[Translation]
Consolidated Business Results for the First Quarter of the Fiscal Year Ending March 31, 2024
[IFRS]
August 9, 2023
Stock Exchange: Tokyo

Listed Company: Wacoal Holdings Corp.
Code Number: 3591
(URL: https://www.wacoalholdings.jp/)
Representative: (Position) Representative Director, President and CEO
For Inquiries: (Position) Corporate Officer, Head of Corporate Planning Dept.

(Name) Masaaki Yajima(Name) Katsuya Hirooka
Tel: +81 (075) 682-1010

Scheduled quarterly report submission date:August 14, 2023
Scheduled dividend payment start date:
Supplementary materials regarding quarterly business results: Yes
Explanatory meeting regarding quarterly business results:
Yes (for institutional investors, analysts and the press)(Amounts less than 1 million yen have been rounded)

1.

First Quarter of the Fiscal Year Ending March 31, 2024 (April 1, 2023 – June 30, 2023)(1)

Consolidated Business Results(% indicates increase (decrease) from the corresponding period of the previous fiscal year)

Business
ProfitRevenue
Millions of Yen

First Quarter
ended June 30,
2023
First Quarter
ended June 30,
2022%

Operating
ProfitMillions of Yen%

Millions of Yen

Profit Before
Income Taxes%

Millions of Yen

Profit%Millions of Yen%

48,789 (0.5)

2,371

(0.3)

2,727

10.4

4,004

11.8

2,885

16.6

49,027 15.5

2,378

21.2

2,469

0.5

3,580

23.4

2,474

-

Net Profit
Attributable to
Owners of Parent

Total
Comprehensive
IncomeBasic Earnings
per Share

Diluted Earnings
per Share

Millions of Yen

Millions of Yen %

Yen

Yen

%

First Quarter
ended June 30,
2,844 18.0
13,222 59.6
49.03
48.82
2023
First Quarter
ended June 30,
2,411
8,286
39.28
39.12
2022
(Note) 1. Business profit is calculated by subtracting cost of sales, and selling, general andadministrative expenses from revenue.
2. Following the adoption of IAS 12 Income Taxes (as amended in May 2021), the figures forthe first quarter ended June 30, 2022 represent the retrospectively adjusted figures. The
percentage change in profit, net profit attributable to owners of parent and total
comprehensive income compared to the corresponding period of the previous fiscal year is
not shown.

-1-

(2)

Consolidated Financial Condition
Total Assets

Total Equity

Equity Attributable to
Owners of Parent

Ratio of Equity
Attributable to
Owners of Parent

Millions of Yen

Millions of Yen

Millions of Yen%

As of June 30, 2023
296,731
224,369
220,907
74.4
As of the end of Fiscal
285,659
213,482
210,197
73.6
Year (March 31, 2023)(Note) Following the adoption of IAS 12 Income Taxes (as amended in May 2021), the figures for the fiscal year ended
March 31, 2023 represent the retrospectively adjusted figures.
2.

Status of Dividends

End of First
Quarter
Yen

Annual Dividend
End of Second End of Third
Quarter
Quarter
Yen

Yen

Fiscal Year Ended March 31, 2023
–
40.00
–
Fiscal Year Ending March 31, 2024–
Fiscal Year Ending March 31, 2024
50.00–
(Estimates)(Note) Revision of estimated dividends announced during the latest quarter: No
3.

Year-End

Total

Yen

Yen

40.00

80.00

50.00

100.00

Forecast of Consolidated Business Results for the Fiscal Year Ending March 31, 2024 (April 1, 2023 – March 31,
2024)(% indicates increase (decrease) from the previous fiscal year with respect to “Annual” and from the six-month period ended September 30,
2022 with respect to “Six-month Period Ending September 30, 2023”)

Revenue

Millions of Yen %Business Profit Operating Profit

Profit Before
Income Taxes

Net Profit
Attributable to
Owners of
ParentBasic Earnings
per Share

Millions of Yen %Millions of Yen %Millions of Yen %YenMillions of Yen %Six-month
Period Ending
103,000 5.6
4,500 3.6
4,400 10.0
5,500 (6.5)
3,900
(7.5)
September 30,
2023
Annual
205,000 8.7
6,000 46.3
6,000
7,000
4,800
(Note) Revision of forecast of consolidated business results announced during the latest quarter: No

-2-

67.23
82.74

Notes(1)

Changes in significant subsidiaries in the consolidated cumulative first quarter of the current fiscal year (i.e.
changes in specified subsidiaries (tokutei kogaisha) which involve change in scope of consolidation): None

(2)

Changes in accounting policies and/or accounting estimates:(i) Changes in accounting policies required by IFRS: Yes(ii) Changes in accounting policies other than (i) above: None(iii) Changes in accounting estimates: None
(Note) For details, please see “2. Condensed Quarterly Consolidated Financial Statements and Accompanying
Notes – (5) “Notes to Condensed Consolidated Financial Statements (Changes in Accounting Policies)” on page
16 of the attached materials.

