Summary of Consolidated Financial Results for the 1st Quarter,
Ended April 30, 2008
May 30, 2008
Company name: Pigeon Corporation
Stock code: 7956
(URL: http://www.pigeon.co.jp)
Representative:
Akio Okoshi (President and COO)
Contact:
Isao Kosaka (Managing Officer, Corporate Planning Division)

Listings: Tokyo Stock Exchange (First Section)
Headquarters: Tokyo
Telephone: +81-3-3661-4188(¥ millions, rounded down)
1. Consolidated Financial Results (February 1–April 30, 2008)(1) Consolidated business performance(Figures in % denote an increase/decrease from the first quarter of the previous fiscal year.)Net sales
Operating income
Ordinary income
1Q to Apr. 30, 2008
1Q to Apr. 30, 2007

12,627
11,314

FY to Jan. 31, 2008

49,237

Change (%)
11.6
5.6

796
579
3,192

Net income
1Q to Apr. 30, 2008
1Q to Apr. 30, 2007

389
319

FY to Jan. 31, 2008

1,471

Change (%)
37.5(13.3)

745
559

Change (%)
33.2(14.0)

3,177

Net income per share (¥)

Net income per share(fully diluted) (¥)

19.56
16.03

−
16.00

73.90

73.82

Change (%)
22.2
29.5

(2) Consolidated financial conditions
Total assets

Shareholders’ equity

1Q to Apr. 30, 2008
1Q to Apr. 30, 2007

38,40436,41723,19323,016Equity-assets ratio
(%)
59.4
62.2

FY to Jan. 31, 2008

37,441

23,831

62.4

Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Equity per share (¥)
1,140.39
1,137.56
1,173.88(3) Cash flow

1Q to Apr. 30, 2008
1Q to Apr. 30, 2007

233
630

(8)
(652)

602
(3)

FY to Jan. 31, 2008

3,707

(2,443)(172)

2. Forecast for Fiscal Year Ending January 2009

25,90052,900(Figures in % indicate year-on-year increase/decrease.)
Operating income
Ordinary income

Change (%)
8.6
7.4

Net income
InterimFull year

780
2,000

3,775

[Reference]

Net salesInterimFull year

Cash and cash
equivalents atquarter-end
4,358
2,693

1,500
3,470

Change (%)
(1.0)
8.7

1,430
3,400

Change (%)
(3.8)
7.0

Net income per share (¥)

Change (%)(13.1)
35.9

38.96
99.90

3. Others(1) Important changes in subsidiaries during the fiscal year under review (changes in special subsidiaries that accompany changes inthe scope of consolidation):No(2) Simplified accounting method employed:
No(3) Changes in accounting treatment since most recent fiscal year-end:No* Disclaimer regarding appropriate use of business forecasts, and other important matters
The above forecasts are based on information available at the time of publication and assumptions made at the time of publication
related to uncertainties that may affect the Company’s future business performance. For various reasons, actual results may differ
significantly from the above forecasts.
-1-

Pigeon Corporation (7956)
Summary of Consolidated Financial Results for the 1st Quarter, Ended April 30, 2008

