CONSOLIDATED FINANCIAL REPORT（Japanese GAAP）
FIRST QUARTER OF THE FISCAL YEAR ENDINGFEBRUARY 28, 2025
(March 1, 2024 to May 31, 2024)
July 11, 2024
YONDOSHI HOLDINGS INC. is listed on the Prime Market of the Tokyo Stock Exchange under the securities code number
8008.
Representative:
Inquiries:

Hidetoshi Masuda, President and Representative Director
Masahiko Nishimura, Managing Director, Managing Executive Officer
responsible for Operations
Tel: +81-3-5719-3295
URL: https:// yondoshi.co.jp/
Quarterly Securities Report filing date (planned): July 12, 2024
Supplemental materials prepared for quarterly financial results: No
Holding of quarterly financial results meeting: No
Dividend payment commencement date (planned): —(Millions of yen rounded down)

1. Consolidated Operating Results for the First Quarter of Fiscal 2024
(March 1, 2024 to May 31, 2024)(1) Consolidated Operating Results (Cumulative)(Percentage figures are the increase / (decrease) for the corresponding period of the previous fiscal year.)
Profit attributable to
Net sales
Operating Income
Ordinary Income
owners of parent％

Millions of yen

1Q FY2024
1Q FY2023

9,693

％

Millions of yen％

Millions of yen％(25.5)

655(22.9)

525

4.6

502

25.2

Millions of yen

1.1

542

9,585
2.8
727
Note: Comprehensive income 1Q FY2024: 744 million yen (53.2%)
Net Income
per Share

87.3
850
73.5
1Q FY2023: 485 million yen (－%)

Net Income per
Share after Dilution
Yen

Yen

1Q FY2024
24.52—
1Q FY2023
23.45—(Reference) Operating income before the amortization of goodwill:
1Q FY 2024: ¥666 million
1Q FY 2023: ¥852 million
The Company considers operating income before the amortization of goodwill to be an important management
indicator.

(2) Consolidated Financial Position
Total Assets

Net Assets to Total
AssetsNet Assets

Millions of yen

Millions of yen

May 31, 2024
51,73438,45950,64338,596
February 29, 2024
(Reference) Shareholders’ equity: May 31, 2024: 38,438 million yen

Net Assets per Share

%

Yen

74.3

1,791.47

76.2

1,798.49

February 29, 2024: 38,577 million yen

2. Dividends
Dividends per Share
(Record Date)
Fiscal 2023
Fiscal 2024
Fiscal 2024
(Forecast)End of 1Q

End of 2Q

End of 3Q

AnnualYear-end

Yen

Yen

Yen

Yen

Yen

—
—

41.50

—

41.50

83.00

41.50

—

41.50

83.00

Note: Revision to the most recently announced cash dividend forecast: No-1-

3. Forecasts of Consolidated Operating Results for the Fiscal Year Ending February 28, 2025
(March 1, 2024 to February 28, 2025)(Percentages represent percentage changes as compared with the corresponding period in the previous fiscal year)
Profit attributable to
Net Income
Net Sales
Operating Income Ordinary Income
owners of parent
per Share
Millions of yen

Interim period
Fiscal year
endingFebruary 28,
2025%

Millions of yen%

Millions of yen%

Millions of yen%

Yen en20,000

4.7

1,000

(6.5)

1,200

(6.6)

750

7.7

34.96

41,000

3.9

2,350

12.1

2,800

11.3

1,600

23.0

74.58

Note: Revision to the most recently announced operating results forecast: No(Reference) EPS before the amortization of goodwill is ¥97.72.

