Summary of Consolidated Financial Results
For the Three Months Ended April 30, 2009
June 3, 2009
Company name: Pigeon Corporation (Stock code: 7956)
Listings: First Section, Tokyo Stock Exchange
Website: www.pigeon.co.jp
Representative: Akio Okoshi (President and COO)
Contact: Isao Kosaka (Managing Officer, Corporate Planning Division)/Tel: +81-3-3661-4188
Date of release of Business Report: June 15, 2009
Planned Commencement Date of Dividend Payment: －1. Consolidated Financial Results (February 1 –April 30, 2009)(1) Performance(¥ millions, rounded down, % figures denote year-on-year change)
Operating Income
Ordinary Income
Net Income

Net Sales
Three Months Ended April 30, 200912,147

－%

719

－%

769

－%

358

－%

Three Months Ended April 30, 2008

12,627

11.6%

796

37.5%

745

33.2%

389

22.2%

Net Income per Share (¥)

Diluted Net Income Per Share (¥)

Three Months Ended April 30, 2009

17.91

－

Three Months Ended April 30, 2008

19.56

－

(2) Financial Position
Total Assets
At April 30, 2009

Net Assets

38.797

Equity Ratio (%)

24,623

Net Assets Per Share (¥)

62.4

1,210.04

At January 31, 2009
38,407
24,324
62.3
Reference: Equity: ¥24.219 million (At April 30, 2009); ¥23.928 million (At January 31, 2009)

1,195.45

2. Cash Dividends
Cash Dividends per Share (¥)
1Q
Year Ended January 31, 2009
Year Ending January 31, 2010
Year Ending January 31, 2010
(Forecast)

2Q
－
－

3Q

Year-end

Full-year

23.00

－

32.00

55.00

32.00

－

32.00

64.00

(Note) Changes in dividend forecasts during the quarter under review: None

3. Forecast for the Year Ending January 31, 2010
Operating
IncomeNet Sales
Six Months Ending
July 31, 2009(% indicates changes from thecorresponding previous term)

Year Ending
January 31, 2010

Ordinary Income(¥ millions, rounded down)
Net
IncomeNet Income
per Share(¥)

26,700

0.1%

1,650

(22.1) %1,600(24.0) %1,000(26.7) %49.96

56,000

5.5%

4,400

3.1%

4,350

1.3%

3,000

5.1%

149.88(% figures denote year-on-year change)(Note) Changes in projections during the quarter under review: None1

4. Other(1) Changes in material subsidiaries during the period (changes in specific subsidiaries affecting the scope of
consolidation): No(2) Application of simplified methods of accounting and accounting methods specific to the preparation of quarterly
financial statements: Yes
For details, please refer to section 4 (page 5).of the “Qualitative Information Regarding Consolidated BusinessResults.”(3) Changes in accounting principles, processes, presentation methods, etc., related to the preparation of quarterly
consolidated financial statements (recorded in changes to important items that form the basis for preparation ofquarterly consolidated financial statements)
1) Changes due to revisions to accounting standards, etc.: Yes
2) Changes other than 1): No
For details, please refer to section 4. of the “Qualitative Information Regarding Consolidated Business Results.”(4) Number of outstanding shares (ordinary shares)
1) Number of shares outstanding at term-end (including treasury shares)Three months ended April 30, 2009: 20,275,581
Year ended January 31, 2009: 20,275,581
2) Number of treasury shares at term-end
Three months ended April 30, 2009: 260,114
Year ended January 31, 2009: 259,777
3) Average number of shares during the period (cumulative figure for consolidated quarterly accounting period)
Three months ended April 30, 2009: 20,015,610
Three months ended April 30, 2008:19,926,454
Notes: Cautionary Statement Regarding Performance Forecasts
1. The forecasts and future projections stated in this report have been prepared on the basis of the information andassumption that shall be reasonable as of the date of announcement of this summary information, and the actual
results could differ significantly from forecast figures depending on a variety of factors.
2. In the current consolidated fiscal year, the Company began applying the “Accounting Standard for Quarterly
Financial Reporting” (Financial Accounting Standard No. 12) and the “Guidance on Accounting Standard for
Quarterly Financial Reporting” (Financial Accounting Standard Implementation Guidance No. 14). The quarterly
consolidated financial statements were also prepared in accordance with the “Regulations on Quarterly Consolidated
Financial Statements.