[Qualitative Information, Financial Statements, and Others]
1. Qualitative information regarding consolidated business performance
The accounting period under review marks the first year of “Becoming a Global Company: Challenge andIndependence,” our third medium-term management plan. We seek to execute the following basic policies under theplan:i)Allocating our resources to growth markets centering on China and North America, we will continue todevelop our international operations based on baby care products and to cultivate new market.
ii)
Reorganizing our baby and child care business along with our health care business in Japan, we are reinforcing
our existing operations and building new business models, for instance with anti-aging products and our IT
mail-order service.
iii)
To achieve growth in every segment, we will bolster R&D, improve our competitive edge with products
geared to consumer needs and build a global infrastructure
During the first consolidated quarter under review (the three-month period from February 1, 2008 to April 30, 2008), in
the first year of our third medium-term management plan, we continued to make steady progress in executing our basic
policies.
As a result, consolidated net sales for the quarter reached ¥12,627 million, rising 11.6% from the year-ago period,
largely on the success of strategies, including actions taken overseas. On the earnings front, operating income jumped
37.5% year on year, to ¥796 million, while ordinary income surged 33.2%, to ¥745 million, principally because of the
expansion of our highly profitable overseas business, which offset higher prices of raw materials. Although we incurredan extraordinary loss of ¥83 million, representing the costs of the voluntary recall of the Sterilizer Bag for Microwave
Oven that we started in February 2008, net income for the quarter under review rose 22.2% from the previous
corresponding period, to ¥389 million.
For financial reporting purposes, our Group’s business is classified into three segments: Baby and Child Care,
Healthcare, and Others. A performance summary by segment is shown below.
Baby and Child Care
Quarterly sales in this segment amounted to ¥9,912 million, up 11.5% from the previous corresponding period.
Operating income also rose 11.9% from a year earlier to ¥1,328 million. A performance summary for three categories inthis segment, which consists of Domestic Baby and Child Care Products, Overseas Business, and Child-Rearing
Support Services, is shown as follows:
Domestic Baby and Child Care Products: Sales during the period were steady for our new breast-feeding pad “Breast
Pad extra soft for first mom” released in February, and other key products. During the quarter, we held a total of six
maternity events, which we offer to consumers as part of direct customer communication to strengthen our brand power.
More than 500 participants overall gave us high marks for the content of the sessions, in which we guide mothers withexperience-based instruction. Meanwhile, the number of members of our word-of-mouth community portal “Pigeon
Info,” which supports women throughout pregnancy, delivery, and child care, topped 45,000. These results combined to
produce steady sales.
Overseas Business: Our overseas business is growing steadily in almost all areas, and especially in China and North
America. Our new plant in the Qingpu Industrial Zone in China, completed in December 2007, began producing andassembling nipples for the Chinese domestic market in January 2008. In China, we continue to pursue strategies such as
opening Pigeon product sections at retailers and moving into local urban markets. As a consequence, we are enjoying
higher sales, especially with mainstay products such as baby bottles, nipples and baby skin care products.
Child-Rearing Support Services: This category continues to focus on activities such as the contract operation of
daycare facilities within business premises. During the consolidated quarter under review, we began operating a total of
five daycare facilities under contract: two locations in March and three more locations in April.
Healthcare
Sales in the Healthcare segment were up 6.5% from the previous corresponding period, to ¥1,672 million, while
operating income soared 65.7% year on year, to ¥74 million. At present, we have a number of promotional activities
underway to boost consumer brand recognition of Recoup, our new anti-aging brand, which we launched in theprevious consolidated fiscal year, and we have started issuing catalogs. The launch of our new product Supporter for
reducing strain on the body is proceeding smoothly, and we are accelerating the pace of development of other nursing
care products. Also in nursing care, sales expanded in the areas of skin care and health care products. Moreover, we are-2-

Pigeon Corporation (7956)
Summary of Consolidated Financial Results for the 1st Quarter, Ended April 30, 2008

making good progress with the integration of products into the Habinurse line, which has been underway since theprevious consolidated fiscal year, as well as with the discontinuation of other items.
OthersSales from other operations amounted to ¥1,041 million, up 22.1% from the previous corresponding period, while
operating income also rose 45.6%, to ¥177 million. Our performance in this segment is steadily improving thanks to the
expanding business of Pigeon Will Co., Ltd., a consolidated subsidiary that markets maternity undergarments, and thefavorable sales of women’s products in China, among other factors.

2. Qualitative information regarding consolidated financial conditions
As of April 30, 2008, Pigeon had total assets of ¥38,404 million. Total current assets amounted to ¥20,745 million,
principally because of the increase in inventory assets from the end of the previous consolidated fiscal year. Meanwhile,
total fixed assets stood at ¥17,658 million.
Total liabilities at the end of the consolidated quarter under review amounted to ¥15,211 million, mainly because of theincrease in short-term borrowings compared with the year-ago period. Total net assets at term-end amounted to ¥23,193
million.
Consolidated cash flows
Net cash provided by operating activities during the first quarter was ¥233 million, attributable to factors including an
increase in inventory assets, offset by ¥656 million in net income before income taxes in the quarter.
Net cash used in investing activities was ¥8 million, as the acquisition of tangible and intangible fixed assets offset cash
generated by the withdrawal of certificates of deposits.
Net cash used in financing activities was ¥602 million, primarily because of an increase in short-term borrowings.
As a result, cash and cash equivalents as of April 30, 2008, increased ¥583 million from January 31, 2008, to ¥4,358
million.

