Presentation of Results for the Fiscal Year
Ended February 28, 2010

Kentaro Mizuno
President＜ Outline ＞
Fiscal 2010 Consolidated Performance¾Fiscal 2010: Consolidated Statements of Income ・・・・・・・・・・ P1¾Fiscal 2010: Consolidated Statements of Income (Reference)・・ P2¾Fiscal 2010: Consolidated Balance Sheets ・・・・・・・・・・・・・ ・・ P3¾Fiscal 2010: Performance by Geographic Area ・・・・・・・・・・・・ P4¾Summary of Domestic Apparel-Related Businesses ・・・・・・・・ P5~6
¾Summary of Overseas Apparel-Related Businesses ・・・・・・・・ P7

Fiscal 2011 Business Plan
¾Fiscal 2011: Operating Plan (Consolidated) ・・・・・・・・・・・・・・¾Basic Management Policy ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・¾Policy for Domestic Apparel-Related Businesses ・・・・・・・・・¾Policy for Overseas Apparel-Related Businesses ・・・・・・・・・¾Mission and Role of the Onward Group・・・・・・・・・・・・・・・・・・

Principal Financial Indicators

P8
P9
P10~13
P14~15
P16~17

Fiscal 2010 Consolidated PerformanceFiscal 2010: Consolidated Statements of Income（Unit: ¥ million）
Fiscal 2010

Fiscal 2009

Net sales

248,634

261,005-12,371 (-4.7％)

Gross profit（Ratio）

114,176

118,329(45.9％)(45.3％)-4,153 (-3.5％)(0.6％)

SG&A expenses（Ratio）

109,793109,245(44.2％)(41.9％)Net Sales

Change (%)

・Beginning in the second half, ONWARD KASHIYAMA moved to arecovery trend as a result of the relocation and expansion, mainly ofmajor core brand stores, and aggressive launching of products.
・ Increase due to consolidation of three new subsidiaries: ¥16.8
billionGross Profit
・ ONWARD KASHIYAMA showed an increase in the ratio of sales atlist prices and the gross profit ratio, especially in the second half,because of higher accuracy of initial planning and aggressive
launching of hit products.

548 (0.5％)(2.3％)（1st half） ＋0.1％ （2nd half） ＋1.4％ (Full year） ＋0.7％

Operatingincome（Ratio）

4,383

9,084

(1.8％)(3.5％)

Ordinary
income（Ratio）

6,120

6,285

(2.5％)(2.4％)

Extraordinary
income（Ratio）

2,419

924

(1.0％)(0.4％)-4,701 (-51.8％)(-1.7％)

Selling, General and Administrative Expenses (SG&A)

・ Efficient use of expenses (Cost reductions) (yen)-165 (-2.6％)(0.1％)

1,495 (
(0.6％))

ONWARD KASHIYAMAOther existing subsidiaries
New subsidiaries (3)－７.９ billion－２.０ billion＋９.６ billion

Sub-total
Amortization of goodwill－0.３ billion＋0.8 billion

Operating expenses

Extraordinaryloss（Ratio）

2,150

37,805(0.9％)(14.5％)Net income(loss)（Ratio)2,187-30,895(0.9％)(-11.8％)-35,655 ((-13.6％))33,082 ((12.7％))＋0.５ billion

Operating Income
・ Although operating income declined in the first half, it increased in
the second half because of a rise in profitability owing to improvementin the gross profit ratio and more-efficient use of expenses.

１Fiscal 2010: Consolidated Statements of Income (Reference)

For Reference： Forecast*（Unit: ¥ million)
Fiscal 2010 First Half
（Change）

Fiscal 2010 Second Half
（Change）

Fiscal 2010 Full Year
（Change）（Unit: ¥ million）
Fiscal 2010
Forecast*

Change from
Forecast*

Net sales

121,821（-8.0％）

126,813（-1.3％）

248,634（-4.7％）

247,600

1,034

Gross profit（Ratio）

55,252（-7.8％）

58,924（0.9％）

114,176（-3.5％）

112,800

1,376 (1.2％)(0.3％)

SG&A expenses

54,989（-0.9％）

109,793（0.5％）

109,100（33.2％）

4,383

（

）

6,120

（

）

2,187

（Ratio）
Operatingincome（Ratio）(45.4％)(46.5％)（2.0％）(45.1％)

263(43.2％)（-95.6％）(0.2％)

Ordinary
income（Ratio）

1,305

Net income（Ratio）

960

4,120(3.2％)（-80.9％）(1.1％)(0.8％)

54,8044,815(3.8％)（-61.6％）1,227(1.0％)(45.9％)(44.2％)(1.8％)(2.5％)(0.9％)(45.6％)(44.1％)（-51.8％）3,700(1.5％)（-2.6％）

5,200(2.1％)（）

2,000(0.8％)(0.4％)

693 (0.6％)(0.1％)

683 (18.5％)(0.3％)

920 (17.7％)(0.4％)

187 (9.4％ )(0.1％)* As announced on October 9, 2009２

Fiscal 2010: Consolidated Balance Sheets（Unit: ¥ million）

Fiscal 2010

Total assets

Fiscal 2009

Change (%)