Notes(1) Changes in Important Subsidiaries during the Period:(Changes in specified subsidiaries that caused changes in the scope of consolidation): No(2) Application of Special Accounting Practices in the Preparation of the Quarterly Consolidated
Financial Statements: Yes(3) Changes in Accounting Policies, Changes in Accounting Estimates, and Restatements
1) Changes of accounting principles in line with revisions to accounting and other standards: No
2) Changes of accounting principles other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(4) Number of Shares Issued and Outstanding (Common Stock)
1. Total number of shares issued and outstanding (including treasury stock) as of the period-end:
May 31, 2024: 24,331,356 sharesFeb. 29, 2024: 24,331,356 shares
2. Total number of treasury stock as of the period-end:
May 31, 2024: 2,874,856 sharesFeb. 28, 2024: 2,881,696 shares
3. Average number of shares for the period (Cumulative total for the quarterly consolidated
period)First quarter fiscal 2024: 21,453,450 shares First quarter fiscal 2023: 21,443,216 shares
Note: The number of recorded treasury stock includes 125,329 of the Company’ shares held by the
Shares Grant Trust for Officers as of the end of the first quarter of the subject consolidated fiscal
year.

* These quarterly consolidated financial results are not subject to auditing by certified public accountants or
audit firms.
* Explanation concerning the Proper Use of Operating Results Forecasts and Other Relevant Specific Items
Results forecasts are prepared based on information available at the time of disclosure of this document.
Actual results may vary from forecast figures for a variety of reasons. For the assumptions that underpin
operating results forecasts as well as cautionary notes on the use of operating results forecasts, please refer
to “1. Qualitative Information on Business and Financial Results (3) Explanation of Consolidated Results
Forecasts and Other Future Predictions” on page 5.

-2-

Contents
1.

2.

Qualitative Information on Business and Financial Results

4(1)

Explanation of Business Results

4(2)

Explanation of Financial Condition

4(3)

Explanation of Consolidated Results Forecasts and Other Future Predictions

5

Consolidated Quarterly Financial Statements

6(1)

Consolidated Quarterly Balance Sheets

6(2)

Consolidated Quarterly Statements of Income and Consolidated Quarterly Statements of

8Comprehensive Income(3)

Consolidated Quarterly Statements of Income First Quarter Cumulative

8

Consolidated Quarterly Statements of Comprehensive Income

9First Quarter Cumulative

Notes to Consolidated Quarterly Financial Statements

9(Notes Regarding Going Concern Assumptions)9(Notes Regarding Substantial Changes in Shareholders’ Equity)

10(Application of Special Accounting Treatment in the Preparation of the Consolidated

10

Financial Statements)(Changes in Accounting Policies)

10(Additional Information)

10(Segment Information)

11(Matters related to Revenue Recognition)

12(Important Subsequent Events)