3. Qualitative information regarding consolidated performance forecast
The accounting period under review marks the first year of “Becoming a Global Company: Challenge andIndependence,” our third medium-term management plan (from the year ending January 31, 2009 to the year ending
January 31, 2011). Under the plan, we have set key targets for each business.
In the Domestic Baby and Child Care Products segment, Pigeon will bolster profitability with the following strategies:
strengthening product competitiveness with basic research; establishing market competitiveness through its
comprehensive program of direct consumer communication; restoring and improving customer brand loyalty; andcontinuing with its review of its distribution policy and distribution channel strategy. Meanwhile, we plan to allocate
our resources with priority to our Overseas Business as a growth driver, to strengthen brand loyalty in foreign markets
through suitable marketing strategies. We will actively expand in existing markets, especially in China and North
America. The Company also plans to develop an operating system that can serve as the basis for sustainable growth,
while moving into new markets. In the Healthcare Business, we will continue to improve the productivity andprofitability of existing operations, discontinuing products or else integrating them with Habinurse, our nursing carebrand, and developing distribution channels. We will also tap our resources to develop Recoup, our new brand of
products designed to combat aging, which we unveiled in 2007.
There is no change in the Group’s consolidated business performance forecasts announced on March 6, 2008.
4. Others(1) Important changes in subsidiaries during the fiscal year under review (changes in special subsidiaries that
accompany changes in the scope of consolidation):
None(2) Simplified accounting method employed:
None(3) Changes in accounting procedures since most recent fiscal year-end:
None

-3-

Pigeon Corporation (7956)
Summary of Consolidated Financial Results for the 1st Quarter, Ended April 30, 2008

1. Summary of Consolidated Balance SheetsAt April 30, 2007

At April 30, 2008
% of
total

(¥ thousands)

At January 31, 2008
% of
total

(¥ thousands)

% of
total

(¥ thousands)

ASSETSI Current Assets
1. Cash and time deposits

2,693,224

4,358,727

4,350,131

2. Notes and accounts receivable

9,474,616

10,124,538

9,701,647

3. Securities

6,000

−

−

4. Inventories

4,764,498

5,152,320

4,433,450

5. Deferred tax assets

698,417620,901

515,491

6. Other receivables

209,298

324,968

271,169

7. Other

178,426

229,492

188,030

8. Allowance for doubtful accounts(28,385)(65,071)(64,677)

Total Current Assets

17,996,095

49.4

20,745,877

54.0

19,395,242

51.8

II Fixed Assets
1. Tangible Fixed Assets(1) Buildings and structures(2) Machinery and transportationequipment(3) Tools, furniture and fixtures(4) Land(5) Construction in progress

4,423,229

4,825,839

4,451,814

1,984,498

2,241,412

2,387,696

699,212694,275

666,141

5,934,523

5,941,991

6,011,561

417,285

158,414607,433

Total Tangible Fixed Assets

13,458,749

13,861,933

14,124,647

2. Intangible Fixed Assets(1) Goodwill

1,581,073

840,727

907,304(2) Software

864,606

753,416

741,520(3) Other

31,61686,42492,492

Total Intangible Fixed Assets

2,477,296

1,680,569

1,741,318

3. Investments and Other Assets(1) Investment securities

1,490,202

1,404,359

1,464,667(2) Insurance reserve495,411

263,109277,774(3) Deferred tax assets

194,093

111,550

112,549(4) Debts-provable in bankruptcy, etc.

