Q3 Results for FY 2023
May 10, 2023
Pan Pacific International Holdings Corporation

Explanatory notes for these materials
1. The monetary values presented in these materials are rounded off to the nearest full unit.
2. The following abbreviations are used in these materials: Pan Pacific International Holdings (7532) as “PPIH,” Don Quijote Co., Ltd. and its

stores as “DQ,” UNY Co., Ltd. as “UNY,” UD Retail Co., Ltd. as “UDR,” Singapore as “SG,” Singapore subsidiary as “PPRM (SG),” Hong Kong as“HK,” Hong Kong subsidiary as “PPRM (HK),” Thailand as “TH,” Taiwan as “TW”, Malaysia as “MY”, Macau as “MO”, and Group as “GP.”3. PPIH applies the “Ordinance on Terminology, Forms, and Preparation Methods of Consolidated Financial Statements,” but there aresections in these materials where the account items and other information have been simplified to an extent where they do not change theintent or meaning of the contents.

4. The exchange rates used for overseas operations are shown below. (Gelson's fiscal year ends in June, and therefore the exchange rate isdifferent. )Unit: Yen

USD
U.S. dollar

USD(Gelson’s)

SGD
Singapore dollar

THB
Thai baht

HKD
Hong Kong dollar

P/L

B/S

P/L

B/S

P/L

B/S

P/L

B/S

P/L

B/S

FY 2022111.47115.02114.15112.41

82.80

85.18

3.41

3.43

14.33

14.75

FY 2023

136.85132.70137.58133.54

98.61

98.76

3.82

3.82

17.46

17.02

1

INDEX

１

Fiscal year ending June 2023
Overview of Q3 results2

Initiatives for Q4 and future growth3

Appendix2

Fiscal year ending June 2023
Overview of Q3 results3

Financial Results for Q3
 Q3 results showed a significant increase in both sales and operating profit compared to the previous Q3,
with sales up 26.0 billion yen and operating profit up 4.8 billion yen.
Sales and operating profit continued to achieve a record high for Q3 alone and for the cumulative period.
[Period: July 1, 2022 – March 31, 2023](Unit: 100 Million yen)

Q3 Results
FY 2023

FY 2022

ActualQ3 Cumulative

ActualChange(Sales ratio)(Sales ratio)

Net sales

4,528

4,788

+260

Gross profit

1,325

1,481

SG&A
Operating profit
Recurring profit
Net income
EPS (Yen)(29.3%)

1,130(25.0%)

194

FY 2022
Rate of
ChangeActual

FY 2023
ActualChangeRate of
Change(Sales ratio)(Sales ratio)+5.7%

13,705

14,572

+867

+6.3%

+156

+11.8%

4,003

4,505

+502

+12.5%

1,238

+108

+9.6%

3,688

+315

+9.4%

(30.9%)(25.9%)(4.3%)(5.1%)

243+48+24.8%

232(5.1%)

235(4.9%)

+3

+1.2%

158

(3.5%)

147(3.1%)

-11

-7.1%

26.56

24.66

-1.90

-7.2％

(29.2%)

3,372(24.6%)

631(30.9%)(25.3%)(4.6%)(5.6%)

817+186+29.5%

677(4.9%)

807(5.5%)＋130+19.2%

460(3.4%)

515(3.5%)+55+12.0%

75.92

86.33

10.41

+13.7％

4

Discount Store Business
FY2023 Q3Sales increased by 54.4 billion yen and operating profit
increased by 19.0 billion yen from the previous cumulative Q3.
Continuing strong performance thanks to increased demandfor outings and recovery of inbound travel.

Change in Sales<100 Million Yen>

 SSS continued to be strong with Q3 sales alone at 105.6% YoY andcumulative sales at 104.5% (101.9% excluding tax-free) due toincreased demand for outings, increased human flow in urban areas,
and the continued recovery of tax-free sales. Going forward, we will
work to strengthen products for attracting more customers toincrease customer traffic.
 Tax-free sales grew to 21.0 billion yen in cumulative Q3 due tostrong sales during the Chinese New Year period and a rapid
increase in the number of flights.
0

Q3 *1
FY2022

FY2023 Q3Existing
StoresNew Stores(DQ+UDR)

Head Office
Expenses& Adjustments

Q3
FY2023

Change in Operating Profit

 The GPM at existing stores was 25.9% (up 1.8% from the previous Q3
cumulative total). Growth in non-food categories due to increased
demand for outings and for starting a new chapter of life, and anincrease in the percentage of PB products due to media exposure
contributed to the increase.
 SG&A expenses were under control within budget. Despite a rise inutility costs (approx. 140%), the SG&A ratio was maintained at thesame level as the previous year due to an improvement in the labor
cost ratio in line with strong sales.

