Note: This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any
discrepancy between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results for the Three Months of the Fiscal Year Ending
November 30, 2024 [Japanese GAAP]
April 12, 2024
Company name: MORITO CO., LTD.
Stock exchange listing: Tokyo Stock Exchange
Code number:9837
URL: https://www.morito.co.jp
Representative: Takaki Ichitsubo, Representative Director, CEOKiyomi Akui, Director, Senior Executive Officer, Division Manager ofContact:(Phone) +81-6-6252-3551
Corporate Administrative Division
Scheduled date of filing
Scheduled date of commencing
April 15, 2024
dividend payments:
quarterly securities report:
Availability of supplementary briefing material on quarterly financial results: Available
Schedule of quarterly financial results briefing session: None scheduled(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Three Months of the Fiscal Year Ending November 30, 2024
(December 1, 2023 to February 29, 2024)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen

Three months ended
February 29, 2024
Three months ended
February 28, 2023

% Millions of yen% Millions of yen% Millions of yen%

11,744(0.5)

662

7.06691.25649.4

11,8042.16191.5661

0.9

516

14.9

Three months(Note) Comprehensive income: ended February 29,2024
Basic earnings pershare
Three months ended
February 29, 2024
Three months ended
February 28, 2023

Three months-%] ended February 28, (150) million yen[2023

140 million yen[-%]Diluted earnings pershareYen

Yen

21.24

21.19

19.31

-(2) Consolidated Financial Position
Total assets

Net assets

Millions of yen

Equity ratio

Millions of yen

Three months ended
49,800February 29, 2024
FY202351,429Three months ended(Reference) Equity:
37,793 million yen
February 29, 2024%

37,80575.9

38,45774.7

FY202338,433 million yen

2. Dividends
1st quarterend

2nd quarterend

Yen

Yen

Annual dividends
3rd quarterYear-endend

FY202327.00
FY2024FY2024(Forecast)
29.00(Note) Revision to the latest announcement of dividend forecast

Total

YenYenYen-28.00

55.00

29.00

58.00

:

None

3. Consolidated Financial Results Forecast for the Fiscal Year Ending November 30, 2024
(December 1, 2023 to November 30, 2024)(% indicates changes from the previous corresponding period.)
Profit attributable to Basic earnings
Net sales
Operating profit
Ordinary profit
owners of parent
per share
Millions of yen% Millions of yen% Millions of yen% Millions of yen

Full year
51,0005.1
2,600
5.5
2,800
1.0(Note) Revision to the latest announcement of performance forecast:
None― 1 ―

2,300%

Yen

3.7

86.48

Notes:(1) Changes in significant subsidiaries during the period under review (changes in
specified subsidiaries resulting in changes in the scope of consolidation)(2) Adoption of special accounting treatment for preparing quarterly consolidated
financial statements:

No:

No

(3) Changes in accounting policies, changes in accounting estimates, and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards:

No2) Changes in accounting policies other than 1) above:No3) Changes in accounting estimates:No

4) Retrospective restatement:

No(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end
February 29, 2024:
30,000,000 November 30, 2023: 30,000,000of the period (including treasury shares):2) Total number of treasury shares at theFebruary 29, 2024:
3,389,514 November 30, 2023:
3,404,514
end of the period:3) Average number of shares during theFor the three months ofFor the three months ofperiod:
the fiscal year ending
26,584,286 the fiscal year ended
26,731,150
November 30, 2024:
November 30, 2023:*

These quarterly consolidated financial results are outside the scope of audit by certified public accountants or audit
firms.

*

Explanation of the proper use of financial results forecast and other notes

The earnings forecasts and other forward-looking statements herein are based on information currently available andcertain assumptions judged to be reasonable. Actual results may differ significantly from these forecasts due to a widerange of factors.
As for suppositions that form the assumptions for the forecast of financial results and cautionary notes concerning theuse thereof, please refer to "(2) Forecast of Consolidated Business Results and other Forward-looking Information" in"1. Qualitative Information for the Period under Review" on page 5.
The Company and some of the Morito Group companies have introduced the "Japanese version of the employee
stock ownership plan (J-ESOP)" and the "officer remuneration board incentive plan (BIP) trust." Consequently, theshares of the Company held by Custody Bank of Japan, Ltd. (trust account E) and The Master Trust Bank of Japan,
Ltd. (officer remuneration BIP trust account), respectively, are included in treasury shares.