292,568

296,282-3,71434,33023,415

10,915

100,680

98,945

1,735

89,741

90,174-433

50,81150,374437

51,33556,788-5,453

191,888

197,336-5,448

Accounts andnotes payable

35,961

39,620-3,659

Short-term loans

35,69731,647

4,050

Current liabilities

90,92992,368-1,439Long-term liabilities

43,47545,496-2,021

Total liabilities

134,404

137,864-3,460Total shareholders’
株主資本合計equity

175,450

178,023-2,573

Total valuation andtranslation adjustments-18,949-21,156

2,207

158,164

158,418-254

Cash and time deposits

Total current assets
Total tangible fixed assets
Total intangible
fixed assets
Total investments
and other assets

Total fixed assets

Net assets

３Fiscal 2010: Performance by Geographic Area
FY2010 Sales (Actual)（Area-wide share）

Japan¥216.5 billion （83％）
Europe¥37.1 billion （14％）

Asia¥54.0 billion （2％）

GIBO’
GIBO’ CO. GroupJOSEPH GroupJIL SANDER GroupONWARD FASHION TRADING(China)SHANGHAI ONWARD FASHION
Other companies

Other companies

United States¥3.0 billion （1％）

ONWARD HOLDINGSONWARD KASHIYAMAONWARD TRADINGCHACOTTCREATIVE YOKO
BUS STOPACROSS TRANSPORT
Other companies

J. PRESSONWARD BEACH RESORT GUAMONWARD GOLF RESORT GUAM
Other companies（Unit: ¥ million）

Pro-Forma Sum(Before Eliminations）

Fiscal 2010 Second Half (Actual)

Fiscal 2010 First Half (Actual)

Net Sales（Change）

Domestic
businesses

105,264(-12.5 %)Overseasbusinesses

23,127(8.2%)

Total before
eliminations

128,391(-9.3%)

Operating Income(Loss)

Net Sales（Ratio） （Change）

2,707(-49.6%)(2.6%)-1,794()(-7.8%)

913(0.7%)(-84.5%)（Change）

111,218(-8.5%)

22,403(52.0%)

133,621(-1.9%)

Operating Income(Loss)（Ratio） （Change）

5,989(24.7%)(5.4%)-446()(-2.0%)

5,543(4.1%)(40.4%)

Fiscal 2010 (Full Year) (Actual)

Net Sales（Change）

216,482(-10.5%)45,530(26.1%)

262,012(-5.7%)

Operating Income(Loss)（Ratio） （Change）

8,696(-14.5%)(4.0%)-2,240 ()(-4.9%)

6,456(2.5%)(-34.3%)４

Summary of Domestic Apparel-Related Businesses
Domestic: Sales of ¥216.5 billion
ONWARD KASHIYAMA■ Despite difficulty in the first half, progress was madetoward improving profitability in the second half.
・ Positive effects of the relocation and expansion, mainly ofcore brand stores, emerged in the second half.
・ In the second half, major results were reported, including recovery
in sales, especially during the winter season because of aggressive
launching of products in core brand lines.
・ Also in the second half, the ratio of sales at list prices and the grossprofit ratio increased because of higher accuracy of initial
production planning and aggressive launching of targeted products.

■ Implemented expenditure controls suited to growthin sales in the second half

Gross Profit
First Half

Full Year

47.3％ 48.6％ 47.9％＋0.1％ ＋1.4％ ＋0.7％

２００９ Department Store Buyers Award

Brands selected for greatest contributions tosales by major department stores nationwide◆Youth and young career division ◆「NIJUSANKU」 : No. 1 for second year
◆ Missy and Misses division ◆「JIYUKU」 : No. 1 for second year

Expense Reductions
SecondHalf

Full Year-4.0 billion -3.9 billion-7.9 billion

First Half

・ Implemented cost reductions and improved expense ratios inthe second half through more-efficient use of expenses

SecondHalf(45.8％) (42.6％) (44.1％)
５

Summary of Domestic Apparel-Related Businesses
ONWARD TRADING■ Expansion as planned in the core uniform and sales promotion services businesses
・ Steady expansion in school and medical uniform sales.
However, sales of corporate uniforms declined, and presenting proposals for new
products is an issue to be addressed.
・ Improvement in overall business profitability proceeded according to plan.

CHACOTT■ Sales and income both moved according to plan.
・ Sales at freestanding stores and e-commerce performed smoothly,
and, as a result, performance was according to plan.

CREATIVE YOKO
■ The pet-related business performed smoothly.
・ As the number of competitors increased, the company worked to strengthen
competitiveness through the development of pet foods, health-care items,
and other products.
・ Development of new character goods will be an issue going forward.

BUS STOP■ Sales declined because of stagnation in the luxury business market.
・ Sales decreased because the company could not achieve a balanceof price and value in a competitive market environment.
“PET PARADISE”Shinsaibashi store

６

Summary of Overseas Apparel-Related Businesses
Europe: Sales of ￥37.1 billion
ＧＩＢＯ’ＣＯ. Group■ As a result of a decline in sales, the group was unable to absorb the high fixed costs oftechnical personnel and experienced a decline in sales and income. However, arrangements
have been made for improvements from the next fiscal year.

