For the Three Months of Fiscal YearEnding March 31, 2025

Financial Results Briefing

2024.08.07 UNITED ARROWS LTD.

Table ofContents

P03–

| 1

Overview of FY2025/3 1Q Business Results

P21–

| 2

Progress in Sustainability Initiatives

P30–

| 3

Message from Yoshinori Matsuzaki,
Representative Director, President, and CEO

P36–

| 4

Reference Materials

Cautionary Statement
Earnings forecasts and descriptions other than objective facts contained in this document are based on decisions made by
UNITED ARROWS LTD. in light of information obtainable as of the date of this report and, therefore, include risks anduncertainties. Actual earnings may differ materially from forecasts due to global economic trends, market conditions andother factors. Investors are asked to refrain from making investment decisions based solely on the information contained inthis document.
Use of Abbreviations
Abbreviations may be used for the following businesses/store brands:
UNITED ARROWS:UABEAUTY&YOUTH UNITED ARROWS: BY/BEAUTY&YOUTH
UNITED ARROWS green label relaxing: GLR/green label relaxing

Trend-conscious Market and Basic Trend-conscious Market includes the following store brands:
Trend-conscious Market
UA, BY, DRAWER, Odette e Odile, STEVEN ALAN, ROKU, BLAMINK, H BEAUTY&YOUTH, ASTRAET, California General Store
Basic Trend-conscious Market

GLR, and CITEN

Click here for Shared
Research Inc. research
report.

Overview of FY2025/3 1Q Business Results

Overview of FY2025/3 1Q Business Results

Financial Highlights
Consolidated
Sales and gross profit exceeded the plan and the previous year, SGA expenses were roughly atthe expected level, and operating income and ordinary income also exceeded the plan and theprevious year. Net income attributable to owners of parent fell below the previous year due toan increase in extraordinary losses, including impairment losses associated with the relocation
and renovation of stores of UNITED ARROWS LTD. and impairment losses at COEN CO., LTD., but
still achieved the target.

Gross margin
Slightly below the previous year’s level. This was mainly due to the negative impact of changing
the membership system at UNITED ARROWS LTD., expansion of markdown sales at COEN CO.,LTD., and inventory write-down.

Non-consolidated
Sales, gross profit and all other profits exceeded the targets. Thanks to an aggressive inventory
policy, both retail and online sales increased significantly from the previous year. While
increasing the average spend per customer, the number of customers grew by double digits.
4Overview of FY2025/3 1Q Business Results

Consolidated Sales

Consolidated Gross Margin
YoY¥35,495million 110.4%

YoY

54.7%

-0.3pt(Millions of yen)

55.0%
29,66422,198

FY21/332,15535,49551.5%

25,264

FY22/3

54.5%

54.7%

43.4%

FY23/3

FY24/3

FY25/3

FY21/3

FY22/3

FY23/3

FY24/3

FY25/3* CHROME HEARTS JP, GK has been excluded from the scope of consolidation since FY21/3 4Q

5Overview of FY2025/3 1Q Business Results

Consolidated operating income¥2,768million 110.6%
YoY

Net income attributable to owners of parent
YoY¥1,763million 98.0%(Millions of yen)

1,853

2,502

(Millions of yen)

1,323

2,768

1,763

FY24/3

FY25/3

(648)

(903)

(5,019)(3,582)
FY21/3

FY21/3

1,798

FY22/3

FY23/3

FY24/3

FY22/3

FY23/3

FY25/3

6

Overview of FY2025/3 1Q Business Results

Consolidated P/L(Millions of yen)

FY24/33M

FY25/3
3M

Change/pt
difference

YoY

Sales

32,15535,4953,340

110.4%

Gross profit

17,67819,412

1,734

109.8%

55.0%

54.7%

- 0.3pt－

15,176

16,644

1,468

109.7%

47.2%

46.9%

- 0.3pt

－

2,502

2,768

266

110.6%

7.8%

7.8%

0.0pt

－

264

230

(33)

87.1%

0.8%

0.6%

- 0.2pt

－

2,766

2,999

232

108.4%

8.6%

0- 0.2pt

－

(34)

(194)

(159)

－

vs. sales

－

－

－

－

Net income attributable to ownersof parent
vs. sales

1,798

1,763

(35)

98.0%

5.6%

5.0%

- 0.6pt－

vs. sales

SGA expenses
vs. sales

Operating income
vs. sales

Non op. P/Lvs. sales

Ordinary income
vs. sales

Extraordinary P/L7

Overview of FY2025/3 1Q Business Results

Consolidated Gross Margin
The business unit carried out markdown sales ahead of schedule, but gross margin for total business unit
remained at the same level as the previous year
The decrease in the non-consolidated gross margin is mainly due to the difference in the exchange rate with theprevious membership system
FY25/33M

YoY
pt difference

Consolidated

54.7%-0.3pt

UNITED ARROWS LTD.

