FY02/24 (FY2023)

Results Presentation Material

April 4, 2024
© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

Michinobu Yasumoto, President and CEO
Thank you for taking time out of your busy schedules to join us today.
First of all, I will explain the results for FY2023 and plan for FY2024, based on the results presentationmaterial.
Please refer to the Consolidated Financial Results Highlights on slide 5 of the Material.

The Onward Group’s Mission Statement

Enriching and Adding Color to People’s
Lives while Caring for the Planet

Copyright © ONWARD HOLDINGS CO., LTD.

Keep moving forward as a “lifestyle and culture
creation company” that contributes to creating
lifestyles with richness and colors in harmony withthe planet through “customer-centric management
leveraging employees’ diverse strengths”© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

2

Contents
Con tents

Consolidated Financial Results
and Performance Forecast Highlights

４

FY2023 Consolidated Financial Results

８

FY2024 Consolidated Performance Forecast

11

Financial Situation

14

Appendix

17

Copyright © ONWARD HOLDINGS CO., LTD.

01
02
03
04
05

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

33

01
Copyright © ONWARD HOLDINGS CO., LTD.

Consolidated Financial Results
and Performance Forecast
Highlights© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

44

FY2023 : Consolidated Financial Results Highlights

Net Sales

189.6

bn yen

+7.7% YoY
+13.6 bn yen YoY

Operating Profit

11.3

bn yen+2.2 x YoY+6.0 bn yen YoY

Recurring Profit

10.1

bn yen+1.9 x YoY+4.8 bn yen YoY

Net Profit

6.6+28.3%

bn yen+6億円+2.2 x YoY+3.6 bn yen YoY

Copyright © ONWARD HOLDINGS CO., LTD.

◼ In FY2023, as a result of focusing on customer-oriented product development
and strengthening sales and services, existing key brand businesses such as
Nijyusanku and PET PARADISE performed well. In addition, new brandbusinesses such as UNFILO also expanded significantly. Further improvementin the operational capability of OMO stores, which introduced the “Click & Try”
service, also contributed to a 7.7% year on year increase in net sales.
◼ Operating profit margin for FY2023 rose by 2.9 pp year on year (3.0% to 5.9%)
due in large part to the achievements of global business reforms and progress instreamlining the product supply chain.

◼ Thanks to the above, we achieved a significant increase in sales and all kinds ofprofits in FY2023, with operating profit reaching 11.3 billion yen, the highest
since FY2008.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

5In FY2023, consolidated net sales totaled 189.6 billion yen. We finished the year up 13.6 billion yen or 7.7%
year on year. Operating profit reached 11.3 billion yen or 2.2 times higher than the previous year.
Recurring profit was 10.1 billion yen, 1.9 times higher than the previous fiscal year. Our net profit was 6.6
billion yen, 2.2 times higher than the previous fiscal year.
In FY2023, we focused on customer-oriented product development and strengthening sales and services
throughout the year. Existing key brand businesses such as Nijyusanku and PET PARADISE performed well.
In addition, new brand businesses such as UNFILO also expanded significantly during the year. Further
improvement on a monthly basis in the operational capability of OMO stores, which introduced the "Click& Try" service also contributed to the increase in sales.
In addition, the results of global business reforms materialized on a full-year basis, and we made progressin streamlining the product supply chain. The operating profit margin rose 2.9 percentage points to 5.9%.
Thanks to the above, we achieved a significant increase in sales and all kinds of profits in FY2023. I am
pleased to note that our operating profit of 11.3 billion is the highest since FY2008. FY2008 was the firstfull year of business operations under a holding company structure, the Lehman collapse happened that
fall. Accordingly, operating profit for FY2023 was the highest since the Company introduced a holding
company system.

Next please see slide 6.

FY2024 : Consolidated Performance Forecasts Highlights

Net Sales

200.0

bn yen

+5.5% YoY
+10.4 bn yen YoY

Operating Profit

Recurring Profit

Net Profit

12.5

12.0

8.0

bn yen+11.0% YoY+1.2 bn yen YoY

bn yen+18.5% YoY+1.9 bn yen YoY

bn yen+21.0% YoY+1.4 bn yen YoY◼ Consolidated net sales for FY2024 are projected to be 200 billion yen, up 10.4 billion
yen year on year, as we expect the domestic business to remain firm and theoverseas business to improve, primarily in the European region.

Copyright © ONWARD HOLDINGS CO., LTD.

◼ We expect a further increase in the gross profit margin (from 55.8% to 56.1%) throughthorough sales at list prices and appropriate inventory management.
◼ The SG&A ratio is expected to remain unchanged year on year at 49.8%, due
intensive investment in human capital and advertising while implementing thoroughstreamlining of store operations and other measures.

◼ Thus, we forecast FY2024 operating profit of 12.5 billion yen, up 1.2 billion yen year
on year, recurring profit of 12.0 billion yen, up 1.9 billion yen, and net profit of 8.0
billion yen, up 1.4 billion yen.
Operating profit for FY2024 is expected to be the highest since FY2008 for the second
consecutive fiscal year.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

6

These are the FY2024 Consolidated Performance Forecast Highlights.
Net sales are forecast to be 200 billion yen, up 5.5%, or 10.4 billion yen from the previous fiscal year.
Operating profit is forecast to be 12.5 billion yen, up 11%, or 1.2 billion yen from the previous fiscal year.
Recurring profit is forecast to be 12.0 billion yen, up 18.5%, or 1.9 billion yen from the previous fiscal year.
Finally, net profit is forecast to be 8.0 billion yen, up 21%, or 1.4 billion yen from the previous fiscal year.
We expect sales to continue along the FY2023 trend, with the domestic business remaining steady. The
Overseas business is also expected to improve, particularly in Europe. We forecast net sales of 200 billion
yen due to steady performance in both Japan and overseas.
As in FY2023, through thorough sales at list prices and further promotion of inventory management, we
forecast an improvement in the gross profit margin, from 55.8% in FY2023 to 56.1%. SG&A expense ratio is
forecast to be 49.8%, the same level as FY2023. In FY2024, we will raise wages and intensify investment in
human capital secure to excellent talent. We also plan to aggressively invest in advertising, both online andoffline, to accelerate the growth of our key brands. At the same time, we will promote management with apolicy of thoroughly controlling other expense items to keep the SG&A ratio from rising.
As a consequence, operating profit for FY2024 is expected to be the highest since FY2008 for the second
consecutive fiscal year.

Those are the highlights of our FY2023 results and FY2024 performance forecasts.