ＪＯＳＥＰＨ Group■ Sales expanded according to plan in the second half of the fiscal year as the group
launched an upgraded product line and renewed its freestanding stores.

ＪＩＬ ＳＡＮＤＥＲ Group■ The group reported a substantial operating loss because of a temporary increasein expenses for restructuring, but the group was able to strengthen its management
base.

Asia: Sales of ￥54.0 billion
ONWARD FASHION TRADING (China)“JIL SANDER” spring and summer collection■ Although sales declined in the first half, recovery was reported
in the second half because of improvement in the economic environment.

United States: Sales of ￥3.0 billion
Ｊ. PRESS ＩＮＣ.
■ Sales and income performed according to plan in the second half.

“JOSEPH” Montaigne Store

７

Fiscal 2011 Business PlanFiscal 2011: Operating Plan (Consolidated)（Unit: ¥ million）
FY 2011(Planned)

FY 2010(Actual)

Change (%)

Net sales

250,000

248,634

1,366 （0.5％）

Gross profit（Ratio）

115,600

114,176

1,424 （1.2％）

SG&A expenses（Ratio）

109,000

Operatingincome（Ratio）
Ordinary
income（Ratio）
Net income（Ratio）（46.2％）（43.6％）（％）（45.9％）

109,793（44.2％）
（％）

6,600

4,383

（2.6％）（1.8％）（％）（0.3％）-793 （-0.7％）（-0.6％）

2,217 （50.6％）（0.8％）

9,000

6,120

2,880 （47.1％）（3.6％）（2.5％）（％）（1.1％）

3,500

2,187

（1.4％）（0.9％）

1,313 （60.0％）（0.5％）Net Sales
・Recovery in consumption will take more time,and a difficult operating environment is forecast tocontinue.
ONWARD KASHIYAMAOther existing subsidiaries
Increase due to new subsidiary
(One)

98％
101％
¥4.2 billion

Gross Profit
・ Gross profit margin of existing subsidiaries
improved 0.1 percentage point
Increase due to new subsidiary: 0.2 point

SG&A Expenses
・ Continued efficient use of expenses- ¥ 1.3 billion
ONWARD KASHIYAMAOther existing subsidiaries - ¥ 1.7 billion
Increase due to new
subsidiary (One)＋ ¥ 2.0 billion
Sub-total
Amortization of goodwill- ¥ 1.0 billion＋ ¥ 0.2 billion

Total operating expenses- ¥ 0.8 billion

Operating Income
・ Although ONWARD KASHIYAMA
sales will decline, plans call for an increase in income inJapan and a major improvement in income in overseas
business, including the JIL SANDER Group.

８Basic Management Policy
Fiscal 2011: A Milestone Year Marking the Start ofa New Decade of Growth for the Onward GroupA year offering opportunities for major leaps forward as the various initiatives prepared
during the difficult management environment begin to have an impact
Key Policies■ Improving profitability of domestic businesses and aiming for stable profitability■■Taking
up the challenge of new distribution through urban fashion shopping centers,
国内事業は収益性を改善して安定的な利益確保を目指す
e-commerce and in Southeast Asian markets■■ In都市型商業施設・Ｅビジネス・東南アジア等、新たな流通事業への挑戦
overseas business, improving profitability and expanding sales of companies acquired
through M&A
Fiscal 2011 will be the last year of the three-year medium-term plan.
The goals of the plan will not be attained because of severe change
in the world economy.
The next medium-term plan will be
formulated this fiscal year.

Aiming to increase sales and income of the Onward Group９

Policy for Domestic Apparel-Related Businesses
ONWARD KASHIYAMA
Department Stores■ Strengthen major core brands thoroughly and establish them as brands withan outstanding presence⇒ Expand sales of core brands by implementing the “Rainbow Strategy”“Rainbow Strategy”

Strong Merchandising
Capabilities

Strong Marketing
Capabilities

More Attractive
Store Environments

Achieve a balance ofvalue and price

Offer appealing
customer service

Relocate and expand inprime locations

Results of Rainbow Strategy for core brands (Performance in FY 2010)
Brand

Storesimplementing
Rainbow
Strategy

Sales in second half
RegularstoresRainbow
StrategyStores% Change

NIJUSANKU

18

100%

106%

6%

KUMIKYOKU

7

87%

111%

25%

JIYUKU

29

91%

117%

27%

ICB

12

90%

122%

32%

“NIJUSANKU” : Matsuya Ginza Store
Sales space 66㎡→89㎡
Sales up 30%“JIYUKU” : Takashimaya Shinjuku Store
Sales space 43㎡ →66㎡
Sales up 8%

１０

Policy for Domestic Apparel-Related Businesses■ Differentiation through attractive products and sales tactics
Value Creation

Creating what is not available on the market rather than searching for what is“AIR JACKET” : Feels like “wearing air”