54.9%

-0.1ptBusiness unit gross margin
Monthly change from previous year
Increase in VIP sale target
numbers brings front-loading
demand for markdown sale
Number of VIP sale target
YoY 157%

0.3pt

Total business unit

-

0.0pt

Outlet, etc.

-

3.2pt

COEN CO., LTD.

--2.8pt

UNITED ARROWS TAIWAN LTD.

-

1.1pt

0.1pt

-0.5pt
April

May

June
8

Overview of FY2025/3 1Q Business Results

Consolidated SGA expenses(Millions of yen)

Total SGA expenses
vs. sales

Advertising expenses
vs. sales

Personnel expenses
vs. sales

Rent
vs. sales

Depreciation
vs. sales

Other
vs. sales

FY24/33M

FY25/3
3M

Change/pt
difference

YoY

15,176

16,644

1,468

109.7%

47.2%

46.9%

-0.3pt

-

720

920

199

127.7%

2.2%

2.6%

0.4pt

-

5,429

5,891

462

108.5%

16.9%

16.6%

-0.3pt

-

4,429

4,665

235

105.3%

13.8%

13.1%

-0.6pt

212

269

56

126.4%

0.7%

0.8%

0.1pt

-

4,383

4,897

513

111.7%

13.6%

13.8%

0.2pt

9

Overview of FY2025/3 1Q Business Results

Consolidated B/S(Millions of yen)

As of Mar. 31,
2024

Total Assets
Composition ratio

Current Assets
Composition ratio

Noncurrent Assets
Composition ratio

Current Liabilities
Composition ratio

Noncurrent Liabilities
Composition ratio

Total Net Assets
Composition ratio

As of Jun. 30, 2024

Change60,20462,992

2,787

104.6%

100.0%

100.0%--

40,372

42,7342,362

105.9%

67.1%

67.8%

19,831

20,257

32.9%

32.2%

20,99723,469

34.9%

37.3%

4,177

3,805

6.9%

6.0%

35,03035,717

58.2%

56.7%

Reference: Balance of short- and long-term
202loans payable
2,856

As of Jun. 30, 2023 As of Jun. 30, 2024

Reference: Inventory

vs. previous term-end

20,373

21,815425

102.1%-

2,472

111.8%
-

(371)

91.1%
-

687

102.0%-

2,654

1413.9%vs. 1Q-end of the previous fiscal year

Change1,441

107.1%

10

Overview of FY2025/3 1Q Business Results

Consolidated C/F(Millions of yen)

Cash flows from operating activities(sub-total)

Cash flows from operating activities

Cash flows from investing activities

FY24/3 3M

FY25/3 3M

(5)

2,470

(1,040)(818)

Major breakdown of the results for the term

2,804
449
(1,007)
(466)

2,148

Income before income taxes
Increase in other current liabilities
Decrease in trade payables
Decrease in provision for bonuses(656)(1,292)

Purchase of intangible assets
Purchase of property, plant and equipment
Payments of guarantee deposits

Net increase in short-term loans payable
Dividends paid

2,654
(983)

Cash flows from financing activities(2,582)

1,670

Cash and cash equivalents at the endof the period

4,111

9,017

(444)
(114)

11

Overview of FY2025/3 1Q Business Results

Non-consolidated Sales

Non-consolidated Gross Margin¥33,117million 110.8% 54.9%
YoY

Difference from previous
period

-0.1ptSales

Number of purchasing
customers(Millions of yen)

33,11729,894

54.9%

50.9%

27,089

54.6%

41.6%

22,919Non-consolidated
Existing Stores YoY

Avg. spend per
customer

113.0%
110.2%
102.4%

55.0%

18,858

FY21/3

FY22/3

FY23/3

FY24/3

FY25/3

FY21/3

FY22/3

FY23/3

FY24/3

FY25/312

Overview of FY2025/3 1Q Business Results

Non-consolidated Sales by Channel(Millions of yen)

FY24/33M
Non-consolidated
sales

FY25/3
3M

Change/pt
difference

33,1173,223

110.8%

24,742

28,1203,377

113.7%

82.2%

83.0%

0.8pt

-

17,09919,0201,921

111.2%

56.8%

56.2%

- 0.7pt

-

7,085

8,588

1,503

121.2%

vs. sales

23.6%

25.4%

1.8pt

-

Others (Wholesale,
etc.)

