[Translation]

February 10, 2023
To whom it may concern:
Company name:

Wacoal Holdings Corp.

Representative name: Hironobu Yasuhara,
Representative Director, President andCEO(Code No. 3591 TSE Prime Market)
Contact:

Katsuya Hirooka,
Corporate Officer, Head of Corporate
Planning Dept.
(Tel: +81-75-682-1010)

Announcement of Revisions to the Forecast of Consolidated Business Results
and Recognition of Impairment Charges (IFRS)We hereby announce that we have revised the forecast of our consolidated business results for thefiscal year ending March 31, 2023 (April 1, 2022 – March 31, 2023), which we announced on November 11,2022, as follows:
Details
1. Revised Forecast of Consolidated Business Results for the Fiscal Year Ending March 31, 2023
(International Financial Reporting Standards)(Unit: Millions of Yen, unless otherwise indicated)
Profit
BeforeBasic
IncomeNet Profit
Earnings
OperatingTaxes andAttributableper
ProfitEquity into Owners
Share
Net Profit ofof Parent(in Yen)AffiliatedCompanies

Revenue

Business
ProfitPrevious Forecast (A)200,000

5,000

8,000

10,5008,000

131.22

Revised Forecast (B)

190,000

2,000(5,500)(3,000)(4,000)(66.26)

Variance (B - A)
(10,000)(3,000)(13,500)(13,500)(12,000)
Variance as Percentage (%)(5.0)(60.0)(Reference)
Results for the Previous
172,072
494
3,291
4,083
1,732
27.83
Fiscal Year ended March 31,2022*Our group voluntarily implements the International Financial Reporting Standards (“IFRS”) starting fromthe first quarter of the fiscal year ending March 31, 2023, and the results for the previous fiscal year havebeen reclassified to conform to IFRS.

2. Reason for Revisions
While we accelerate our efforts to improve profitability and reform business structure in our Wacoal
Business (Domestic), we expect our business environment to continue to remain challenging, as was the casefor the current consolidated cumulative third quarter. Also, in our Wacoal Business (Overseas) segment, weexpect revenue and business profit to fall below the previous forecast as our business in the United States
continues to be sluggish due to the slowdown in consumer spending as well as the impact of inventory
adjustments by suppliers, and as our business in China remains challenging due to the implementation ofstrict COVID-19 activity restrictions. Our operating profit is expected to fall below the previous forecast as
a result of the recognition of impairment charges on goodwill and intangible assets with respect to ourconsolidated subsidiary, Wacoal International Corp. (U.S.).
The revised forecast hereby reflects the impact of the result and changes described in the“Announcement Regarding Result of Implementation of the Flexible Retirement Program and Revision tothe Flexible Retirement Program” disclosed separately on February 10, 2023.
3. Recognition of Impairment Charges
In 2019, Wacoal International Corp. (U.S.), our consolidated subsidiary, acquired Intimates Online, Inc.,
which distributes the “LIVELY” brand, to create growth opportunities and strengthen competitiveness in thee-commerce market. However, in light of the changes in the external environment factors, including thetighter data privacy regulations on digital marketing and the recent slowdown in consumer spending, wereassessed the recoverable amount by Wacoal International Corp. (U.S.), and will record an impairment
charge of 10,109 million yen, of which 8,344 million yen, 1,236 million yen and 529 million yen were in
respect of goodwill, intangible assets and right-of-use assets, respectively. As we implement IFRS, theimpairment charges will be recorded as other expenses affecting our operating profit. The effect of thischange on profit for the fiscal year ending March 31, 2023 is a decrease of 9,820 million yen.
4. Result of Implementation of the Flexible Retirement Program and Revision to the Flexible Retirement
Program
As described in the “Announcement Regarding Result of Implementation of the Flexible Retirement
Program and Revision to the Flexible Retirement Program” disclosed on February 10, 2023, we expect anincrease in other expenses associated with the Flexible Retirement Program implemented at Wacoal Corp.,
our consolidated subsidiary, of approximately 700 million yen. On the other hand, following a partial
revision to the Flexible Retirement Program implemented at Wacoal Corp., we expect a decrease in cost ofsales, and selling, general and administrative expenses of approximately 1,000 million yen.
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