FY02/11 Results Presentation
February 28,決算説明会
2011
２０１1年２月期

代表取締役社長
Representative Director, President
Kentaro Mizuno
水野健太郎

Contents
FY02/11 Results Overview

FY02/12 Earnings Forecast

Consolidated Results Summary…3

Key Strategies……………................10

Consolidated Income Statement ..4

Consolidated Forecast Summary…..11

Segment Results..........................5

Great East Japan Earthquake

Consolidated Balance Sheet.........6
Domestic Business Summary…7-8
Overseas Business Summary……9

Impact…….……………………......12-14
Consolidated Forecast….………..….15
Segment Forecasts….......................16
Domestic Business Plan…………17-18
Overseas Business Plan………….…19
TOPICS…………………….……….....20
DATA BOOK

FY02/11 Consolidated Results SummarySales
244.6 billion yen (-1.6% YoY and +0.5% vs. forecast)
Operating Profit
8.9 billion yen (+103.7% YoY and +35.3% vs. forecast)
Recurring Profit
10.5 billion yen (+71.5% YoY and +16.6% vs. forecast)Gross profit margin improvement driven by robust sales in core brands.
Results beat forecast figures thanks to effective cost controls.
© Copyright 2007-2011 ONWARD HOLDINGS CO., LTD.

3

FY02/11 Consolidated Income Statement
Onward Kashiyama and other subsidiaries’ performance overall better than plan.
(Million Yen)

FY02/11
Results

FY02/10
Results

FY02/11
Forecast

YoY(%)

Vs. Forecast(%)

Sales

244,550

248,634-4,084-1.6%

243,300

1,250

0.5%

Gross Profit

115,824

114,176

1,648

1.4%

113,600

2,224

2.0%

(％)

47.4%

45.9%

1.5%

46.7%

SG&A Expenses

106,896

109,793-2,897-2.6%

107,000

-104

-0.1%

Operating Profit

8,928

4,383

4,545

103.7%

6,600

2,328

35.3%

(％)

3.7%

1.8%

1.9%

2.7%

Recurring Profit

10,497

6,120

71.5%

9,000

(％)

4.3%

2.5%

1.8%

3.7%

Extraordinary Gains

486

2,419

-1,933700-214

Extraordinary Losses

2,431

2,150

281

800

1,631

Net Income

2,722

2,187

535

3,500

-778

© Copyright 2007-2011 ONWARD HOLDINGS CO., LTD.

4,377

24.5%

0.7%

1.0%
1,497

16.6%
0.6%

-22.2%

4

FY02/11 Segment Results
SimpleSimpleAggregate
AggregateTotals
Totals(Before(BeforeEliminations)Eliminations)

Sales(Million Yen)

FY02/11
Results

FY02/10
Results

YoY(％)

FY02/11
Forecast

Vs. Forecast(%)

Onward Kashiyama

154,316

156,830-1.6%

151,800

1.7%

Others63,61659,652

6.6%

63,979-0.6%

Domestic Total

217,932

216,4820.7%

215,779

1.0%

Europe32,042

37,143-13.7%

31,365

2.2%

Asia

6,464

5,411

19.5%

6,380

1.3%

US

2,994

2,976

0.6%

2,975

0.6%

Overseas Total

41,50045,530-8.9%

40,7201.9%

Total Sales

259,432

262,012-1.0%

256,499

1.1%

Onward Kashiyama

7,401

5,957

24.2%

6,800

8.8%

Others

3,720

2,739

35.8%

3,983

-6.6%

Domestic Total

27.9%

10,783

3.1%

11,1218,696

Europe-363-2,067

Asia

411

257

-516
59.9%

574

US

-147

-430

-184

Overseas Total-99-2,240-126

Operating Profit

11,022

6,456

70.7%

10,657-28.4%

3.4%

Robust sales in core Onward Kashiyama and Island brands:
Onward Kashiyama: +2.5 billion yen (+1.7% vs. forecast)Island: +300 million yen (+4.4% vs. forecast)
Sales at Overseas subsidiaries were down 5.9 billion yen due to the strong yen. (Adjusted forexchange rates Overseas sales increased 4.1% YoY.)