ＡＩＲ ＪＡＣＫＥＴ

・A tailored jacket made from a high-quality knit jersey
Product
features① Light like a cardigan (about half the weight of standard jackets)② Highly stretchable outer and inner materials give a stress-free feel
③ Wrinkle-free knit fabrics④ A sharp look, suited to many life scenes

Marketingplan

・Marketing campaign across seven men’s brands
Marketing in 30 department stores“ONWARD COLOR MUSEUM” : Wearing colors from around the world

・Making shopping fun, like enjoying art in a museum
Product
featuresTurning department stores into art museums by
developing clothing in attractive colors drawn from the works
of Van Gogh, Renoir, and other famous impressionist painters

Marketingplan

・Marketing campaign across men’s and women’s core brands
Corners in 13 department stores transformed into
ONWARD COLOR MUSEUM
１１

Policy for Domestic Apparel-Related Businesses■ Developing new brand business through collaboration with department stores
Collaboration
Business

Developing new brands evolved from the customer’s needs
by combining information and planning capabilities of Onwardand department stores“ENTER G” : Entry-level suits with attractive designs and prices foryoung businessmen
・A brand focused around suits for the young businessmen
Product
features① Highly fashionable with a trim-fitting design② Flattering, long-legged pants design③ Priced reasonably to appeal to the younger generation

Marketingplan

・Debuted on February 19 in the Men’s Wing ofHankyu Department Store“ENTER G”
Men’s Wing of Hankyu Umeda store

Sales running smoothly at planned levels“RE-EARTH” : For a more-enjoyable everyday lifestyle・Casual brand for women in their 50s: Upmarket quality,
but priced in the impulse-buying zone
Product
featuresMarketingplan

New framework for brand management

Department stores
Sales area creation, sales, sales analysis,
and customer analysis① Daily lifestyle merchandising based on mature women’s lifestyle② Priced at about 70% of general department store women’s apparel③ Original patterns based on latest measurements of women in their 50s

Information
sharing・In collaboration with department stores Fujisaki, Meitetsu,
Tenmaya, and Izutsuya
To debut in mid-April in these department stores inprime areas on women’s floors

Planning, production, trend analysis,
and distribution

ONWARD KASHIYAMA

１２

Policy for Domestic Apparel-Related Businesses
New Distribution Channels■Improving profitability of existing core brands
anyFAM （Family brand）
anySiS （Youth brand)

Strong emphasis on trendiness and value for priceStrengthening store capabilities based onretail concepts■Development of new-concept shopping center stores
Development of new business genre combining fashion and lifestyles

Domestic Group Companies“GRACE CONTINENTAL”
Sotetsu Joinus store■Active approach to urban fashion shopping centers
ISLAND CO., LTD.
“GRACE CONTINENTAL”① Focus on development in urban fashion shopping centers in prime locations

38 ② Develop presence with highly original products

Stores ③ All in-house policy for planning, production, sales, and promotion

CANDELA INTERNATIONAL CO., LTD. “CROON A SONG”① Development of stores that offer mainly original and some selected
brands16Stores ② Operating stores differentiated by original planning andproduction systems“CROON A SONG”
Daimaru Shinsaibashi store

Aim for sales of ¥10 billion (retail level)■Aggressive development of e-commerce
Develop e-commerce using synergies with real stores
ONWARD KASHIYAMA: Aim for sales of ¥1 billion on own e-commerce site
Other Group companies: Launch “stores” on popular net malls, such as “ZOZOTOWN”
Aim for Group sales of ¥2.5 billion (retail level)“ONWARD CROSSET”

１３

Policy for Overseas Apparel-Related Businesses
EuropeMaking European business acquisitions profitableand putting them on a new growth path
ＧＩＢＯ’ＣＯ. Group
Improving profitability

ＪＩＬ ＳＡＮＤＥＲ Group
Aiming for major improvement in profitability
by strengthening management position■ Sales and production system with an eye to world markets■ Securing steady sales in the luxury market
・ Review franchise stores and strength by geographic area
・
Recovery in wholesale business in second half (recovery in・ Full-scale production system for JIL SANDER brandorders in ’10 A/W)
・ Start the business with new major brands■ Major improvement in profit ratios
・ Recover orders for existing contract brands (’10 A/W)
・ Realizing Group synergies■ Raise productivity and improve gross profit margins
・ Raise ratio of sales at list prices in freestanding stores and・ Improve efficiency through Group synergies
improve inventory management
・ Upgrade production process through efficient・ Review of personnel compensation
assignment of personnel
・ Increase royalty revenues by expanding license business

ＪＯＳＥＰＨ Group
Implementing new growth strategy■ Aggressive expansion of sales
・ Sales expansion through renewal of freestanding stores・ Expand area for wholesale business and promote franchisebusiness■ Increase brand equity through upgrading product line
・ Impact of new collection designed by new team in Paris(from ’09 A/W)
・ Upgrade leather items and accessories
・ Increase brand awareness through increased exposure inmagazines and press

Sales plans for main U.K. freestanding stores(Comparison with fiscal 2010)
Fulham Road store
Old Bond Street store
Westbourne Grove store