Shareholder Returns▍Change in dividend policy

The Company regards the return of profits to shareholders as one of its mostimportant management measures and has revised dividend policy to raise thedividend payout ratio of at least 40% from at least 35% previously and to
distribute profits in a stable, performance-linked, and appropriate manner.
▍Dividend forecast for FY2024

Regarding the dividend for FY2024, based on the substantial increase in net
profit expected from FY2023, the year-end dividend is forecast to increase by 4
yen from the FY2023 actual to 24 yen per share.

Copyright © ONWARD HOLDINGS CO., LTD.

FY2024（ Forecast）

FY2023(Results)

Dividends per Share (yen)24

20

Total Dividens (mil. yen)

3,257

2,714

Net Profit (mil. yen)

8,000

6,611

Payout Ratio

40.7%

41.1%

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

7

Our shareholder return policy is described on slide 7.
As for the shareholder returns, which are explained in detail in the financial strategy of "ONWARD VISION
2030," from FY2024 onward, we are raising the target dividend payout ratio from "at least 35%" to "at least
40%". We intend to further strengthen shareholder returns through this measure. As a result, the dividend
forecast for FY2024 will increase by another 4 yen to 24 yen from 20 yen per share in FY2023. As a result,
we forecast total dividends of 3.257 billion yen for a payout ratio of 40.7%.

This concludes my explanation of the consolidated financial results, performance forecast highlights, andshareholder returns policy. Thank you.

02
Copyright © ONWARD HOLDINGS CO., LTD.

FY2023 Consolidated
Financial Results© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

88

Osamu Sato, Managing Director in charge of Finance, Accounting, Investor Relations
I would like to start with the financial situation from the consolidated results of FY2023 on slide 8. Pleaseturn to slide 9.

FY2023 : Consolidated Financial Results◼ Net sales increased to 189.6 billion yen, up 13.6 billion yen (+7.7%) YoY.
◼ Operating profit was 11.3 billion yen, up 6.0 billion yen (2.2 times) YoY.

◼ Net profit was 6.6 billion yen, up 3.6 billion yen (2.2 times) YoY.
◼ EBITDA amounted to 16.1 billion yen, up 5.7 billion yen (1.5 times) YoY.

Full-Year Results（Million yen）

1
2
3

Copyright © ONWARD HOLDINGS CO., LTD.

4

5

6

7

FY2023

FY2022

ChangeNet Sales

189,629

176,072+13,557+9,031Gross Profit

105,782

96,751（% of Net Sales）(55.8%)(54.9%)

SG&A Expanses

94,522

91,537（% of Net Sales）(49.8%)(52.0%)

Operating Profit

11,2605,214（% of Net Sales）(5.9%)(3.0%)

Recurring Profit

10,126

5,319（% of Net Sales）(5.3%)(3.0%)Net Profit

6,611

3,061

（% of Net Sales）(3.5%)(1.7%)EBITDA

16,052

10,373（% of Net Sales）(8.5%)(5.9%)※% of Change

Previous
Forecast+7.7%

189,211

+418

+0.2%

- 170

- 0.2%- 408- 0.4%+9.3%

105,952(+0.9%)(56.0%)+2,985+3.3%

94,930(- 2.2%)(50.2%)+6,046+116.0%11,022(+2.9%)(5.8%)+90.4%

10,012(+2.3%)(5.3%)+4,807+3,550+5,679+116.0%5,911(+1.8%)(3.1%)+54.7%

16,100(+2.6%)(8.5%)

Change% of Change-0.2%(- 0.4%)

+238

+2.2%
(+0.1%)

+114

+1.1%
(+0.0%)+700+11.8%(+0.4%)- 48- 0.3%(+0.0%)*Note: EBITDA= operatingHOLDINGS
profit + depreciation
and amortization.
© Copyright 2007-2015
ONWARD
CO.,LTD.

9

These are our consolidated financial results for FY2023. Net sales were 189,629 million yen, up 13,557
million yen year on year. Gross profit was 105,782 million yen, or 55.8% of net sales, a 0.9 percentage point
improvement from the previous fiscal year. Measures such as improving inventory efficiency contributed tothe improvement in gross profit margin. SG&A expenses were 94,522 million yen an increase of 2,985
million yen year on year. While net sales grew 7.7%, we held the increase in SG&A expenses to 3.3%. We
believe we have been able to manage our SG&A expenses efficiently thanks to streamlining of store
operations and other measures.
As a result, operating profit increased 6,000 million yen to 11,260 million yen. Recurring profit increased
4,800 million yen year on year to 10,126 million yen. Net profit increased 3,550 million yen to 6,611 million
yen after recognizing impairment of fixed assets as an extraordinary loss and considering tax expenses.
EBITDA increased 5,679 million yen to 16,052 million yen.
Please turn to slide 10.

FY2023 : Results by Segment◼ In the domestic business, both the apparel and lifestyle segments saw higher
sales and double-digit profit growth.
◼ In the overseas business, operating profit/loss improved by 0.9 billion yen,although an operating loss of 0.2 billion yen remained.

Full-Year Results% of Change

Previous
Forecast+10,742+8.3%

139,692

+575

+0.4%

5,000

+4,679+93.6%

9,753

- 74

- 0.8%

39,79137,926+1,865+4.9%

39,633

+158

+0.4%

Operating
Profit

3,480

2,741

+739

+27.0%

3,374

+106

+3.1%

Net Sales

180,058

167,451+12,607+7.5%

179,325

+733

+0.4%

Operating
Profit13,1597,741+5,418+70.0%

13,127+32+0.2%

Net Sales

19,927

17,250+2,677+15.5%

20,348- 421- 2.1%

Operating
Profit- 211- 1,090

+879

- 315

+104

Net Sales

189,629

176,072+13,557+7.7%

189,211

+418

+0.2%

Operating
Profit11,2605,214+6,046+116.0%11,022

+238

+2.2%

（Million yen）

1

Apparel2

Copyright © ONWARD HOLDINGS CO., LTD.

3

4

5

LifestyleDomestic Total

Overseas Total

Consolidated Total

FY2023

FY2022

ChangeNet Sales

140,267

129,525

Operating
Profit9,679

Net Sales

Change% of Change

Note: The group breakdown is calculated using simple sums. Consolidated totals are after eliminating intergroup transactions.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

10

Shown here are our results by segment. Our business is divided into three segments: domestic apparel,domestic lifestyle, and overseas. Both domestic apparel and domestic lifestyle saw sales and profit
increase. Domestic apparel sales increased 8.3% year on year to 140,267 million yen, and lifestyle sales
were 39,791 million yen, up approximately 5% year on year. Operating profit was 9,679 million yen fordomestic apparel, almost double the previous fiscal year, and 3,480 million yen for domestic lifestyle, a
27% increase year on year. Both segments thus saw higher sales and profits.