2

Qualitative Information Regarding Consolidated Business Results
1. Consolidated Business Results
Overview of Business Conditions
In the three-month period under review—the first quarter of the year ending January 31, 2010—the Japanese
economy was characterized by continued deterioration of corporate earnings due to the sharp economic
downturn stemming from the global financial crisis. Meanwhile, personal consumption remained weak amid
increasing difficult conditions in the job market. The Pigeon Group faced very difficult conditions ascompanies squeezed their distribution inventories in response to weak consumption. We were also impacted
by the rising cost of raw materials, which constituted an increasingly heavy burden in the previous fiscal, due
to surging crude oil prices. In the autumn of 2009, moreover, the situation was further exacerbated by theappreciation of the yen.
Facing these conditions, the Pigeon Group entered the second year of its third medium-term businessplan for the 21st century, entitled “Becoming a Global Company: Challenges and Independence.” Based on
the plan’s fundamental policies, we have set the following tasks for our respective businesses.

Baby and Child Care
Domestic Baby and Child Care Products: In this category, we will swiftly adopt measures to strengthen
existing businesses while nurturing new businesses and maintaining and entrenching our directcommunications program. In these ways, we will hone our competitive edge in the market and energize andraise brand loyalty. We will also raise profitability by pursuing cost reductions across the board.

Overseas Business: We will prioritize allocation of managerial resources to our overseas business, which
we regard as a key growth driver for the Pigeon Group. Adopting appropriate marketing strategies, we will
work to strengthen and broaden brand loyalty in overseas markets while actively expanding our presence inexisting markets. We will give particular attention to China, where we will further solidify our sales
foundation and expand our production operations.

Child-Rearing Support Services: Here, we will upgrade our new personnel development system andbroaden the scope of our services, with the aim of improving the quality of both personnel and services. At
the same time, we will build an effective business operational infrastructure, steadily boost efficiency, andfocus on highly profitable services to underpin growth. In the process, we will solidify our foundation forbusiness expansion and improved profitability.
Healthcare
In this segment, we will strengthen our sales and marketing capabilities under our Group-wide business
operational infrastructure. Our plan is to consolidate nursing care-related products under the Habinurse brand,finish streamlining our product lineup, and steadily establish effective distribution channels in order toenhance the productivity and profitability of existing businesses. Meanwhile, we will continue actively
allocating managerial resources to nurture the new Recoup brand of anti-aging products. Initiatives here
include upgrading our product lineup and expanding our network of Recoup sections in retail stores.
As a result of the aforementioned initiatives, the Group posted consolidated net sales of ¥12,147 million for
the quarter, down 3.8% from the previous corresponding period. On the earnings side, we worked hard to
hold down expenses amid continued increases in raw materials prices. However, operating income declined
9.6%, to ¥719 million, whereas ordinary income was up 3.2%, to ¥769 million. During the period, we
reported an extraordinary loss of ¥380 million allowance for doubtful accounts. This was, as released on
March 31, 2009, in response to a business partner filing for the Civil Rehabilitation Act bankruptcy
protection. Accordingly, net income fell 8.1%, to ¥358 million.

3

Segment Review
The Pigeon Group has three main business segments: Baby and Child Care, Healthcare, and Others.

Baby and Child Care
Sales in this segment amounted to ¥9,627 million, down 2.9% year-on-year. Operating income edged down
0.4%, to ¥1,323 million. This segment consists of three categories: Domestic Baby and Child Care Products,
Overseas Business, and Child-Rearing Support Services.