Gross Profit
Consolidated gross profit margin better than forecast by +0.7% driven by growing sales forhigh-margin products.

SG&A Expenses
SG&A spending came in 100 million yen below forecast thanks to ongoing cost controls in
response to current business conditions.
Key Items (YoY)
 Labor: -950 million yen (-1.6%)
 Advertising & promotion: -110 million yen (-2.0%)
 Rental: -280 million yen (-2.1%)
 Depreciation: -140 million yen (-2.8%)

Operating Profit
Results for Onward Kashiyama and Island were substantially better than forecast:
Onward Kashiyama: +600 million yen (+8.8% vs. forecast)Island: +200 million yen (+16.8% vs. forecast)© Copyright 2007-2011 ONWARD HOLDINGS CO., LTD.

5

FY02/11 Consolidated Balance Sheet(Million Yen)

FY02/11
Results

FY02/10
Results

ChangeTotal Assets

281,642

292,568-10,926

Cash and Equivalents

30,93934,330-3,391

Accounts Receivable

25,39925,730-331

Inventories

30,35630,893-537

Total Current Assets

95,544

100,680-5,136

Tangible Assets

86,622

89,741-3,119Intangible Assets

46,74550,811-4,066

Other Fixed Assets

52,72951,335

1,394

Total Fixed Assets

186,097

191,888-5,791

Accounts Payable

32,70335,961-3,258

Short-Term Debt

30,88635,697-4,811Long-Term Debt

22,29824,053-1,755

Total Liabilities

122,898

134,404-11,506

Net Assets

158,744

158,164580© Copyright 2007-2011 ONWARD HOLDINGS CO., LTD.

6

FY02/11 Domestic Business Summary
Japan
Sales: 217.9 billion yen (+0.7% YoY and +1.0% vs. forecast)
Solid sales at core Onward Kashiyama and Island brands.

Operating Profit: 11.1 billion yen (+27.9% YoY and +3.1% vs. the forecast)
Sales of high-margin products at Onward Kashiyama and Island were robust, while operating costs were kept in check.

Japan (excluding Onward Kashiyama)
Sales: 63.6 billion yen (+6.6% YoY)and Operating Profit: 3.7 billion yen (+35.8% YoY)
Onward Trading

Sales and profits down YoY due to lower orders for sales promotion goods and higher
production costs in China

Chacotte

Profits up YoY despite sales not increasing as expected

Creative Yoko

Profitability decreased tracking lower YoY sales

Bus Stop

Profitability improved as planned, aided by restructuring of the business

IslandSales and profits both hit record levels. Comparable store sales grew at double-digit rates while thegrowth rate for the e-commerce business exceeded 200%

© Copyright 2007-2011 ONWARD HOLDINGS CO., LTD.

7

FY02/11 Domestic Business Summary
Onward Kashiyama
Sales: 154.3 billion yen (-1.6% YoY) and Operating Profit: 7.4 billion yen (+24.2% YoY)(＋) Core brands(NIJYUSANKU, KUMIKYOKU, ICB, and JIYUKU) performed well
Brisk sales at NIJYUSANKU, JIYUKU, and ICB (approx. 3% above forecasts).

(＋) Strong sales for the Air Jacket
The jacket items boosted menswear sales by 3%.

(＋) Expansion of the e-commerce business
Sales exceeded forecast by double digits, with over 90% of the 2010 item inventory sold through.

(－) Delay in recovery of KUMIKYOKU brandSales below forecast held back by lagging improvement in stores and products.