Overseas segment sales increased 15.5% year on year, to 19,927 million yen. Operating profit/loss
improved by 879 million yen from the previous fiscal year, although an operating loss of approximately 200
million yen remained. That said, sales and profit increased, or profit/loss improved in all segments.
Please turn to slide 12.

03
Copyright © ONWARD HOLDINGS CO., LTD.

FY2024 Consolidated Performance
Forecast© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

11
11

FY2024 : Consolidated Performance Forecast◼ Gross profit margin is expected to improve by 0.3 pp from FY2023 to 56.1%.
◼ SG&A expense ratio is forecast to be 49.8%, the same level as FY2023.
◼ EBITDA is estimated to increase 1.6 billion yen from FY2023 to 17.7 billion yen.

Full-Year Forecast（Million yen）

1
2
3

Copyright © ONWARD HOLDINGS CO., LTD.

4

5

6

7

FY2024FY2023

ChangeNet Sales

200,000

189,629+10,371

Gross Profit

112,100

105,782+6,318（% of Net Sales）(56.1%)(55.8%)

SG&A Expanses

99,60094,522（% of Net Sales）(49.8%)(49.8%)

Operating Profit

12,50011,260（% of Net Sales）(6.3%)(5.9%)

Recurring Profit

12,00010,126（% of Net Sales）(6.0%)(5.3%)Net Profit

8,000

6,611

（% of Net Sales）(4.0%)(3.5%)EBITDA※

17,70016,052（% of Net Sales）(8.9%)(8.5%)% of Change

+5.5%
+6.0%
(+0.3%)+5,078+5.4%(+0.0%)+1,240+11.0%(+0.4%)+1,874+18.5%(+0.7%)+1,389+21.0%(+0.5%)+1,648+10.3%(+0.4%)*Note:EBITDA = operating
profit + depreciation© Copyright 2007-2015
ONWARDHOLDINGS
CO.,LTD.and amortization.

12

This slide shows our Consolidated Performance Forecast. For FY2024, we forecast net sales of 200 billion
yen, operating profit of 12.5 billion yen, recurring profit of 12 billion yen, and net profit of 8 billion yen.
Furthermore, EBITDA is forecast at 17.7 billion yen, as we project further increases from FY2023.
Please turn to slide 13.

FY2024 : Performance Forecasts by Segment◼ For the domestic business, net sales are expected to increase by 10.3 billion yen (+5.7%)
and operating profit by 1.3 billion yen (+9.5%).
◼ In the overseas business, net sales are expected to increase by 2.0 billion yen (+10.2%)
and operating profit/loss to return to the black of 0.3 billion (+0.5 billion yen).

Full-Year Forecast（Million yen）

1

Copyright © ONWARD HOLDINGS CO., LTD.

2

3

Domestic Total

Overseas Total

Consolidated Total

FY2024FY2023

Change% of Change

Net Sales

190,332

180,058+10,274

Operating
Profit14,41013,159+1,251

+5.7%
+9.5%

19,927+2,039+10.2%Net Sales

21,966

Operating
Profit

321

- 211

+532

Net Sales

200,000

189,629+10,371+5.5%

11,260+1,240+11.0%

Operating
Profit12,500Note: The segment breakdown is calculated using simple sums. Consolidated totals are after eliminating intergroup transactions.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

13

In this slide we have broken out our performance forecasts by segment. Until FY2023, our domestic
business was divided into apparel and lifestyle. However, as the market continues to diversify and theboundaries between apparel and lifestyle are disappearing, from FY2024 we will explain the segments interms of "Domestic Total" and "Overseas Total".
For FY2024, we expect sales and profit growth both in domestic and overseas segments. We forecast
Domestic Total net sales to increase 5.7% year on year to 190,332 million yen and operating profit of
14,410 million yen, up 9.5% year on year. We forecast Overseas Total net sales of 21,966 million yen up
10.2% year on year, and operating profit of 321 million, with a return to positive territory. We plan toincrease sales and profit or return to profitability for both segments. Next, I will explain the financial
situation on slide 14 onward.
Please turn to slide 15.

04
Copyright © ONWARD HOLDINGS CO., LTD.

Financial Situation© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

14
14

FY2023 : EBITDA, Net Assets, Shareholder‘s Equity Ratio,
Current Ratio◼ EBITDA increased to 16.1 billion yen, up 5.7 billion yen YoY.
◼ Net assets decreased slightly from the end of the previous fiscal year due to the decrease inminority interests.
◼ The shareholders' equity ratio was 46.6%, down 0.4 pp from the end of the previous fiscal year.
◼ The current ratio was 117.7%, up 0.5 pp from the end of the previous fiscal year.

▍EBITDAFY2023（Million yen）

FY2022

Copyright © ONWARD HOLDINGS CO., LTD.

16,052

10,373

Change+5,679▍Net Assets+54.7%（Million yen）

End-FY2023 End-FY2022

84,995% of Change

85,073

Change% of Change- 78- 0.1%▍Shareholders’ Equity Ratio
End-FY2023 End-FY2022

46.6%

47.0%

Change- 0.4%▍Current Ratio
End-FY2023 End-FY2022

117.7%

117.2%

Change+0.5%© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

15

As previously explained, we recorded EBITDA of 16,052 million yen in FY2023. Net assets at end-FY2023
were 84,995 million yen, down just slightly from 85,073 million yen at end-FY2022. This slight decrease is
the result of net profit for FY2023, redemption of preferred stock of subsidiaries, and payment ofdividends, etc. The shareholders' equity ratio was 46.6%, down 0.4 percentage points from the previous
fiscal year-end year, but we believe we have maintained our financial soundness. The current ratio was
117.7%, so we believe we are maintaining a safe situation.

Please turn to slide 16.

FY2023 : Cash Flows, Capital Expenditures,
Depreciation and Amortization▍Cash Flows##●●◼ Cash flows provided by operating activities amounted 億円
to 4.0 billion yen mainly
due to##higher profit before income taxes and an increase in inventories.

億円
億円◼ Cash flows used in investing activities amounted to 4.3 billion yen mainly due to theacquisition of investment securities.
◼ Cash flows provided by financing activities came to 0.3 billion yen mainly due to anincrease in borrowings and the payment of dividends.