Domestic Baby and Child Care Products: In this category, we launched a number of new products. In
February 2009, for example, we upgraded our lineup of breastfeeding-related products with the introductionof a chilled, sealed breastfeeding cap, and in March we unveiled two insect repellents that do not need to be
directly applied to the skin. In addition, we focused on direct customer communication aimed atstrengthening brand loyalty. As part of this program, we held five maternity events during the year, attracting
more than 350 participants. Meanwhile, the membership of our word-of-mouth community portal, “Pigeon
Info,” which supports women during pregnancy, in childbirth, and when raising children, has risen steadily.
Due to ongoing weakness in consumer sentiment, however, sales fell below the level of the previous
corresponding period.

Overseas Business: Despite concerns about the impact of global recession, overseas sales on a localcurrency basis increased year-on-year, driven mainly by China and the United States. In China, Pigeon(Shanghai) Co., Ltd., held a kick-off meeting in February 2009 with the Ministry of Health of the People’s
Republic of China with respect to jointly advancing a project related to the Chinese government’s campaign
to promote breastfeeding. As part of this initiative, we will open “Pigeon Breastfeeding Advice Offices” in
34 locations around China. In the United States, meanwhile, Lansinoh Laboratories, Inc., a consolidated
subsidiary, acquired the sales rights for the Soothies brand from Puronyx, Inc. Here, our aim is to strengthen
our business in the United States by upgrading our lineup of breastfeeding-related products and securing
sales channels into hospitals.

Child-Rearing Support Services: In this category, we continued proactive sales initiatives, including incompany child-minding operations. In April 2009, we were newly entrusted with the operation of five
daycare facilities.

Healthcare
Sales in this segment declined 3.4%, to ¥1,616 million, and operating income fell 43.0%, to ¥42 million.
With respect to the Recoup brand of anti-aging products, launched in August 2007, held events aimed atraising brand recognition on four occasions, attracting around 100 participants. In addition, we have been
setting up Recoup sections in specialist retail outlets. We now have such sections in around 200 locations.
During the period, we added a number of new products to our line of supporters that reduce strain Recoup
supporters on the wrist, the elbow and the whole body, which have been popular since their launch. These
include functional walking-support socks. Going forward, we will work swiftly to broaden productdevelopment. In addition, we have acquired the services of actress Yoshiko Kayama to represent our brand.
We will continue our wide-ranging business development activities, including through the use of events,
posters, and dedicated catalogs.

OthersSales from other operations totaled ¥903 million, down 13.2% year-on-year. Operating income slipped 5.9%,
to ¥166 million. During the period, we launched a delicious folic acid nutritional supplement in chewable
form for women who are pregnant or breastfeeding. However, Pigeon Will Co., Ltd., a consolidated
subsidiary that makes and sells maternity undergarments, reported a year-on-year sales decline due toweakened consumer sentiment.

2. Financial Position
At April 30, 2009, total assets amounted to ¥3,897 million, up ¥389 million from January 31, 2009. Major
components included an increase in inventories and a decrease in notes and accounts receivable.
4

Total liabilities rose ¥91 million, to ¥14,174 million. Major factors included an increase in notes andaccounts payable and a decline in accrued payables.
Net assets were up ¥298 million, to ¥24,623 million. Major components included an increase inforeign exchange adjustment and a decline in retained earnings.

3. Performance Forecasts
The Pigeon Group has not changed its consolidated performance forecasts for the fiscal year ending January
31, 2010. Those forecasts were announced on March 6, 2009.