16,963

105,459

106,502(5) Other

306,035

320,797

307,544(6) Allowance for doubtful accounts(17,556)(88,930)(89,016)

Total Investments and Other Assets

2,485,151

2,116,345

Total Fixed Assets

18,421,197

50.6

17,658,849

46.0

18,045,986

48.2

Total Assets

36,417,293

100.0

38,404,726

100.0

37,441,228

100.0

-4-

2,180,021

Pigeon Corporation (7956)
Summary of Consolidated Financial Results for the 1st Quarter, Ended April 30, 2008
At April 30, 2007

At April 30, 2008
% of
total

(¥ thousands)

At January 31, 2008
% of
total

(¥ thousands)

% of
total

(¥ thousands)

LIABILITIESI Current Liabilities
1. Notes and accounts payable

4,930,622

5,646,368

5,216,071

2. Short-term borrowings

1,538,480

3,385,480

1,681,160

3. Current portion of long-term debt

1,065,110

20,0001,040,000

4. Accrued amount payable

2,115,226

2,354,117

2,212,148

5. Income taxes payable

315,850

399,144373,301

6. Accrued bonuses to employees

815,829

840,694509,169

7. Returned goods adjustment reserve

34,50047,07349,425

1,118,517

997,881984,474

8. Other current liabilities
Total Current Liabilities

11,934,137

32.8

13,690,759

35.6

12,065,752

32.3

II Long-Term Liabilities
1. Long-term borrowings

20,000−−2. Deferred tax liabilities

826,835

879,043886,895

3. Employees' retirement benefits

195,362

226,259

215,689

298,203283,381

307,786

4. Retirement benefits for directors andcorporate auditors
5. Other
Total Long-Term Liabilities

126,054

132,136

133,900

1,466,455

4.0

1,520,820

4.0

1,544,271

4.1

13,400,592

36.8

15,211,580

39.6

13,610,023

36.4

1 Capital stock

5,199,597

14.3

5,199,597

13.5

5,199,597

13.9

2 Additional paid-in capital

5,167,246

14.2

5,180,246

13.5

5,167,362

13.8

3 Consolidated retained earnings

12,496,312

34.3

13,480,822

35.1

13,389,545

35.8(624,453)(1.7)(436,260)(1.1)(624,063)(1.7)

22,238,702

61.1

23,424,406

61.0

23,132,442

61.8

19,1400.0(17,465)(0.0)(5,586)(0.0)

387,7641.1(578,382)(1.6)

242,186

0.6

406,905

1.1(595,848)(1.6)

236,5990.6

371,092

1.0

364,5881.0

462,162

1.2

Total Net Assets

23,016,700

63.2

23,193,146

60.4

23,831,205

63.6

Total Liabilities and Net Assets

36,417,293

100.0

38,404,726

100.0

37,441,228

100.0

Total Liabilities

SHAREHOLDERS' EQUITY
I Shareholder's equity

4 Treasury stock, at cost
Total Shareholders' Equity
II Deferred valuation and exchange
1 Net unrealized gains (losses) on
securities
2 Foreign currency translation adjustment
Total deferred valuation andexchange
III Minority Interests-5-Pigeon Corporation (7956)
Summary of Consolidated Financial Results for the 1st Quarter, Ended April 30, 2008

2. Summary of Consolidated Statements of Income
Quarter ended April 30, 2007

Quarter ended April 30, 2008

% of
total

(¥ thousands)

Year ended January 31, 2008

% of
total

(¥ thousands)

% of
total

(¥ thousands)

I Net Sales

11,314,396

100.0

12,627,440

100.0

49,237,702

100.0

II Cost of Sales

6,935,612

61.3

7,885,291

62.4

30,568,517

62.1

Gross Profit

4,378,783

38.7

4,742,148

37.6

18,669,184

37.9(28,971)(0.0)

Reversal of returned goods adjustment
reserve
Transfer to returned goods adjustment
reserve

21,00034,500Gross Profit (adjusted)
III Selling, General and Administrative
Expenses
Operating Income

48,514(13,500)(0.1)