<100 Million Yen>

▶ GPM at existing DS stores in Japan
28.0%*loss estimates are not reflected

26.0%
0

24.0%
Q3
FY2022

Existing
StoresNew Stores(DQ+UDR)

Head Office
Expenses& Adjustments

Q3
FY2023*1. Effective from the fiscal year ending June 30, 2023, the DS business includes Tachibana
Departmentstore co.,ltd.

22.0%

1Q

2Q
21/6月期
FY20213Q
22/6月期
FY2022

23/6月期
FY2023

4Q

5

Discount Store Business： Progress of various initiatives
Strenghthen PB/OEM

Tax-free sales

PB/OEM continued to grow to 17.0% of total sales incumulative Q3 (+2.9% YoY) as a result of increased media
exposure, leading to an improvement in gross profit ofslightly more than 0.3%.
 By category, Q3 saw growth in food products, especiallyconfectionery and delicacy products with high gross margins.
In addition, sales of categories such as bedding andkitchenware, have been sluggish since after the special
demand for Covid-19, saw a growth centered on products
made in collaboration with manufacturers.

Tax-free sales were stronger than expected due to strong sales
during the Chinese New Year period and a rapid increase in thenumber of flights.
 For Q3 alone, sales recovered to about 13 billion yen, 73.5% of
the pre-Covid level. For the full year, sales are expected to
exceed 35 billion, exceeding the 24 billion forecast as of 2Q.
 By nationality, "South Korea" remained at the top at 36.9%,
continuing from Q2. "Taiwan" also increased due to an increasein visits to Japan during the Chinese New Year.
 By product, sales of pharmaceuticals and cosmetics remained
high, largely unchanged from the pre-Covid time. Sales ofalcoholic beverages, which are in high demand in Korea, andconfectioneries were also strong.

→In preparation for the recovery of Chinese visitors to Japan,→To achieve further growth in the next fiscal year and beyond, we
will advance product development, sales promotion, andinfrastructure development such as systems.

further expansion of cash registers (including layout changes)
and securing of personnel and merchandise will be pursued.
▶ Composition of tax-free sales
by nationality▶ tax-free sales

100.0%

6.0 billion
yen
60.0億円▶ PB/OEM composition of DS business in Japan
18.0%

80.0%

FY201940.0億円
4.0 billion
yen

60.0%

6.1%

30.0億円

16.0%

40.0%

2.0 billion
yen
20.0億円

14.0%

0.0億円
0.0 billion
yen

1Q

21/6月期
FY2021

2Q

FY2022
22/6月期

3Q

FY202323/6月期

4Q

0.0%

FY2023 Q3 cum.

13.6%

8.2%

22.5%

17.3%

Jul. 8月
Aug. 9月
Sep.10月11月12月
Oct. Nov. Dec. 1月
Jan. 2月
Feb. 3月
Mar. 4月
Apr. 5月
May 6月Jun.
7月
tax-free sales
免税売上

Before COVID-19 (FY2019)
コロナ前（2019年）比■ SouthASEAN
韓国 Korea ■ASEAN■ Taiwan
台湾■ Other
他

3.7%

9.9%

40.5%

20.0%

10.0億円

12.0%
10.0%

50.0億円

■
China
中国

米国
■
U.S.

36.9%

19.9%
21.4%

6

GMS Business
FY2023 Q3Operating profit was in line with the budget following the Q2
due to improved gross profit margin and continued control of
SG&A expenses.

Change in Sales<100 Million Yen>

 SSS were 97.1% YoY in Q3 alone(100.5% vs. pre-Covid), partly
due to the impact of restrained buying in response to highprices.
 From Q3, all stores implemented measures to improvepricing accuracy, and together with strengthening
merchandising, we will focus on acquiring morecustomers and expanding the customer base in the next
fiscal year and beyond.

