.

100.7% YoY

92.6% YoY

Existing physical stores showed a recovery trend at
112.3%. In E-commerce sector, new initiatives including
the debut of the brand "Apo(s)ture“ in ZOZOTOWN
have been launched. Additionally, profitability improved
through a review of product pricing.

Due to the impact of store withdrawals and adverse
weather conditions in March, the brand fell short of theprevious year's performance. Stores in Nagoya, Omiya,
and Kyoto, which underwent interior renovations,performed well. It is planning new store openings andrefurbishments of existing stores.

110.3% YoY

119.1% YoY

Existing stores are performing well, and new stores
opened in Nagoya and Ebina are also showing strong
performance. Furthermore, a review of product offerings
aligned with climate changes has improved inventory
turnover rates.

The stores in Tokyo (Shibuya, Harajuku) and Osaka(Osaka-Minami, Umeda) have made significant strides.
Despite reducing the number of stores, the brand has
achieved double-digit growth for two consecutive
periods.

106.9% YoY

93.1% YoY

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12

FY2025 1Q: Growing Brands
Brands that have achieved remarkable growth from the previous year outside of the core brands.

Growing Brands
117.9% YoY
While all of the brand's physical storesare performing well, the Jingumae store
continues to be No. 1 in company-wide
physical store sales since the previous
year. The Jingumae continues to leadthe brand.

Pick Up

129.5% YoYOpened its first stand-alone flagship store
in Aoyama, Tokyo. The store carries aselection of the items from private label andcurated brands, as well as vintage items.

Pick Up

208.5% YoY
Pick UpThe brand is expanding its scale after the
opening of its stand-alone flagship store in
Yoyogi- Uehara last year and its first runway
show to commemorate its 10-year milestone.
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13

FY2025 1Q: Growing Brands

Since joining TSI Holdings group in 2019, the brand has continued to grow steadily, with sales increasing sevenfold over six years.
Boosted by increased demand from international visitors and rising overseas wholesale, sales have remained strong this quarter.
The largest directly managed store, GINZA SIX,
opened in March. In addition to the latest collections,the store features the camping collection including
tents. Pop-up stores in Sapporo and Kyoto were also
well-received. The brand plans to continue expanding
its store presence aggressively.

FY2025 1Q Sales
Unit：million JPY

602+59.9%YoY

CAGR from FY2020 to FY2025

47.8%
The brand has focused on practical functionality with its
outdoor wear, including camping gear such as tents andsleeping bags. Starting from Spring/Summer 2024, SUPrelated gears designed for water-based activities will be
added. The brand plans to continue expanding its productofferings in the future.
▲ Inflatable boards, paddles, air pumps, bags, andother accessories are available.

FY2020 FY2021 FY2022 FY2023 FY2024 FY2025

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14

FY2025 1Q: Growing brands

Sales: 122.1% YoY（Physical & Wholesale 132.4％、EC 110.8%）
Percentage of EC sales vs Total retail sales: 43.5%

Due to carefully selected store expansions and meticulous digital strategies, we havefostered brand loyalty with balanced customer touchpoints across both physicalstores and e-commerce platforms.

Sales increased by 146.6% YoY, maintaining strong performance. Pop-up stores in
Takashimaya Tamagawa and Hankyu Umeda and brand collaborations were actively
pursued. By creating multiple touchpoints, the brand aimed to attract new customers
and enhance brand excitement. A new store is planned for the Osaka area this winter,and it will continue to implement various initiatives moving forward.

The Azabudai Hills store, which opened lastNovember, has also been well-received, andthe brand has grown to appeal to a high-classcustomer base.

YANUK (March)
In addition to its couture-like product lineup, the brandwill launch "LE PHIL SPORTS," a functional andsophisticated sportswear line connecting active
scenes with everyday life for mature women, startingfrom the Spring/Summer 2024 collection.

ALEXIA STAM (April)

Collaborated brands
This brand is expanding into new areas in both its store presence andproduct offerings.