▍Capital Expenditures◼ Capital expenditures were 4.6 billion
yen, down 0.3 billion yen YoY.

Copyright © ONWARD HOLDINGS CO., LTD.

◼ Carefully select investments such as（Million yen）

FY20234,613

FY2022

4,921

Change% of Change- 308- 6.3%

those related to DX and OMO tomake efficient investments.

▍Depreciation and Amortization◼ Depreciation and Amortization were
4.0 billion yen, down 0.4 billion yen
YoY.

（Million yen）

FY2023

3,978

FY2022

4,366

Change% of Change- 388- 8.9%© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

16

Turning to cash flows at the top of the slide, cash flows provided by operating activities amounted to 4.0
billion yen mainly due to higher profit before income taxes and such outflows as an increase in inventories.
Cash flows used in investing activities amounted to 4.3 billion yen mainly due to the strategic acquisition of
investment securities. Cash flows provided by financing activities came to 0.3 billion yen mainly due to anincrease in borrowings and the payment of dividends.
Capital expenditures were 4,613 million yen. We carefully selected investments related to DX and OMO
and implemented them efficiently. Depreciation and amortization were 4.0 billion yen, down 0.4 billion yen
year on year.
This concludes my discussion of our financial situation. Thank you for your attention.

05
Copyright © ONWARD HOLDINGS CO., LTD.

Appendix© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

17
17

OMO Service “Click & Try”
Multi-Brand Store “ONWARD CROSSET / SELECT”◼ “Click & Try” Service• The number of stores offering the service increased to 397, up 57 from the end of the previous fiscal year,
and the ratio of stores offering the service rose 16 pp to 58%.
• In FY2023, net sales at existing stores offering this service were 16% higher than those in FY2019, which
was before the COVID-19 pandemic, and 25% higher than those at the stores not offering the service.
◼ ONWARD CROSSET / SELECT• In addition to "Click & Try," the Company expanded the development of "ONWARD CROSSET / SELECT"(OCS), a multi-brand store.
• With OMO services implemented, the store offers an assortment of Onward Kashiyama's multiple brands
across their boundaries.
The year-on-year growth in sales for FY2023 was 22% higher than the existing stores excluding OCS.
▍Changes in the number of stores that offered
Click & Try and the number of reservations▍ONWARD CROSSET / SELECT sales comparison
FY2023End-FY2023 End-FY2022

Copyright © ONWARD HOLDINGS CO., LTD.

Number of Stores

397

Change% ofChange

+57

-

340

Adoption rate

58%

42%

+16%

-

Number of reservations(in thousands)

126

94

+32

+34%

▍Comparison of net sales between stores that
introduced and have not introduced Click & Try
Comparison with FY2019Stores that introduced
the service
Stores that have notintroduced the service

FY2023

FY2022

116%

100%

91%

81%

Effect+25%pt+19%pt© Copyright 2007-2015 ONWARD
HOLDINGS
CO.,LTD.

18

Total
(YoY)

Department
Stores(YoY)

Shopping
Centers(YoY)

ONWARD CROSSET SELECT(OCS)

122%

154%

Existing Stores Total excl. OCS

110%

101%

108%

Difference

12%pt

53%pt

22%pt

130%

Comparison excluding
discontinued brands

ONWARD CROSSET SELECTAEON MALL Kakamigahara Inter

FY2023 : Net Sales by Channel◼ Net sales at physical stores total (department stores + shopping centers and others) increased
by 7% YoY.
◼ E-commerce sales increased by 7% YoY. The e-commerce ratio and the directly managed ecommerce ratio remained at a high level at 30% and 86%, respectively.

(1) Onward Kashiyama（Million yen）

Net Sales% of Sales

YoY(2) Eight Domestic Subsidiaries
Using E-Commerce*
Net Sales% of Sales

YoY

YoY

41,517

37.9%

+4.2%

7,496

14.8%

- 23.5%49,01330.6%- 1.2%

Shopping Centers and Other

36,61633.4%+13.0%

26,69752.8%+18.1%

63,313

39.6%+15.1%

78,133

71.4%

+8.2%

34,193

67.6%

+5.5%

112,326

70.2%

+7.3%

27,332

25.0%

+8.6%

13,634

27.0%

+2.4%

40,966

25.6%

+6.4%

Directly Managed E-Commerce
Directly Managed E-Commerce Ratio

87.2%

83.3%

85.9%

4,026

3.7%

+8.9%

2,724

5.4%

+4.6%

6,750

4.2%

+7.1%

E-Commerce Total

31,358

28.6%

+8.6%

16,358

32.4%

+2.7%

47,716

29.8%

+6.5%

Total Sales

109,491

100.0%+8.3%

50,551100.0%+4.6%

160,042100.0%+7.1%

Other E-Commerce Platforms*Note: Total of eight domestic subsidiaries using e-commerce(Island, Tiaclasse, Onward Personal Style, Chacott, Creative Yoko, Yamato, Intimates, KOKOBUY)
Copyright © ONWARD HOLDINGS CO., LTD.

% of Sales

Department Stores

Physical Stores Total

百貨店© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

19

Total（ (1) + (2) ）Net Sales

百貨店

FY2023 : Net Sales Breakdown by Channel▍Total of Onward Group’s nine domestic companies(Onward Kashiyama, Island, Tiaclasse, Onward Personal Style, Chacott , Creative Yoko, Yamato, Intimates, KOKOBUY)

FY2023

E-Commerce

Department
Stores30％

31％

Shopping Centers
and Other

39％

Copyright © ONWARD HOLDINGS CO., LTD.

Changes in Onward Kashiyama’s sales breakdown by channel
FY2023

E-Commerce

25％
Department
Stores

75％ 75％© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

20

FY2018FY2008
Shopping
Centers
and Other

Shopping
Centers
and Other20％

E-Commerce

14％

29％

Department
Stores66％

Department
Stores
Shopping
38％
Centers
and Other33％

Brand Businesses
Nijyusanku 【Onward Kashiyama】

UNFILO

Onward Kashiyama's core brand“Nijyusanku” continued to record
higher sales. Sales promotion was
stepped up by a campaign tocelebrate the 30th anniversary of
its brand debut. The Company
launched a new high-grade
derivative brand “estèta.”The brand continued on a growthtrajectory thanks to the developmentof highly unique products with"functional beauty" and theeffectiveness of digital sales
promotions such as the distributionof advertising videos for its popularjogging pants. Also, the brand isavailable in more OMO stores.

FY 2 0 2 3 S a le s
(YoY)

+

15.5%

Copyright © ONWARD HOLDINGS CO., LTD.