(－) Fall collection got off to a late start due to unseasonal hot weather
Due to a heat wave, September sales for seasonal fall items came in significantly below forecast.
Onward Kashiyama's Monthly Sales Trends (FY02/11)

Sales of Core Brands (FY02/11)

10(Million Yen)NIJYUSANKU KUMIKYOKUICBJIYUKU

8
4

5

4

3
0

0
-1

Sales

24,75011,360

8,870

8,370

-5

YoY(％)

＋7％

-8%

＋5％

＋5％

-10

-4

-2

-3

Monthly YoY % Change

-6

-15

-9
-12

Mar

Apr

May

Jun

Jul

Aug

Sept

Oct

Nov

Dec

Jan

Feb

% Change© Copyright 2007-2011 ONWARD HOLDINGS CO., LTD.

8

FY02/11 Overseas Business Summary
Overseas
Sales: 41.5 billion yen (-8.9% YoY, +1.9% vs. forecast)
Sales exceeded forecasts in Europe, Asia, and U.S.

Operating Profit: -100 million yen (+2.1 billion yen YoY, -27 million yen vs. the forecast)
In Europe, an overhaul of the business drove increased profitability.
In Asia, operating profit came in slightly below forecast due to a sharp rise of production costs in China in 2H.
EuropeJilJilSander
SanderSubstantial
Substantialimprovement
improvementiningross
grossprofit
profitmargin
marginasassynergies
synergieswere
wererealized
realizedfrom
fromshifting
shiftingproduction
productiontotoGIBO'CO.
GIBO'CO.

JOSEPHJOSEPH

Sales
Salesatatdirectly
directlymanaged
managedstoresstoresgrew
grew6%YoY
6%YoYaided
aidedbybyredesigns
redesignsofofstoresstoresandandproducts.
products.Top-line
Top-linegrowth
growthforforwholesale
wholesaleunit
unitupup30%
30%YoY
YoY
asasthecompany
expandedits
wholesalebusinessinnewmarkets.
the company expanded its wholesale business in new markets.

GIBO’COGIBO’CO

Sales
Salesofofapparelapparelandandshoes
shoesgrew
grewdueduetotothe
therecovery
recoveryininwholesale
wholesalesales
salesinin2H
2Hand
andthethestart
startofoffull-scale
full-scalemanufacturing
manufacturingforforJilJilSander.
Sander.
OperatingOperatingprofit
profitincreased
increasedsignificantly
significantlyYoY.
YoY.

Asia

• Sales increased 19.5% YoY due to the relocation and expansion of existing stores in China ("Rainbow Strategy”).
• Success in China rests on overcoming two challenges:
1.Responding to changes in production environment (e.g., securing manufacturing capacity, delivery times, and quality)
2.Localizing products to meet needs of particular regions and merchandisers in Asia.

US

Good comparable store sales; new businesses developed; still room for further growth.

© Copyright 2007-2011 ONWARD HOLDINGS CO., LTD.

9

FY02/12 Key Strategies
Implementing Global Strategy
Securing stable profitability in Japan while aggressively expanding overseas earnings.

Japan
Strengthen existing business and expand into new markets■ Continue to relocate stores and expand store size ("Rainbow Strategy“).
■ Strengthen operations of directly managed flagship stores.
■ Aggressive roll-out of the e-commerce business with an eye to global opportunities.

Overseas
Shifting focus from improving profitability to growth■ European subsidiaries improve profitability via greater group synergies.
stage.
■ Aggressive investment in Asia and accelerating growth by expanding in new markets.

© Copyright 2007-2011 ONWARD HOLDINGS CO., LTD.

10

FY02/12 Consolidated Forecast SummarySales
244.8 billion yen (+0.1% YoY)

Operating Profit

10.2 billion yen (+14.2% YoY)

Recurring Profit

11.6 billion yen (+10.5% YoY)

Securing stable profitability in Japan while
aggressively expanding overseas earnings.
© Copyright 2007-2011 ONWARD HOLDINGS CO., LTD.