Sloane Street store
Sloane Avenue store⇒ ＵＫ
１１０％France:
フランス
１１６．６％
U.K.: +10%
(5 stores),+ 20%(3 stores)

１４

Policy for Overseas Apparel-Related Businesses
Asia
Aggressively expand sales in Asia

Expansion of stores in Asia
FY2010 FY2011
Actual Planned Change

China

CHINA

■ Expand store network through opening flagshipand other stores・ Relocate and expand existing stores in better locations
・ Strengthen regional management in China(Shanghai, Beijing, and Chongqing)

161 175

14

HONG
KONG

8

KOREA

23

24

1

TAIWAN

57

63

6

ASEAN

3

10

7

252 279

27

TOTAL

KOREA
SEOUL

CHINA BEIJING

7 -1

CHONGQINGSHANGHAITAIWANHONG KONG

Southeast Asia
■ Expand business coverage in Southeast Asia
・ Create sales bases in ASEAN markets (Goal: 10 stores)
・ Make preparations for new production base

THAILANDMALAYSIAVIETNAM

ASEAN

SINGAPORE

United States

Local subsidiary bases(including planned locations)Move ahead with business realignment in North America■ Develop J. PRESS business・ Strengthen New York flagship store
・ Grow e-commerce■ New business areas for the Onward Group・ CHACOTT group (FREED OF LONDON LTD. and other companies)
expanding and entering new businesses
・ Considering new wholesale businesses
１５Mission and Role of the Onward Group
Creating Lifestyle Products■ As a leading lifestyle products company, Onward always pursues qualitythat will meet with customer satisfaction.
Onward Quality

Taking the time, effort, and care tocreate fine apparel

Strict Quality Standards
・Setting top-level, strict quality standards, our planning and production teamof more than 1,000, including leading designers, pattern makers, and quality
control staffs, pursue the creation of apparel with a feel and fit that comes fromusing durable materials, building in functionality, and embodying the latest
body measurement data.

Latest Technology
・Together with 11 representative companies in the apparel-related industry,
Onward operates its “Onward Research Institute” and conducts research ontechnologies that are applied to its business operations.
・Onward has developed many products that have drawn attention from themarket, such as “washable suits”, “style-enhancing” trousers, and “biotech suits.” “Onward Research Institute”

Trendsetting Fashion
・Onward has established bases in the world’s leading fashion centers, including
Paris, Milan, London, and New York, and conducts its own original marketing
activities globally.
・Based on the latest information, Onward offers trendsetting fashions fromeach of its bases.

１６

Mission and Role of the Onward Group
Environmental
Management■ Onward positions environment-related activities as one of its management policies, and accepts
the challenges of co-existing with the natural environment and with the peoples of the world.
Environmental
Concepts

Onward Green Campaign

Thinking of the Earth. Clothing Its People.

・We hold campaigns twice yearly to collect used Onward apparel items andthen produce blankets from the recycled fiber. In fiscal 2010, we donatedthese to refugee camps around the world.
・ About 130,000 items were collected in fiscal 2010, and we are aiming
to collect 200,000 items in fiscal 2011.
Development of Eco-Friendly Apparel・Offering many kinds of eco-friendly apparel that reduces the burden on theenvironment
Washable suits
Recyclable uniforms“Biotech suits”

High-function suits that can be washed at home
Uniforms that can be recycled and reused as fiber materials
Suits that biodegrade into water and CO2 when buried in the ground

Social Contribution Activities

・Onward implements a wide range of activities that contribute to society, including preservationof a forest area of 45 hectares located in the Tosayama district of Kochi Prefecture, introduction of low-pollution vehicles in its operations, and use of collapsible, reusable containers .
１７

Principal Financial Indicators

Consolidated Results in Fiscal 2010

（Unit: ¥ million）

First half (Actual)

Second half (Actual)

Fiscal
2010

Fiscal2009

Change%ChangeFiscal
2010

Fiscal2009

121,821

132,469-10,648（-8.0%）

126,81355,252

59,916-4,664（-7.8%）(Ratio)（45.4%）（45.2%）（0.2%）

SG&A
expenses

54,98953,926

1,063(Ratio)（45.1%）（40.7%）（4.4%）

Operatingincome263

5,990-5,727(Ratio)（0.2%）（4.5%）（-4.3%）

Ordinary
income(loss)

1,305

6,825

-5,520(Ratio)（1.1%）（5.2%）（-4.1%）Net income(loss)

960

2,497-1,537(Ratio)（0.8%）（1.9%）（-1.1%）Net sales
Gross profit（2.0%）（-95.6%）（-80.9%）（-61.6%）

Full fiscal year (Actual)