― 2 ―Table of Contents
1. Qualitative Information for the Period under Review..................................................................................

4(1)Overview of Business Results for the Period under Review..............................................................

4(2)

Forecast of Consolidated Business Results and other Forward-looking Information........................

5

2. Quarterly Consolidated Financial Statements and Primary Notes.............................................................

6(1)Quarterly Consolidated Balance Sheets............................................................................................

6(2)Quarterly Consolidated Statements of Income and Comprehensive Income....................................

8

Quarterly Consolidated Statements of Income.....................................................................................

8

Quarterly Consolidated Statements of Comprehensive Income..........................................................

9Notes to the Quarterly Consolidated Financial Statements...............................................................

10(Notes on Going Concern Assumption)................................................................................................

10(Notes on Significant Changes in the Amount of Shareholders' Equity).............................................

10(Segment Information, Etc.)..................................................................................................................

11(3)

― 3 ―

1. Qualitative Information for the Period under Review(1) Overview of Business Results for the Period under Review
For the three months of the fiscal year ending November 30, 2024 (December 1, 2023 to February 29, 2024) saw
economic activity steadily return to normal as various restrictions due to the COVID-19 pandemic were lifted.
However, economic growth remained at a moderate pace as the post-pandemic surge in demand subsided.
Furthermore, the outlook for the future remains uncertain due to geopolitical risks such as the prolonged situation in
Ukraine, rising tensions in the Middle East, and deterioration in the Chinese real estate market, as well as soaring
raw material and energy prices, global monetary tightening, and exchange rate fluctuations. Working against thisbackdrop, the Morito Group (the "Group"), which is mainly engaged in the apparel, product, and transportation
businesses, faced an uphill battle. This was due to stagnant demand caused by slowing consumption in Europe, theU.S., and Asia, as well as production cutbacks by apparel manufacturers due to a warm winter in Japan and the endof the post-pandemic surge in demand. Otherwise, the Group enjoyed favorable sales of locally produced andprocured accessories in Asia while the performance of its kitchen appliance and related service business remained
upbeat. Under its "Rideeco®" initiative aimed at realizing a sustainable society, the Group moved forward with thedevelopment and sales of environmentally friendly products, using discarded fishing nets and fabric scraps fromgarment factories, with a focus on winning new business contracts. In addition, continued efforts to streamline
unprofitable businesses resulted in an improved gross profit ratio.
As a result, for the three months of the fiscal year under review, net sales decreased 0.5% year on year to 11,744
million yen. Operating profit was up 7.0% to 662 million yen, ordinary profit grew 1.2% to 669 million yen, and profit
attributable to owners of the parent increased 9.4% to 564 million yen.

Exchange rates used for the conversion of revenue and expenses of the Group’s overseas subsidiaries during thepreparation of consolidated financial statements for the three months of the fiscal year under review are as follows.
1Q
USD

147.86(141.39)EUR

159.05(144.26)

CNY

20.44(19.85)

HKD

18.92

(18.07)VND

0.0061(0.0058)

THB

4.15

(3.89)

MXN

8.43(7.19)(Note) The exchange rate of the same period in the previous fiscal year is stated in parentheses.

― 4 ―Business results by segment are as follows.

JapanThe Apparel Division saw stronger sales of medical wear accessories for the European and U.S. markets as well assales of accessories for bags, while sales of accessories for workwear and casual wear decreased.
The Product Division enjoyed higher sales of products for one-coin shops (like 100-yen stores) and stationery-related
products as well as higher revenues for the kitchen appliance rental, sales, and cleaning business, while sales ofconstruction safety products and snowboard- and surfboard-related products decreased.
In the Transportation Division, sales of automotive interior components to Japanese automotive manufacturers fell.
As a result, net sales decreased 3.6% year on year to total 8,195 million yen, and segment profit rose 5.1% year on
year to reach 554 million yen.