Chacott COSMETICS 【 Chacott 】
In 2021, the brand was given a
broad facelift which consisted ofitems of an everyday-use versionof the cosmetics loved as classic
ballet stage makeup. Sales grew
1.35 times YoY in FY2023.

FY 2 0 2 3 S a le s
(YoY)

+

3 4 .7%© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

21【Onward Kashiyama】

FY 2 0 2 3 S a le s

1.9 x

(YoY)

PET PARADISE 【Creative Yoko】
The new store opening
measures were successful,and all new stores opened in
2023 performed better thanplanned. New hit products
such as carts, leashes, andsundries also contributed tosales growth.
FY 2 0 2 3 S a le s
(YoY)

+

17.2%

Initiative for Human Capital Management▍Promotion of initiatives for diversity and Work Style Design◼ We are strengthening the development offemale leaders as a part of the promotion ofdiversity. In FY2023, the ratio of female
leaders rose to 26.6% from 18.8% in
FY2018.
◼ Through the promotion of Work Style
Design, average overtime hours per monthin FY2023 decreased by 40% compared to
FY2018, and the number of paid leave days
taken per year increased by 9.4 days.
◼ We are encouraging employees to takechildcare leave through the establishmentof the "Guidebook for Supporting Balance
Between Work and Childcare." In FY2023,
the ratio of male employees taking
childcare leave reached 66.7%, 3.9 times
the national average.

* Comparison between the previous year (FY2018) when"Work Style Design" was launched and FY2023.

FemaleLeader Ratio
女性リーダー比率26.6％

Copyright © ONWARD HOLDINGS CO., LTD.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

3.9 Times
The National
Average*

66.7％

18.8％

7.7％
FY2018FY2023*Female leader refers to Manager, Section
Manager and General Manager among in careertrack positions at Onward Kashiyama Co. Ltd.

Overtime Hours

残業時間

17.7 Hours

22% of Male
Employees Taking
男性育休取得率
Childcare Leave

40％
Reduction

FY2018FY2023(Note) The national average "ratio of male employees ofchildcare leave" in FY2022 was 17.13%

Number of Paid Leave Days Taken

休日取得日数
9.4 Days
128.4 Days
Increase
119.0 Days

10.7 Hours

FY2018FY2023

FY2018FY2023

Copyright © ONWARD HOLDINGS CO., LTD.

Initiative for Sustainable Management■ Onward Green Campaign■ Upcycle Action for collected clothing

The Onward Green Campaign aims to create acircular system by recycling and reusing clothing.

"Upcycle Action", in which collected clothing isgiven a new life was launched in FY2023.

Approximately 9.2% of annual production wascollected in FY2023, and approximately 7.82
million items have been collected cumulatively
since the program was launched in 2009.
Collected clothing is used for resale at “Onward
Reuse Park Kichijoji” and support of disasterareas by recycling it into items such as blankets
and work gloves.

The Company's employees became creators andproduced approximately 150 upcycled products
using collected denim. In March 2024, we held an
exhibition and sales event showcasing theseproducts.

Onward Reuse Park Kichijoji (left: exterior, right: interior)© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

23

Upcycled products

FY2023 : Operating Profit Change Analysis (YoY)(Billion yen)

+1.6
+2.0

+4.9

-1.4
-1.1

+0.3

-0.4

+0.3

11.3
Change due to SG&A expenses

5.2

Copyright © ONWARD HOLDINGS CO., LTD.

Change due to gross profit

FY2022operatingprofitIncrease ingross profit
due toincreasedsales forOnwardKashiyama

Increase ingross profit
due toimprovedgross profit
margin for
OnwardKashiyama

Increase ingross profit
due toincreasedsales forotherdomestic
businesses© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

24

Increase ingross profit
due toimprovedgross profit
margin forotherdomestic
businesses

Increase ingross profit
foroverseasbusinesses

Decreasein operating
profit due toincrease instore rent
and othersaleslinked
expenses

Increase in Decrease inadvertising operating
profit due to
expenses
increase indue tostrengthened personnel
expensessales
promotion

FY2023operatingprofitTrends of Operating Profit and Operating Profit Margin◼ Operating profit in FY2023 was 11.3 billion yen, the highest since FY2008.
◼ The operating profit margin in FY2023 was 5.9%, the highest since FY2008.

7.0%

Operating Point(bn yen)
4.5%

5.0%

45億円

3.0%

1.8%

9.1

11.0

5.9%

190

4.3%

3.7%

3.5%

Operating Point Margin

3.4%
2.0%

11.2

140

3.0%
1.4%

1.7%

2.1%

1.9%

11.3

9.4

8.9

90

1.0%

5.7
4.4

-1.0%

3.8

4.2

5.2

Copyright © ONWARD HOLDINGS CO., LTD.

-3.0%

40
（億円）

▲10

-1.1

-3.1

-0.6％

-1.2％

▲60

-5.0%

2008
年度

2009
年度

FY2008 FY2009

2010
年度

2011
年度

2012
年度

FY2010 FY2011 FY2012

2013
年度

2014
年度

FY2013 FY2014© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

25

5.2

4.5

2015
年度

2016
年度

2017
年度

2018
年度

2019
年度

2020
-20.2
年度

-11.5％FY2015 FY2016 FY2017 FY2018 FY2019 FY2020

2021
年度

2022
年度

2023
年度

FY2021 FY2022 FY2023

Note: New revenue recognition standards havebeen applied since FY2020.

FY2023 : Results by Company
Full-Year Results（Million yen）
1

2

3

5

6

7

8

9

10

Copyright © ONWARD HOLDINGS CO., LTD.

