Note: This document is a translation of the original Japanese document and is only for reference purposes. In the eventof any discrepancy between this translated document and the Japanese original, the latter shall prevail.

Consolidated Financial Results for the First Three Months of
the Fiscal Year Ending February 28, 2025
(under Japanese GAAP)
July 8, 2024
Company name:
Listing:
Securities code:
URL:
Representative:
Inquiries:
TEL:

LIFE CORPORATIONTokyo Stock Exchange8194
http://www.lifecorp.jp/
Takaharu Iwasaki, Representative Director and President
Koichi Miyata, General Manager, Finance Department, and General Manager, Investor
Relations Department+81-3-6717-2500 (from overseas)

Scheduled date to file Quarterly Securities Report:
July 12, 2024–
Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results: Yes
Holding of quarterly financial results meeting:
None

1.

(Amounts less than one million yen are rounded down.)
Consolidated financial results for the first three months of the fiscal year ending February 28, 2025
(from March 1, 2024 to May 31, 2024)(1) Consolidated operating results (cumulative)
Operating revenue
Three months ended(Percentages indicate year-on-year changes.)

Operating profit

Millions of yen%

Millions of yen

206,382

5.4

May 31, 2023
195,864
Note: Comprehensive income
Three months ended May 31, 2024:
Three months ended May 31, 2023:

5.4

May 31, 2024%

Millions of yen%

Millions of yen

%

6,945

9.4

6,347

15.0

7,151

9.0

4,867

10.2

6,559

14.7

4,418

11.0

¥5,015 million [15.0%]¥4,360 million [10.5%]

Reference: Operating revenue is the total of net sales and receipts from operating revenue.
Net sales
Three months ended May 31, 2024:
Three months ended May 31, 2023:¥198,640 million [5.1%]¥188,981 million [5.4%]

Receipts from operating revenue
Three months ended May 31, 2024:
Three months ended May 31, 2023:¥7,741 million [12.5%]¥6,882 million [5.0%]

Earnings per share
Three months ended

Profit attributable toowners of parent

Ordinary profit

Diluted earnings per share
Yen

Yen

May 31, 2024

103.72

May 31, 2023

94.16



(2) Consolidated financial position
Total assets
As of

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

May 31, 2024

292,000

139,52047.8

2,972.87

February 29, 2024

287,146

136,85547.7

2,916.09

Reference: Equity

2.

As of May 31, 2024:¥139,520 million

As of February 29, 2024:¥136,855 million

Cash dividends
Annual dividends
First quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended
February 29, 2024



40.00



50.00

90.00

Fiscal year ending
February 28, 2025



50.00



50.00

100.00Fiscal year ending
February 28, 2025
(Forecast)
Note:

3.

Fiscal year-end

Total

Revisions to the forecast of cash dividends most recently announced: None

Consolidated earnings forecasts for the fiscal year ending February 28, 2025
(from March 1, 2024 to February 28, 2025)(Percentages indicate year-on-year changes.)
Operating revenue

Fiscal year ending
February 28, 2025
Note:

Operating profit

Profit attributable toowners of parent

Ordinary profit

Earnings per
share

Millions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

853,400

5.4

24,7002.4

25,5002.2

17,0000.4

362.23

Revisions to the consolidated earnings forecasts most recently announced: None

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in thechange in scope of consolidation): None
(2) Application of special accounting treatment to the preparation of quarterly consolidated financial
statements: None
(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial
statements
i. Changes in accounting policies due to revisions to accounting standards and other regulations: None
ii. Changes in accounting policies due to other reasons: Noneiii. Changes in accounting estimates: None
iv. Restatement: None
(4) Number of issued shares (ordinary shares)
i. Total number of issued shares at the end of the period (including treasury shares)
As of May 31, 2024
49,450,800 shares
As of February 29, 2024
49,450,800 shares
ii. Number of treasury shares at the end of the period
As of May 31, 2024
2,519,556 shares
As of February 29, 2024
2,519,531 sharesiii. Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended May 31, 2024
46,931,262 shares
Three months ended May 31, 2023
46,927,963 shares
Note: The number of treasury shares at the end of the period includes the Company’s shares (80,500 shares asof May 31, 2024, and 84,300 shares as of February 29, 2024) held by Custody Bank of Japan, Ltd. (Trust
Account) as the trust assets for the “Trust for Delivering Shares to Directors.”
In addition, the Company’s shares held by Custody Bank of Japan, Ltd. (Trust Account) are included in
the treasury shares that are excluded from the calculation of the average number of shares during theperiod. (80,500 shares for the three months ended May 31, 2024, and 84,300 shares for the three months
ended May 31, 2023)* Quarterly financial results reports are not required to be subjected to quarterly financial reviews conducted bycertified public accountants or an audit corporation.
* Proper use of earnings forecasts, and other special matters
The forward-looking statements, including earnings forecasts, contained in these materials are based on
information currently available to the Company and on certain assumptions deemed to be reasonable. Actual
business and other results may differ substantially due to various factors. Please refer to “1. Qualitative
information on quarterly financial results, (3) Explanation of consolidated earnings forecasts and other suchforward-looking information” on page 4 of the attached material for the suppositions that form the assumptions
for earnings forecasts and cautions concerning the use thereof.