4,365,283

47,281

21,0001,232

0.0

49,97138.6

4,743,381

37.6

18,640,213

37.9

3,786,192

33.5

3,947,079

31.3

15,447,613

31.4

579,091

5.1

796,301

6.3

3,192,599

6.5

404,4710.8

419,568

0.8

3,177,502

6.5

120,5130.2

497,3361.0

2,800,678

5.7

1,233,418

2.5

IV Other Income
1. Interest income

8,985

10,74844,415

2. Dividend income

150

150

18,687

3. Rental income

27,92827,774

109,316

8,582

8,588

77,9904. Equity in earnings of non-consolidated
subsidiaries and affiliates
5. Other

16,95962,6050.5

18,42565,6860.5

154,062

V Other Expenses
1. Interest expense

7,851

14,401

44,221

2. Sales discounts

40,46943,690186,003

3. Rental income-related costs

18,46023,551

82,956

4. Exchange loss

11,71029,12091,3095. Other

3,685

Ordinary Income

82,1780.7

559,519

4.9

5,918

116,6830.9

745,304

5.9

15,078

VI Extraordinary Income
1. Gain on sales of property
2. Reversal of allowance for doubtful
accounts
3. Gain on donation of fixed assets

−

174

1,075

1,952

269

319

−

1,952

0.1

−

444

0.0

119,118

VII Extraordinary Loss
1. Loss on disposal of property

10

167

1,872

1,185

5,763

17,351−−

386,644−−

83,468

5. Product recall-related expenses−

83,650−6. Other−

2. Loss on sale/disposal of property
3. Impairment loss
4. Transfer for allowance for doubtful
accounts

Income before Income Taxes
Income Taxes

302,043

Adjustment for Corporate Tax(78,680)

Less: Minority Interests in Earnings
of Consolidated Subsidiaries
Net Income

1,196

0.0

−

89,581

0.7

560,275

5.0−

656,167

5.2

353,162
223,363

2.0

17,836
319,076

971,795
240,1251.9

0.2

26,153

0.2

96,1290.2

2.8

389,8883.1

1,471,131

3.0

-6-

(113,036)

8,000

261,622

Pigeon Corporation (7956)
Summary of Consolidated Financial Results for the 1st Quarter, Ended April 30, 2008

3. Summary of Consolidated Statements of Cash Flows
Quarter ended

Quarter endedApril 30, 2007

April 30, 2008

Year ended January
31, 2008(¥ thousands)(¥ thousands)(¥ thousands)

I. Cash Flows from Operating Activities
Income before income taxes

560,275

656,1672,800,678

Depreciation

334,472

366,3091,547,456−−

386,644

Amortization of negative goodwill

95,70866,576

382,833

Increase (decrease) in allowance for doubtful accounts(1,440)

4,835

107,512

Increase (decrease) in accrued bonuses to employees

304,115331,525(2,409)

Increase (decrease) in employees' retirement benefits

6,768

10,57027,095

Amortization of difference between investment costs and equity in net assets acquired

Increase (decrease) in reserve for retirement benefits to directors and corporate auditors(33,608)(24,404)(24,025)

Interest and dividend income(9,135)(10,898)(63,102)

Equity in (earnings) losses of non-consolidated subsidiaries and affiliates(8,532)(8,588)(77,990)

Interest expense

7,851

14,401

44,221Gain on fixed assets sales

−

(174)

(1,075)

Loss on fixed assets sales

10

167

1,872

Loss on fixed assets disposal

1,185

5,763

17,351

Decrease (increase) in trade receivables(78,042)(838,069)(269,356)

Decrease (increase) in inventories(581,634)(922,728)(239,021)

Increase (decrease) in trade payables

397,900

674,579

669,088

Increase (decrease) in account payables

127,607219,508(108,133)

Increase (decrease) in consumption tax payable(68,532)(5,858)(58,297)

55

1,043

(89,483)(169,989)

Decrease (increase) in bankruptcy claims
Increase (decrease) in employees' accrued retirement benefits

991

−

Other

47,483(56,890)(68,166)

Subtotal

1,103,451

483,835

4,813,703

Interest and dividends received

11,704

14,621

74,821

Interest paid

(12,618)(23,033)(40,553)

Income taxes paid

(472,153)(242,044)(1,140,177)