11

Onward Kashiyama+HD% of Change

Previous
Forecast

Change% of Change

101,109+8,382+8.3%

108,721

+770

+0.7%

Operating
Profit

8,189

4,524

+3,665+81.0%

8,180

+9

+0.1%

OnwardNet Sales

16,332

14,503+1,829+12.6%

16,549- 217- 1.3%

Corporate Design

Operating
Profit

1,482

1,007

+475

+47.2%

1,513

- 31

- 2.0%

IslandNet Sales

5,716

6,285

- 569

- 9.1%

5,966

- 250

- 4.2%

Operating
Profit

- 83

80

- 163

67

- 150

Net Sales

140,267

129,525+10,742+8.3%

139,692

+575

+0.4%

Operating
Profit

9,679

5,000

+4,679+93.6%

9,753

- 74

- 0.8%Net Sales

9,613

8,849

+764

+8.6%

9,586

+27

+0.3%

Operating
Profit

649

342

+307

+89.8%

654-5- 0.8%Net Sales

6,486

5,801

+685

+11.8%

6,391

+95

+1.5%

Operating
Profit

660

419

+241

+57.5%

649

+11

+1.7%

Net Sales

21,037

20,629

+408

+2.0%

20,889

+148

+0.7%

Operating
Profit

1,728

1,489

+239

+16.1%

1,729-1- 0.1%Net Sales

39,79137,926+1,865+4.9%

39,633

+158

+0.4%

Domestic Apparel Total

Chacott

Creative Yoko

YamatoDomestic Lifestyle Total

Domestic Subtotal

Europe13

AsiaOverseas Subtotal

Consolidated Total

Operating
Profit

3,480

2,741

+739

+27.0%

3,374

+106

+3.1%

Net Sales

180,058

167,451+12,607+7.5%

179,325

+733

+0.4%

Operating
Profit13,1597,741+5,418+70.0%

13,127+32+0.2%

Net Sales

11,3559,960+1,395+14.0%

11,497- 142- 1.2%

Operating
Profit

156

- 136

+292

76

+80

+105.3%

Net Sales

1,890

1,636

+15.5%

2,036

- 146

- 7.2%

- 321

- 93

+18.2%

6,815

- 133

- 70

+117

20,348

- 421

- 315

+104

+254

Operating
Profit

- 414

- 576

+162

Net Sales

6,682

5,654

+1,028Operating
Profit

47

- 378

+425

Net Sales

19,927

17,250+2,677

Operating
Profit- 211- 1,090+879

Net Sales

189,629

176,072+13,557+7.7%

189,211

+418

+0.2%

Operating
Profit11,2605,214+6,046+116.0%11,022

+238

+2.2%

+15.5%

Note: The group breakdown is calculated using simple sums. Consolidated totals are after eliminating intergroup transactions.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

26

Change109,491

12

15

FY2022Net Sales

America

14

FY2023- 2.0%- 2.1%

FY2024 : Consolidated Performance Forecast

First Half
FY2032

Change% of Change

FY2024FY2032

Change% of Change

FY2024FY2032

Change% of Change

1

Net Sales

94,90090,411+4,489+5.0%

105,100

99,218+5,882+5.9%

200,000

189,629+10,371+5.5%

2Gross Profit

53,90051,152+2,748+5.4%

58,20054,630+3,570+6.5%

112,100

105,782+6,318（% of Net Sales）(56.8%)(56.6%)(+0.2%)(55.4%)(55.1%)(+0.3%)(56.1%)(55.8%)

4

5

6

7

SG&A Expanses

48,40046,130（% of Net Sales）(51.0%)(51.0%)

Operating Profit

5,500

5,022

（% of Net Sales）(5.8%)(5.6%)

Recurring Profit

5,300

4,412

（% of Net Sales）(5.6%)(4.9%)Net Profit

3,800

2,862

（% of Net Sales）(4.0%)(3.2%)※EBITDA

8,000

7,390

（% of Net Sales）(8.4%)(8.2%)+2,270

+478

+888

+938

+610

+4.9%

51,20048,392(+0.0%)(48.7%)(48.8%)

+9.5%

7,000

6,238

(+0.2%)(6.7%)(6.3%)+20.1%

6,700

5,714

(+0.7%)(6.4%)(5.8%)+32.8%

4,200

3,749

(+0.8%)(4.0%)(3.8%)

+8.3%

9,700

8,662

(+0.2%)(9.2%)(8.7%)*Note: EBITDA = operating profit + depreciation and amortization.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

27

Full-YearFY2024

3

Copyright © ONWARD HOLDINGS CO., LTD.

Second Half

（Million yen）

+2,808

+762

+986

+451

+1,038+5.8%

99,60094,522(- 0.1%)(49.8%)(49.8%)+12.2%

12,50011,260(+0.4%)(6.3%)(5.9%)+17.3%

12,00010,126(+0.6%)(6.0%)(5.3%)+12.0%

8,000

6,611

(+0.2%)(4.0%)(3.5%)+12.0%

17,70016,052(+0.5%)(8.9%)(8.5%)+6.0%(+0.3%)+5,078+5.4%(+0.0%)+1,240+11.0%(+0.4%)+1,874+18.5%(+0.7%)+1,389+21.0%(+0.5%)+1,648+10.3%(+0.4%)

FY2024 : Performance Forecasts by Segment

First Half

（Million yen）

1

2

Copyright © ONWARD HOLDINGS CO., LTD.

3

Domestic Total

Overseas Total

Consolidated Total

Second Half

FY2032

Change% of Change

FY2024FY2032

ChangeNet Sales

90,93486,311+4,623+5.4%

99,39893,747

Operating
Profit

6,402

5,990

+412

+6.9%

8,008

7,169

Net Sales

10,158

9,002+1,156+12.8%

11,808

10,925% of Change

FY2024FY2032

Change% of Change+5,651+6.0%

190,332

180,058+10,274

+5.7%

+839

+11.7%

14,41013,159+1,251

+9.5%

+883

+8.1%

21,966

19,927+2,039+10.2%

Operating
Profit

- 78

- 640

+562

399

429

- 30

- 7.0%

321

- 211

+532

Net Sales

94,90090,411+4,489+5.0%

105,100

99,218+5,882+5.9%

200,000

189,629+10,371+5.5%

Operating
Profit

5,500

5,022

+478

+9.5%

7,000

6,238

+762

+12.2%

12,50011,260+1,240+11.0%

Note: The group breakdown is calculated using simple sums. Consolidated totals are after eliminating intergroup transactions.
The segments previously divided into "Apparel Domestic," "Lifestyle Domestic," and "Overseas Total" have been reclassified into "Domestic Total" and "Overseas Total"
beginning in FY02/25.
As the market continues to diversify and the boundaries between apparel and lifestyle are disappearing, the purpose of this change is to bring both segments together andmanage them more closely to the actual situation.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

28

Full-YearFY2024

FY2024 : Performance Forecasts by Company

First Half

Second Half

Full-Year（Million yen）
1

2

3

4

FY2023

Change% of Change

FY2024FY2023

Change% of Change

FY2024FY2023

Change% of Change

Net Sales

54,14451,566+2,578+5.0%

60,822

57,925+2,897+5.0%

114,966

109,491+5,475+5.0%

Operating
Profit

3,412

3,210

+202

+6.3%

5,329

4,979

+350

+7.0%

8,741

8,189

+552

+6.7%

OnwardNet Sales

8,634

8,209

+425

+5.2%

9,712

8,979

+733

+8.2%

18,346

17,188+1,158+6.7%

Corporate Design

Operating
Profit

858

825

+33

+4.0%

735

660

+75

+11.4%

1,593

1,485

+108

+7.3%

IslandNet Sales

2,922

2,844

+78

+2.7%

3,080

2,872

+208

+7.2%

6,002

5,716

+286

+5.0%

Operating
Profit

57

- 23

+80

42

- 60

+102

99

- 83

+182

Net Sales

5,460

5,059

+401

+7.9%

5,040

4,554

+486

+10.7%

10,500

9,613

+887

+9.2%

Operating
Profit

591

565

+26

+4.6%

128

84

+44

+52.4%

719

649

+70

+10.8%

2,969

3,517

Onward Kashiyama+HD

Chacott

5

Creative Yoko

6

Yamato

7

8

9

10

Copyright © ONWARD HOLDINGS CO., LTD.