Attached material
1. Qualitative information on quarterly financial results .......................................................................................................... 2(1) Explanation of operating results .....................................................................................................................................2(2) Explanation of financial position ....................................................................................................................................3(3) Explanation of consolidated earnings forecasts and other such forward-looking information ........................................4
2. Quarterly consolidated financial statements and significant notes thereto ........................................................................... 5(1) Quarterly consolidated balance sheet ..............................................................................................................................5(2) Quarterly consolidated statement of income and consolidated statement of comprehensive income .............................7
Quarterly consolidated statement of income (cumulative) ..............................................................................................7
Quarterly consolidated statement of comprehensive income (cumulative) .....................................................................8(3) Notes to quarterly consolidated financial statements ......................................................................................................9
Notes on premise of going concern .................................................................................................................................9
Notes on the event of significant changes in the amount of shareholders’ equity ...........................................................9
Segment information, etc. ...............................................................................................................................................9
Significant subsequent events ....................................................................................................................................... 10-1-

1. Qualitative information on quarterly financial results(1) Explanation of operating results
During the first three months of the current fiscal year, the Japanese economy followed a track ofmild recovery despite stagnation in some areas. On the other hand, the outlook remains uncertain
due to the impact from the depreciation of the yen, geopolitical risks, and uncertainties in the global
economy.
In the food supermarket industry, which is the Group’s area of business, the environment
surrounding corporate operations is unpredictable due to intensifying competition across industries
and business categories, and rising costs on a variety of fronts such as personnel expenses, despite
strong revenue mainly due to increased product prices.
In this economic environment, to realize our Corporate Philosophy, Vision, and the “True to LIFE
Declaration,” with a view to looking toward what we want to be in fiscal 2030, the entire Group is
continuing in the current fiscal year to work on the 7th Medium-Term Plan, which started in fiscal
2023, with the following three main themes.
•

Investment in employees – We invest in growth of personnel and a motivating workplaceenvironment because we recognize that increased motivation through employee growth andsatisfaction, will advance the 7th Medium-Term Plan and lead to company growth.

•

Breaking away from homogeneous competition – We aim to provide customers with a
comfortable shopping experience by refining our unique products and services, expanding ourinternet business, and providing information through the LIFE app available on smartphones,in order to realize seamless and convenient shopping environment.

•

Contributing towards the realization of a sustainable and flourishing society – As a “lifeline forthe community” – we are implementing initiatives to realize a sustainable and flourishingsociety (reduction of environmental impacts, contribution to the local community, etc.).

In addition, even in a business environment in which costs are increasing due to labor shortages,
caused by a shrinking population, and rising prices for goods and services, all employees areworking on their own to implement “Kaizen” activities centered on improving productivity andoptimizing costs in order to steadily promote management strategies, including the three themes,
toward what we want to be in fiscal 2030.
As specific initiatives to promote management strategies based on the 7th Medium-Term Plan tobreak away from homogeneous competition steadily, we established the BIO-RAL Business
Division in March, increased the number of BIO-RAL products in line with the concept of organic,
local, healthy, and sustainable, opened two new BIO-RAL stores, and implemented other measures.
Additionally, we are advancing initiatives to reduce workloads and carry out operational
streamlining, such as by expanding the scope of the automated ordering service using AI-driven
demand forecasting, which was first introduced for the daily delivery food section in February
2021, to orders for fresh produce departments, and having the system in operation in almost all of
our stores. Furthermore, as part of our efforts to contribute towards the realization of a sustainable
and flourishing society, we have made donations to children’s cafeterias in Nerima-ku since March,and in Itabashi-ku and Edogawa-ku since May, for a total of six wards in Tokyo. We also continue
to donate products to local children’s cafeterias in the areas where we have opened stores and offer“on-demand classes” for elementary school students on food and the environment. The Company
received the Grand Prize in the business activity category of the 2023 Osaka Environmental Awardfor its “efforts to reduce food waste that contribute towards the realization of a sustainable andflourishing society,” including the biogas power generation business at its own food process centers.
We opened following new stores: Ikebukuro Sanchome Store (Tokyo) and BIO-RAL Minoh Q’s
MALL Store (Osaka) and BIO-RAL Kunitachi Ekimae Store (Tokyo) in March, SOCOLA-2-