556

510

(46)

91.7%

1.9%

1.5%

- 0.3pt

-

5,343

5,740

396

107.4%

17.8%

17.0%

- 0.8pt-

Retailvs. sales

Onlinevs. sales

Outlet, etc.
vs. sales

Sales

Number ofcustomers

Avg. spendpercustomer

Retail + Online

113.0%

110.2%

102.4%

Retail109.7%

107.3%

102.2%

Online120.6%

115.6%

106.0%

YoY

29,894

Total business unit
sales
vs. sales

Existing stores YoY

13

Overview of FY2025/3 1Q Business Results

Non-consolidated Sales by Business(Millions of yen)

FY24/33M

FY25/3
3M

ChangeYoY

24,742

28,1203,377

113.7%

Trend-Conscious Market

16,48018,466

1,986

112.1%

Basic Trend-Conscious
Market

8,262

9,653

1,391

116.8%

Retail + Online

RetailOnlineTrend-Conscious Market

112.4%

109.1%

120.8%

Basic Trend-Conscious Market

114.1%

111.1%

120.4%

Total business unit sales

Existing stores YoY

14

Overview of FY2025/3 1Q Business ResultsGroup Company Results
COEN CO., LTD.

Feb– Apr

Increase in both sales and profit

2,251

2,370

(Millions of yen)

2,168

2,179

FY2024FY2025

1,823• Sales ¥2,179 million, YoY 100.5%• Although sales exceeded the previous year’s figure, profits decreased due to a
decline in gross margin, resulting from expansion of markdown sales, andinventory write-downs, as well as an increase in SGA expenses• Sales are improving due to the launch of hot midsummer items. Going forward, itaims for a recovery by introducing popular products and implementing large-scale
promotions

FY2021

FY2022

FY2023(Millions of yen)

UNITED ARROWS TAIWAN LTD. Feb– Apr

396
325

Increase in both sales and profit

258• Sales ¥396 million, YoY 139.9%• UA general stores and online shopping performed well

283

152

• Gross margin also improved, achieving increased sales and profits
FY2021

FY2022

FY2023

FY2024FY202515

Overview of FY2025/3 1Q Business Results

Opening and Closing of Stores
Due to some of COEN CO., LTD.'s new store openings being postponed to the next fiscal year, the number of stores at the end of the
fiscal year is expected to be 321, an increase of 20 stores from the end of the previous fiscal year.
1Q results

Full-year forecast

No. of storesat theprevious
period-end

Opened

301

7

0

308

24

4

321

UNITED ARROWS LTD.

221

3

0

224

16

2

235

COEN CO., LTD.

71

3

0

74

5

2

74

UNITED ARROWS TAIWAN LTD.

9

1

0

10

3

0

12

Total GroupNo. of stores
Closedat the 1Q-end

OpenedNo. of stores at the
Closedperiod-end(Forecast)16

Overview of FY2025/3 1Q Business Results

Starting store opening for new businesses
ATTISESSIONconte• A women’s brand targeting the MZ generation• New brand for independent adult women• Appointed a female in her 20’s from BY shop staff as director• Appointed Emiri Henmi as director• Sales started at some stores and on our own EC in
spring/summer 2024

• Online pre-orders and pop-up shops at selected stores started
in August 2024

• Scheduled to open the first store in Tokyo’s Shinjuku area in
September 2024

• Scheduled to open stores in Tokyo’s Aoyama and Shinjuku
areas in September 2024

https://store.united-arrows.co.jp/brand/att/

https://store.united-arrows.co.jp/brand/conte/

17

Overview of FY2025/3 1Q Business Results

Direction of new business
Objective of new business is to solve issues towards achieving the long-term vision (age axis, taste axis)