(3)

Number of Issued Shares (Common Stock)
First Quarter ended
June 30, 2023
(i)
(ii)
(iii)

Number of issued shares (including
treasury stock) as of the end of:
Number of shares held as treasury
stock as of the end of:
Average number of shares duringconsolidated first quarter (firstquarter ended June 30):

Fiscal Year ended
March 31, 2023

61,000,000 shares

64,500,000 shares

2,989,790 shares

6,487,185 shares

58,010,347 shares

61,372,313 shares*These quarterly financial statements are exempt from the review procedures.
*Cautionary Statement regarding Forecast of Business Results(Cautionary note on forward-looking statements)
The forecast of business results is based on reasonable information we obtained as of the date hereof and, due to various
risks, uncertainties and other factors arising in the future, actual results in the future may differ largely from the estimates
set out in this document. For notes on conditions used for the forecast of business results and cautionary statements
regarding forecast of business results, please see “1. Qualitative Information regarding Consolidated Performance during
the First Quarter – (3) Qualitative Information regarding Forecast of Consolidated Business Results” on page 9 of theattached materials.

-3-

Table of Contents for Attached Materials
1.

Qualitative Information regarding Consolidated Performance during the First Quarter --------------------- 5(1)

Qualitative Information regarding Consolidated Business Results ---------------------------------------------- 5(2)

Qualitative Information regarding Consolidated Financial Condition ------------------------------------------ 8(3)

Qualitative Information regarding Forecast of Consolidated Business Results --------------------------------- 92.

Condensed Quarterly Consolidated Financial Statements and Accompanying Notes ------------------------ 10(1)

Condensed Quarterly Statement of Financial Position ----------------------------------------------------------- 10(2)

Condensed Quarterly Consolidated Statement of Profit or Loss and Condensed Quarterly Consolidated
Statement of Comprehensive Income ------------------------------------------------------------------------------ 12(3)

Condensed Quarterly Consolidated Statement of Changes in Equity ------------------------------------------ 14(4)

Condensed Quarterly Consolidated Statement of Cash Flows -------------------------------------------------- 15(5)

Notes to Condensed Quarterly Consolidated Financial Statements -------------------------------------------- 16(Notes on Going Concern) ------------------------------------------------------------------------------------------- 16(Changes in Accounting Policies) -------------------------------------------------------------------------------- 16(Segment Information) ----------------------------------------------------------------------------------------------- 17

-4-

1.

Qualitative Information regarding Consolidated Performance during the First Quarter(1)

Qualitative Information regarding Consolidated Business Results(i)Performance Overview of the Three Months ended June 30, 2023
(Millions of Yen)

Revenue
Cost of sales
Gross profit
Selling, general and administrative expenses
Business profit
Other income
Other expenses
Operating profit
Finance income
Finance expense
Share of profit of investments accounted for using
equity method
Profit before income taxes
Net profit attributable to owners of parent

Previous Consolidated
Cumulative First
Quarter(From April 1, 2022 toJune 30, 2022)
Amount49,027
20,346
28,681
26,303
2,378
608
517
2,469
986
77
202
3,580
2,411

Current Consolidated
Cumulative First
Quarter(From April 1, 2023 toJune 30, 2023)
Amount48,78920,93927,85025,479
2,371
446
90
2,727
1,020
79
336
4,004
2,844

Increased/(Decreased) fromprevious consolidated
cumulative
first quarter
Amount
(238)
+593
(831)
(824)
(7)
(162)
(427)
+258
+34
+2
+134