0

Q3
FY2022

FY2022 Q3Existing
StoresStore closures
Head Officedue toExpenses
Remodeling etc & Adjustments

Q3
FY2023*1

 GPM of existing stores in Q3 was 26.6% (+1.5% YoY). 3Q GPM
improvement was due to growth in spring and out-of-homeapparel and gradual growth in the PB/OEM ratio.
 PB/OEM ratio grew to 20.2% (+2.4%) in cumulative Q3,
mainly in food products.

Change in Operating Profit SG&A expenses were controlled within budget as in DS. By
reviewing staffing, the labor cost ratio was improved and therise in utility costs was curbed. As a result, the SG&A ratio
was almost on par with that of the previous year.

<100 Million Yen>

▶ GPM of existing stores FY2021-FY2023
28.0%
26.0%
0

Q3
FY2022

Existing
StoresStore closuresdue toRemodeling etc

Head Office
Expenses& Adjustments

Q3
FY2023*1. "Store closures due to remodeling, etc.” refers to store closures due to format conversion to UDR or
remodeling, etc., and the stores excluded from “existing stores” in the current and previous Q3.

24.0%
22.0%

1Q

FY2021
21/6月期

2Q

FY2022
22/6月期

3Q

FY202323/6月期

4Q

7

Overseas BusinessIn Q3 (Oct.-Dec.), sales were up, but profits were down, as in
Q2. We will continue to resolve issues and strive for profit
growth in the next fiscal year and beyond.

FY2023 Q3 Change in Sales<100 Million Yen>

■Asia Business Q3 cumulative sales increased YoY (+13.1 billion yen) andoperating profit reached the same level as the previous year.

0 The OPM for existing stores continued to exceed 10%. In the Q3
period (Oct-Dec), new store openings were 3 in SG and 1 in MY, intotal 4 stores (7 stores in the current fiscal), expanding thebusiness scale for future growth. (From the next fiscal year
onward, those will absorb store opening costs and contribute toprofit growth.)
Q3
FY2022

FY2023 Q3<100 Million Yen>

Asia
Asia

*2

*1

North
America

Change in Operating Profit

Q3
FY2023

 To achieve profit growth in the coming fiscal year and beyond, we
will improve issues in Hong Kong and Macau under a new
management structure, expand the business scale, and improve
profit margins in each country (details to follow).

■North America Business Q3 cumulative sales increased 30.8 billion yen YoY (+19.3 billion
yen vs. budget), and operating profit declined 2.7 billion yen YoY(-3.0 billion yen vs. budget), with sales up but income down as in
Q2.
 Operating income was -1.0 billion yen (-1.5 billion yen vs. budget),but the main factor was -0.6 billion yen (-1.26 billion yen vs.
budget) in QSI, which is focusing on improving issues (details tofollow).

0

Gelson's made positive progress compared to the budget,
despite that YoY comparison being -0.43 billion yen. The
increase in wages was able to partially absorb throughproductivity improvements.

Q3
Q3
Asia
North
FY2023
FY2022
America
Q2
Q2
FY2021
FY2022*1. Figures for North America are the simple aggregate of DQ USA, MARUKAI, QSI and Gelson’s. Results are for the period from April to December 2022, while Gelson’s is from July 2022 to March 2023.
*2. Figures for Asia are the simple aggregate of PPRM (SG), PPRM (HK), DONKI Thailand, PPRM(TW), PPRM(MY), and Macau PRRM(MO). Results are the period from April to December 2022.
*3. Gelson's operating profit is calculated after deducting amortization of goodwill(FY2023: 2.55 billion yen, FY2022: 2.11 billion yen)8

Overseas Business：New store/ Refurbishment
JONETZ by DON DON DONKI
Sunway Pyramid（Malaysia）（ Opened on November 01, 2022 ）DON DON DONKI
Jewel Changi Airport（SG）（Opened on December 20, 2022）

Opened in the Sunway Pyramid, a huge commercial complex
boasting approximately 400,000 square meters of retail space.
It sells the hugely popular wagyu beef skewers and a wide
variety of Japanese food products.