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15

Structural Reforms Status

16

Structural Reforms Status
PurposeCourse of Action

Expected
ImpactStatus（Progressed as Planned）

FY2027(One-Year)

Purchase Cost
Reductions

Optimized
Supply &DemandManagement

Retail Operation
Reform

3.0 billion yen

Not only consolidating the ordering processes but also reevaluatingproduction sites, local settlements, and reducing indirect expenses.
Cost benefits are expected to materialize starting from theSpring/Summer 2025 productions.

2.5 billion yen

Begun evaluating pricing strategies starting with brands that haveshorter product cycles, aiming for gradual effectiveness starting fromthe Autumn/Winter 2024 collections. Additionally, we are exploring
advanced and standardized methods for inventory and markdown
management.

1.5 billion yen

Advancing preparations to facilitate shared sales personnel acrossbrands. Additionally, we have begun optimizing staffing in our stores.
Our aim is to clarify roles within sales positions to enable efficient
operations, and we are also aligning this with a reorganization ofcareer paths for sales roles.

5.0 billion yen

We are currently in discussions with existing sites to integrate the EC
sites into Mix Tokyo and achieve its rebranding. This effort
encompasses developing strategies for digital channel expansion,functional design, and integrating member services.

2.5 billion yen

We are enhancing cost management across all SG&A expenses andsuccessfully reducing them as planned. To further compress andstreamline costs, we are implementing new systems for logistics,
materials, and other areas.

Consolidate orders/improve purchasing leverage
Cost reduction through revision of business
schemes/contracts with suppliers/manufacturers
Strategic pricing/sales promotions
Optimization of retail pricing and cost ratio.
Reassess promotional/discount sale programs

Increase efficiency/productivity of staffing
Optimal allocation of store staff across brands
and by area. Consolidate underperforming storesand development of large stores.

EC Integration& System
RenewalEC site integration of 30+ brands

Improveefficiency ofcosts including
SG&A

Ensure ROI-driven expenditures

Improve operational efficiency by integrating EC
functions/websites that exist under each brand.
Streamline the backend operations

Review of brand positioning and cost/staffing
structure based on ROI of measures

10.0 billion yen
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17

FY2025 1Q TOPICS

18

Enrich the Spirit through Fashion Entertainment
By offering products that embody the brand's beliefs, customers are encouraged to wear them with affection,
fostering a mindset of valuing and taking care of their belongings.
MARGARET HOWELL has introduced therecommerce operating system “Retailor” andlaunched its official e-commerce site for pre-owned
garments.
The brand, dedicated to reducing waste, collected and soldreusable items from staff. Customers appreciated the focus on
high-quality, long-lasting products. Typically, the sell-through rate
is below 50%, but the limited-time e-commerce site achieved
75%.

Schott releases a carefully crafted school backpackthat gently accompanies families for six years.
The development of the school backpack began with the desire
for children to have their first contact with leather through thebrand. It commissioned top-tier leather artisans in Japan andintentionally crafted it without waterproofing. Customers createcherished memories by maintaining the bag with their children on
weekends, experiencing the natural patina of leather.

Staff dropoffs

Collect

ResellMaintenancecopyright © 2024 TSI HOLDINGS CO., LTD. All right reserved.

19

Customers, Communities, and Ourselves
Together Share Sustainable HappinessWe develop business activities with stakeholders that contribute to the health and happiness of both mind and body.

TSI supports Inventor Ory Yoshifuji's wearable roboticarm, MOVE WEAR, through clothing development.

"Urth Caffé" provided organic coffee and cookies toevacuees in Suzu City, Ishikawa Prefecture.

A project has started in collaboration with TSI to jointly develop
clothing to be worn with "MOVE WEAR," a wearable robotic arm
developed by OryLab to support individuals with ALS, adebilitating disease.
The clothing will be worn by Masatane
Muto, a longtime ally of Ory who wasdiagnosed with ALS in 2013, at an event
scheduled for November 2024. We aim tocreate a borderless society where
everyone can continue to be themselves
and remain connected with society.

Urth Caffe visited Suzu City, Ishikawa Prefecture with its foodtruck as part of disaster relief for the 2024 Noto Peninsula
Earthquake. To provide a comforting moment amidst the stressful
lives of locals, we offered organic coffee and cookies known for
their relaxing effects, allowing residents to enjoy a leisurely timewith smiles.

