February 7, 2024

Consolidated Financial Summary
for the Nine Months Ended December 31, 2023
〔Japanese GAAP〕
Note: Figures smaller than one million yen are rounded down.

Listed Company Name:
Securities Traded:
Code Number:
URL:
Representative:
Contact:
Telephone:

UNITED ARROWS LTD.
First Section of the Tokyo Stock Exchange
7606
http://www.united-arrows.co.jp/en/
Yoshinori Matsuzaki, Representative Director, President and CEO
Takeo Nakazawa, Executive Officer CFO+81-3-5785-6325

Scheduled Date of Reporting Date:
Scheduled Date of Dividend Payment:
Supplementary materials for the financial results:
Holding of presentation of financial results:

February 13, 2024
Yes
Yes (for institutional investors and analysts)

1. Consolidated Business Results for the Nine-Month Period of the Fiscal Year Ending March 31,
2024 (April 1, 2023 to December 31, 2023)(1) Consolidated Business Performance (aggregate)(% indicates increase / decrease YoY)

Total Sales
Nine months ended
December 31, 2023
December 31, 2022

¥ million
99,70496,093%
3.8
10.6

Operating Profit

Ordinary Profit¥ million
5,817
6,387

¥ million
6,359
6,731%(8.9)
247.7

Net Income attributableto owners of parent%
(5.5)
153.1

¥ million
4,253
4,340%(2.0)
234.9

Note: Comprehensive income: Nine months ended December 31, 2023: ¥4,174million (-0.8%)
Nine months ended December 31, 2022: ¥4,207million (251.9%)
Net Income per Shareafter Adjusting for
Dilutive Effects

Net Income perShareyen
152.66152.32Nine months ended
December 31, 2023
December 31, 2022

yen－－

Note: Net Income per Share after Adjusting for Dilutive Effects are not stated since there are no dilutive shares.

(2) Consolidated Financial Conditions
Total Assets
As of December 31, 2023
As of March 31, 2023

Net Assets¥ million
60,316
61,184Equity Ratio¥ million
34,43833,702

Reference: Shareholders’ equity: December 31, 2023: ¥34,438 million

Net Assets per
share%
57.1
55.1
March 31, 2023:¥1,247.96
1,182.72¥33,702 million

2. Conditions of Dividend Payment
Annual Dividend
1Q End2Q EndFiscal year ended March 31, 2023

yen-yen
12.00

Fiscal year ending March 31, 2024-17.00

Fiscal year ending March 31, 2024 (Est.)
Note: Revision to recently disclosed projected dividend payment: None1

3Q EndFiscal Year End

Annualyen-yen
35.00

yen
47.00

-38.0055.00

3. Projected Consolidated Performance of the Fiscal Year Ending March 2024
(From April 1, 2023 to March 31, 2024)(% indicates increase / decrease YoY)

Total Sales

Full Fiscal Year¥ million
138,300%
6.3

Operating Profit¥ million
7,000

Ordinary Profit%
10.0¥ million
7,420%
7.5

Net Income
attributable toowners of parent¥ million
4,830

Net Incomeper share%
11.2

yen
169.50Note: Revision to recently disclosed projected consolidated performance: None

4. Others(1) Changes in Significant Subsidiaries during the Current Quarter: None
(Changes in special subsidiaries that caused a change in scope of consolidation)(2) Adoption of Special Accounting Methods for Preparing Quarterly Consolidated Financial
Statements: None
(3) Changes in Accounting Principles, Procedures, Methods of Presentation and Other Items
1. Changes due to revision of accounting standards: None
2. Changes other than 1: None
3. Changes in accounting estimates: None
4. Restatement of prior period financial statements after error corrections: None
(4) Number of Stocks Issued (Common Stocks)
1. Number of stocks issued at term end (including treasury stock)
As of December 31, 2023:
30,213,676 stocks
As of March 31, 2023:
30,213,676 stocks
2. Number of treasury stock
As of December 31, 2023:
As of March 31, 2023:

2,617,586 stocks
1,718,392 stocks

3. Average number of stocks issued and outstanding for the period
Nine months ended December 31, 2023:
27,864,731 stocks
Nine months ended December 31, 2022:
28,495,307 stocks*The quarterly financial statements are not subject to quarterly reviews.
*Explanation regarding appropriate use of projected business performance
The above projection was made based on information available at present. Please note in advance that potential risks anduncertainties are included. The actual figures might differ from the figures stated above due to any possible factor.