Opened in Jewel, a large-scale commercial facility locatedin Changi International Airport, the gateway to Singapore.
Focusing on confectionery and other souvenirs, as well as
cosmetics, mainly PB and OEM products.

• First “Sen Sen Sushi” and “Tomita Seimai” in Malaysia also opened at
the same time.

• Opened its in-house food court in anticipation of the demand forready-to-eat meals due to its location adjacent to the airport. Four
formats, “Senraku Shokudo”, “Agedako”, “Wagyu Kushi”, and“Tomita Seimai”, were opened.

• Wagyu beef skewers made from Quality Halal-certified* beef are on
sale. The store offers all kinds of Japanese fruits, confectionery, meat,
desserts, Japanese sweets, etc., with tasting options available. It
offers the enjoyment of making a choice.

*Products with the Halal certification mark not only guarantee that they do not contain any prohibited
ingredients such as pork or alcohol but also mean that everything about the product, including the
manufacturing environment, quality and processes, meets standards in accordance with Islamic law.

• The first Halal section for Muslim customers was opened in
Singapore. Aiming to maximize sales by taking advantage of thefact that many airport employees are Muslims and the location
attracts a diverse range of customers from various countries.

9Earnings Forecast for FY2023
 The full-year forecast for operating profit has been revised upward to 97.7 billion yen.
 Inherit 3.7 billion yen over budget in 1H (assuming 2H is the same as budget) The recurring profit and below were also revised upward, considering the above and the foreignexchange situation.

(Unit: 100 Million yen)

Net sales
Operating profit
Recurring profit
Profit attributable toowners of parent
EPS (Yen)

FY 2023
Earnings Forecast
Actual(sales ratio)

18,900Rate ofchange

+3.2%

940

+6.0%

825

-17.9％

569

-8.1％

95.42

-7.0％

(5.0%)(4.4%)(3.0%)FY 2023 Earnings Forecast (Revised)
Rate ofchange(vs. Budget)

Rate ofchange(vs. FY2022

+300

+1.6%

+4.8％

977

+37

+3.9%

+10.2％

940+115+13.9%

-6.4％

620

+51

+9.0%

+0.1％

103.93

-

+8.9%

+1.3％

Actual(sales ratio)

Change19,200(5.1%)(4.9%)(3.2%)

10

Status of major assets, liabilities and net assets(Unit: 100 Million yen)

June 2022(Unit: 100 Million yen)

June 2022
ActualActualMarch 2023
ActualChange

4,865

5,160

294

1,768

2,081

313

521

544

23

2,059

1,924

(135)

8,971

9,212

240

Buildings, etc.

2,684

2,884

201

Land

3,147

3,190

43

862

867

5

732

726

(6)

13,837

14,371

535

Current Assets
Cash and
Deposits

Account
receivableinstallment
Products

Non-Current
AssetsIntangible Assets
Lease andGuarantee
Deposits

Total Assets＜Status of assets＞
・Non current asset*2▶ Tangible fixed assets: 685.8 bil. yen(20.8 bil. yen up )・ Investment related to store openings, etc.
44.9 bil. yen
・ Depreciation and amortization
25.0 bil. yen

Total Current
Liabilities*2

March 2023
ActualChange

3,264

3,449

185

1,529

1,615

86

383

448

65

Total Noncurrent
Liabilities

6,581

6,478

(103)

Corporate Bonds

2,726

2,616

(109)

2,762

2,732

(30)

Total Liabilities

9,844

9,927

83

Net Assets

3,992

4,444

452

13,837

14,371535

Accounts PayableTrade
Short-Term
Interest Bearing*1 Debt

Long-Term
Interest Bearing
Debt

Liabilities and Net
Assets＜Status of major liabilities＞▶ interest-bearing debt : 579.6 bil. yen(7.5 bil. yen down)＜ Status of net assets＞▶ Net worth: 438.6 bil. yen（change from the previous year-end +46.4 bil. yen）
▶ Capital adequacy ratio: 30.5％（change from the previous year-end +2.2％）*1. Short-term interest bearing debt = Short-term loans payable, long-term debt due within one year, and corporate bonds due within one year.