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20

Investment for Future: Enhancing Purchasing Experience
Implementing Digital Initiatives to Further Enhance Customer Experience

Introducing “SugeKae,” an AI Image Generation Tool
for Fashion E-commerce
Delivering tailored information to meet customer needs,
enhancing efficiency in advertising operations and effectivenessevaluation.
Due to the time-consuming process of re-shooting productimages after the launch, we have implemented and begun
operating "SugeKae," provided by Elements Inc.

BeforeAfter

Generated by SugeKae

Ref.

Even without advanced image editing skills, it's now possible toeasily change backgrounds, coordinate outfits, and adjust
product colors, enabling quick and cost-effective re-creation of
product images. This advancement is expected to expand sales
opportunities, streamline advertising operations, and reduce theneed for inventory disposal and discount sales.
We plan to expand initiatives such as bulk background generation
using image learning and strengthening advertising efforts in the
future.
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21

We create empathy and social value across the world
through the power of fashion entertainment.

Creator of Fashion Entertainment

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22

Appendix

23

Financial Highlights for the 1Q FY2025
Overview（Revenue Recognition Standards）(Sales amount in million JPY)
Cumulative Q1ST 2024
Ended Feb.
Composition

Results

Rate (%)

Cumulative Q1ST 2025 Ending Feb.

Results

Composition

Y/Y

Rate (%)

ChangeY/Y (%)Net Sales

39,372100.0

39,295

100.0

-77

99.8

Gross Profit

22,562

57.3

22,033

56.1

-529

97.7

SG&A Expenses

20,72652.6

21,014

53.5

288

101.4

19,88850.5

20,149

51.3

260

101.3

Goodwill Amortization

106

0.3

115

0.3

9

108.4

Depreciation and Amortization

731

1.9

749

1.9

18

102.6

Operating Income

1,836

4.7

1,018

2.6

-817

55.5

Ordinary Income

2,425

6.2

1,108

2.8

-1,31745.7

Extraordinary Income

191

0.5

467

1.2

275

243.5

Extraordinary Loss

47

0.1

164

0.4

116

346.5

Profit Before Taxes

2,570

6.5

1,411

3.6

-1,158

54.9

Profit Attributable to Owners of Parent

1,988

5.1

546

1.4

-1,442

27.5

EBITDA ※

2,673

6.8

1,883

4.8

-789

70.5

SG&A Expenses(excl. Goodwill Amortization, Depreciation andAmortization)*EBITDA＝Operating Income + Goodwill Amortization + Depreciation and Amortization
copyright © 2024 TSI HOLDINGS CO., LTD. All right reserved.

24

FY2025: 1Q Financial Highlights(Sales amount in million JPY)Net Sales Per Channel（Revenue recognition standards）

Cumulative Q1ST 2024
Ended Feb.

Cumulative Q1ST 2025 Ending Feb.

Results

Composition

Results

Composition(Million yen)

Rate (%)(Million yen)

Rate (%)

Y/Y (%)

Comp os it ion Rat e
Y/Y Ch an ge(p t )Department Stores

5,453

13.8

5,253

13.4

96.3

-0.5ptCommercial Facilities(*1)

17,78945.2

18,778

47.8

105.6

+2.6ptIn-house EC

3,995

10.1

3,466

8.8

86.8

-1.3pt

3rd Party

4,763

12.1

4,832

12.3

101.5

+0.2ptEC(E-Commerce)

8,758

22.2

8,299

21.1

94.8

-1.1ptOthers(*2)

4,459

11.3

3,958

10.1

88.8

-1.3ptDomestic

36,45992.6

36,28992.4

99.5-0.2pt

919

2.3

965

2.5

105.0

+0.1pt

2,913

7.4

3,005

7.6

103.2

+0.2ptEC(E-Commerce)

9,677

24.6

9,264

23.6

95.7

-1.0ptTOTAL

39,372100.0

39,295

100.0

99.8

-

EC(E-Commerce)
Overseas*1 Fashion buildings, shopping centers, railroad station buildings, individual stores, outlet shops etc. except for department stores.
*2 Apparel businesses such as wholesale, intercompany sales and non-apparel businesses of the group companies.
copyright © 2024 TSI HOLDINGS CO., LTD. All right reserved.