11

Great East Japan Earthquake Impact
OnwardOnwardKashiyama
KashiyamaSituation
SituationReport
ReportAbout 40% of sales were affected by store closures or shortened
operating hours at sales channels, such as Department Stores andNew Distribution Channels.
However,
However,sales
salesstaged
stagedaarecovery
recoveryfrom
fromlate
lateMarch.
March.
Post-Earthquake

Kanto Region Tohoku Region(Prefectures surrounding Tokyo)

Nationwide
Total

Week of March 7

61%

38%

74%

Week of March 14

40%

17%

61%

Week of March 21

63%

36%

77%

Week of March 28

94%

60%

93%

March (Total)

65%

44%

78%

April 1–7

104%

69%

103%

© Copyright 2007-2011 ONWARD HOLDINGS CO., LTD.

Pre-Earthquake
Roughly flat YoY

12

Great East Japan Earthquake Impact
FY02/12
FY02/12sales
salesforecast
forecastwas
wascalculated
calculatedbased
basedononthe
thecurrent
current
recoveryrecoverysituation
situationand
andfollowing
followingassumptions:assumptions:
Kanto Region(Prefectures surrounding Tokyo)

Rolling blackouts will affect the region throughout Q1.
Tohoku Region
Effects will be ongoing until the end of FY02/12 due to store closures and issues
with the nuclear reactors at Fukushima.
Other Regions
The disaster is not expected to be an issue from April onward.
© Copyright 2007-2011 ONWARD HOLDINGS CO., LTD.

13

Great East Japan Earthquake Impact
ImpactImpacton
onFY02/12
FY02/12earnings
earningsforecast
forecast(Billion Yen)

Pre-Revision

Sales
Gross Profit(Gross Profit Margin)
SG&A Expenses
Operating Profit
Recurring Profit

Revision

Revision

AmountYoY (%)

AmountAmountYoY (%)

253.5
121.3
47.9%
109.6
11.7
13.1

3.7%
4.7%
0.5%
2.5%
31.0%
24.8%

-8.7
-4.4
50.6%
-2.9
-1.5
1.5

244.8
116.9
47.8%
106.7
10.2
11.6

0.1%
0.9%
0.4%
-0.2%
14.2%
10.5%

While
Whilecosts
costsrelated
relatedtotooffices
officesand
andstore
storerepairs
repairsand
andloss
lossofofmerchandise
merchandise
currently
currentlycannot
cannotbe
beaccurately
accuratelycalculated,calculated,ourourassumption
assumptionisisthey
theywill
willnot
nothavehaveaasubstantial
substantialimpact
impactononperformance.
performance.
© Copyright 2007-2011 ONWARD HOLDINGS CO., LTD.

14

FY02/12 Consolidated Forecast
The effects of the earthquake should subside in 1H, giving way to a recovery in 2H.
Consequently, YoY figures for the full period should come in positive.
(Million Yen)

1H Forecast

Sales (Billion Yen)
Operating Profit (Billion Yen)

9.1

10.2

Full-Year Forecast
FY02/12
Forecast.

FY02/12 Forecast.

YoY(%)

FY02/12 Forecast.

YoY(%)

Sales

112,400-3.5%

132,400

3.3%

244,800

Gross Profit

53,200-2.4%

63,700

3.9%

(％)

47.3%

0.5%

48.1%

SG&A Expenses

51,800-2.2%

Operating Profit

1,400

(％)

FY02/11
Results

ChangeYoY(% )

244,550250

0.1%

116,900

115,824

1,076

0.9%

0.2%

47.8%

47.4%

54,9001.7%

106,700

106,896

-196

-0.2%

-10.8%

8,800

19.6%

10,200

8,928

1,272

14.2%

1.2%

-0.1%

6.6%

0.9%

4.2%

3.7%

Recurring Profit

2,200-16.7%

9,400

19.7%

11,60010,497

(％)

2.0%

-0.3%

7.1%

1.0%

4.7%

4.3%

Net Income

-500

4,000

157.6%

3,500

2,722

Consolidated Results
18.6

2H Forecast

0.4%

8.9
4.4

287.0
261.0
FY02/08

FY02/09

244.6

244.8

248.6
FY02/10

FY02/11

FY02/12

0.5%
1,103

10.5%
0.4%

778

28.6%

Forecast© Copyright 2007-2011 ONWARD HOLDINGS CO., LTD.