%
(0.5)
+2.9
(2.9)
(3.1)
(0.3)
(26.6)(82.6)
+10.4
+3.4
+2.6
+66.3

+424
+433

+11.8
+18.0

Business environment surrounding our group during the current consolidated cumulative first quarter (April
1, 2023 – June 30, 2023) was challenging due to sluggish sales of our core brands resulting from selective spendingby our customers against the backdrop of the rising inflation as well as a significant rise in raw material costs. In
overseas, our business in Europe continued to show strong performance on the back of growing support from thecustomers for our core brands. On the other hand, sales from our business in China fell short of our expectations as
the number of customers visiting our retail stores remained sluggish, despite an improvement from the corresponding
period of the previous fiscal year, which was significantly impacted by the coronavirus pandemic (“COVID-19”). In
the United States, although there were signs of a recovery in consumption along with a calming of inflation rate, oursales fell short of our expectations due to the impact of inventory adjustments by suppliers and sluggish sales ofcertain brands.
Under such circumstances, our group is moving forward with our initiatives to “rebuild brand and customer
strategies” as well as to “accelerate cost structure reform” for our domestic business, and to “strengthen e-commercebusiness” as well as to “enhance product capabilities that meet the characteristics of each market” for our overseas
business, in order to “improve profitability and capital efficiency”, which we have set as one of our priority issues forthe current consolidated fiscal year. In addition, we plan to disclose our policies, goals and/or management indicators,
specific initiatives and timeframe for implementation of the initiatives to improve the price-to-book ratio in aroundmid-November 2023.
As a result of the above, for the current consolidated cumulative first quarter, consolidated revenue was
48.79 billion yen (a decrease of 0.5% as compared to the corresponding period of the previous fiscal year), and theconsolidated business profit was 2.37 billion yen (a decrease of 0.3% as compared to the corresponding period of theprevious fiscal year). We recorded a consolidated operating profit of 2.73 billion yen (an increase of 10.4% ascompared to the corresponding period of the previous fiscal year) primarily due to the reversal of one-time expenses
recorded as other expenses during the corresponding period of the previous fiscal year in connection with theliquidation of a subsidiary. Consolidated profit before income taxes was 4.00 billion yen (an increase of 11.8% ascompared to the corresponding period of the previous fiscal year) and consolidated net profit attributable to ownersof parent was 2.84 billion yen (an increase of 18.0% as compared to the corresponding period of the previous fiscal
year).

-5-

The key exchange rates used for the current consolidated cumulative first quarter (the corresponding periodof the previous fiscal year) were: 137.37 yen (129.57 yen) to the U.S. dollar; 171.91 yen (162.96 yen) to the Sterlingpound; and 19.56 yen (19.58 yen) to the Chinese yuan.
(ii)

Business Overview of Our Reportable Segments(Millions of Yen)
Previous Cumulative
First Quarter(from April 1, 2022 toJune 30, 2022)
AmountTotal Revenue
Wacoal Business (Domestic)
Wacoal Business (Overseas)
Peach John Business
Other

Operating Profit /(Loss)
Wacoal Business (Domestic)
Wacoal Business (Overseas)
Peach John Business
Other

a.

49,027
24,49518,192
2,952
3,388

Current Cumulative
First Quarter(from April 1, 2023 toJune 30, 2023)

Distribution
Ratio (%)
100.0
50.0
37.1
6.0
6.9

Amount48,78923,774
18,8362,770
3,409

Distribution
Ratio (%)
100.0
48.7
38.6
5.7
7.0

Increased/(Decreased) fromprevious cumulative
first quarter
Amount

%

(238)
(721)
+644
(182)
+21

(0.5)
(2.9)
+3.5
(6.2)
+0.6

Previous Cumulative
First Quarter(from April 1, 2022 toJune 30, 2022)

Current Cumulative
First Quarter(from April 1, 2023 toJune 30, 2023)

Increased/(Decreased) fromprevious cumulative
first quarter

Amount% to Sales

Amount% to Sales

Amount

%

5.0
3.3
7.5
13.0
-

2,727
561
1,887
134
145

5.6
2.4
10.0
4.8
4.3

+258
(249)
+520
(250)
+237

+10.4
(30.7)+38.0(65.1)
-

2,469
810
1,367
384
(92)

Wacoal Business (Domestic)