12

-3-

1. Qualitative Information on Business and Financial Results(1) Explanation of Business Results
During the first quarter period (March 1, 2024, to May 31, 2024) of fiscal 2024 (ending February 2025),
the Japanese economy showed signs of a modest recovery, with improvement in corporate earnings, aswell as conditions for employment and income. Nevertheless, the outlook for the future remained
uncertain over concerns about rising prices due to higher raw material costs and the depreciation of theyen, and growing geopolitical risks.
In the retail sector, sales of high-ticket items were firm, and demand from inbound tourism continued
to rise. However, wage increases have not kept pace with rising prices, and with real wages on a downward
trend, consumers continue to focus on cost savings and lower prices, leading to greater market polarization.
Under such circumstances, during the fiscal year ending February 2025, the initial year of the 7th
Medium-Term Management Plan, YONDOSHI HOLDINGS Group, with a basis on responding to thebusiness environment, is focusing on value provided to customers, and implementing various measures
to establish a foundation for dynamic future growth. In addition, the Company practiced sustainable
management to establish a highly trusted corporate group, and worked to enhance enterprise value by
strengthening internal controls, providing shareholder returns, and making medium- to long-term
investments linked to earnings growth.
As a result, net sales for the subject first quarter period amounted to ¥9,693 million (up 1.1% from thesame period of the previous fiscal year), for a fourth consecutive quarter of revenue gains. Earnings at alllevels was mostly in line with plan, with operating income of ¥542 million (down 25.5%), and ordinary
income of ¥655 million (down 22.9%). Profit attributable to owners amounted to ¥525 million (up 4.6%),
rising for a fourth consecutive quarter mainly from an extraordinary gain of ¥340 million on sale ofCompany-held available-for-sale securities. Operating income before the amortization of goodwill, which
the Company considers to be an important management indicator, amounted to ¥666 million (down
21.7%).
Operating results by business segment were as follows. Of note, the Jewelry Business segment has beenrenamed the Brand Business, with a view to expansion into new business domains.
Brand Business
The F.D.C. Products Group, which handles the Brand Business, is working to strengthen its foundation
by revising product and sales promotion strategies to expand support among female customers. With theaim of rebuilding the portfolio by taste, F.D.C. Products Group increased the number of directors, andbegan product planning under a new structure.
In terms of store openings and closings, two stores were closed, for a total of 136 stores at the end of
the subject period.
As a result, net sales in the Brand Business segment amounted to ¥3,511 million (down 10.2% fromthe same period of the previous fiscal year), with operating income of ¥249 million (down 34.8%). While
this represented a decrease in both revenue and earnings, the results were mostly in line with plan.
Apparel Business
Retailer age Co., Ltd., operator of the everyday fashion brand PALETTE, was impacted by low
temperatures in early spring and other types of unseasonable weather in certain areas, but overall sales
increased on new store openings. In terms of store openings and closings, four stores were opened, andone store renovated, for a total of 103 stores at the end of the subject period.
Apparel manufacturing and wholesaler The AS’TY Group expanded measures with major business
partners, leading to positive performance in both revenue and earnings.
As a result, net sales in the Apparel Business segment amounted to ¥6,182 million (up 8.9% from thesame period of the previous fiscal year), with operating income of ¥406 million (down 9.9%). While thisrepresented a revenue gain with earnings decline, the results were mostly in line with plan.
(2) Explanation of Financial Condition
Total assets at the end of the subject first quarter period (May 31, 2024) amounted to ¥51,734 million, an
increase of ¥1,090 million from the end of the previous fiscal year (February 29, 2024). This was due
mainly to increases of ¥212 million in investment securities, and ¥527 million in merchandise and finishedgoods. Total liabilities amounted to ¥13,275 million, an increase of ¥1,227 million from the end of theprevious fiscal year, due mainly to an increase of ¥850 million in short-term borrowings. Total net assets-4-

at the end of the subject period amounted to ¥38,459 million, a decrease of ¥136 million from the end of
the previous fiscal year.
(3) Explanation of Consolidated Results Forecasts and Other Future Predictions
Consolidated results forecasts for fiscal 2024 are unchanged from those announced on April 12, 2024.

-5-2. Consolidated Quarterly Financial Statements(1) Consolidated Quarterly Balance Sheets(Millions of yen)
End of the Fiscal Year Ended
February 29, 2024
(As of February 29, 2024)

End of the First Quarter of
the Fiscal Year Ending
February 28, 2025
(As of May 31, 2024)

1,579
2,905
8,080
108
430
842
(5)

1,955
3,152
8,608
148
195
931
(6)

13,941

14,984

4,027
5,839
449

4,011
5,839
423

ASSETS
Current assets:
Cash and deposits
Notes and accounts receivable ― trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Other current assets
Allowance for doubtful accounts
Total current assets
Noncurrent assets:
Property, plant and equipment:
Buildings and structures, net
Land
Other, net

10,316

10,274

Intangible assets:
Goodwill
Other intangible assets

Total property, plant and equipment

1,241
483

1,117
468

Total intangible assets

1,724

1,585

Investments and other assets:
Investment securities
Net defined benefit asset
Other
Allowance for doubtful accounts

20,530
443
3,733
(47)

20,743
451
3,741
(47)

Total investments and other assets

24,66024,88936,701

36,74950,64351,734

Total noncurrent assets
Total assets

-6-

５．
（要約）四半期連結財務諸表(Millions of yen)
End of the Fiscal Year Ended
February 29, 2024
(As of February 29, 2024)

End of the First Quarter of
the Fiscal Year Ending
February 28, 2025
(As of May 31, 2024)