2

Consolidated Financial Results(1) Quarterly Consolidated Balance Sheet(millions of yen)
At the end of
the previous fiscal year
(March 31, 2023)
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade
Merchandise
Supplies
Accounts receivable-other
Other
Total current assets
Noncurrent assets
Tangible noncurrent assets
Buildings and structures (net)
Machinery and equipment (net)Land
Construction in progress
Other (net)Total tangible noncurrent assets
Intangible noncurrent assets
Other
Total intangible noncurrent assets
Investments and other assets
Guarantee deposits
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term loans payable
Trade accounts payable
Income taxes payable
Provision for bonuses
Provision for bonuses for directors
Provision for loss on store closings
Asset retirement obligations
Other
Total current liabilities
Noncurrent liabilities
Asset retirement obligations
Provision for share awards for directors
Other
Total noncurrent liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders' equity
Accumulated other comprehensive income
Foreign currency translation adjustment
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

3

At the end of
the third quarter(December 31, 2023)

8,562
109
20,128511
11,398893
41,604

3,113
63
22,236597
14,046824
40,881

3,320
676
569
92
307
4,966

3,476
591
569
0
359
4,999

1,682
1,682

2,694
2,694

6,626
3,235
3,068
12,93019,58061,184

6,361
2,116
3,265
(2)
11,741
19,43460,316

9,729
2,504
4,266
1,303
2,017
48
136
237
3,207
23,451

9,970
2,198
4,026
337
639
31
47
4,466
21,717

4,002
27
4,030
27,482

4,104
30
24
4,159
25,8773,030
4,444
31,429(5,006)33,897

3,030
4,538
34,215(7,069)34,713(195)(195)
33,702
61,184(274)(274)
34,43860,316

(2) Statements of Consolidated Income and Comprehensive Income
Statements of Consolidated Income(millions of yen)

Third Quarter (Nine Months Aggregate)
Nine months ended
December 31, 2022
(April 1, 2022 toDecember 31, 2022)
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating incomeInterest income
Foreign exchange gains
Purchase discounts
Rent income
Commission income
Subsidy income
Share of profit of entities accounted for using equity method
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Rent expenses
Settlement payments
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sale of non-current assets
Total extraordinary income
Extraordinary loss
Loss on retirement of noncurrent assets
Impairment loss
Provision for loss on store closings
Other
Total extraordinary loss
Income before income taxesIncome taxes-current
Income taxes-deferred
Total income taxes
Net income
Net income attributable to owners of parent

4

Nine months ended
December 31, 2023
(April 1, 2023 toDecember 31, 2023)

96,09345,45850,63544,247
6,387

99,704
47,12552,57846,761
5,817

0
43
9
5
8
237
95
400

0
87
8
9
3
415
89
615

10
22
9
13
56
6,731

6
9
27
30
73
6,359

0
0

0
0

19
143
136
299
6,432
948
1,143
2,092
4,340
4,340

56
98
16
171
6,188
815
1,119
1,934
4,253
4,253

Statements of Consolidated Comprehensive Income(millions of yen)

Third Quarter (Nine Months Aggregate)
Nine months ended
December 31, 2022
(April 1, 2022 toDecember 31, 2022)
Net income
Other comprehensive income
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:
Owners of the parent company
Non-controlling interests

Nine months ended
December 31, 2023
(April 1, 2023 to
December 31, 2023)

4,340

4,253

(132)
(132)
4,207

(79)
(79)
4,174

4,207

4,174--5

(3) Consolidated Cash Flows(millions of yen)
Nine months ended
December 31, 2022
(April 1, 2022 toDecember 31, 2022)
Cash flows from operating activities
Income before income taxes
Depreciation
Depreciation of intangible assets
Amortization of long-term prepaid expenses
Impairment loss
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for directors' bonuses
Increase (decrease) in allowance for doubtful accounts
Interest and dividends income
Interest expenses
Subsidy income
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in other current assets
Increase (decrease) in trade payables
Increase (decrease) in other current liabilities
Share of loss (gain) of entities accounted for using equity
methodOtherSubtotal
Interest and dividends received
Interest expenses paid
Subsidies received
Income taxes paid
Net cash provided by operating activities
Cash flows from investment activities
Purchase of property, plant and equipment
Payments for asset retirement obligations
Purchase of intangible assets
Purchase of long-term prepaid expenses
Payments of guarantee deposits
Proceeds from refund of guarantee deposits
OtherNet cash provided by investment activities
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Purchase of treasury shares
Dividends paid
OtherNet cash provided by financing activities
Effect of exchange rate change on cash and cash equivalents
Increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of term
Cash and cash equivalents at end of term

6

Nine months ended
December 31, 2023
(April 1, 2023 toDecember 31, 2023)

6,432
653
281
464
143(236)
25(0)
10(8)
(3,615)(2,869)
(60)
2,137
1,238

6,188
648
332
510
98
(1,378)(17)2(0)
6(2,592)(2,193)
64934
292

(237)

(415)

72
4,432
0
(10)
8(602)
3,827

77
2,558
0
(6)
(1,641)
911

(277)
(96)
(541)
(1,324)(66)514
0(1,792)

(880)
(243)
(1,366)
(321)
(55)
320
0
(2,545)(2,420)(655)(0)(3,075)(132)(1,173)
5,593
4,420

(306)
(2,000)(1,433)(4)(3,744)(79)(5,458)8,562
3,104