Our sales performance during the current consolidated cumulative first quarter was mixed with different
trends for each brand and sales channel. Amid the growing trend of selective spending by our customers in responseto the impact of rising inflation, our high-priced brands “Yue” and “Salute” produced strong sales, while our core
brands “Wacoal” and “Wing” struggled to increase the number of purchasing customers at their retail store channel
despite active sales promotions aimed at strengthening sales of their core products. In addition, the reduction of sales
promotion measures at some of our clients affected sales. On the other hand, our efforts to improve usability of our
website and aggressive sales promotion activities contributed to an increase in revenue from our e-commerce sales,and sales from third-party e-commerce websites also grew due to successful efforts to strengthen cooperation withsuch e-commerce website operators.
As a result of the above, revenue attributable to our “Wacoal Business (Domestic)” segment was 23.77
billion yen (a decrease of 2.9% as compared to such revenue for the corresponding period of the previous fiscal year).
Despite a decrease in labor costs associated with the implementation of the Flexible Retirement Program during theprevious fiscal year, the positive impact from such decrease was not enough to offset the negative impact of lower
revenue and a rise in raw material costs, and as a result, operating profit was 0.56 billion yen (a decrease of 30.7% ascompared to such operating profit for the corresponding period of the previous fiscal year).
b.

Wacoal Business (Overseas)

Sales from Wacoal Europe Ltd., on a local currency basis, maintained on par with the corresponding periodof the previous fiscal year as a result of strong sales from our underwear products under “Elomi” and “Fantasie”
brands and swimwear products against the backdrop of the growing body-positive trend, despite the negative impactof our clients’ restraint in procurement of the products from our business in North America.
Sales from Wacoal International Corp. (U.S.) fell below the level of the corresponding period of the previous
fiscal year due to a significant decrease in revenue from Intimates Online, Inc. (“Intimates Online”). During thecorresponding period of the previous fiscal year, Intimates Online posted increased loss resulting from the stagnant-6-sales promotion efficiency despite our aggressive promotional investments aimed at growth during the period.
During the current consolidated cumulative first quarter, Intimates Online prioritized in improving profitability andcurbed promotional investments, resulting in a decline in the number of customer visits and a decrease in revenue.
Despite the continued impact of our client’s restraint in procurement, sales from Wacoal America, Inc. landed at thesame level as the corresponding period of the previous fiscal year as delivery of products progressed at certain
department stores due to a recovery trend in consumer confidence along with a calming of inflation rate.
Sales from Wacoal China Co., Ltd. (“Wacoal China”) increased due to the absence of the impact of the strict
restrictions on activities related to COVID-19 imposed during the corresponding period of the previous fiscal year.
The level of recovery, however, fell short of our expectations as the number of customers visiting our retail storesremained sluggish after the lifting of the restrictions on activities.
As a result of the above-described factors and the depreciation of the Japanese yen against major currencies,
sales revenues attributable to our “Wacoal Business (Overseas)” segment on a Japanese yen basis were 18.84 billion
yen (an increase of 3.5% as compared to such sales revenues for the corresponding period of the previous fiscal year).
Operating income was 1.89 billion yen (an increase of 38.0% as compared to such operating income for thecorresponding period of the previous fiscal year) due to the increased revenue and positive factors including a returnto profit at Wacoal China and a reduction in loss at Intimates Online.
c.

Peach John Business

While sales from our discounted products were strong, sales from our regular-priced products, for which we
made efforts to strengthen sales through the implementation of content marketing, fell short of our expectations
during the current consolidated cumulative first quarter. As a result, sales from both our e-commerce website anddirectly managed stores fell below such sales for the corresponding period of the previous fiscal year.
As a result of the above, revenue attributable to our “Peach John Business” segment were 2.77 billion yen (adecrease of 6.2% as compared to such revenue for the corresponding period of the previous fiscal year). Operating
profit was 0.13 billion yen (a decrease of 65.1% as compared to such operating profit for the corresponding period of
the previous fiscal year) due to an increase in expenses associated with updating the e-commerce system, in addition
to the impact of decreased revenue.
d.

Other

During the current consolidated cumulative first quarter, sales from Lecien Corporation (“Lecien”)
decreased due to the weak sales of its private brand products sold by major apparel supply chain companies. On theother hand, sales from Nanasai Co., Ltd. increased due to progress of large-scale projects and positive impact fromnew orders received. In addition, sales from Ai Co., Ltd. increased due to a recovery in travel-related demand andother factors.
As a result of the above, revenue and operating profit attributable to our “Other” business segment were 3.41
billion yen (an increase of 0.6% as compared to such revenue for the corresponding period of the previous fiscal year)
and 0.15 billion yen (as compared to an operating loss of 0.09 billion yen for the corresponding period of the previous
fiscal year), respectively. We were able to record profit due to a recovery in sales from Nanasai Co., Ltd. and Ai Co.,
Ltd., as well as the reversal of expenses recorded in the corresponding period of the previous fiscal year in connection
with the liquidation of a subsidiary of Lecien.