＜Others＞▶ Net D/E ratio: ： 0.85x（change from previous year-end -0.2x）▶ ROE： 16.5 ％(annualized/change from previous year-end +1.2％)

11

Status of cash flows and capital expenditure▶ Cash Flow Status(Unit: 100 Million yen)

FY2022 Q3ActualBalance at Beginning of
PeriodFY2023 Q3Actual＜ Operating CF：+103.9 bil. yen＞

▶ Positive items: 79.1 billion yen in income before

Change

1,609

1,804

195

Cash Flows fromOperating Activities

646

1,039

393

Cash Flows from
Investing Activities

(322)

(510)

(188)

Cash Flows from
Financing Activities

(520)

(209)

311

Changes During the Period

(96)

314

411

Balance at the End of the
Period

1,513

2,118

606

324

529

204

Free Cash Flow*1

income tax, 31.2 billion yen in depreciation andamortization, and increase of 14.6 billion yen inaccounts payable.
Negative items: income taxes paid 28.4 billion
yen.

＜ Investment CF：-51.0 bil. yen＞

▶ Cash out factors included 40.5 billion yen for

tangible fixed assets acquisition associatedwith store openings and 6.6 billion yen for
intangible acquisition, and 3.4 billion yen
acquisition of shares in affiliated companies.

＜ Financing Activity CF：-20.9 bil. yen＞
▶ Cash out factors included 25.6 billion yen in

repayment of long-term debt, 11.4 billion yen
in redemption of bonds, 10.7 billion yen in
dividends payment, 2.2 billion yen for theacquisition of shares of subsidiaries withoutchange the scope of consolidation.

*1. Free Cash Flow = CF from operating activities + CF from investing activities▶ Status of capital expenditures
Capital Expenditures＜ Breakdown of Q3 ＞
378

482

104

▶

DS business 14.5 billion yen, GMS Business6.3 billion yen, Overseas business 10.9 billion
yen, IT 3.1 billion yen, Others 13.4 billion yen

12Initiatives for Q4
and future growth13Flash report of domestic DS/GMS business in April Domestic retail sales continued to be strong at 105.3% YoY at existing stores, driven

by demand for outings mainly on weekends and during long holidays such as spring
break and Golden Week.

■ Discount store business▶ Year on Year sales of same-store
Unit：％

Q1

Q2

Jan

Feb

Mar

Q3

Apr

Domestic

101.7

102.8

102.7

104.4

102.5

103.1

105.3

DS

103.3

104.7

104.2

107.6

105.2

105.6

107.9

GMS

97.5

98.6

99.0

96.4

95.8

97.1

98.8

▶ Initiative of PB/OEM（Apr）"greenstage", an original outdoor brand, released new products
to meet the growing demand for outdoor activities.

 Travel goods, especially bags and luggage, performed well
as demand for outings increased. In cosmetics, sales of eye
makeup, lipsticks, and other cosmetic accessories featuring
characters grew. In addition, car accessories, sporting
goods, and UV-protection product sales expanded.
 Sales of party supplies, event-related products, alcoholic
beverages, and BBQ-related products also grew this year,
driven by the relaxation of event regulations compared tothe previous year.

■ GMS business In the first half of the month, various events such as
entrance ceremonies and demand from people who arestarting a new chapter of life led to growth in clothing
items such as shoes, bags, and handkerchiefs, andstationeries in the household goods category.
 Sales of foods and perishables improved to the samelevel as the previous year, driven by daily foods, frozen
foods, and sushi.

14

Overseas Business: Initiatives for future growth

Asia BusinessNorth America Business(1) Profit contribution from new stores (8 stores in this fiscal
year) by absorbing store-opening-related costs
 Increase in profit (over 1 billion yen) due to new stores( 3 SG, 3 TH, 1 HK, 1 MY in this fiscal year), which are lossmaking in the initial stage but start contributing to profit
from the following fiscal year.

(1)Hawaii: Start improving operations and GPM
 Improvement of pricing accuracy and efficiency of
inventory management through the operation of an itemby-item management system (reduction of inventory loss
by about 350 million yen), and enhancement ofdelicatessen and sushi through expansion of in-store
kitchens (increase in sales and GPM from the next fiscal
year onward).