Change%ChangeFiscal
2010

Fiscal2009

Change%Change128,536-1,723（-1.3%）

248,634

261,005-12,371（-4.7%）

58,92458,413511（0.9%）

114,176

118,329-4,153（-3.5%）(46.5%)(45.4%)（1.1%）(45.9%)(45.3%)（0.6%）

54,80455,319-515

109,793109,245548(43.2%)(43.0%)（0.2%）(44.2%)(41.9%)（2.3%）

4,120

3,094

1,026

4,383

9,084

-4,701(3.2%)(2.4%)（0.8%）(1.8%)(3.5%)（-1.7%）

4,815

-540

5,355

6,120

6,285

-165

(3.8%)(-0.4%)（4.2%）(2.5%)(2.4%)（0.1%）

1,227-33,392

34,6192,187-30,895

33,082(1.0%)(-26.0%)（27.0%）(0.9%)(-11.8%)（12.7%）（-0.9%）（33.2%）

（

（

）

）

（0.5%）（-51.8%）（-2.6%）（）

１８

Fiscal 2011: Operating Plan (Consolidated)（Unit: ¥ million）

First half (Planned)

Second half (Planned)

Full fiscal year (Planned)

Fiscal
2011(Planned)

Fiscal2010(Actual)Change%ChangeFiscal
2011(Planned)

Fiscal2010(Actual)Change%ChangeFiscal
2011(Planned)

Fiscal2010(Actual)Change%ChangeNet sales

121,900

121,82179（0.1%）

128,100

126,8131,287（1.0%）

250,000

248,634

1,366（0.5%）

Gross profit

55,60055,252348（0.6%）

60,00058,924

1,076（1.8%）

115,600

114,176

1,424（1.2%）(Ratio)（45.6%）（45.4%）（0.2%）(46.8%)(46.5%)（0.3%）(46.2%)(45.9%)（0.3%）

SG&A
expenses

54,10054,989-889

54,90054,80496

109,000

109,793-793(Ratio)（44.4%）（45.1%）（-0.7%）(42.9%)(43.2%)（-0.3%）(43.6%)(44.2%)（-0.6%）

Operatingincome

1,500

263

1,237

5,100

4,120

980

6,600

4,383

2,217

(Ratio)（1.2%）（0.2%）（1.0%）(4.0%)(3.2%)（0.8%）(2.6%)(1.8%)（0.8%）

Ordinary
income

2,600

1,305

1,295

6,400

4,815

1,585

9,000

6,120

2,880

(Ratio)（2.1%）（1.1%）（1.0%）(5.0%)(3.8%)（1.2%）(3.6%)(2.5%)（1.1%）Net income

1,100

960

140

2,400

1,227

1,173

3,500

2,187

1,313

(Ratio)（0.9%）（0.8%）（0.1%）(1.9%)(1.0%)（0.9%）(1.4%)(0.9%)（0.5%）（-1.6%）（）（99.2%）（14.6%）（0.2%）（23.8%）（32.9%）（95.6%）（-0.7%）（50.6%）（47.1%）（60.0%）

１９

Results of Principal Consolidated Subsidiaries（Unit: ¥ million)＜ Net Sales ＞

First half of FY 2010 (Actual)

Second half of FY 2010 (Actual)
AmountChangePlans for full fiscal 2011

Full fiscal 2010 (Actual)
AmountChangeAmount%Change%AmountChangeONWARD HOLDINGS+ONWARD KASHIYAMA CO., LTD.

75,478- 15,024- 16.6%

81,352- 8,977- 9.9%

156,830- 24,001- 13.3%

153,400- 3,430- 2.2%

ONWARD TRADING CO., LTD.

7,030

-2,027-22.4%

16,024-3,327-17.2%

15,827- 197- 1.2%- 358- 6.9%

10,050- 690- 6.4%

10,057

＋7

0.1%

5.9%

8,334

91.9%

8,380

＋ 46

0.6%

―

1,672

―

5,920

＋ 4,248- 5.7%

11,139- 5.4%

10,712- 427- 3.8%%

8,994-1,300- 12.6%CHACOTT CO., LTD.

5,242

- 332

- 6.0%

4,808

CREATIVE YOKO CO., LTD.

3,733

―

4,601

―

1,672

- 5.1%

5,602

ISLAND CO., LTD.

＋3,733

―

―

＋ 258

%

＋ 1,672＋ 3,991＋ 1,672

ACROSS TRANSPORT CO., LTD.

5,537

ONWARD CREATIVE CENTER
CO., LTD.

1,144

- 600

- 34.4%

1,494

- 416

- 21.8%2,638- 1,016- 27.8%

3,000

＋ 362

13.7%

ONWARD RESORT Group

1,848

- 874

- 32.1%

1,619

＋ 542

50.3%

3,467

- 332

- 8.7%

3,604

＋ 137

4.0%

- 299

- 341

- 640

JOSEPH Group

4,608- 1,502- 24.6%

4,670＋ 1,978

73.5%

9,278

＋476

5.4%

10,561＋ 1,283

13.8%

GIBO’ CO. Group

6,885- 2,709- 28.2%

7,007

＋ 976

16.2%

13,892- 1,733- 11.1%

13,791- 101- 0.7%JIL SANDER Group

6,834

―

5,742

11,090- 1,486- 11.8%＋6,834

12,576＋ 4,309＋11,143＜ Operating Income (Loss)＞（Unit: ¥ million）

First half of FY 2010 (Actual)
AmountChangeSecond half of FY 2010 (Actual)%

AmountChangeFull fiscal 2010 (Actual)
Amount%ChangePlans for full fiscal 2011
Amount%Change%ONWARD HOLDINGS+ONWARD KASHIYAMA CO., LTD.