-7-

(Reference) Revenue and Operating Profit/ (Loss) of Major Subsidiaries(Millions of Yen)

Revenue

Previous Cumulative
First Quarter(from April 1, 2022 toJune 30, 2022)
AmountWacoal Corp.
Wacoal International Corp. (U.S)
Wacoal Europe Ltd.
Wacoal China Co., Ltd.
Peach John Co., Ltd.
Lecien Corporation
Nanasai Co., Ltd.

23,127
8,154
5,234
2,394
2,952
910
1,573

Current Cumulative
First Quarter(from April 1, 2023 toJune 30, 2023)

Distribution
Ratio (%)
47.2
16.6
10.7
4.9
6.0
1.9
3.2

Amount22,552
7,857
5,551
2,982
2,770
563
1,877

Distribution
Ratio (%)
46.2
16.1
11.4
6.1
5.7
1.2
3.8

Increased/(Decreased) fromprevious cumulative
first quarter
Amount

%

(575)
(297)
+317
+588
(182)
(347)
+304

(2.5)
(3.6)
+6.1
+24.6
(6.2)
(38.1)+19.3*Revenue from external customers only
(Millions of Yen)

Operating Profit/(Loss)

Wacoal Corp.
Wacoal International Corp. (U.S.)
Wacoal Europe Ltd.
Wacoal China Co., Ltd.
Peach John Co., Ltd.
Lecien Corporation
Nanasai Co., Ltd.

(2)Previous Cumulative
First Quarter(from April 1, 2022 toJune 30, 2022)

Current Cumulative
First Quarter(from April 1, 2023 toJune 30, 2023)

Increased/(Decreased) fromprevious cumulative
first quarter

Amount% to Sales

Amount% to Sales

Amount

%

4.4
6.2
12.6
13.0
0.6

799
680
628
15
134
46
29

3.5
8.7
11.3
0.5
4.8
8.2
1.5

(228)
+177
(29)
+377
(250)
+229
+20

(22.2)+35.2(4.4)(65.1)+222.2

1,027
503
657
(362)
384
(183)
9

Qualitative Information regarding Consolidated Financial Condition(i)

Assets, Liabilities and Total Shareholders’ Equity

Our total assets as of the end of the current consolidated first quarter were 296,731 million yen, an increase of
11,072 million yen from the end of the previous fiscal year, mainly due to an increase in inventories and an increasein goodwill resulting from the depreciation of the Japanese yen.
Our total liabilities were 72,362 million yen, an increase of 185 million yen from the end of the previous
fiscal year, mainly due to increases in borrowings and deferred income taxes.
Equity attributable to owners of parent was 220,907 million yen, an increase of 10,710 million yen from theend of the previous fiscal year, mainly due to an increase in exchange differences on translation of foreign operations
resulting from the depreciation of the Japanese yen.
As a result of the above, ratio of equity attributable to owners of parent as of the end of the current
consolidated first quarter was 74.4%, an increase of 0.8% from the end of the previous fiscal year.
(ii)

Cash Flows

Cash and cash equivalents as of the end of the current consolidated first quarter were 23,757 million yen, adecrease of 3,024 million yen from the end of the previous fiscal year.

-8-(Cash Flow Provided by Operating Activities)
Cash flow provided by operating activities was 970 million yen, a decrease of 1,867 million yen as comparedto the corresponding period of the previous fiscal year, after adjustments for changes in assets and liabilities to ournet profit of 2,885 million yen plus adjustments for depreciation and amortization, and income tax expense.
(Cash Flow Used in Investing Activities)
Cash flow used in investing activities was 1,756 million yen, an increase of 729 million yen as compared tothe corresponding period of the previous fiscal year, due to payments into time deposits and purchase of property,
plant and equipment and intangible assets.
(Cash Flow Used in Financing Activities)
Cash flow used in financing activities was 3,124 million yen, a decrease of 1,367 million yen as compared tothe corresponding period of the previous fiscal year, due to repayments of lease obligations and payments made fordividends.
(3)

Qualitative Information regarding Forecast of Consolidated Business Results
We have not revised our forecast of consolidated business results for the six-month period ending September

30, 2023 and the fiscal year ending March 31, 2024 since we announced such forecast on May 12, 2023.

-9-

2.