4. Other(1) Major changes among subsidiaries (scope of consolidation) during period
Not applicable.

(2) Simplified accounting method or special method for preparing quarterly consolidated
financial statements adopted
1) Simplified Accounting Method- Valuation of inventory assets
The value of inventories at the end of the period under review is based on rational calculation, using
physical inventories at the end of the previous fiscal year, rather than physical inventories at the end of
the period under review. The Company has reduced the book price of certain inventory assets that wereclearly deemed to be declining in profitability, after estimating the net selling value of such assets.
- Method of calculating depreciation of fixed assets
Depreciation of fixed assets for which the declining-balance method is used is calculated by dividing theamount for the entire fiscal year into quarters.
- Determining recoverability of deferred tax assets
In determining the recoverability of deferred tax assets, the operating performance forecasts and tax
planning methods used during and prior to the fiscal year ended January 31, 2009, were applied in the
period under review, as no significant changes in the operating environment or sudden and significant
changes in conditions were recognized.
2) Special accounting treatment applied in preparation of quarterly financial statements
Not applicable(3) Change in accounting methods related to preparation of quarterly financial statements
1) Effective the fiscal year under review, the Company has applied “Accounting Standard for Quarterly
Financial Reporting and its Implementation Guidance” (ASBJ Statement No. 12 issued March 14, 2007)
and “Guidance on Accounting Standard for Quarterly Financial Reporting” (ASBJ Guidance No. 14
issued March 14, 2007). The Company also prepares its quarterly consolidated financial statements
according to “Regulations for Quarterly Consolidated Financial Statements.”
2) Previously, inventories held for sale in the ordinary course of business were measured primarily at cost,
determined by the average method, while inventories held by consolidated subsidiaries were valued atcost, determined by the last purchase price method. Effective the first quarter ended April 2009, however,
the Company has applied “Accounting Standard for Measurement of Inventories” (ASBJ Statement No. 9,
issued July 5, 2006). Accordingly, such inventories are measured primarily at cost, determined by theaverage method (on Balance Sheets inventories shall be carried at the net selling value, regarded as
decreased profitability). The effect of this change on the Company’s income statements was minimal.
3) Effective the first quarter ended April 2009, the Company has applied “Practical Solution on Unificationof Accounting Policies Applied to Foreign Subsidiaries for the Consolidated Financial Statements”(ASBJ Practical Issues Task Force No. 18, issued May 17, 2006), and made the necessary adjustments to
its consolidated results accordingly. The effect of this change on the Company’s income statements was
minimal.
5

5. Quarterly Consolidated Financial Statement(1) Consolidated Quarterly Balance Sheets(Thousands of yen)
At April 30, 2009ASSETS
I. Current Assets:
Cash and time deposits
Notes and accounts receivable
Goods and products
Goods in process
Raw material and inventory goods
Other current assets
Allowance for doubtful accounts
Total Current Assets
II. Fixed Assets:
1. Tangible Fixed Assets:
Buildings and structures
Land
Other tangible fixed assets
Total Tangible Fixed Assets
2. Intangible Fixed Assets:
Goodwill
Other intangible fixed assets
Total Intangible Fixed Assets
3. Investments and Other Assets:
Other
Allowance for doubtful accounts
Total Investments and Other Assets
Total Fixed Assets
Total Assets

6

At January 31, 2009

5,870,203
9,347,526
4,463,951
32,189
1,071,272
1,355,345(142,877)
21,997,612

5,972,743
10,118,834
3,636,721
33,934
970,523
952,842(54,731)
21,630,868

4,522,926
5,897,038
2,955,490
13,375,455

4,541,669
5,879,913
2,886,779
13,308,362

751,529703,699
1,455,229

816,244728,708
1,544,953

2,361,859(392,575)
1,969,284
16,799,969
38,797,582

1,928,369(4,577)
1,923,791
16,777,107
38,407,976

(Thousands of yen)
At April 30, 2009

At January 31, 2009

5,188,019
1,711,239
443,761
839,593
69,654
3,194,870
11,447,138

4,674,216
1,819,680
426,442
522,731
74,302
3,726,139
11,243,512

1,344,880
258,398

1,319,680
252,065

281,454

287,840

842,655
2,727,388
14,174,526

980,2882,839,874
14,083,386

5,199,597
5,180,246
15,202,901(443,696)
25,139,049

5,199,597
5,180,246
15,484,915(442,935)
25,421,824

4,893(924,260)(251)(1,493,521)