Asia
The Apparel Division enjoyed growing sales of baby wear accessories and casual wear accessories in China andHong Kong as well as athletic shoe accessories and workwear-related products in Vietnam although sales ofworkwear accessories declined in China and Hong Kong.
In the Transportation Division, sales of automotive interior components to Japanese automotive manufacturers
increased in China.
As a result, net sales increased 14.6% year on year to total 1,969 million yen while segment profit dropped 5.8% yearon year to total 207 million yen.

Europe and the U.S.
In the Apparel Division, sales of medical wear accessories increased in the U.S. while sales of workwear accessories
decreased in Europe.
In the Transportation Division, sales of automotive interior components to Japanese automotive manufacturers
increased.
As a result, net sales decreased 0.2% year on year to total 1,579 million yen while segment loss came to 27 million
yen (segment loss for the same period in the previous fiscal year was 46 million yen).

(2) Forecast of Consolidated Business Results and Other Forward-Looking Information
The consolidated financial forecast for the fiscal year ending November 30, 2024, remains unchanged from what wasannounced on January 12, 2024.

― 5 ―2. Quarterly Consolidated Financial Statements and Primary Notes(1) Quarterly Consolidated Balance Sheets(Thousands of yen)
As of November 30, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Electronically recorded monetary claims - operating
Inventories
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Land
Other, netTotal property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Current portion of long-term borrowings
Income taxes payable
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Other
Total current liabilitiesNon-current liabilities
Long-term borrowings
Provision for share awards
Provision for retirement benefits for directors (andother officers)
Provision for share awards for directors (and otherofficers)
Provision for environmental measures
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities― 6 ―As of February 29, 2024

13,013,252
8,623,474
2,440,431
6,358,412
827,277(113,686)
31,149,163

12,584,814
7,508,764
2,649,320
6,447,826
878,620(47,480)
30,021,865

4,660,948
5,382,924
10,043,872

4,656,680
5,155,332
9,812,013

2,495,204
1,067,076
3,562,280

2,311,238
987,630
3,298,869

5,422,020
314,646
1,005,054(67,688)6,674,033
20,280,186
51,429,350

5,501,237
315,743
977,173(126,303)
6,667,850
19,778,733
49,800,599

3,658,697
1,082,704
50,000256,674
611,892
473,097

3,666,476
1,060,362
50,000280,008309,364
384,127

146,836

34,4212,309,311
8,589,213

1,958,819
7,743,579

1,166,620
48,176

1,073,284
46,31854,20858,391

100,494

103,500

26,823
864,593
2,121,999
4,382,915
12,972,128

25,432870,665
2,073,639
4,251,232
11,994,811

(Thousands of yen)
As of November 30, 2023
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets― 7 ―As of February 29, 2024

3,532,492
3,040,197
28,538,155(2,437,142)
32,673,702

3,532,492
3,061,414
28,343,433(2,479,102)
32,458,237

2,053,469
13,287419,773
3,223,586
49,9345,760,051
23,46738,457,221

2,119,100
8,422
419,773
2,742,797
45,327
5,335,422
12,12737,805,787

51,429,350

49,800,599

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of IncomeThe three-month period
For the three months
ended February 28, 2023