2,369
699
252
271
48
86
1,878

3,021
538
850
368
222
15
12
1,757

5,605

6,785

243

244

494
979
4,724

480
972
4,791

LIABILITIESCurrent liabilities:
Notes and accounts payable ― trade
Electronically recorded obligations – operating
Short-term borrowings
Income taxes payable
Provision for bonuses
Provision for directors' bonuses
Asset retirement obligations
Other

―

Total current liabilities
Noncurrent liabilities:
Provision for share-based remuneration for directors (andother officers)
Retirement benefit liability
Asset retirement obligations
Other

6,441

6,489

Total liabilities

Total noncurrent liabilities

12,047

13,275NET ASSETS
Shareholders’ equity:
Capital stock
Capital surplus
Retained earnings
Treasury stock

2,486
7,178
30,567(6,123)

2,486
7,178
30,198(6,110)34,10933,753

Other accumulated comprehensive income:
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for landRemeasurements of defined benefit plans

Total shareholders’ equity

4,857
8
(233)
(165)

5,066
12
(233)
(160)

Total other accumulated comprehensive income

4,467

4,685

Subscription rights to shares
Total net assets
Total liabilities and net assets

-7-

18

20

38,59638,45950,64351,734

(2) Consolidated Quarterly Statements of Income and Consolidated Quarterly Statements ofComprehensive Income
Consolidated Quarterly Statements of Income
First Quarter Cumulative(Millions of yen)First Quarter of the
Fiscal Year Ended
February 29, 2024
(March 1, 2023 to
May 31, 2023)

First Quarter of the
Fiscal Year Ending
February 28, 2025
(March 1, 2024 to
May 31, 2024)

Net sales
Cost of Sales

9,585
4,772

9,693
5,028

Gross profit

4,813

4,665

Selling, general and administrative expenses

4,085

4,122

Operating income

727

542

Non-operating income
Interest income
Dividends received
Foreign exchange gains
Other

34
69
5
15

35
66
4
7

123

113

Non-operating expenses
Interest expenses
Loss on insurance cancellation
Other

Total non-operating income

0
0
0

―

Total non-operating expenses

1

0

850

655

―
―

340

9
1

Ordinary income
Extraordinary income
Gain on sales of investment securities
Total extraordinary income
Extraordinary loss
Impairment loss
Loss on closing of stores
Building demolition expenses

0
0

340

―

32
4
100

Total extraordinary losses

10

137

Net income before income taxes

840

858

Total income taxes

337

332

Net income

502

525

Profit attributable to owners of parent

502

525

-8-

Consolidated Quarterly Statements of Comprehensive Income
First Quarter Cumulative(Millions of yen)First Quarter of the
Fiscal Year Ended
February 29, 2024
(March 1, 2023 to
May 31, 2023)
Income before minority interests
Other comprehensive income
Other valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustments
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of the parent-9-First Quarter of the
Fiscal Year Ending
February 28, 2025
(March 1, 2024 to
May 31, 2024)
502

525

(51)
33
(2)
4

209
3

(16)
485

218
744

485

744

―
5

(3) Notes to Consolidated Quarterly Financial Statements(Notes Regarding Going Concern Assumptions)Not applicable(Notes Regarding Substantial Changes in Shareholders’ Equity)
Not applicable(Application of Special Accounting Treatment in the Preparation of the Consolidated Financial
Statements)(Calculation of Tax Expense)
Tax expense has been calculated by rationally estimating the effective tax rate after the application oftax effect accounting for profit before income taxes in the consolidated fiscal year, including the subject
first quarter period, and multiplying this estimated effective tax rate by profit before income taxes.
(Changes in Accounting Policies)
Not applicable(Additional Information)(Stock Compensation Plan for Directors)
Under its 68th annual shareholders meeting held on May 17, 2018, the Company introduced a stockcompensation plan (hereinafter, the “Plan”), with eligible persons the Company’s directors (excluding
directors who are audit and supervisory committee members) and directors who are audit andsupervisory committee members (excluding outside directors), as well as directors and corporate
auditors (excluding outside corporate auditors) of the Company’s major group companies from
November 28, 2018.
i. Summary of the transaction
The Plan is a stock compensation plan to grant the Company’s shares to eligible directors of eligible
companies in accordance with rules for granting trust-based stock compensation to corporate officers as
determined by the eligible companies. The Company will contribute funds to the trust, and the trust will
use these funds to acquire the Company’s shares, and grant them to eligible directors. In principle,
directors and other officers will receive the Company’s shares at the time of retirement.
ii. The Company’s own shares held in the Trust
The Company’s own shares held in the Trust are recorded as treasury stock under net assets at theirbook value in the Trust (excluding the amount of ancillary expenses). The book value and number ofshares of such treasury stock was ¥255 million, for 132,170 shares at the end of the previous
consolidated fiscal year, and ¥241 million, for 125,329 shares at the end of the first quarter of the subject
consolidated fiscal year.