15

FY02/12 Segment Forecasts
Sales

SimpleSimpleAggregate
AggregateTotals(Before
Totals(BeforeEliminations)Eliminations)・Expected impact from the earthquake:(Million Yen)

1H Forecast

2H Forecast

Full-Year Forecast

FY02/12
Forecast

YoY(%)

FY02/12
Forecast

YoY(%)

FY02/12
Forecast

FY02/11
Results

Onward Kashiyama

68,200-6.4%

80,600-1.0%

148,800

154,316-3.6%

Others30,836-2.0%

33,3493.7%

64,18563,6160.9%

Domestic Total

99,036-5.1%

113,9490.3%

212,985

217,932-2.3%

Europe17,742

19.8%

21,41924.3%

39,161

32,042

22.2%

Asia

2,824

-0.4%

4,075

12.3%

6,899

6,464

6.7%

US

1,540

-3.5%

1,602

14.6%

3,142

2,994

4.9%

Overseas Total

22,106

14.9%

27,096

21.7%

49,202

41,50018.6%

Total Sales

121,142-2.0%

141,045

3.8%

262,187

259,432

1.1%

Onward Kashiyama

1,300-12.6%

6,900

16.7%

8,200

7,401

10.8%

Others

1,750

-8.3%

2,321

28.2%

4,071

3,720

9.4%

Domestic Total

3,050-10.2%

9,221

19.4%

12,271

11,121

10.3%

Europe

-623

1,155

99.5%

532

-363

355

83.9%

Asia

167

522

411

US

-64

-54

-118

-147

Overseas Total

-520

1,456

936

-99

Operating Profit

2,530

13,207

11,022-23.4%-3.4%

10,67727.0%

Onward Kashiyama:
Other subsidiaries:
Consolidated Total:

<1H>
<2H>
<Full-Year>-5.9 billion yen -1.7 billion yen -7.6 billion yen-1.3 billion yen +200 million yen -1.1 billion yen-7.2 billion yen -1.5 billion yen -8.7 billion yen

YoY(%)

27.0%※ Recovery expected in 2H.
・Overseas subsidiaries are expected to benefit from an increase in sales.

Gross Profit
・Domestic: improving profit margins at core brands on back of higher
full-price sell-through (percentage of merchandise sold without discounting).
・Overseas: Greater synergies in Europe.

SG&A Expense
・Further enhance operating cost efficiency to limit impact of earthquake.
(SG&A expenses reduction plan in response to the Great East Japan
Earthquake ).
<Full Year> Onward Kashiyama: -2.4 billion yen Other subsidiaries:-500 million yen
 Consolidated Total: -2.9 billion yen

19.8%

Operating Profit
・Domestic: Recovery expected in 2H.
・Overseas: Increase in profitability expected; European operations to be
profitable for the full year.

© Copyright 2007-2011 ONWARD HOLDINGS CO., LTD.

16

FY02/12 Domestic Business Plan
Japan
Sales: 213 billion yen (-2.3% YoY)
The earthquake’s impact is expected to cost 8.7 billion yen in domestic sales.
Aiming to increase brand value and ensure core brands recover in 2H.

Operating Profit: 12.3 billion yen (+10.3% YoY)
Raise profit margins by concentrating resources on promoting high-margin brands and items.

Japan (Excluding Onward Kashiyama)
Sales: 64.2 billion yen (+0.9% YoY) and Operating Profit: 4.1 billion yen (+9.4% YoY)

Onward Trading

Plans to increase gross profit margins by cooperating with Onward Kashiyama to strengthen production base in China and South
East Asia.

Chacotte

Sales growth to be driven by strengthening product development in three key areas: ballet, ballroom dance, and fitness apparel.

Creative Yoko

Differentiation of directly-managed stores to build them into one-stop destinations for pets featuring cafes, pet fashion,land care services, etc.