(2) Increase sales and gross profit through category expansion
and contraction
 Expand sales and profits by promoting category expansion
and contraction (e.g., expansion of non-food items andconfectionery). The shopping floor has been tilted toward
accommodating the demand for alternatives to eating out
during Covid-19 but will be changed to accommodate
increased opportunities for outings and tourism demand.
(3) Further improvement of gross profit margin (GPM in 3Q
increased 2.1% YoY ⇒ will continue to increase next year) Gross profit measures that were successful in SG will berolled out across Asia by June (SG's GPM is roughly 40%)
 Further expansion of direct trade and PB/OEM will also be
undertaken.
(4) Control and improve SG&A expenses
 The SG&A ratio also improved due to an improvement in
the labor cost ratio resulting from a review of store staffing
and streamlining of the back-office organization.

(2) Strengthen response to cost inflation
 Strengthen differentiation from competitors and improve
profitability by expanding direct trade (Hawaii) andstrengthening PB.
 In order to cope with continuously rising labor costs, acentral kitchen in California will be put into operation toenhance productivity. In addition, promoting labor saving
by streamlining store operations and using self-checkout
systems.
(3) Preparation for business scale expansion by opening newstores Start preparations for new store openings (Guam, Hawaii,
Gelson's) in the next fiscal year and beyond for futurebusiness scale expansion (PL deteriorated at startup, but
profit will increase from the second year onward)

15

Appendix

16

Q3 information by business【 Q3 Period：January 1, 2023～ March 31, 2023】
DS business

Sales
Gross Profit
GPM
SG&A
Operating
ProfitOPM(Unit: 100 Million yen)

GMS businessNorth America
business

Asia business

Others・Adjustments

Q3
FY2022Q3
FY2023

ChangeQ3
FY2022Q3
FY2023

ChangeQ3
FY2022Q3
FY2023

ChangeQ3
FY2022Q3
FY2023

ChangeQ3
FY2022Q3
FY2023

Change

2,687

2,882

195

1,150

1,119

(31)

186

217

31

509

604

95

(4)

(35)

(30)

656

24.4％

594

754

26.2％

98
1.8％

380

33.0％

633

40

330

62

121

59

2.3％

4.2％

1.9％

386

7

34.5％

1.5％

65

34.8％

322

(8)

55

50

64

14

4.3％

5.7％

1.4％

81

16

37.5%

2.7％

192

37.6％

75

19

159

10

6

(3)

5.1％

3.0％

(2.1％)

222

36.7％

30
(0.9％)

33-

Sales
Gross Profit
GPM
SG&A
Operating
ProfitOPM

GMS business

5

-

-

199

40

(7)

9

16

33

23

(10)

40

28

(12)

6.5％

3.8％

(2.7％)---【Cumulative Period： July 1, 2022 ～ March 31, 2023 】
DS business

37(Unit: 100 Million yen)

North America
business

Asia business

Others・Adjustments

Q3
FY2022(Cum.)Q3
FY2023(cum.)

ChangeQ3
FY2022(Cum.)Q3
FY2023(cum.)

ChangeQ3
FY2022(Cum.)Q3
FY2023(cum.)

ChangeQ3
FY2022(Cum.)Q3
FY2023(cum.)

ChangeQ3
FY2022(Cum.)Q3
FY2023(cum.)

Change

8,235

8,779

544

3,591

3,513

(77)

489

620

131

1,466

1,774

308

(75)

(114)

(39)

2,008

24.4％

1,775

2,313

26.3％

305
1.9％

1,176

32.8％

1,889

114

1,007

233

424

190

2.8％

4.8％

2.0％

1,198

34.1％

22
1.3％

170

34.8%

229

36.9%
210

59

2.1%
59

554

37.8%

992

(15)

151

465

170

206

37

19

19

(0)

89

4.7％

5.9％

1.2％

3.8%

3.0%

(0.8%)

6.1%

655

36.9%
593

102

(0.9%)

95
-

109
-

15
-

128

(25)

3

28

62

(27)

120

106

(14)

3.5%

(2.6%)---*1. Figures for North America are the simple aggregate of DQ USA, MARUKAI, QSI and Gelson’s. Results are for the period from April to December 2022, while Gelson’s is from July 2022 to March2023.
*2. Figures for Asia are the simple aggregate of PPRM (SG), PPRM (HK), DONKI Thailand, PPRM(TW), PPRM(MY), and Macau PRRM(MO). Results are the period from April to December 2022.
*3. Gelson's operating profit is calculated after deducting amortization of goodwill (830 million yen in the current 3Q, 720 million yen in the previous 3Q,
2.55 billion yen in the cumulative total for the current fiscal year, and 2.11 billion yen in the cumulative total for the previous fiscal year).