Total Valuation and Translation Adjustments(919,367)(1,493,773)

III. Minority Interests
Total Net Assets
Total Liabilities, Minority Interests and Net Assets

403,373
24,623,056
38,797,582

396,538
24,324,589
38,407,976

LIABILITIES
I. Current Liabilities:
Notes and accounts payable
Short-term borrowings
Income taxes payable
Accrued bonuses to employees
Returned goods adjustment reserve
Other current liabilities
Total Current Liabilities
II. Long-Term Liabilities:
Long-term borrowings
Employees' retirement benefits
Retirement benefits for directors and corporate
auditors
Other long-term liabilities
Total Long-Term Liabilities
Total Liabilities
NET ASSETS
I. Shareholder's Equity:
Capital stock
Additional paid-in capital
Retained earnings
Treasury stock
Total Shareholders' Equity
II. Valuation and Translation Adjustments:
Net unrealized gains (losses) on securities
Foreign currency translation adjustment

7(2) Consolidated Quarterly Statements of Income(Thousands of yen)Three Months Ended April 30, 2009
I. Net Sales
II. Cost of Sales
Gross profit
Reversal of reserve for returned products
Transfer to reserve for returned products
Adjusted gross profit
III. Selling, General and Administrative Expenses
Operating Income
IV. Other Income:Interest income
Rental income
Equity in earnings of nonconsolidated
subsidiaries and affiliates

12,147,321
7,525,275
4,622,045
75,632
67,985
4,629,692
3,909,991
719,700
8,618
30,442
12,779Profit from foreign exchange
Other
Total Other Income
V. Other Expenses:
Interest expense
Sales discounts
Rental income-related costs
Other
Total Other Expenses
Ordinary Income
VI. Extraordinary Income:Gain on sales of property
Other
Total Extraordinary Income
VII. Extraordinary Loss:
Loss on disposal of property
Transfer to allowance for doubtful accounts
Other
Total Extraordinary Loss
Income before Income Taxes
Income Taxes
Adjustment for Corporate Tax
Total Corporate Income Tax
Less: Minority Interest in Net Income ofConsolidated Subsidiaries
Net Income

33,39743,352
128,590
15,80440,823
19,412
2,944
78,984
769,306
3,360
468
3,828
837
380,8386,510
3,388,185
384,950
329,166(333,521)(4,355)30,813
358,4928

(3) Consolidated Quarterly Statements of Cash Flows(Thousands of yen)Three Months Ended April 30, 2009
I. Cash Flows from Operating Activities:
Income before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in accrued bonuses to employees
Increase (decrease) in employees' retirement benefits
Increase (decrease) in directors' retirement benefits
Interest and dividend income
Equity in (earnings) losses of nonconsolidated
subsidiaries and affiliates
Interest expense
Loss (Gain) on sale of fixed assets
Loss on disposal of fixed assets
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in account payables
Increase (decrease) in consumption tax payable
Decrease (increase) in bankruptcy claims
Other
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net Cash Provided by Operating Activities
II. Cash Flows from Investing Activities:
Acquisition of property, plant and equipment
Proceeds from sales of property, plant and equipment
Acquisition of intangible assets
Payment to life insurance fund for directors
Loans advanced
Collection of loan receivables
Payment for lease deposits
Proceeds from recovery of lease deposits
Other
Net Cash Used in Investing Activities
III. Cash Flows from Financing Activities:
Proceeds from short-term debt
Repayment of short-term debt
Payment of cash dividends
Payment of cash dividends to minority shareholders
Acquisition of treasury stock
Net Cash Used in Financing Activities
IV. Effect of Exchange Rate Changes on Cash and Cash
Equivalents
V. Net Change in Cash and Cash Equivalents
VI. Cash and Cash Equivalents at Beginning of the Period
VII. Cash and Cash Equivalents at End of the Period
9384,950
344,642
78,554474,106
316,649
6,332(6,385)(8,618)(12,779)
15,804(3,360)837
997,838(796,132)
387,893(274,066)(40,514)(407,318)(366,918)
1,091,516
8,532(23,037)(311,175)
765,835(218,479)
3,790(61,511)(2,579)(240)
396(9,579)2,087(2,209)(288,326)
2,126,547(2,254,050)(606,153)(50,393)(761)(784,810)
204,761
102,539
5,972,743
5,870,203