25

FY2025 1Q: Financial Highlights(Sales amount in million JPY)

Brands Overview

Cumulative Q1ST 2024 Ended Feb.

（Revenue recognition standards）
Sales

Composition Gross Profit
Rate (%)

Ratio (%)

YoY

Cumulative Q1ST 2025 Ending Feb.
Composition Gross Profit

Sales

Rate (%)

Ratio (%)

Sales (%)

Gross Profit
Ratio (%)

1.

PEARLY GATES

4,340

11.0

61.9

4,039

10.3

55.1

93.1

-6.7pt2.

MARGARET HOWELL

3,362

8.5

71.6

3,594

9.1

71.3

106.9

-0.3pt3.

NANO universe

3,398

8.6

55.8

3,422

8.7

57.0

100.7

+1.2pt4.

NATURAL BEAUTY BASIC

3,300

8.4

65.6

3,055

7.8

65.8

92.6

+0.1pt

5.

HUF

2,020

5.1

51.7

1,946

5.0

50.2

96.4

-1.5pt6.

AVIREX

1,693

4.3

55.9

1,868

4.8

50.9

110.3

-5.0pt

7.

STUSSY

1,244

3.2

65.5

1,482

3.8

60.7

119.1

-4.8pt8.

new balance golf

1,388

3.5

49.9

1,303

3.3

51.1

93.9

+1.2pt9.

human woman

1,232

3.1

66.0

1,136

2.9

64.7

92.2

-1.3pt10.

ROYAL FLASH

689

1.8

47.0

812

2.1

47.0

117.9

-0.0ptTOP10

22,671

57.6

60.8

22,663

57.7

59.0

100.0

-1.9ptOther Brands

16,31741.4

52.7

16,628

42.3

52.1

101.9

-0.6ptContinuing Brands

38,98999.0

57.4

39,291

100.0

56.1

100.8

-1.4pt

383

1.0

45.0

3

0.0

85.7

0.8

+40.7pt

39,372

100.0

57.3

39,295

100.0

56.1

99.8

-1.2ptClosed Brands
TOTAL

copyright © 2024 TSI HOLDINGS CO., LTD. All right reserved.

26

FY2025 1Q: Financial Highlights
Domestic Monthly Sales Information
All Stores

145.0

Existing Stores

Q1ST 2024 Ending Feb.
All Stores：102.9％
Existing Stores：107.3％

Q1ST 2025 Ending Feb.
All Stores：101.1％
Existing Stores：101.8％

130.0

115.0

111.2
105.9

100.0

104.6

106.3
104.4

104.4

106.5
100.1

107.2
101.8

99.5

4

5

100.7

102.9

102.6
99.6

103.3

97.6

9

10

107.1
102.9

105.2

98.0
99.7

96.5

105.5

100.7

102.8

102.8

101.9

104.2

97.5

85.0

70.0
3

6

7

8

Ending Feb.2024

11

12

1

2

3

4

5

Ending Feb.2025

copyright © 2024 TSI HOLDINGS CO., LTD. All right reserved.

27

FY2025 1Q: Financial Highlights
The Number of StoresAppa re l

C umulat ive Q1STFY En d ed

Store

Store

C umulat ive Q1ST

Y/Y

Q1/Q4

2024 E nded F eb.

Feb . 2024

Open

Close

2024 E nding F eb.

ChangeChangeDo me stic

756

731

+22

-15

738

-18

7

Ove rse a s

30

30

+2

-1

31

1

1

Total

786

761

+24

-16

769

-17

8

Res t aurant

Do me stic

8

6

-

-

6

-2

0

C os met ic s

Do me stic

36

31

+1

-1

31

-5

0

830

798

+25

-17

806

-24

8

Total

copyright © 2024 TSI HOLDINGS CO., LTD. All right reserved.

28

This document comprises of forward-looking statements, including forecasts,
outlooks, targets, and plans pertaining to the Company, its subsidiaries, and affiliates.
The statements are based on the information available to the Company as of thedate of this document and certain reasonable assumptions made by the Company.

copyright © 2024 TSI HOLDINGS CO., LTD. All right reserved.