17

Cumulative Q3 results by consolidated businesses[Period： July 1, 2022 – March 31, 2023](Unit: 100 Million yen)

FY2022 Q3(Cum.)
ActualDomestic DS Business

FY 2023 Q3(Cum.)
Ratio

Actual

Ratio

YoY

7,930

57.9%

8,448

58.0%

106.5%

654

4.8%

633

4.3%

96.8%

Miscellaneous household goods

1,948

14.2%

2,244

15.4%

115.2%

Food products

3,653

26.7%

3,881

26.6%

106.2%

Watches and fashion merchandise

1048

7.7%

1,116

7.7%

106.5%

Sporting goods and leisure goods

490

3.6%

454

3.1%

92.6%

137

1.0%

121

0.8%

88.0%

3,267

23.8%

3,192

21.9%

97.7%

Clothing

367

2.7%

360

2.5%

98.2%

Household Goods

506

3.7%

563

3.9%

111.4%

Foods

2,376

17.3%

2,248

15.4%

94.6%

Other

18

0.1%

20

0.1%

110.9%

1,954

14.3%

2,376

16.3%

121.6%

1,466

10.7%

1,760

12.1%

120.0%

488

3.6%

616

4.2%

126.2%

553

4.0%

555

3.8%

100.4%

13,705100.0%

14,572100.0%

106.3%

Home electrical appliances

Other
Domestic GMS Business

Overseas BusinessNorth America Business
Asia Business
Other Business
Total

*1

*1. Other Business includes tenant leasing business, holding company management, credit card business, etc.

18

Breakdown of SG&A
[Period: January 1, 2023 – March 31, 2023](Unit: 100 Million yen)

3 months ended Mar 31, 2022
ActualRatio

3 months ended Mar 31, 2023
Actual

Ratio

YoY

SG&A

1,130

25.0%

1,238

25.9%

109.6%

Salaries and allowances

439

9.7%

461

9.6%

105.1%

Rent

137

3.0%

151

3.1%

109.6%

Commission paid

141

3.1%

164

3.4%

115.8%

Depreciation

78

1.7%

87

1.8%

112.7%

Other

335

7.4%

375

7.8%

112.0%

 Utilities: Q3 8 billion yen (134.7 % YoY)
[Period: July 1, 2022 – March 31, 2023

(Unit: 100 Million yen)

9 months ended Mar 31, 2022
ActualRatio

9 months ended Mar 31, 2023
Actual

Ratio

YoY

SG&A

3,372

24.6%

3,688

25.3%

109.4%

Salaries and allowances

1,306

9.5%

1,384

9.5%

106.0%

Rent

408

3.0%

443

3.0%

108.6%

Commission paid

437

3.2%

470

3.2%

107.6%

Depreciation

225

1.6%

254

1.7%

112.9%

Other

996

7.3%

1,136

7.8%

114.1%

 Utilities: Q3 25.8 billion yen (145.3％ YoY)

19

New Store/Renovation

Business

Format

Q1
Jul

Discount
*2

Jan

Feb

Q4

Oct

Nov

Dec

Mar

Apr

Arao
(Kumamoto)

Yonezawa(Yamagata)

Kyobashi(Osaka)Beppu（Oita）

Kyoto
Karasuma
Shichijo(Kyoto)Kichijoji（Tokyo）

Chiba
Port Town（Chiba）

Susukino(Hokkaido)

HakataStationMinami（Fukuoka）

May

Sunny-SideMall
Kokura（Fukuoka）

Jun

Niigata
Kameda(Niigata)

UNY（Renov
ation）

Asia

Full Year Estimates

3 storesAtsubetsu（Hokkaido）

UDR

Over
seas

Q3

Sep

DQ

*1

GMS

Aug

Q2

Daikakuji(Shizuoka)