1,112

- 2,955- 72.7%

4,845

＋ 697

- 16.8%5,957- 2,258- 27.5%

6,800

＋ 843

ONWARD TRADING CO., LTD.

1,034

＋ 212

25.8%

203

- 23

- 10.2%

1,237

＋189

18.0%

1,267

＋ 30

2.4%

CHACOTT CO., LTD.

401

±0

±0

154

- 52

- 25.2%555- 52- 8.6%

621

＋ 66

11.9%

CREATIVE YOKO CO., LTD.

78

＋ 78

―

676

＋ 172

34.1%

754

＋250

49.6%

762

＋8

1.1%

ISLAND CO., LTD.

―

―

―

258

＋ 258

―

258

＋258

―

781

＋ 523

ACROSS TRANSPORT CO., LTD.

157

＋ 43

37.7%

126

- 43

- 25.4%

283

±0

±0

173

- 110

- 53
- 52

-4

- 47
- 133

＋6

- 100
- 185

＋2

- 21
- 40

＋ 79

- 695
125
- 1,071- 380

ONWARD CREATIVE CENTER
CO., LTD.

ONWARD RESORT GroupJOSEPH Group
GIBO’ CO. GroupJIL SANDER Group

-2

- 982

- 88.7%- 1,071

―

- 51
391
- 839

＋ 12
＋ 403
- 99
＋ 33

- 20.2%- 746
516- 1,910＋ 10＋ 23- 1,081- 1,038- 67.7%

- 244
562
- 810

14.2%

- 38.9%

＋ 145
＋ 502
＋ 46

8.9%

＋ 1,100

２０

Trends in Capital Investment and Depreciation
Non-Consolidated
Consolidated
オンワードＨＤ+オンワード樫山
連結

Non-Consolidated
Consolidated
オンワードＨＤ+オンワード樫山
連結(Unit: ¥ million)

12,000(Unit: ¥ million)

8,000
7,000

10,000

6,000

6,000
5,000
4,000

4,000

3,000

8,000

2,000
1,000
0

2,000
0

2008 2008年度
2005年度
2006年度
2007年度
2009年度
2006
2008
2007
2009
2010

＜Capital Investment＞

2008 2008年度
2006
2007
2008
2009
2006 2006年度
2010
2007 2007年度
2010
2009 2009年度
2005年度＜Depreciation＞（Unit: ¥ million）

Fiscal2006(Actual)Fiscal2007(Actual)Fiscal2008(Actual)Fiscal2009(Actual)Fiscal2010(Actual)Fiscal
2011(Planned)

Consolidated

8,053

10,506

9,566

4,178

5,794

6,200

NonConsolidated

7,238

8,046

5,255

2,470

3,273

4,000

（Unit: ¥ million）

Fiscal2006(Actual)Fiscal2007(Actual)Fiscal2008(Actual)Fiscal2009(Actual)Fiscal2010(Actual)Fiscal
2011(Planned)

Consolidated

7,053

6,697

7,340

5,986

5,747

6,000

NonConsolidated

5,542

4,890

5,109

4,639

3,764

3,900

２１

ONWARD KASHIYAMA Sales Floor Area and Monthly Sales＜ Sales Floor Area ＞（％：change）

Fiscal 2006
(Actual)Department
storesNew
distribution
channels

Fiscal 2007
(Actual)Fiscal 2008
(Actual)Fiscal 2009
(Actual)Fiscal 2010
(Actual)Fiscal 2011
(Planned)Sales(¥ million)

139,376

4.0%

148,9116.8%

148,608-0.2%

135,031-9.1%

119,663-11.4%

117,161-2.1%

Sales floor area(㎡)

174,310-0.4%

182,480

4.7%

175,200-4.0%

173,500-1.0%

165,800-4.4%

163,900

-1.1%

Sales
(¥ million)

30,0642.5%

32,1386.9%

33,263

3.5%

32,066-3.6%

28,218-12.0%

28,449

0.8%

Sales floor area(㎡)

92,190

5.4%

95,8303.9%

93,060-2.9%

92,400-0.7%

86,900-6.0%87,2000.3%＜ Trends in Monthly Sales ＞
Fiscal
2010

Mar.

Men’s

-25

-15

Women’s-23

Children’s

(%）
June

July

Aug.

First
half

Sept.

-13

-19

-17

-17

-18

6

-13

-18

-15

-15

-11

-17

-14

-10

-3

-13

-12

-17

Kimonos

-17

-15

-4

-22

-23

Other

-15

-4

-10

-13

Total

-23

-13

-16

-16

Apr.

May

Second
half

Total

-8

-11

-14

-4

-7

-9

-13

-2

±0

-8

-7

-9

-25

-17

-14

-11

-17

-18

-25

-58

-12

-8

-10

-17

-14

-17

-18

-8

-4

-7

-10

-13

Oct.