Trend-conscious market

Basic Trend conscious market

50s

50s

40s

40s

New
brand
30s

30s

20s

20s

CasualConservative

Mode

CasualConservative

Mode

18

Overview of FY2025/3 1Q Business Results

Scale of assumed sales of new business
Brand

CITEN

ATTISESSIONconte

New brand (TBD)

Introduction timing

Fall 2021

Spring 2024

Fall 2024

Spring 2025

MarketBasic Trend conscious
marketTrend-conscious market

Trend-conscious market

Basic Trend conscious
marketExpansion of age axis

Expansion of age axis

Expansion of taste axis

Expansion of taste axis

(20s to early 30s, women)(mode within trend-conscious
market)(casual within basic trend-conscious
market)¥3 billion¥5 billion¥10 billion

Objective

Assumed scale(mid-20s to early 30s, men andwomen)¥5 billion

19

Overview of FY2025/3 1Q Business Results

Overseas Expansion: UNITED ARROWS EMSPHERE opens• In June 2024, opened a franchise store in “EMSPHERE,” a large shopping mall in Bangkok, Thailand• Sales of men’s clothing made from functional materials were strong, particularly among those in the fashionindustry• The store is frequented not only by domestic customers but also by tourists, and we also see a noticeable numberof customers who learned about the Company at our pop-up store in China• We will continue to study the possibility of opening stores mainly in the ASEAN region, and launched our products
at Lumine Singapore in August 2024

20

Progress in Sustainability Initiatives

Progress in Sustainability Initiatives

History of Our Sustainability
Activities

October 1999 (at the time of listing) to present

Our Commitment: Creating Five Values
Customers, Employees, Business Partners, Society, Shareholders
May 2020 to present

Five Themes and 16 Material Issues
Supply Chain, Resources, Community, Human Resources, Governance

August 2022 to present

Launching SARROWS and Setting Numerical Targets
Circularity, Carbon Neutrality, Humanity

22

Progress in Sustainability Initiatives

Departure from an orientation toward sales expansion on the premise of mass production and massconsumption means:“Creating the maximum corporate value with limited resources”= Procuring appropriate amounts of products properly and selling them without waste(improving the ratio of items sold at regular prices• For customers: Forster a sense of trust and reassurance in prices

Approach tosustainability in thelong-term vision• For employees: Increase profit productivity = Improve compensation and engagement• For shareholders: Increase profit distribution as the corporate value increases• For business partners: Protect human rights in the supply chain• For society: Reduce environmental load by controlling disposal, etc.

In addition, the use of environmentally conscious materials, switching to renewable energy, and recycling of waste will
be promoted to achieve sustainability goals

23

Progress in Sustainability Initiatives

Sustainability Initiativesof UNITED ARROWS
Circular fashion

Toward a carbon-neutral world

Work and live in a healthy way

Positive impact on the earth

To preserve our beautiful

For every stakeholder of UNITED

with fashion, UNITED ARROWS

earth UNITED ARROWS LTD.

ARROWS LTD. to smile. We will

LTD. aims to create fashion

works to create a carbon-

protect everyone’s rights andthat is in harmony with natureneutral world in line with thecreate a healthy living

and circular over and overParis Agreement, anenvironment.

again.

international framework.
24

Progress in Sustainability Initiatives

Circulating fashion

Toward a carbon-neutral world

Work and live healthily

Waste rate of textile products

CO2 emission reduction rate

Acquisition rate of Code of
Conduct Agreements

2022

2023

2022

2023

2030 TARGET

2022

2023

0.3% →

0.03 0.0%

7.3% →

13.4

30.0%

48.2% →

74.4 % 100.0%

2030 TARGET%(Scope 1 and 2)%

Waste rate of products

CO2 emission reduction rate

2022

2023

2022

0.4% →

0.08 0.1%2030 TARGET%

Proportion of eco-friendly
products(Scope 3)2023

14.5% →

2030 TARGET

13.1 15.0%%

Proportion of renewableenergy2022

2023

2030 TARGET

2022

2023

9.8% →

7.6 % 50.0%

8.3% →

12.5%

2030 TARGET

Employee engagement scores(eNPS*)

2022-58.4 →

2023

2030 TARGET-42.0 -40.0

Employee opinion survey
Positive response rate

2030 TARGET

2022

2023

50.0%

70.0% →

74.5 % 80.0%2030 TARGET* eNPS = Employee Net Promoter Score An index that visualizes employee engagement by quantifying the degree of workplace recommendation
Also available for industry comparisons and comparisons with other companies that have already implemented it25