Condensed Quarterly Consolidated Financial Statements and Accompanying Notes(1)

Condensed Quarterly Statement of Financial Position(Millions of Yen)
Accounts

Previous Consolidated
Fiscal Year
as of March 31, 2023

AssetsCurrent assets:
Cash and cash equivalents
Trade and other receivables
Other financial assets
Inventories
Other current assets
Total current assets
Non-current assets:
Property, plant and equipment
Right-of-use assets
Goodwill
Intangible assets
Investment property
Investments accounted for using equity method
Other financial assets
Retirement benefit assets
Deferred income taxes
Other non-current assets
Total non-current assets
Total assets- 10 -

Current Consolidated
First Quarteras of June 30, 2023

26,781
20,215
1,804
53,7203,100
105,620

23,757
20,2692,881
55,9204,018
106,845

46,702
12,260
16,256
13,043
2,957
20,49950,195
13,9783,316
833

47,163
11,986
17,846
13,022
2,955
21,39556,073
15,494
3,056
896

180,039
285,659

189,886
296,731(Millions of Yen)
Accounts

Previous Consolidated
Fiscal Year
as of March 31, 2023

Liabilities and Equity
Liabilities
Current liabilities:
Borrowings
Lease liabilities
Trade and other payables
Other financial liabilities
Income taxes payable
Other current liabilities
Total current liabilities
Non-current liabilities
Borrowings
Lease liabilities
Retirement benefit liability
Deferred income taxes
Other non-current liabilities

Current Consolidated
First Quarteras of June 30, 2023

5,000
4,661
17,535
1,172
1,683
13,791
43,842

5,672
4,570
15,4991,243
358
14,441
41,783

3,084
7,670
2,470
13,886
1,225

3,325
7,494
2,266
16,275
1,219

Total non-current liabilities

28,33530,579Total liabilities

72,17772,362

13,26029,029151,779
32,023(15,894)
210,197
3,285
213,482

13,26029,041
143,730
42,199(7,323)220,907
3,462
224,369

285,659

296,731

EquityCommon stock
Additional paid-in capital
Retained earnings
Other components of equity
Treasury stock, at cost
Total equity attributable to owners of parent
Noncontrolling interests
Total equity
Total liabilities and equity- 11 -

(2)Condensed Quarterly Consolidated Statement of Profit or Loss and Condensed Quarterly Consolidated
Statement of Comprehensive Income(Condensed Quarterly Consolidated Statement of Profit or Loss)(Millions of Yen)
Accounts

Previous Consolidated
Cumulative First Quarter(From April 1, 2022
to June 30, 2022)

Current Consolidated
Cumulative First Quarter(From April 1, 2023
to June 30, 2023)%

Revenue
Cost of sales
Selling, general and administrative expenses
Other income
Other expenses
Operating profit
Finance income
Finance costs
Share of profit of investments accounted for using
equity method
Profit before tax
Income tax expense%

49,027(20,346)(26,303)
608
(517)
2,469
986
(77)

100.0
(41.5)(53.6)
1.2
(1.1)
5.0
2.0
(0.1)

48,789(20,939)(25,479)
446
(90)
2,727
1,020
(79)

100.0
(42.9)(52.2)
0.9
(0.2)
5.6
2.1
(0.2)

202

0.4

336

0.7

3,580
(1,106)

7.3
(2.3)

4,004
(1,119)

8.2
(2.3)

2,474

5.0

2,885

5.9

Profit attributable to:
Owners of parent
Noncontrolling interests
Profit

2,411
63
2,474

4.9
0.1
5.0

2,844
41
2,885

5.8
0.1
5.9

Earnings per share:
Basic earnings per share (yen)Diluted earnings per share (yen)

39.28
39.12

Profit- 12 -

49.03
48.82

(Condensed Quarterly Consolidated Statement of Comprehensive Income)(Millions of Yen)
Current Consolidated
Cumulative First Quarter(From April 1, 2023
to June 30, 2023)

Previous Consolidated
Cumulative First Quarter(From April 1, 2022
to June 30, 2022)

Accounts
Profit

2,474

2,885

58

4,083

(45)

－

4

14

17

4,097

5,360

5,662

435

578

5,795
5,812

6,240
10,337

Comprehensive income

8,286

13,222Comprehensive income attributable to:
Owners of parent
Noncontrolling interests