[Reference: Consolidated Quarterly Financial Statements for the Previous Period](1) Consolidated Quarterly Statements of Income(Thousands of yen)Three Months Ended April 30, 2008
Net sales

12,627,440

Cost of sales

7,844,059

Gross profit

4,743,381

Selling, general and administrative expenses

3,947,079

Operating income

796,301

Other income

65,686

Interest income

10,748Dividend income

150

Rental income

27,774Equity in gain from affiliated companies

8,588

Other

18,425

Other expenses

116,683

Interest expense

14,401

Sales discounts

43,690Rental income-related costs

23,551

Foreign exchange loss

29,120

Other

5,918

Ordinary income

745,304

Extraordinary income

444

Gain on sales of fixed assets

174

Reversal of Allowance for doubtful accounts

269

Extraordinary losses

89,581

Loss on sales of assets

167

Loss on sale/disposal of property

5,763

Expenses related to self-imposed product recall

83,650

Income before income taxes

656,167

Additional corporate tax and others

353,162

Income tax adjustments(113,036)

Minority interests in net income

26,153

Net income

389,88810

(2) Consolidated Quarterly Statements of Cash Flows(Thousands of yen)Three Months Ended April 30, 2008
I. Cash Flows from Operating Activities:
Income before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in accrued bonuses to employees
Increase (decrease) in employees' retirement benefits
Increase (decrease) in directors' retirement benefits
Interest and dividend income
Equity in (earnings) losses of nonconsolidated
subsidiaries and affiliates
Interest expense
Gain on sale of fixed assets
Loss on sale of fixed assets
Loss on disposal of fixed assets
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in account payables
Increase (decrease) in consumption tax payable
Decrease (increase) in bankruptcy claims
Other
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net Cash Provided by Operating Activities
II. Cash Flows from Investing Activities:
Proceeds from reversal of time deposits
Acquisition of property, plant and equipment
Proceeds from sales of property, plant and equipment
Acquisition of intangible assets
Payment to life insurance fund for directors
Proceeds due to maturity/cancellation of insurance reserve
Loans advanced
Collection of loan receivables
Payment for lease deposits
Proceeds from recovery of lease deposits
Other
Net Cash Used in Investing Activities
III. Cash Flows from Financing Activities:
Net increase in short-term bank loans
Repayment of short-term bank loans
Proceeds from long-term debt
Payment of cash dividends
Payment of cash dividends to minority shareholders
Proceeds from sale of treasury stock
Acquisition of treasury stock
Net Cash Provided in Financing Activities
IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents
V. Net Change in Cash and Cash Equivalents
VI. Cash and Cash Equivalents at Beginning of the Period
VII. Cash and Cash Equivalents at End of the Period
11656,167
366,309
66,576
4,835
331,525
10,570(24,404)(10,898)(8,588)14,401
(174)
167
5,763
(838,069)(922,728)
674,579
219,508(5,858)
1,043(56,890)
483,835
14,621(23,033)(242,044)
233,379
510,000(409,415)
472(105,629)(3,368)16,182(826)
358(12,923)
2,069(5,116)(8,198)3,431,240(1,693,600)(1,020,000)(279,717)(36,439)
201,021(334)
602,169(224,254)
583,096
3,775,631
4,358,727

6. Segment Information(1) Performance by Business Segment
Three Months Ended April 30, 2009
Baby andchild care
Sales(1) Sales to outside customers
9,627,109(2) Intersegment sales－
Total