Tokorozawa Store (Saitama) in April and Meguro Yakumo Store (Tokyo) in May. Also, we haveclosed one store. As for existing stores, we undertook renovations at Minamitsumori Storeenhancing the product lineups such as BIO-RAL brand products, frozen foods, ready-preparedfoods, etc.
The Group’s operating revenue totaled ¥206,382 million (up 5.4% year on year) as a result of the
expansion of new stores and online supermarkets, the strengthening of private brand products suchas “BIO-RAL,” and implementing product initiatives that sought to enhance freshness and taste ofour products. On the other hand, as for selling, general and administrative expenses, the Group saw
increases in various property expenses such as rent expenses from opening new stores, andpersonnel expenses from investment in employees, improvement of compensation, etc. However, asa result of promoting productivity improvements and initiatives to optimize costs through Kaizen
activities, operating profit was ¥6,945 million (up 9.4% year on year), ordinary profit was ¥7,151
million (up 9.0% year on year), and profit attributable to owners of parent was ¥4,867 million (up10.2% year on year).
Results by segment are as follows:(Retail Business)
Operating revenue was ¥206,310 million (up 5.4% year on year), with net sales of ¥198,640 million(up 5.1% year on year), and segment profit of ¥7,039 million (up 9.1% year on year).
Net sales by department were ¥86,823 million (up 5.3% year on year) for fresh produce, ¥89,425
million (up 5.7% year on year) for general food, ¥16,806 million (up 3.5% year on year) forlifestyle products, and ¥5,585 million (down 1.6% year on year) for apparel.
(Other Business)
Operating revenue from LIFE FINANCIAL SERVICE was ¥697 million (up 2.5% year on year),with segment profit of ¥111 million (up 4.7% year on year).
(2) Explanation of financial position
Assets, liabilities, and net assets
Total assets at the end of the first quarter of the current fiscal year were ¥292,000 million, an
increase of ¥4,853 million from the end of the previous fiscal year.
Current assets totaled ¥86,592 million, an increase of ¥3,743 million from the end of the previous
fiscal year. This was mainly due to a ¥6,158 million decrease in accounts receivable - other (othercurrent assets), while cash and deposits increased by ¥817 million, accounts receivable - trade
increased by ¥7,242 million, and merchandise and finished goods increased by ¥1,830 million.
Non-current assets totaled ¥205,407 million, an increase of ¥1,109 million from the end of theprevious fiscal year. This was mainly due to an increase of ¥423 million in property, plant andequipment after depreciation, an increase of ¥131 million in intangible assets, and an increase of¥280 million in investment securities (other in investments and other assets), resulting from newstore openings.
Total liabilities at the end of the first quarter of the current fiscal year were ¥152,479 million, an
increase of ¥2,189 million from the end of the previous fiscal year. This was mainly due to a ¥2,105
million decrease in income taxes payable, while accounts payable - trade increased by ¥5,556
million.
Total net assets at the end of the first quarter of the current fiscal year were ¥139,520 million, an
increase of ¥2,664 million from the end of the previous fiscal year. This was mainly due to a ¥2,517
million increase in retained earnings.

-3-(3) Explanation of consolidated earnings forecasts and other such forward-looking information
There is no change in the consolidated earnings forecasts for the fiscal year ending February 28,2025 from that announced on April 10, 2024 in the “Consolidated Financial Results for the Fiscal
Year Ended February 29, 2024.”
We will closely monitor future economic and consumer spending trends, and if it becomes
necessary to revise our consolidated earnings forecasts, we will disclose them promptly.