Net Cash Provided by Operating Activities

630,383

233,379

3,707,793(550,500)

II Cash Flows from Investing Activities
Payment into certificates of deposit−−

Proceeds from withdrawal of certificates of deposit−

510,000−(431,534)(409,415)(1,717,216)

Acquisition of property, plant and equipment
Proceeds from sales of property, plant and equipment
Acquisition of intangible assets
Acquisition of investments in securities

38,114472

40,977(115,089)(105,629)(272,322)(10,000)−−

Payment to life insurance fund for directors(9,954)(3,368)(32,018)

Proceeds due to maturity/cancellation of insurance reserve

30,511

16,182

270,849

Acquisition of shares in subsidiaries(175,201)−(175,201)

Loans advanced

(414)

(826)

(2,117)

Collection of loan receivables

492

358

2,465

Payment for lease deposits(7,702)(12,923)(19,294)
15,178

Collection of lease deposits

5,990

2,069

Other

11,876(5,116)6,013(652,911)(8,198)(2,443,187)

Net Cash Provided by (Used in) Investing Activities
III Cash Flows from Financing Activities
Net increase in short-term bank loans

2,495,552

3,431,240

8,490,236

Repayment of short-term bank loans(2,148,802)(1,693,600)(8,003,696)

Repayment of long-term debt

(36,660)(1,020,000)(81,770)

Payment of cash dividends(298,803)(279,717)(556,690)

Payment of cash dividends to minority shareholders(41,771)(36,439)(47,873)

Proceeds from sales of treasury stock

27,165201,02128,976

(440)

(334)

(1,744)(3,760)602,169(172,563)

IV Effect of exchange rate changes on Cash and Cash Equivalents

39,395(244,254)

3,470

V

13,106

583,096

1,095,513

VI Cash and Cash Equivalents at Beginning of the Quarter

2,680,117

3,775,631

2,680,117

VII Cash and Cash Equivalents at End of the Quarter

2,693,224

4,358,727

3,775,631

Acquisition of treasury stock
Net Cash Provided by (Used in) Financial Activities
Net Change in Cash and Cash Equivalents-7-Pigeon Corporation (7956)
Summary of Consolidated Financial Results for the 1st Quarter, Ended April 30, 2008

4. Business Segment Information
1st quarter of previous year (February 1–April 30, 2007)(¥ thousands)
Baby and child
care

Healthcare

OthersTotal

Eliminations or
corporate

Consolidated

11,314,396

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

8,889,495

1,571,325

853,575

11,314,396

−

−

−

−

−

(−)

−

Total
Operating expenses

8,889,495
7,702,385

1,571,325
1,526,419

853,575
731,975

11,314,396
9,960,780(−)
774,524

11,314,396
10,735,304

Operating income

1,187,110

44,905

121,600

1,353,616(774,524)

579,091

Notes: 1. The Company’s business is segmented for internal control purposes.
2. Main products/services of each segment are shown below.
Main products/services

Segment

Baby and child care
Breastfeeding and weaning products, skincare products, child-rearing support services, other
Healthcare
Nursing-care products, nursing-care support services, other
Others
Women’s care products (supplements, maternity products, etc.), wet tissues, other
3. Figures in the “Eliminations or corporate” column refer to the portion of operating expenses that are unallocatable. Theseare primarily expenses related to general administration and R&D.

1st quarter of year in review (February 1–April 30, 2008)(¥ thousands)
Baby and child
care

Healthcare

OthersTotal

Eliminations or
corporate

Consolidated

Sales(1) Sales to outside
customers(2) Intersegment sales
Total
Operating expenses

9,912,579

1,672,969

1,041,890

12,627,440−

12,627,440−
9,912,579
8,584,221−
1,672,969
1,598,549−
1,041,890
864,796−
12,627,440
11,047,567(−)(−)
783,571−
12,627,440
11,831,138

Operating income

1,328,358

74,420177,093

1,579,872(783,571)

796,301

Notes: 1. The Company’s business is segmented for internal control purposes.
2. Main products/services of each segment are shown below.
Main products/services

Segment

Baby and child care
Breastfeeding and weaning products, skincare products, child-rearing support services, other
Healthcare
Nursing-care products, nursing-care support services, other
Others
Women’s care products (supplements, maternity products, etc.), wet tissues, other
3. Figures in the “Eliminations or corporate” column refer to the portion of operating expenses that are unallocatable. Theseare primarily expenses related to general administration and R&D.

