Financial Highlights
J. Front Retailing Co., Ltd. and Consolidated Subsidiaries
Years ended February 28, 2009 and February 29, 2008 or at February 28, 2009 and February 29, 2008

Thousands ofU.S. dollars

Millions of yen

Fiscal 2008

(Except where otherwise indicated)(Except whereotherwise indicated)

Fiscal 2007

Fiscal 2007

Fiscal 2008

(Annual real terms)

Business results
Sales
Gross proﬁt
Operating income
Ordinary income
Net income
Selling, general and administrative (SG & A) expenses¥1,096,690¥1,177,901¥1,016,402$11,212,453

269,282

291,115251,301

2,753,113

28,092

42,632

39,717287,21028,28943,151

39,812289,224

7,170

23,404

20,53873,305

241,189

248,482

211,583

2,465,893

776,616-805,375

7,940,047

307,861-

307,823

3,147,541

316,268-

315,854

3,233,494

94,677-103,042

967,969

22,68630,912

27,796

231,939

Financial condition
Total assets
Shareholders equity
Net assets
Interest-bearing debt
Condition of cash ﬂows
Net cash provided by operating activities
Net cash provided by investing activities
Net cash used in ﬁnancing activities(11,676)

4,2105,792(119,374)(13,510)(41,015)(39,309)(138,125)¥13.56-¥45.74$0.14¥582.27-¥581.97

$5.95

¥8.0

-

24.55%

24.71%

24.72%

-

22.0%

21.1%

20.8%

-

2.6%

3.6%

3.9%

-

3.6%

5.3%

4.9%

-

2.3%

7.6%

6.7%

-

7.0%

10.5%

9.7%

-

39.6%

38.2%

38.2%

-

Per share information (unit: ¥/$)Net income
Net assets
Cash dividends (Non-consolidated)¥4.5（Note）$0.08

Financial indicators (unit: %)Gross margin
Ratio of SG & A expenses to sales
Operating marginReturn on assets (ROA)
Return on equity (ROE)
Return on Investment (ROI)
Shareholders equity ratio*1 U.S. dollar ﬁgures are for reference only. They are translated from yen, at the rate of ¥97.81=U.S.$1 as of February 28, 2009 and rounded to the nearest U.S.$1,000.
*2 The amounts for ﬁscal 2007 (annual real terms) are the consolidated ﬁgures of the business results of Daimaru Group and Matsuzakaya Group for the year from March 1,
2007 to February 28, 2008.
*3 Net income per share for ﬁscal 2007 is based on the average number of shares outstanding calculated by deeming that the Company was established on March 1, 2007.
The ﬁgures in annual real terms were calculated in the same way.
*4 Net income, operating income and ordinary income are used to calculate ROE, ROA and ROI respectively.
*5 Year-end shareholders equity, total assets and capital invested are used to calculate ROE, ROA and ROI for ﬁscal 2007.
(Note) Daimaru and Matsuzakaya Holdings paid interim dividends of ¥6 and ¥3.50 per share respectively.

02

SalesOperating Income
Unit: ￥Million

1,500,000

1,200,000

1,177,901

1,156,455 1,166,520 1,173,705
810,693 822,584 837,032

50,00042,632
39,717

41,95840,00037,765

1,096,690

1,016,402

Ordinary Income
Unit: ￥Million

30,971

34,67130,17030,67830,000600,000

20,00020,00010,00010,0000345,762 343,936 336,673

Fiscal
2004

Fiscal
2005

Fiscal
2006

Fiscal
2007

Fiscal2008

028,092

26,136

Fiscal
2004

Fiscal
2005

Fiscal2006(Full year ※3)(Full year ※4)

21,544
16,02523,40422,560

100

92.32
60.11

20,53817,304

60

97.18
65.65

7,532

Fiscal
2004

Fiscal
2005

Fiscal
2006

9.00
32.21

10.00
7.50

31.53

5
13.56

11.00

Fiscal
2005

Fiscal
2006

Fiscal
2007

Fiscal
2008

0

Fiscal
2004

Fiscal
2005

Fiscal
2006

Fiscal
2007

Fiscal
2008

8.00

7.50
6.00

5.00

4.50

3.50

14.82

2,506

Fiscal2008

Unit: ￥

1020

5,255

Fiscal2007

2040

Fiscal
2004

7,660
4,678

53.99

7,170

0

28,28915

45.74
10,0005,519

30,06525,387

Cash Dividends per Share（Non-Consolidated）
Unit: ￥

68.81

14,4995,000

33,35343,151
39,812(Full year ※3)(Full year ※4)80

17,00515,000Fiscal2008

Net Income per Share
Unit: ￥Million

20,000Fiscal2007

040,885(Full year ※3)(Full year ※4)

Net Income
25,00030,000

7,228

7,087

4,835

37,83040,000900,000

300,000

Unit: ￥Million

50,000

0Fiscal2004

Fiscal
2005

Fiscal
2006

Interim Fiscal Fiscal
2007 2007 2008

(Full year ※3)(Full year ※4)

Total Assets

Net Assets
Unit: ￥Million

1,000,000

805,375

800,000

776,616600,000

Unit: ￥Million

500,000

400,000
315,854 316,268

300,000

400,000

200,000

Daimaru

375,513361,749 370,364
200,000

100,000

209,813 217,642
217,493

0Fiscal2004

Fiscal
2005

Fiscal
2006

Fiscal
2007

Fiscal2008

077,328

91,803

109,308

60,18270,44664,508

Fiscal
2004

Fiscal
2005

Fiscal2006

Matsuzakaya Holdings
JFR
Fiscal
2007

Fiscal
2008※1 The ﬁgures of Matsuzakaya Holdings for and before ﬁscal 2005 are the consolidated ﬁgures of Matsuzakaya Group before its transition to holding company.
※2 Sales of Daimaru for and before ﬁscal 2006 include other operating revenue.
※3 According to the accounting standard for business combinations, Daimaru Group and Matsuzakaya Group consolidated the ﬁnancial results for the full year and thesecond half respectively.
※4 Concerning the performance of Matsuzakaya Group, the consolidated ﬁgures for the full year are stated for information purposes.

03