(Thousands of yen)
For the three months
ended February 29, 2024

11,804,902
8,572,048
3,232,853
2,613,475
619,378

11,744,197
8,365,773
3,378,423
2,715,655
662,768

3,257
9,524
17,95918,8905,489
10,6139,364

13,995

2,656

20,451
84,077

4,873
32,996

2,459
18,95020,23841,648661,807

3,265
6,804
2,645
13,41026,126
669,638824
141,392420
142,637

205,216
205,216558
558
803,887
261,914
25,672
287,587
516,299
516,299

1,842
2,937
4,780
870,074
298,045
7,312
305,358564,716
564,716

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Gain on redemption of investment securities
Rental income from real estate
Share of profit of entities accounted for using equity
methodOther
Total non-operating income
Non-operating expenses
Interest expenses
Loss on derivatives
Foreign exchange losses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Gain on reversal of share acquisition rights
Total extraordinary income
Extraordinary losses
Loss on sale of non-current assets
Loss on retirement of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent― 8 ―Quarterly Consolidated Statements of Comprehensive Income
The three-month period
For the three months
ended February 28, 2023

(Thousands of yen)
For the three months
ended February 29, 2024

516,299564,716

227,901(6,119)(884,991)(4,001)

65,630(4,867)(480,788)(4,606)52(667,206)(150,906)(424,628)
140,087(150,906)

140,087--Profit
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests― 9 ―(3) Notes to the Quarterly Consolidated Financial Statements(Notes on Going Concern Assumption)
Not applicable.

(Notes on Significant Changes in the Amount of Shareholders' Equity)
Not applicable.

― 10 ―

(Segment Information, Etc.)
Segment informationI

For the three months of the fiscal year ended November 30, 2023
Information on amounts of net sales and profit (loss) by reportable segment and disaggregated revenue(Thousands of yen)AmountReportable Segment
recorded in
Adjustment Consolidated
Financial
Europe &(Note 1)
Japan
Asia
Total
Statements
the U.S.
(Note 2)
Net sales
Apparel

2,548,835

1,367,384

1,242,761

5,158,981-

5,158,981

Product

4,752,723

165,659

2,533

4,920,915-

4,920,915

Transportation

1,201,413

186,146

337,444

1,725,004-

1,725,004

Revenue from contracts withcustomers

8,502,971

1,719,191

1,582,739

11,804,902-

11,804,902

Net sales to external customers

8,502,971

1,719,191

1,582,739

11,804,902-

11,804,902

Intersegment sales or transfers

482,676

1,373,307

14,532

1,870,516(1,870,516)

-

Total

8,985,648

3,092,498

1,597,271

13,675,418(1,870,516)

11,804,902

Segment profit (loss)

527,680

219,863(46,255)

701,289(81,910)619,378(Note) 1 The adjustment of (81,910) thousand yen to segment profit (loss) includes corporate expenses of (52,808)
thousand yen not allocated to the reportable segments, and other in the amount of (29,101) thousand yen.
2 The amount of segment profit (loss) has been adjusted with operating profit in the Quarterly Consolidated
Statements of Income.

IIFor the three months of the fiscal year ending November 30, 2024
Information on amounts of net sales and profit (loss) by reportable segment and disaggregated revenue(Thousands of yen)AmountReportable Segment
recorded in
Adjustment Consolidated
FinancialEurope &(Note 1)
Japan
Asia
Total
Statements
the U.S.
(Note 2)

Net sales
Apparel

2,512,332

1,444,090

1,174,782

5,131,205-

5,131,205

Product

4,513,633

166,386

10,712

4,690,731-

4,690,731

Transportation1,169,168

359,169

393,922

1,922,259-

1,922,259

Revenue from contracts withcustomers

8,195,134

1,969,646

1,579,416

11,744,197-

11,744,197

Net sales to external customers

8,195,134

1,969,646

1,579,416

11,744,197-

11,744,197

Intersegment sales or transfers

423,867

940,847

20,411

1,385,126(1,385,126)

-

Total

8,619,001

2,910,494

1,599,827

13,129,323(1,385,126)

11,744,197

Segment profit (loss)

554,730

207,132(27,921)733,940(71,172)

662,768(Note) 1 The adjustment of (71,172) thousand yen to segment profit (loss) includes corporate expenses of (60,780)
thousand yen not allocated to the reportable segments, and other in the amount of (10,392) thousand yen.
2 The amount of segment profit (loss) has been adjusted with operating profit in the Quarterly Consolidated
Statements of Income.

― 11 ―