Healthcare

9,627,109

OthersTotal

1,616,231

903,980

12,147,321－
1,616,231－
903,980－
12,147,321

Operating income
1,323,449
42,417
166,688
1,532,555
Notes:
1. The Company’s business is segmented for internal control purposes.
2. Main products/services of each segment are shown below.
Segment
Main products/services(¥ thousands)
Eliminations or Consolidated
corporate
12,147,321

－
(－)
(－)

－
12,147,321(812,854)

719,700

Baby and child care

Breastfeeding and weaning products, skincare products, child-rearing support services, other

Healthcare

Nursing-care products, nursing-care support services, other

Others

Women’s care products (supplements, maternity products, etc.), wet tissues, other(2) Performance by Geographic Region
Three Months Ended April 30, 2009
Japan

East Asia

OthersTotal(¥ thousands)
Eliminations or Consolidated
corporate

9,128,103

1,947,530

1,071,687

12,147,321-

12,147,321

457,604

537,106-

994,710(994,710)-

9,585,707

2,484,636

1,071,687

13,142,031(994,710)

12,147,321

Operating income
1,075,701
459,212
96,269Notes:
1. Segmentation of countries and regions is based on geographic proximity.
2. Major countries and regions are as follows:
East Asia: Singapore, Thailand, China
Other: United States, etc.

1,631,184(991,483)

719,700

Sales(1) Sales to outside customers(2) Intersegment sales
Total(3) Oversea Sales
Three Months Ended April 30, 2009(¥ thousands)
East Asia

Overseas sales
Consolidated net sales

North America

Middle East

Other

Total

2,225,827

923,480

235,799

342,473

3,727,579

－

－

－

－

12,147,321

Share of overseas sales in
18.3
7.6
2.0
2.8
30.7
consolidated net sales (%)
Notes:
1. Segmentation of countries and regions is based on geographic proximity.
2. Major countries and regions are as follows:(1) East Asia: China, South Korea, Singapore, etc.
(2) North America: United States, Canada, etc.
(3) Middle East: United Arab Emirates, etc.
(4) Other: Panama, South Africa, France, etc.
3. Overseas sales refer to sales in countries or regions outside of Japan reported by the Company and its consolidated subsidiaries.

12[Reference: Segment Information for the Previous Period](1) Performance by Business Segment
Three months ended April 30, 2008(¥ thousands)
Baby andchild care

Sales(1) Sales to outside customers(2) Intersegment sales

Healthcare

OthersTotal

Eliminations
or corporate

Consolidated

9,912,579

1672,969

1,041,890

12,627,440－

12,627,440－
9,912,579－
1,672,969－
1,041,890－
12,627,440

(－)
(－)

－
12,627,440

Operating income
1,328,358
74,420177,093
Notes:
1. The Company’s business is segmented for internal control purposes.
2. Main products/services of each segment are shown below.

1,579,872(783,571)

796,301

Total

Segment

Main products/services

Baby and child care

Breastfeeding and weaning products, skincare products, child-rearing support services, other

Healthcare

Nursing-care products, nursing-care support services, other

Others

Women’s care products (supplements, maternity products, etc.), wet tissues, other(2) Oversea Sales
Three months ended April 30, 2008
East Asia
Overseas sales
Consolidated net sales
Share of overseas sales in
consolidated net sales (%)

North America Middle East(¥ thousands)
Total

Other

2,231,598

970,738

362,583

447,589

4,012,510

－

－

－

－

12,627,440

17.7

7.7

2.9

3.5

31.8

Notes:
1. Segmentation of countries and regions is based on geographic proximity.
2. Major countries and regions are as follows:(1) East Asia: China, South Korea, Singapore, etc.
(2) North America: United States, Canada, etc.
(3) Middle East: United Arab Emirates, etc.
(4) Other: United Kingdom, Australia, South Africa, etc.
3. Overseas sales refer to sales in countries or regions outside of Japan reported by the Company and its consolidated subsidiaries.

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