Progress in Sustainability Initiatives

Continuing efforts• Improvement of the fixed-price-sales ratio (the ratio of original retailprice) and inventory turnover ratio
Circulating fashion

Waste rate of textile products
2022

2023

2030 TARGET

0.3% →

0.03 0.0%• Reducing product waste rates through recycling, reuse, etc.
Initiatives for fiscal 2022
• Establishing in-house standards for environmentally friendly products(SARROWS tree)%

Waste rate of products
2022

2023

0.4% →

0.08 0.1%2030 TARGET

Initiatives for fiscal 2023
• Preparation for the use of eco-friendly materials across businesses• Reducing waste by improving the flow of determining damaged products%

Proportion of eco-friendly
products
2030 TARGET

2022

2023

9.8% →

7.6 % 50.0%

Initiatives in the current period and future• Maintain product waste rate
• In addition to expanding the range of products made fromenvironmentally friendly materials, pursue “circulating fashion” by
expanding reuse, repair, etc.
26

Progress in Sustainability Initiatives

Continuing efforts• Conduct a survey on the energy situation at commercial facilities where
our shops are open and discuss the future use of renewable energy
Toward a carbon-neutral world

CO2 emission reduction rate
(Scope 1 and 2)

2022

2023

7.3% →

13.4

2030 TARGET
%

30.0%

• Promoting “SARROWS Reduce Action,” an initiative to cultivate abundantforests
Initiatives for fiscal 2022
• Applying for and obtaining SBT accreditation• Calculation of the carbon footprint of products

Initiatives for fiscal 2023
CO2 emission reduction rate
(Scope 3)

2022

2023

14.5% →

2030 TARGET

13.1 15.0%%• Regarding TCFD scenario analysis, a partial quantification ofbusiness impact assessment and description of calculation basis• Obtained a B rating in the CDP climate change category (previous
year: D rating)
Initiatives in the current period and future

Proportion of renewableenergy2022

2023

8.3% →

12.5

2030 TARGET
%

50.0%

• Obtaining third-party assurance for GHG calculations (Scope 1, 2, 3)• Promoting renewable energy use in stores through further collaboration
with commercial facilities where our stores are open
• Reducing Scope 3 GHG emissions through more precise calculations
27

Progress in Sustainability Initiatives

Continuing efforts• Continue to conduct on-site audits at domestic partner factories• Promoting various personnel measures to improve employee engagement
Work and live healthily

Acquisition rate of Code of
Conduct Agreements
2022

2023

2030 TARGET

48.2% →

74.4 % 100.0%

Initiatives for fiscal 2022

• Start of on-site audits at domestic partner factories• Formulation and disclosure of UA Group human rights policy

Initiatives for fiscal 2023
Employee engagement scores(eNPS)
2022-58.4 →

2023

2030 TARGET-42.0 -40.0

Employee opinion survey
Positive response rate
2030 TARGET

2022

2023

70.0% →

74.5 % 80.0%• Steady increase in female managers (to 26.9% from 22.4%)• Identification and mapping of human rights issues• Roadmap development and goal-setting for partner factory audits
Initiatives in the current period and future• Disclosure of eNPS (Employee Net Promoter Score) in the SARROWS
Humanity field• Formulation and disclosure of a roadmap for dealing with human rights
risks in the supply chain28

Progress in Sustainability Initiatives

In fiscal 2023, the Sustainability Committee met 10 times andthe Sustainability Subcommittee of the Risk Management Committee met 3 times• Both committees are chaired by the Representative Director and have
Executive Directors as members• The Sustainability Committee mainly discussed the three themes of SARROWS,
and the Sustainability Subcommittee of the Risk Management Committee
mainly discussed human rights risks
Selected as a component stock for three of the six domestic ESG indexes adopted
by the Government Pension Investment Fund (GPIF)

Report on othersustainability promotion
activities
Support for disaster areas and communities• In response to the 2024 Noto Peninsula Earthquake, a total of 200 items ofclothing, mainly winter clothing (outerwear), were donated through the“Flying Medical Search Team ARROWS”

A scene at the time of delivery of support clothing (Courtesy Peace Winds Japan)