- 10 -

(Segment Information)
Ⅰ The first quarter of the fiscal year ended February 29, 2024 (March 1, 2023 to May 31, 2023)
1. Information Regarding Sales and Income or Loss by Reportable Segment(Millions of yen)
Reportable Segments

Amount recordedon consolidated
quarterlystatements ofincome (Note 2)

Adjustment
amount(Note 1)

Brand BusinessApparel Business

Total

Revenue from contracts
with customers

3,893

5,457

9,350

―

9,350

Other revenue (Note 3)

18

217

235

―

235

3,911

5,674

9,585

―

9,585

0

25

25

(25)

―

Total

3,911

5,699

9,611

(25)

9,585

Segment income

382

451

833

(105)

727

Net sales

Net sales to outside
customers
Intrasegment net sales
and transfers

Notes:
1. The adjustment amount of minus ¥105 million for segment income mainly includes amortization of goodwill totaling
minus ¥124 million, general administrative expenses that are not attributable to individual reportable segments amounting
to minus ¥120 million and elimination of inter-segment transactions of ¥139 million. Corporate expenses are primarily
general administrative expenses not attributable to reportable segments.
2. Segment income figures have been adjusted to operating income on the consolidated quarterly income statements.
3. “Other revenue” is real estate lease revenue.

2. Information Regarding Impairment Loss of Fixed Assets, Goodwill and Related Items by
Reportable Segment
There was no major impairment loss recorded during the period under review.
Ⅱ The first quarter of the fiscal year ending February 28, 2025 (March 1, 2024 to May 31, 2024)
1. Information Regarding Sales and Income or Loss by Reportable Segment(Millions of yen)
Reportable Segments

Amount recordedon consolidated
quarterlystatements ofincome (Note 2)

Adjustment
amount(Note 1)

Brand BusinessApparel Business

Total

Revenue from contracts
with customers

3,492

5,976

9,469

―

9,469

Other revenue (Note 3)

18

205

223

―

223

3,511

6,182

9,693

―

9,693

0

44

44

(44)

―

Total

3,511

6,226

9,738

(44)

9,693

Segment income

249

406

655

(113)

542

Net sales

Net sales to outside
customers
Intrasegment net sales
and transfers

Notes:
1. The adjustment amount of minus ¥113 million for segment income mainly includes amortization of goodwill totaling
minus ¥124 million, general administrative expenses that are not attributable to individual reportable segments amounting
to minus ¥115 million and elimination of inter-segment transactions of ¥126 million. Corporate expenses are primarily
general administrative expenses not attributable to reportable segments.
2. Segment income figures have been adjusted to operating income on the consolidated quarterly income statements.
3. “Other revenue” is real estate lease revenue.

- 11 -

2. Changes to Reportable Segments, etc.
From the first quarter period of the subject fiscal year, the name of the “Jewelry Business” segment
was changed to “Brand Business.” The change in segment name does not affect the segment
information. Of note, the reportable segments for the corresponding period of the previous fiscal
year are also shown under the changed name.
3. Information Regarding Impairment Loss of Fixed Assets, Goodwill and Related Items by
Reportable Segment
There was no major impairment loss recorded during the subject period.
(Matters Related to Revenue Recognition)
Information analyzing the revenue resulting from contracts with customers is presented in “Notes(Segment information)”.
(Important Subsequent Events)
Not applicable- 12 -