Bus Stop

Establishment of distinctive boutique stores and positioning the label as a lifestyle brand encompassing not only fashion but interior
design items, cosmetics, etc.

IslandAiming for increased sales driven by opening of new large-format stores and enhancing existing stores.

© Copyright 2007-2011 ONWARD HOLDINGS CO., LTD.

17

FY02/12 Domestic Business Plan
Onward Kashiyama
Sales: 148.8 billion yen (-3.6% YoY) and Operating Profit: 8.2 billion yen (+10.8% YoY) Gross profit margin to rise on significant decline in royalty payments.
Production costs are expected to decrease by about 600 million yen as licensing agreements with Calvin Klein, Paul Smith, Dolly Girl by Anna Sui,etc., are renewed.
 Department store and new distribution channel openings; refurbishment and closings of existing stores. (“Rainbow Strategy”)(+) New openings and refurbishments: 203 stores ※ Including JR Osaka Mitsukoshi Isetan (12 stores) and Hakata Hankyu (16 stores).
(-) Closings: 137 stores ※ Including defunct brands (47 stores) and those located in closing department stores (23 stores).
 Further expansion of e-commerce business.
Aiming for full-year sales of 1.5 billion yen plus 10,000 new customers.
Launch of China e-commerce business.
 Opening of a directly-managed NIJYUSANKU store in Ginza
Opened on April 2, as brand’s flagship store in Asia. First year sales forecast of 300 million yen.
 Revitalize KUMIKYOKU brandMarch 2011, flagship store opened in Seibu Ikebukuro with 99 m2 of floor space: TV and internet advertising campaign planned for 2H.
Department Stores and New Distribution Channels Forecast
Sales
YoY(% )
Billion Yen

Forecast is Pre-Great East Japan
Forecast is Pre-Great East Japan
Earthquake
Earthquake

Sales Forecast for Core Brands

Sales Floor Area
YoY(% )
Sq. m

Department Stores

121.7

2.2％

164,680

1.6％

New Distribution Channels

27.5

1.1％

86,304

0.9％(Million Yen)NIJYUSANKU KUMIKYOKUSales Forecast
YoY(％)ICBJIYUKU25,95011,640

9,180

8,850

5%

2%

3%

6%

18

FY02/12 Overseas Business Plan
Overseas
Sales: 49.2 billion yen (+18.6% YoY)
Increase the number of brands and expand in new markets to achieve double-digit top-line growth in Europe and China.

Operating Profit: 900 million yen (+1 billion yen YoY)
Improve profitability by increasing brand value and realizing greater synergies in Europe coupled with store expansion and brand introductions into China..

JilJilSander
Sander Launch
LaunchofofJilJilSander
SanderNavy
Navyline
linetotodrive
drivehigher
highersales.
sales.
 Further
bolsterstore
andproduct
development.
Further bolster store and product development.
 Leveraging
LeveragingGIBO'CO's
GIBO'CO'sproduction
productionplatform
platformtotoincrease
increaseprofitability.
profitability.
JOSEPHJOSEPH Increase
Increasesales
salesbybybolstering
bolsteringmanagement
managementatatflagshipflagshipand
andexisting
existingstores.
stores.
 Renewed
advertisingandpromotions
tostrengthen
the
brand
image
Renewed advertising and promotions to strengthen the brand imageinternationally.
internationally.
GIBO’COGIBO’CO Greater
Greateroperational
operationalemphasis
emphasisononcontemporary
contemporaryfashion
fashionsegments
segments(e.g.
(e.g.JilJilSander
SanderNavy)
Navy)
 Reap
greater
group
synergies
byboosting
group
production
ratio.
Reap greater group synergies by boosting group production ratio.
 Using
Usingnewnewlicensing
licensingagreements
agreementstotodrive
drivesales.
sales.