29

Message from Yoshinori Matsuzaki,
Representative Director, President, and CEO

Message from Yoshinori Matsuzaki, Representative Director, President, and CEO

1Q Favorable Factors

Non-consolidated By business Existing stores YoY

Pricing strategies optimized for market
characteristics
Trend-conscious market:
Increase in the number of customers while raising the
avg. spend per customer• Proactively procure inventory after improving productappeal• Growth in both retail and online sales, especiallyresulting in lost sales opportunities for online sales

114.1%
104.5%

Number of customers

Avg. spend per customer

Basic Trend conscious market:
Significant increase in the number of customers while
maintaining the avg. spend per customer

Increase sales through active inventory
procurement

112.4%

Sales

110.9%
104.4%
100.2%
Trend-conscious market

Basic trend-conscious market* Sales are Retail + Online, and the number of customers and avg. spend per customer
are based on physical retail sales

Retail existing store sales YoY
Spring/Summer inventory
procurement volume YoY(New procurement + Carried goods)
About

113

%

109.7

%

Online existing store sales YoY

120.6

%
31

Message from Yoshinori Matsuzaki, Representative Director, President, and CEO

1Q Favorable Factors
Recovery of GLR Women through product promotion “Conclusion” series
1Q GLR Women’s
Retail + online existing store sales YoY

123.6

%

• As a conclusion to the idea of “clothes that won’t disappoint,” we have created three items that customers canpurchase with confidence• Promotional activities linked to the web, in-store and social media, with a TV commercial featuring MEGUMI at
the core• Utilizing mass media to increase brand awareness and acquire newcustomers. Approximately 7% of purchasers of these items are
new UA Club members• A similar campaign will be launched in the fall and winter, and weare considering applying the same success story to men’s andchildren’s products
From the left, knee-high flare pants ¥11,000, hidden cardigan ¥7,920,
all-around blouse ¥8,910 (all prices include tax)

32

Message from Yoshinori Matsuzaki, Representative Director, President, and CEO

1Q Favorable Factors
Increase in UA Club member sales, penetration of OMO measures
Number of active members at end
of 1Q

1.4

million(YoY 105.5%)

UA Club membership sales

UA Club membership sales

¥17.9

54.2

Percentage of F2 and above
members

Number of cross users

billion(YoY 120.2%)

composition ratio (Non-consolidated)%(YoY change: 4.2 pts)

* Members who purchased within one year

Membership retention rate

55.0

%

(YoY change: 0.7 pts)
* Percentage of members who purchased for two
consecutive years

49.8

%

(YoY 1.0 pt)* Percentage of members who purchased morethan twice a year

19

0,000

(YoY 114.3%)* Members who use both physical stores and ouronline site

The system was partially revised on August 1, 2024, to change to a system that increases
opportunities for use of physical stores and the company’s own e-commerce site and improves
lifetime value (LTV)33

Message from Yoshinori Matsuzaki, Representative Director, President, and CEO

1Q Favorable Factors
Increase in inbound sales
1Q Inbound Sales(Non-consolidated)¥1.32

Inbound Composition Ratio

billion(YoY 163.3%)• Purchasing mainly from China, Taiwan, South Korea andthe U.S.
• Aoyama, Shibuya, Roppongi, and Shinsaibashi areas havelarge sales• In addition to UA and BY, there is also high demand forsmall, highly original brands such as H Beauty&youth,
ASTRAET, and LOEFF• The results of the analysis were reflected in the productlineup at stores with a high ratio of inbound tourists and inoverseas expansion• We are also working to attract customers from overseas

4.0%(YoY change: 1.3 pts)
Non-consolidated Inbound sales
Changes in composition ratio(Millions of yen)
500

5.0%

400

4.0%

300

3.0%

200

2.0%

100

1.0%

0

2023/1

5

6

7

8

9

10

Inbound sales

1112

2024/1

2

3

4

5

6

0.0%

Composition ratio34

Message from Yoshinori Matsuzaki, Representative Director, President, and CEO

Three Key Strategies

providing excitement - connecting with customers
widely and deeply

35Reference Materials

Reference Materials

Consolidated Business Plan
(Millions of yen)

Sales
Gross margin
Operating income¥150,000 million (YoY 111.7%)
52.5% (pt difference 0.8pt)¥7,300 million vs. sales 4.9%
(YoY 108.3%, pt difference -0.2pt)