Nov.

Dec.

Jan.

-15

-20

-12

-3

1

-17

-16

-7

-12

6

-14

-17

-21

-19

-17

-22

-8

-16

-11

-22

-15

-12

-17

±0

Feb.

２２

ONWARD KASHIYAMA Sales by Type and Sales by Distribution Channel＜By Apparel Type＞（Unit: ¥ million）

First half of FY 2010
(Actual)Amount% change

Second half of FY 2010
(Actual)Amount% change

Full fiscal 2010 (Actual)
Amount% change

Men’s

17,714-17.8％

20,334-11.0％

38,048-14.3％

Women’s

50,846-16.7％

54,195-9.3％

105,041-13.0％

Children’s

2,984-11.7％

3,521

-6.6％

6,505

-9.0％

Kimonos

1,366-19.0％

1,070-17.3％

2,436-18.3％

Other

2,568

-10.8％

2,232-16.9％

4,800-13.8％

Total

75,478-16.6％

81,352-9.9％

156,830-13.3％＜By Distribution Channel＞（Unit: ¥ million）

First half of FY 2010
(Actual)Amount% change

Second half of FY 2010
(Actual)Amount% change

Full fiscal 2010 (Actual)
Amount% change

Department stores

56,715-15.5％

62,948-7.3％

119,663-11.4％New distribution channels

13,800-14.2％

14,418-9.8％

28,218-12.0％

Specialty stores

2,349-15.1％

2,111-22.3％

4,460-18.7％

Chain stores

645-39.6％

602-40.8％

1,247-40.2％

Other

1,969

-43.2％

1,273-52.8％

3,242-47.4％

Total

75,478-16.6％

81,352-9.9％

156,830-13.3％

２３

Actual and Planned Sales for ONWARD KASHIYAMA’s
Major Core and Core Brands

Composition of
ONWARD KASHIYAMA
sales by brandFirst half of
FY 2010

Second half of
FY 2010Full FY 2010

Full FY 2011
(Planned)

Major core brands

32%

34%

33%

34%

Core brands for
department stores

57%

57%

57%

58%

Core brands for
new distribution channels

12%

11%

11%

12%

Major core and core brands

69%

68%

68%

70%
（Unit: millions, Wholesale prices）

First half of FY 2010
Sales
NIJYUSANKU (Women’s)
KUMIKYOKU (Women’s)
ICB (Women’s)
JIYUKU (Women’s)
Total for major core brands
J. PRESS(Men’s, women’s, children’s)
CK CALVIN KLEIN(Men’s, women’s, jeans, underwear)
gotairiku (Men’s）
SONIA by Sonia Rykiel （Women’s)
DAKS (men’s and golf items)
Paul Smith (Women’s)
JOSEPH (Men’s, women’s)
JANE MORE (Women’s)
Total core brands for department store

anyFAM (Women’s, children’s)
anySiS (Women’s)
field/dream (Men’s, women’s)
Total core brands for new distribution channels

Total major core and core brands% change

Second half of FY 2010
Sales

10,890
6,110
3,790
3,730
24,520

- 13%

- 13%

12,160
6,240
4,680
4,270
27,350

3,810

- 14%

2,810
2,910
2,170
1,760
1,970
1,600
1,620
43,170
3,910
3,400
1,600
8,910
52,080

- 15%

- 15%
- 13%
- 13%

- 21%
- 11%
- 20%
- 11%
- 14%
- 11%
- 14%
- 10%
- 14%
- 12%
- 12%
- 14%

% change

Full FY 2010
Sales

- 4%

23,05012,3508,470
8,000
51,870

4,090

- 6%

3,220
2,080
2,170
1,980
2,000
1,960
1,560
46,410
4,070
3,460
1,550
9,080
55,490

- 14%

±０
- 11%
- 6%
- 3%

- 15%
- 12%
- 10%
- 8%
- 5%
- 8%
- 7%
- 13%
- 13%
- 7%
- 12%
- 8%

Full FY 2011(Planned)% changeSales% change- 9%23,40012,2608,550
8,110
52,320

7,900

- 10%

7,880

±０

6,030
4,990
4,340
3,740
3,970
3,560
3,180
89,580
7,980
6,860
3,150
17,990107,570

- 15%

5,700
4,910
4,160
3,490
3,830
3,650
3,080
89,020
7,710
7,230
3,080
18,020107,040

- 6%

- 6%
- 13%
- 9%
- 8%

- 19%
- 11%
- 15%
- 10%
- 9%
- 9%
- 10%
- 12%
- 13%
- 10%
- 12%
- 11%

2%
- 1%
1%
1%
1%

- 2%
- 4%
- 7%
- 4%
3%
- 3%
- 1%
- 3%
5%
- 2%
±０
- 1%

* Brands shown had total sales of ¥3 billion or more for the full fiscal year.

２４

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 judgments of 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 prior notice.
ONWARD HOLDINGS and the providers of this information assume no responsibility
whatsoever for any losses incurred in association with this information.