Previous fiscal year (February 1, 2007–January 31, 2008)(¥ thousands)
Baby and child
care

Healthcare

OthersTotal

Eliminations or
corporate

Consolidated

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

39,322,476

6,226,453

3,688,772

49,237,702−

49,237,702

−

−

−

−

(−)

−

Total
Operating expenses
Operating income

39,322,476
33,743,680
5,578,795

6,226,453
6,073,303
153,150

3,688,772
3,189,908
498,864

49,237,702
43,006,892
6,230,810(−)
3,038,210(3,038,210)

49,237,702
46,045,103
3,192,599

Notes: 1. The Company’s business is segmented for internal control purposes.
2. Main products/services of each segment are shown below.
Main products/services

Segment

Baby and child care
Breastfeeding and weaning products, skincare products, child-rearing support services, other
Healthcare
Nursing-care products, nursing-care support services, other
Others
Women’s care products (supplements, maternity products, etc.), wet tissues, other
3. Figures in the “Eliminations or corporate” column refer to the portion of operating expenses that are unallocatable. Theseare primarily expenses related to general administration and R&D.
-8-

Pigeon Corporation (7956)
Summary of Consolidated Financial Results for the 1st Quarter, Ended April 30, 2008

5. Overseas Sales
1st quarter of previous year (February 1–April 30, 2007)(¥ thousands)

East Asia
1,581,152−

North America
819,091−

Middle East
177,752−

Other
321,859−

Total
2,899,856
11,314,396

I Overseas sales
II Consolidated net sales
III Share of overseas sales in
14.0
7.2
1.6
2.8
consolidated net sales (%)
Notes: 1. Segmentation of countries and regions is based on geographic proximity.
2. Major countries and regions are as follows:(1) East Asia:
China, Singapore, South Korea, etc.
(2) North America:
United States, Canada, etc.
(3) Middle East:
United Arab Emirates, etc.
(4) Other:
United Kingdom, Panama, Australia, etc.
3. Overseas sales refer to sales in countries or regions outside of Japan reported by the Company and its
consolidated subsidiaries.

25.6

1st quarter of year in review (February 1–April 30, 2008)(¥ thousands)

East Asia
2,231,598−

North America
970,738−

Middle East
362,583−

Other
447,589−

Total
4,012,510
12,627,440

I Overseas sales
II Consolidated net sales
III Share of overseas sales in
17.7
7.7
2.9
3.5
consolidated net sales (%)
Notes: 1. Segmentation of countries and regions is based on geographic proximity.
2. Major countries and regions are as follows:(1) East Asia:
China, South Korea, Singapore, etc.
(2) North America:
United States, Canada, etc.
(3) Middle East:
United Arab Emirates, etc.
(4) Other:
United Kingdom, Australia, South Africa, etc.
3. Overseas sales refer to sales in countries or regions outside of Japan reported by the Company and its
consolidated subsidiaries.

31.8

Previous fiscal year (February 1, 2007–January 31, 2008)(¥ thousands)

East Asia
8,049,228−

North America
3,549,909−

Middle East
1,143,584−

Other
1,606,893−

Total
14,349,616
49,237,702

I Overseas sales
II Consolidated net sales
III Share of overseas sales in
16.3
7.2
2.3
3.3
consolidated net sales (%)
Notes: 1. Segmentation of countries and regions is based on geographic proximity.
2. Major countries and regions are as follows:(1) East Asia:
China, Singapore, South Korea, etc.
(2) North America:
United States, Canada, etc.
(3) Middle East:
United Arab Emirates, etc.
(4) Other:
United Kingdom, Australia, South Africa, etc.
3. Overseas sales refer to sales in countries or regions outside of Japan reported by the Company and its
consolidated subsidiaries.

-9-29.1