Ina(Nagano)Opening：14 stores
Conversion：
4 stores

Ureshino(Mie)

Niigata
Kameda(Niigata)

Higashi-kariya（Aichi）

Kagamihara(Gifu)

Whampoa
Garden(Hong Kong)

J-ParkSriracha(Thailand)

North Point(Singapore)

Jurong Point(Singapore)

Jewel Changi
Airport(Singapore)

Thaniya Plaza（Thaiand）

SunwayPyramid（Malaysia）

IOI City Mall

（Malaysia）

1 store2 stores【Retail Format】
Opening：8 stores
*3

North
America* 1. Solid lines in the UDR format indicate a tenant-in type format conversion.
* 2. Overseas stores are indicated in the opening months.
* 3. For Gelson’s, the period is July 2022 - June 2023. For all the others, the period is April 2022 - March 2023

= Format conversion

20

Store network
Number of Overseas Stores

Number of Domestic Retails Stores
FY2021

FY2022444*7*1Discount store business
Don Quijote
MEGA Don Quijote
MEGA Don Quijote UNY*1

FY2023
Q1

Q2

Q3

468

470

476

475

226

237

238

244

243

139

140

140

140

140

52

59

60

60

60

Picasso etc.

*2

27

32

32

32

32

GMS business

*3

139

136

134

134

134

583

604

604

610

609

Domestic Total

Northpoint City
(Singapore)

Jurong Point(Singapore)

North America Business

Oct

Nov

FY2022

65

65

28

28

37

California
HawaiiAsia BusinessHong Kong*5

Thailand*6

TaiwanOverseas Total

*4

65

37
28

Q2

65

Q3

65

37

37

28

28

31

33

38

7

9

9

10

10

2
1
-

Macau

Q1

30

1

Malaysia

37

FY202319

8Singapore

Total

FY2021

12
4
2
2

1

12
5
2
2

1

12

15

6

7

2

2

2

1

3

1

84

95

96

98

103

667

699

700

708

712

*5. Peak Galleria in Hong Kong is counted as a store, which was renovated to Sen Sen
Sushi in 2022, April.
*6. The store count for Thailand includes Sen Sen Sushi（J-PARK Sriracha and DONKI
Mall Thonglor)*1.“MEGA Don Quijote” includes NEWMEGA.

*2. “Picasso etc.” includes Picasso, Essence, Kyoyasudo, Ekidonki, Soradonki, JonetzShokunin
and Nagasakiya etc.
*3. “GMS Business” includes Apita/Piago, U-STORE, PiagoPower , Power Super Piagoetc.

*4. As the fiscal year ends in March for overseas corporations except Gelson’s (ends in June), thenumber of stores for each quarter is adjusted for the applicable fiscal year.
*7. "Discount store business" decreased due to the replacement of Don Quijote Fukuoka Airport
South Store with Don Quijote Hakata Station South Store (opened in late April 2023, Q4).

21

IR information
IR inquiries
Pan Pacific International Holdings Corporation, IR Department
2-19-10 Aobadai, Meguro-ku, Tokyo, 153-0042
TEL: 03-5725-7588

FAX: 03-5725-7024

e-mail : ir@ppih.co.jp

IR Calendar
Announcement of Q4 results for the fiscal year ending June 2023
Date of announcement: August 16, 2023 (Wednesday)
Venue: TBD

Cautionary information regarding forward-looking statements
The purpose of these materials is solely to provide information to investors, and not for the solicitation of purchases and sales. The
forward-looking statements set out in these materials are based on targets and forecasts, and do not provide any commitments orguarantees. While forward-looking statements are prepared based on various data that we consider to be reliable, we do not provide

any guarantees on their accuracy or safety. These materials are presented based on the premise that they will be used at discretion

and responsibility of the investor, regardless of the purposes that they use these materials for, and Pan Pacific International Holdings

Corporation bears no responsibility in any circumstances.

22

2-19-10 Aobadai, Meguro-ku, Tokyo, 153-0042

TEL: 03-5725-7588 / FAX: 03-5725-7024 / e-mail: ir@ppih.co.jp
https://ppih.co.jp/