FY2024

Domestic Subtotal

EuropeAmericaAsia

11Overseas Subtotal

12

Consolidated Total

+232

+7.8%

+184

+5.2%

+416

+6.4%

Operating
Profit

283

235

+48

+20.4%

423

425

-2

- 0.5%

706

660

+46

+7.0%

Net Sales

11,42910,592

+837

+7.9%

11,154

10,445

+709

+6.8%

22,583

21,037+1,546+7.3%

Operating
Profit

843

999

- 156

- 15.6%

913

729

+184

+25.2%

1,756

1,728

+28

+1.6%

Net Sales

90,93486,311+4,623+5.4%

99,39893,747+5,651+6.0%

190,332

180,058+10,274

Operating
Profit

6,402

5,990

+412

+6.9%

8,008

7,169

+839

+11.7%

14,41013,159+1,251+9.5%

Net Sales

5,632

4,832

+800

+16.6%

6,867

6,523

+344

+5.3%

12,49911,355+1,144+10.1%

Operating
Profit

4

- 449

+453

362

605

- 243

- 40.2%

366

156

+210

+134.6%Net Sales

1,179

936

+243

+26.0%

1,151

954

+197

+20.6%

2,330

1,890

+440

+23.3%Net Sales

3,201

6,902

6,486

+5.7%

Operating
Profit

- 126

- 231

+105

- 19

- 183

+164

- 145

- 414

+269

Net Sales

3,347

3,234

+113

+3.5%

3,790

3,448

+342

+9.9%

7,137

6,682

+455

+6.8%

Operating
Profit44

40+4+10.0%

56

7+49+700.0%

100

47

+53

+112.8%Net Sales

10,158

9,002+1,156

10,925+2,039+10.2%+12.8%

11,808

+883

+8.1%

Operating
Profit

- 78

- 640

+562

399

429

- 30

- 7.0%

321

- 211

+532

Net Sales

94,90090,411+4,489+5.0%

105,100

99,218+5,882+5.9%

200,000

189,629+10,371+5.5%

Operating
Profit

5,500

5,022

+478

+9.5%

7,000

6,238

+762

+12.2%

12,50011,260+1,240+11.0%

21,966

Note: The group breakdown is calculated using simple sums. Consolidated totals are after eliminating intergroup transactions.
Onward Corporate Design's previous year figures (2H) include Onward Creative Center's results in addition to Onward Trading results.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

29

3,701

19,927

FY2023 : SG&A Expenses / Items that Affect Net Profit（Million yen）

Presonnel

1

FY202335,387

FY202235,036

YoY(% of Change)

+1.0%

2

Rent

25,33624,499+3.4%

3Transportation

6,448

6,238

+3.4%

4

Promotion andAdvertising

6,607

5,505

+20.0%

5

Depreciation

3,194

3,595

- 11.2%

6

Other

17,55016,664+5.3%

7

Total SG&A
Expenses

94,522

91,537+3.3%◼

Copyright © ONWARD HOLDINGS CO., LTD.

Non-operating profit from interest income, dividends
income, etc., was 0.5 billion yen.
◼
Non-operating expenses due to foreign exchange
losses, interest expenses, etc. were 1.6 billion yen.
◼
Extraordinary gains on sales of investment
securities were 0.4 billion yen.
◼
Extraordinary loss was 4.4 billion yen due toimpairment loss, etc.
◼
The income tax ratio decreased because taxable
income is expected to increase in the future due tobetter performance and deferred tax assets wererecorded.
◼ 2007-2015
As a result,net profit
was 6.6 billion
yen.
© Copyright
ONWARDHOLDINGS
CO.,LTD.

30

FY20238

Operating Profit

11,2605,214+116.0%9

Non-Operating Profit

494

1,380

- 64.2%

10Interest income

283

233

+21.5%

11

Foreign exchange gains

789

-

12

Subsidy income

134

-

13

Other

211

220

- 4.1%

Non-Operating Loss

FY2022

1,628

1,274

+27.8%

15

Interest expenses

896

363

+146.8%16

Foreign exchange loss

109

17

Share of loss of entities
accounted for using equity

249

46

+441.3%- 56.8%14[Items that Affect Net Profit]

YoY(% of Change)（Million yen）

-

373

863

19

Total Non-Operating Profit/Loss-1,133106-

20

Recurring Profit

10,126

5,319+90.4%

21

Extraordinary Profit

433

1,878

- 76.9%

18

22
23

Other

Gain on sales of shares ofsubsidiaries and associates
Gain on sales of investment
securities

363

1,300

-

527

- 31.1%

24

Other

69

50

+38.0%

25

Extraordinary Loss

4,395

3,388

+29.7%

26

Impairment loss

3,586

2,906

+23.4%

27

Other

809

482

+67.8%

28

Extraordinary Profit/Loss-3,962-1,510-29

Profit Before Income Taxes

6,164

3,809

+61.8%

30

Income Taxes - Current

-713

698

-

31

Prof it (loss) attributable to noncontrolling interests

266

49

+442.9%

6,611

3,061

+115.9%32

Net Profit

FY2023 : Consolidated Balance Sheet(Billion yen)
1

Current Assets

End-FY2023

End-FY2022

171.3

159.1

+12.2

Reasins for change

73.4

62.2

+11.2

Cash and Deposits

14.1

13.8

+0.3

4

Accounts
Receivable-trade

15.9

13.9

+2.0

Increase due to higher net sales

5

Inventory

38.9

30.7

+8.2

Increase due to active purchase6

Non-current Assets

97.9

96.9

+1.0

7

Property, Plant andEquipment

50.4

53.1

-2.7

8

Intangible Assets

8.8

9.1

-0.3

9

Investments andOther Assets

38.6

34.7

+3.9
+12.2

Total Liabilities

86.3

74.1

11

Accounts Payabletrade

22.6

21.4

+1.2

12

Borrowings

37.6

27.2

+10.4

13

Other

26.1

25.5

+0.6

10

14

Total Net Assets

84.9

85.0

-0.1

15

Shareholders' Equity
Ratio

46.6%

47.0%

- 0.4%

16

Current Ratio

117.7%

117.2%+0.5%© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

31

Change32

Copyright © ONWARD HOLDINGS CO., LTD.