8,136
150

13,020202

8,286

13,222Other comprehensive income
Items that will not be reclassified to profit or loss
Financial assets measured at fair value throughother comprehensive income
Remeasurement of defined benefit plans
Share of other comprehensive income ofinvestments accounted for using equity method
Total
Items that may be reclassified subsequently to profit
or loss
Exchange differences on translation of foreign
operations
Share of other comprehensive income ofinvestments accounted for using equity method
Total
Total other comprehensive income

Comprehensive income- 13 -

(3)Condensed Quarterly Consolidated Statement of Changes in Equity
Previous Consolidated Cumulative First Quarter (From April 1, 2022 to June 30, 2022)(Millions of Yen)
Equity attributable to owners of parent
Item
Share capital

Balance at April 1, 2022

13,260Capitalsurplus29,077

Other
componentsof equity

Treasury
stock

Total

158,940

27,571(10,858)

217,990

Cumulative effects of changes in accounting

228

policies
Balance at April 1, 2022 reflecting changes inaccounting policies

13,26029,077

159,168

ProfitOther comprehensive income

27,571(10,858)

2,411－

Cancellation of treasury stock

2,411

63

2,474

5,725

87

5,812

－

8,136

150

8,286

(1,047)(1,047)(1,047)

2,863

－

－

17

17

17

Dividends(1,844)

Transfer from other components of equity toretained earnings
Total transactions with owners
Balance at June 30, 2022

228
221,096(2,863)

Share-based payment transactions(1,844)(45)

45

220,868

2,878

5,725

Repurchase of treasury stock

Total equity

218,218

5,725
－

2,878

228

2,411

Total comprehensive income

Noncontrollinginterests

Retainedearnings(95)－(1,939)－－17(4,752)45

1,816(2,874)(95)(2,969)13,26029,094

156,827

33,341(9,042)

223,480

2,933

226,413

Current Consolidated Cumulative First Quarter (From April 1, 2023 to June 30, 2023)(Millions of Yen)
Equity attributable to owners of parent
Item
Share capital

Balance at April 1, 2023

13,260Capitalsurplus29,029Treasury
stock

Total

151,779

32,023(15,894)

210,197

3,285

213,482

2,844

41

2,885

10,176161

10,337－

13,020202

13,222

(1)

(1)

(1)

8,572

－

－

2,844

Other comprehensive income

10,176－

2,844－

10,176

Repurchase of treasury stock
Cancellation of treasury stock(0)

Dividends

Total transactions with owners
Balance at June 30, 2023

(8,572)(2,321)

Changes in ownership interest in subsidiaries

Total equity

Other
componentsof equity

ProfitTotal comprehensive income

Noncontrollinginterests

Retainedearnings

12(2,321)(99)(2,420)

12

74

86

－

12

(10,893)－

8,571(2,310)(25)(2,335)

13,26029,041

143,730

42,199(7,323)220,907

3,462

224,369- 14 -

(4)Condensed Quarterly Consolidated Statement of Cash Flows

Accounts(Millions of Yen)
Current Consolidated
Cumulative First Quarter(From April 1, 2023
to June 30, 2023)

Previous Consolidated
Cumulative First Quarter(From April 1, 2022
to June 30, 2022)

Operating activities
ProfitDepreciation and amortization
Finance income
Finance costs
Share of profit of investments accounted for using
equity method
Income tax expense
Gain on sale of property, plant and equipment-net
Decrease (increase) in trade and other receivables
Increase in inventories
Increase in other assets
Decrease in trade and other payables
Decrease in retirement benefit asset or liability(Decrease) increase in other liabilities
Other
SubtotalInterest received
Dividends received
Interest paid
Income taxes paid received
Net cash provided by operating activities
Investing activities
Proceeds from withdrawal of time deposits
Payments into time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of other financial assets
Proceeds from sale or amortization of other financial
assetsOther
Net cash used in investing activities
Financing activities
Net increase in short-term bank loans with original
maturities of three months or lessRepayments of lease obligations
Payments for purchase of treasury stock
Dividends paid to owners of parent
Dividends paid to noncontrolling interests
Contingent consideration payment
Proceeds from sale of interests in subsidiaries tononcontrolling interests
Net cash used in financing activities
Effect of exchange rate changes on cash and cash
equivalents
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 15 -

2,474
2,761
(986)
77

2,885
3,008
(1,020)
79

(202)

(336)

1,106
4
(472)
(698)
(302)
(1,707)
(707)
1,327
(201)
2,474
12
1,157
(55)
(751)
2,837