Europe

Asia

US




→

Increase the line-up of brands sold in China (begin selling JIYUKU brand etc.).
Launch Chinese e-commerce business (scheduled launch: in 2H FY02/12).
Capital tie-ups with factories in Shanghai area and establish exclusive production line.
Secure merchandise production capacity for Japanese market. Establish a “Quick Response” system in Asia.
Revitalize the J.Press brand in cooperation with Yale University. Plans for new designer hires and new businesses.

© Copyright 2007-2011 ONWARD HOLDINGS CO., LTD.

19

TOPICSThe Flagship "NIJYUSANKU Ginza" store opens with an eye toward Asia
Opening of our flagship 594m2, two-storey “NIJYUSANKU Ginza” store on Chuo
Street in the heart of Tokyo’s prestigious Ginza shopping district.
NIJYUSANKU Ginza was designed to invoke the ambience of a spacious hotel
where women can feel free to spend time and relax.
The second floor features original clothes, goods, and dresses all by
NIJYUSANKU, select imported goods and the “HOTEL TWENTY THREE”
collection exclusive to the store.
And in a first for the brand, the store offers made-to-order suits, shirts, and belts
where materials and details can be customized to one’s own taste.

20

DATA BOOK

21

Results of Main Subsidiaries.
Capex and Depreciation Overview
Results/Forecasts for main subsidiaries(Million Yen)

Sales
Main Subsidiaries

Onward HD
Onward Kashiyama

J
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O
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Business Outline

Operating Profit

FY02/11 Results

FY02/12 Forecast

FY02/11 Results

FY02/12 Forecast

AmountChangeYoY(% )

AmountChangeYoY(% )

AmountChangeYoY(% )

AmountChangeYoY(% )

154,316-2,514-1.6%

148,800-5,516

-3.6%

7,401

1,444

24.2%

8,200

799

10.8%

Core company of the group
Manufacturing and sales of menswear, womenswear,
childrenswear, kimonos etc.

Onward Trading

Manufacturing and sales of uniforms and sales promotion goods

14,868-1,156-7.2%

14,700

-168

-1.1%

932

-305

-24.7%

977

45

4.8%

Chacotte

Manufacturing and sales of dance wear and costumes

10,048-2±0

10,071

23

0.2%

619

64

11.5%

626

7

1.1%

Creative Yoko

Manufacturing and sales of pet fashion, character accessories etc.

7,983

-351

-4.2%

8,059

76

1.0%

708

-46

-6.1%

831

123

17.4%

IslandManufacturing and sales of Grace Continental brand

7,305

5,633

336.9%

7,450

145

2.0%

1,476

1,218

472.1%

1,565

89

6.0%

ACROSS Transport

Logistics and transporation of apparel

11,126-13-0.1%

11,085

-41

-0.4%

80

-203

-71.7%

74

-6

-7.5%

Onward Creative Center

Plannning, design and operation of commercial facilities

3,150

512

19.4%

3,636

486

15.4%

-43

57

26

69

Onward Resort GroupManagement of resort facilities and golf courses

3,553

86

2.5%

3,668

115

3.2%

-3

182

39

42

JosephManufacturing and sales of Joseph brand

9,011

-267

-2.9%

10,142

1,131

12.6%

-352

394

-106

246

GIBO'COOEM, production and wholesaling of European and American
designer clothing and goods

12,454-1,438-10.4%

15,600

3,146

25.3%

585

69

870

285

9,399

-3,177-25.3%

12,242

2,843

30.2%

-664

1,246

-337

327

Manufacturing and sales of

Jil Sander

Jil Sander brandCapital Expenditures
FY02/06
Cons.
HD +Kashiy ama

8,053
7,238

FY02/07

10,506
8,046

FY02/08

9,566
5,255

FY02/09

4,178
2,470

FY02/10

5,794
3,273

FY02/11

5,405
3,232

(Million Yen)
FY02/12
Forecast

6,200
3,200

13.4%

Depreciation
FY02/06
Cons.
HD +Kashiy ama

FY02/07

FY02/08

FY02/09

FY02/10

FY02/11

48.7%(Million Yen)
FY02/12
Forecast

7,053

6,697

7,340

5,986

5,747

5,642

6,000

5,542

4,890

5,109

4,639

3,764

3,590

3,700

22

Onward Kashiyama: Results and Forecasts
by Apparel Type and Distribution Channel
Pre-Great
Pre-GreatEast
EastJapan
JapanEarthquake
EarthquakeImpact
ImpactBy Apparel Type(Million Yen)