-4-

2. Quarterly consolidated financial statements and significant notes thereto(1) Quarterly consolidated balance sheet(Millions of yen)
As of February 29, 2024
AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Merchandise and finished goods
Raw materials and supplies
Accounts receivable - other
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Guarantee deposits
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-5-

As of May 31, 2024

8,606
9,560
27,900273
32,072
4,436
82,8499,424
16,80329,730244
25,913
4,476
86,592

91,732
39,61424,969156,315
5,484

92,44539,614
24,679156,7395,616

25,360851
16,327(42)
42,497204,297
287,146

25,482822
16,788(41)
43,051
205,407
292,000

(Millions of yen)
As of February 29, 2024
Liabilities
Current liabilities
Accounts payable - trade
Short-term borrowings
Current portion of long-term borrowings
Income taxes payable
Provision for bonuses
Provision for sales promotion expenses
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Provision for share awards for directors (and otherofficers)
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for landRemeasurements of defined benefit plans
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets-6-

As of May 31, 2024

45,332
19,40010,342
5,335
2,971
19
34,816
118,21950,888
20,100
9,906
3,230
5,505
19
31,593
121,244

19,922

19,189

50

43

5,917
6,180
32,071150,290

5,983
6,018
31,235
152,479

10,004
5,696
122,560(3,831)
134,430

10,004
5,696
125,078(3,831)
136,947881(1,154)
2,698
2,425
136,855
287,146

1,076(1,154)
2,650
2,572
139,520
292,000

(2) Quarterly consolidated statement of income and consolidated statement of comprehensive
incomeQuarterly consolidated statement of income (cumulative)(Millions of yen)Three months ended
May 31, 2023
Net sales
Cost of sales
Gross profit
Operating revenue
Operating gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Income from recycling
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary losses
Loss on store closings
Loss on retirement of non-current assets
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to owners of parent-7-

Three months ended
May 31, 2024

188,981
129,831
59,150
6,882
66,032
59,684
6,347

198,640
137,413
61,227
7,741
68,96962,024
6,945

31
4
89
141
266

28
4
87
147
268

45
9
55
6,559

46
14
61
7,151

–
35
8
44
6,514
2,648
(552)
2,095
4,418
4,418

9
0
–
9
7,141
2,737
(463)
2,273
4,867
4,867

Quarterly consolidated statement of comprehensive income (cumulative)(Millions of yen)Three months ended
May 31, 2023
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent-8-

Three months ended
May 31, 2024

4,418

4,867

(27)
(30)
(58)
4,360

194
(47)
147
5,015

4,360

5,015

(3) Notes to quarterly consolidated financial statements
Notes on premise of going concern
Not applicable.
Notes on the event of significant changes in the amount of shareholders’ equity
Not applicable.
Segment information, etc.
[Segment information]
I First three months of the previous fiscal year (March 1, 2023 to May 31, 2023)
1. Information on operating revenue and profit or loss by reportable segment and on
disaggregation of revenue
Reportablesegment
Other (Note 2)

Total

Adjustments

Retail Business(Millions of yen)Amounts
recorded inquarterly
consolidated
statement ofincome (Note 3)

Operating revenue (Note 1)
Revenue from contracts withcustomers

194,471296

194,768–

194,768

Other revenue (Note 4)

1,095

–

1,095

–

1,095

Operating revenue fromexternal customers

195,567

296

195,864–

195,864

Intersegment operating
revenue and transfers

240

383

623

(623)

–

195,807679

196,487(623)

195,864

6,452

106

6,559

–

6,559

Total
Segment profit
Notes: 1.
2.
3.
4.

Operating revenue is the total of net sales and receipts from operating revenue.
“Other” includes credit card business, etc.
Segment profit is adjusted to ordinary profit in the quarterly consolidated statement of income.
Other revenue includes real estate lease revenue based on the Accounting Standard for Lease Transactions(ASBJ Statement No. 13).

-9-

II First three months of the current fiscal year (March 1, 2024 to May 31, 2024)
1. Information on operating revenue and profit or loss by reportable segment and on
disaggregation of revenue
Reportablesegment
Other (Note 2)

Total

Adjustments

Retail Business(Millions of yen)Amounts
recorded inquarterly
consolidated
statement ofincome (Note 3)

Operating revenue (Note 1)
Revenue from contracts withcustomers
Other revenue (Note 4)
Operating revenue fromexternal customers
Intersegment operating

204,944319

205,263–205,263

1,118

–

1,118

–

1,118

206,063319

206,382–

206,382

246

377

624

(624)

–

206,310697

207,007(624)

206,382

7,039

111

7,151

–

7,151

revenue and transfers
Total
Segment profit
Notes: 1.

Operating revenue is the total of net sales and receipts from operating revenue.

2.
3.

“Other” includes credit card business, etc.
Segment profit is adjusted to ordinary profit in the quarterly consolidated statement of income.

4.

Other revenue includes real estate lease revenue based on the Accounting Standard for Lease Transactions(ASBJ Statement No. 13).

Significant subsequent events
Not applicable.

- 10 -