Ordinary income

Net income forthe term
Annual dividend
Payout ratio

FY24/3Results

FY25/3
Plan

Sales

134,269

150,000

15,730111.7%

Gross profit

69,462

78,7909,327

113.4%

51.7%

52.5%

0.8pt

-

62,722

71,4908,767

114.0%

46.7%

47.7%

0.9pt

-

6,740

7,300

559

108.3%

5.0%

4.9%-0.2pt

-

746

685

-61

91.7%

0.6%

0.5%

-0.1pt

-

7,486

7,985

498

106.7%

5.6%

5.3%-0.3pt-(331)(1,157)

(825)

-

-

-

-

-

4,876

4,145

(731)

85.0%

3.6%

2.8%

-0.9pt-vs. sales

SGA expenses
vs. sales¥7,985 million, vs. sales 5.3%

Operating income(YoY 106.7%, pt difference -0.3pt)

Non op. P/L¥4,145 million vs. sales 2.8%
(YoY 85.0%. pt difference -0.9pt)

vs. salesvs. sales

Ordinary income
vs. sales

Extraordinary P/L¥55.00 (interim: ¥17.00, end of term ¥38.00) Net income attributable to owners
vs. sales

36.6%

of parent for the termvs. sales

YoYchange/vs. sales pt difference37Reference Materials

Gross Margin Plan

FY25/3
1H

YoY

FY25/3
2H

YoY

FY25/3full term

YoY

Consolidated

53.0%

0.6pt

52.1%

1.0pt

52.5%

0.8pt

UNITED ARROWS LTD.

52.8%

0.7pt

51.8%

0.8pt

52.2%

0.8pt

Total of business units sales

-

0.6pt

-

0.6pt

-

0.6pt

Outlet, etc.

-

1.6pt

-

0.9pt

-

1.2pt

COEN CO., LTD.

-

0.3pt

-

2.5pt

-

1.4pt

UNITED ARROWS TAIWAN LTD.

-

-0.0pt--0.6pt--0.3pt38

Reference Materials

Non-consolidated Sales Plan

(Millions of yen)YoY

FY25/32H

60,405108.4%

Retail + Online existing
stores-Retail existing stores
Online existing stores

Non-consolidated sales

FY25/3
1H

YoY

FY25/3full term

YoY

76,527112.6%

136,933

110.7%

109.6%-

109.8%-

109.7%-

106.0%-

106.7%-

106.4%-

117.3%-

116.1%-

116.6%

39

Reference Materials

Financial impact of transition to UA Club
Convert old “points” held bymembers to “miles” whentransferring to UA ClubDue to the difference in the
return rates, the amountincreases when converted
miles are converted to oldpointsAssuming future use of theincrease, a portion of theincrease was lumped into thesecond quarter of FY24/3, assales promotion expenses toreserve future discounts

The increased amount will berecorded as a sales discountfrom September 2023 onwards

Financial impact
FY2024/3 Results
Sales YoY

Full year: -0.9pt, 4Q: -1.0pt

Gross margin

Full year: -0.1pt, 4Q: -0.1pt

SGA expenses¥390 million recorded as advertising expenses in 2Q

FY2025/3 Forecast

Around -1.0pt has been incorporated into the planned figures for April–July of this term as impact on YoY sales
stemming from the difference in redemption rate. Conversely, for 2H of this term, about +0.8pt has been
incorporated in YoY sales as reaction to the temporary negative effects generated in the previous year.

40Reference Materials

UNITED ARROWS LTD. Retail Store Opening and Closing
1Q results

Full-year forecast

No. ofstores at
FY24/3end

Opened

221

3

0

103

1

UNITED ARROWS (General Merchandise Store)

14

UNITED ARROWS

OpenedClosedNo. of stores atthe period-end(Forecast)

224

16

2

235

0

104

8

0

111

1

0

15

2

0

16

25

0

0

25

0

0

25

BEAUTY&YOUTH

36

0

0

36

2

0

38

Other

28

0

0

28

4

0

32

91

2

0

93

7

1

97

Green label relaxing

85

2

0

87

5

1

89

Other

6

0

0

6

1

0

7

27

0

0

27

1

1

27

UNITED ARROWS LTD. Total
Trend-conscious Market Total

Basic Trend-conscious Market Total

OutletNo. of
Closedstores at
the 1Q-end

41