FY02/11 1H Results
AmountPrevious Year

FY02/11 2H Results
ChangeAmountPrevious Year

FY02/11 Results
ChangeAmountPrevious Year

FY02/12 Forecast
ChangeAmountPrevious Year

ChangeMen's

16,602

17,714-6.3%

20,226

20,334-0.5%

36,82838,048-3.2%

37,02936,8280.5%

Women's

49,89150,846-1.9%

54,69954,1950.9%

104,590105,041-0.4%

107,110

104,590

2.4%

Children's

2,863

2,984

-4.1%

3,554

3,521

0.9%

6,417

6,505

-1.4%

6,461

6,417

0.7%

Kimonos

1,096

1,366

-19.8%

910

1,070-15.0%

2,006

2,436

-17.7%

1,818

2,006

-9.4%

2,414

2,568

-6.0%

2,061

2,232

-7.7%

4,475

4,800

-6.8%

3,982

4,475

-11.0%

72,86675,478-3.5%

81,45081,352

0.1%

154,316

156,830-1.6%

156,400

154,316

1.4%

OthersTotal

By Distribution Channel(Million Yen)

FY02/11 1H Results
AmountPrevious Year

FY02/11 2H Results
ChangeAmountPrevious Year

FY02/11 Results
ChangeAmountPrevious Year

FY02/12 Forecast
ChangeAmountPrevious Year

ChangeDepartment Stores

55,87556,715-1.5%

63,176

62,9480.4%

119,051

119,663-0.5%

121,673

119,051

2.2%

New Distribution Channels

12,75013,800-7.6%

14,41014,418-0.1%

27,16028,218-3.7%

27,45027,1601.1%

Specialty Stores

2,025

2,349

-13.8%

2,036

2,111

-3.6%

4,061

4,460

-8.9%

4,140

4,061

1.9%

Chain Stores

530

645

-17.8%

543

602

-9.8%

1,073

1,247

-14.0%

680

1,073-36.6%

1,686

1,969

-14.4%

1,285

1,273

0.9%

2,971

3,242

-8.4%

2,457

2,971

-17.3%

72,86675,478-3.5%

81,45081,352

0.1%

154,316

156,830-1.6%

156,400

154,316

1.4%

Others
Total

Sales/Floor Area
FY02/06

FY02/07

FY02/08

FY02/09

FY02/11

FY02/10

FY02/12 Forecast.

Sales（Million Yen）

139,376

4.0%

148,9116.8%

148,608-0.2%

135,031-9.1%

119,663-11.4%

119,051-0.5%

121,673

2.2%

Sales Floor Area（sq.m）

174,310-0.4%

182,480

4.7%

175,200-4.0%

173,500-1.0%

165,800-4.4%

162,105-2.2%

164,680

1.6%

Sales（Million Yen）

30,0642.5%

32,1386.9%

33,263

3.5%

32,066-3.6%

28,218-12.0%

27,160-3.7%

27,450

1.1%

Sales Floor Area（sq.m）

92,190

5.4%

95,8303.9%

93,060-2.9%

92,400-0.7%

86,900-6.0%

85,567-1.5%

86,3040.9%

Department Stores

New Distribution Channels

23

The information in this presentation is not a solicitation to purchase or sell Onward Holdings stock.
Opinions, forecasts, and other statements not based on historical facts represent the judgmentsof the company at the time this presentation was prepared. Onward Holdings makes no guarantee
regarding the accuracy of the information in this presentation and may make revisions without priornotice. Onward Holdings and the providers of this information assume no responsibility whatsoever
for any losses incurred in association with this information.