Total Assets

Decrease due to impairment of fixed assets

While cross-shareholdings declined, newly acquired
deferred tax assets from affiliated companies increased

Increase due to new borrowings

FY2023 : Results by Groups
Full-Year Results（Million yen）

+ HD

Onward Kashiyama
Domestic Subtotal(Excl.Onward Kashiyama + HD)

Overseas Subtotal

LTD.
CO.,LTD.
HOLDINGSHOLDINGSCO.,
ONWARD
Copyright
Copyright©©ONWARD

FY2023

1

Net Sales

2Gross Profit（% of Net Sales）

3
4

109,491

Change101,109+8,38265,42860,068+5,360(59.8%)(59.4%)

SG&A Expenses

57,23955,544（% of Net Sales）(52.3%)(54.9%)+1,695

8,189

4,524

(7.5%)(4.5%)

5

Net Sales

70,567

66,342+4,225

6

Gross Profit

35,07632,516+2,560（% of Net Sales）(49.7%)(49.0%)

8

SG&A Expenses

30,10629,299（% of Net Sales）(42.7%)(44.2%)

+8.3%
+8.9%
+3.1%
(- 2.7%)（% of Net Sales）

7% of Change(+0.3%)

Operating Profit+3,665+81.0%(+3.0%)

+6.4%
+7.9%
(+0.7%)

+807

+2.8%
(- 1.5%)

Operating Profit

4,970

3,217

（% of Net Sales）(7.0%)(4.8%)

9

Net Sales

19,927

17,250+2,677+15.5%

10

Gross Profit+1,606+21.3%

11
12

9,158

7,552

（% of Net Sales）(46.0%)(43.8%)

SG&A Expenses

9,369

8,642

（% of Net Sales）(47.0%)(50.1%)

Operating Profit- 211- 1,090（% of Net Sales）--© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

32

FY2022+1,753+54.5%(+2.2%)(+2.2%)

+727

+8.4%
(- 3.1%)+879

FY2024 Full-Year : Forecasts by GroupFirst Half

（Million yen）

+ HD

Onward Kashiyama
Domestic Subtotal(Excl.Onward Kashiyama + HD)

Overseas Subtotal

Copyright © ONWARD HOLDINGS CO., LTD.

FY2024FY2023

Second Half

ChangeFY2024FY2023Full-Year

Change% of Change

FY2024FY2023

Change1

Net Sales

54,14451,566+2,578+5.0%

60,822

57,925+2,897+5.0%

114,966

109,491+5,4752

Gross Profit

32,952

31,245+1,707+5.5%

36,85734,183+2,674+7.8%

69,80965,428+4,381（% of Net Sales）(60.9%)(60.6%)(+0.3%)(60.6%)(59.0%)(+1.6%)(60.7%)(59.8%)

SG&A Expenses

29,54028,035+5.4%

31,52829,204+8.0%

61,06857,239（% of Net Sales）(54.6%)(54.4%)(+0.2%)(51.8%)(50.4%)(+1.4%)(53.1%)(52.3%)

3
4+1,505

Operating Profit

3,412

3,210

（% of Net Sales）(6.3%)(6.2%)

5

Net Sales

36,79034,745

6

Gross Profit

18,528

17,626（% of Net Sales）(50.4%)(50.7%)

SG&A Expenses

15,538

14,846（% of Net Sales）(42.2%)(42.7%)

Operating Profit

2,990

2,780

（% of Net Sales）(8.1%)(8.0%)

9

Net Sales

10,158

9,002+1,15610

Gross Profit

4,678

4,047

+631

（% of Net Sales）(46.1%)(45.0%)

SG&A Expenses

4,756

4,687

（% of Net Sales）(46.8%)(52.1%)

Operating Profit

- 78

- 640

（% of Net Sales）

-

-

7
8

11
12

+2,324

+6.3%

5,329

4,979

(+0.1%)(8.8%)(8.6%)+2,045+5.9%

38,57635,822+902+5.1%(-0.3%)+4.7%(- 0.5%)+7.6%(+0.1%)

18,823

17,450(48.8%)(48.7%)

16,144

15,260(41.8%)(42.6%)

2,679

2,190

(6.9%)(6.1%)+12.8%

11,808

10,925+883+15.6%(+1.1%)+1.5%(-5.3%)

5,496

5,111

+385

(46.5%)(46.8%)

5,097

4,682

(43.2%)(42.9%)

+202

+692
+210

+69
+562

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

33% of Change

399

429

(3.4%)(3.9%)% of Change

+5.0%
+6.7%
(+0.9%)+3,829+6.7%(+0.8%)

+7.0%

8,741

8,189

(+0.2%)(7.6%)(7.5%)+2,754+7.7%

75,36670,567+4,799+6.8%+1,373+7.9%(+0.1%)+5.8%(-0.8%)+22.3%(+0.8%)

37,35135,076+2,275(49.6%)(49.7%)

31,68230,106(42.0%)(42.7%)+6.5%(- 0.1%)+5.2%(-0.7%)+14.1%(+0.5%)

+350

+884
+489

+415
- 30

+552

+6.7%
(+0.1%)+1,576
+699

5,669

4,970

(7.5%)(7.0%)+8.1%

21,966

19,927+2,039+10.2%+7.5%(-0.3%)+8.9%(+0.3%)- 7.0%(- 0.5%)

10,174

9,158+1,016(46.3%)(46.0%)

9,853

9,369

(44.9%)(47.0%)+11.1%(+0.3%)+5.2%(-2.1%)

321

- 211

(1.5%)

-

+484
+532

The information in this presentation is not a solicitation to purchase or sell Onward
Holdings stock. Opinions and forecasts stated herein represent the judgments of thecompany at the time this presentation was prepared. Onward Holdings makes noguarantee regarding the accuracy of the information in this presentation and may
make revisions without prior notice. Onward Holdings and the providers of thisinformation assume no responsibility whatsoever for any losses incurred inassociation with this information.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

34