1,119
37
827
(358)
(368)
(2,581)(1,733)
(53)
(354)
1,152
48
1,281
(72)
(1,439)
970

71
(32)
(541)
216
(724)
(1)

24
(804)
(612)
0
(384)
(1)

－

37

(16)
(1,027)(16)(1,756)648

658(1,469)(1,047)(1,844)(95)(684)(1,439)(1)(2,321)
(99)
-

-

78

(4,491)(3,124)935

886(1,746)37,48535,739(3,024)
26,781
23,757(5)Notes to Condensed Quarterly Consolidated Financial Statements(Notes on Going Concern)
Not applicable.
(Changes in Accounting Policies)
Our group has adopted IAS 12 Income Taxes (as amended May 2021) effective from the current consolidated
cumulative first quarter.
IFRS

Summary of Issuance and/or Amendments

IAS 12 Income Taxes (as amended May 2021)

To clarify the accounting treatment of deferred taxes on leases
and decommissioning obligations

The adoption of IAS 12 clarifies the accounting treatment of transactions that give rise to an equal amount of taxable anddeductible temporary differences at the time of initial recognition such as leases and decommissioning obligations, andresults in the recognition of deferred tax liabilities and deferred tax assets for those taxable and deductible temporary
differences in the consolidated statement of financial position, respectively.
The consolidated financial statements for the previous fiscal year have been retrospectively adjusted as a result of the
adoption of IAS 12. Due to such adjustments, deferred tax assets increased by 363 million yen, retained earnings increased
by 361 million yen, and other components of equity increased by 2 million yen for the previous fiscal year in the condensed
quarterly statement of financial position. In addition, income tax expense decreased by 7 million yen and profit increasedby the same amount for the previous consolidated cumulative first quarter in the condensed quarterly consolidated
statement of profit or loss.
Reflecting the cumulative effects of the adoption of IAS 12, in the condensed quarterly consolidated statement of changes
in equity, retained earnings’ balance at April 1, 2022 for the previous consolidated cumulative first quarter increased by
228 million yen.

- 16 -

(Segment Information)(i)

Reportable Segment Information

Previous Consolidated Cumulative First Quarter (From April 1, 2022 to June 30, 2022)(Millions of Yen)
Reportable Segment
Other(Note) 1

Adjustments

Consolidated

45,6393,388－

49,027

82

4,017

845

(4,862)－

21,905

3,034

49,656

4,233(4,862)49,027

1,367

384

2,561

(92)

－

2,469

WacoalBusiness(Domestic)

WacoalBusiness(Overseas)

Peach John
Business

24,49518,192

2,952

222

3,713

Total

24,717

Segment profit (loss)(Note) 2

810

Total

Revenue
External customers
Intersegment

Current Consolidated Cumulative First Quarter (From April 1, 2023 to June 30, 2023)(Millions of Yen)
Reportable Segment
Other(Note) 1

Adjustments

Consolidated

45,3803,409－

48,789

50

3,870

1,220

(5,090)－2,820

49,2504,629(5,090)48,789WacoalBusiness(Domestic)

WacoalBusiness(Overseas)

Peach John
Business

23,774

18,836

2,770

206

3,614

23,98022,450Total

Revenue
External customers
Intersegment
Total

Segment profit
561
1,887
134
2,582
145
－
2,727
(Note) 2(Note) 1. The “Other” category includes Lecien business, Nanasai business, and other business segments which are not included in theoperating segment.
2. The sum of the segment profit (loss) agrees to the operating profit on the condensed quarterly consolidated statement of profit orloss. For a reconciliation from operating profit to profit before income taxes and equity in net profit of affiliated companies,
please see the condensed quarterly consolidated statement of profit or loss.
3. The Company accounts for intersegment sales and transfers at cost plus an interest.

(ii)

Segment Information by Region
Revenue – external customers(Millions of Yen)
Previous Consolidated Cumulative First Quarter(From April 1, 2022 to June 30, 2022)

Current Consolidated Cumulative First Quarter(From April 1, 2023 to June 30, 2023)

Japan

30,52329,684

Asia and Oceania

5,546

6,076

Americas and Europe

12,95813,029Total

49,027

48,789(Note)

1.
2.

Countries or areas are classified according to locations of consolidated companies.
Of “Americas and Europe” category, revenue in the United States for the previous consolidated cumulative first quarter andcurrent consolidated cumulative first quarter were 9,508 million yen and 9,180 million yen, respectively.

- 17 -