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

Consolidated Financial Results for the First Nine Months of
the Fiscal Year Ending February 29, 2024
(under Japanese GAAP)
January 11, 2024
Company name:
Listing:
Securities code:
URL:
Representative:
Inquiries:
TEL:

LIFE CORPORATIONTokyo Stock Exchange8194
http://www.lifecorp.jp/
Takaharu Iwasaki, Representative Director and President
Kazuo Kaneko, Executive Officer, Deputy Division COO, Corporate Finance andAccounting Division, and General Manager, Investor Relations Department+81-3-5807-5111 (from overseas)

Scheduled date to file Quarterly Securities Report:
January 15, 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 nine months of the fiscal year ending February 29, 2024
(from March 1, 2023 to November 30, 2023)(1) Consolidated operating results (cumulative)
Operating revenue

Operating profit

Nine months ended

Millions of yen%

November 30, 2023

602,452

5.9–

November 30, 2022
568,681Note: Comprehensive income
Nine months ended November 30, 2023:
Nine months ended November 30, 2022:(Percentages indicate year-on-year changes.)
Profit attributable toowners of parent

Ordinary profit

Millions of yen%

Millions of yen%

Millions of yen

19,23241.8

13,559(31.2)%

19,852

40.3

13,26937.5

14,151(30.0)

9,652(29.6)¥13,323 million [36.9%]¥9,735 million [(28.2)%]

Reference: Operating revenue is the total of net sales and receipts from operating revenue.
Net sales
Nine months ended November 30, 2023: ¥580,449 million [5.8%]
Nine months ended November 30, 2022: ¥548,649 million [–%]
Receipts from operating revenue
Nine months ended November 30, 2023: ¥22,002 million [9.8%]
Nine months ended November 30, 2022: ¥20,032 million [–%]
Earnings per share

Diluted earnings per share

Nine months ended

Yen

Yen

November 30, 2023

282.75

November 30, 2022
205.93
Note: The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29), etc., from the beginningof the first quarter of the fiscal year ended February 28, 2023. Figures for the nine months ended November 30, 2022 represent theamounts after applying the said accounting standard, etc., and do not include year-on-year changes for operating revenue.

(2) Consolidated financial position
Total assets
As of

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

November 30, 2023

282,851

131,80746.6

2,808.52

February 28, 2023

280,810122,00243.4

2,599.79

Reference: Equity
As of November 30, 2023:
As of February 28, 2023:

2.

¥131,807 million¥122,002 million

Cash dividends
Annual dividends
First quarter-end

Second quarter-end

Third quarter-end

Fiscal year-end

Total

Yen

Yen

Yen

Yen

Yen

Fiscal year ended
February 28, 2023



35.00



35.00

70.00

Fiscal year ending
February 29, 2024



40.00



50.00

90.00

Fiscal year ending
February 29, 2024
(Forecast)
Note:

3.

Revisions to the forecast of cash dividends most recently announced: Yes

Consolidated earnings forecasts for the fiscal year ending February 29, 2024
(from March 1, 2023 to February 29, 2024)(Percentages indicate year-on-year changes.)
Operating revenue

Fiscal year ending
February 29, 2024
Note:

Operating profit

Profit attributable toowners of parent

Ordinary profit

Earnings per
share

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

%

Yen

809,800

5.8

22,20015.9

23,00014.9

15,00012.5

319.63

Revisions to the consolidated earnings forecasts most recently announced: Yes

* 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: Yes
iv. Restatement: None
Note: For details, please refer to 2. Quarterly consolidated financial statements and significant notes
thereto, (3) Notes to quarterly consolidated financial statements, “Changes in accounting estimates”
on page 9 of the attached material.
(4) Number of issued shares (ordinary shares)
i. Total number of issued shares at the end of the period (including treasury shares)
As of November 30, 2023
49,450,800 shares
As of February 28, 2023
49,450,800 shares
ii. Number of treasury shares at the end of the period
As of November 30, 2023
2,519,431 shares
As of February 28, 2023
2,522,786 sharesiii. Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended November 30, 2023
46,929,809 shares
Nine months ended November 30, 2022
46,870,373 shares
Note: The number of treasury shares at the end of the period includes the Company’s shares (80,500 shares
as of November 30, 2023, and 84,300 shares as of February 28, 2023) held by Custody Bank ofJapan, 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 includedin the treasury shares that are excluded from the calculation of the average number of shares during
the period. (82,264 shares for the nine months ended November 30, 2023, and 87,130 shares for thenine months ended November 30, 2022)* 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.

Reference:Non-consolidated earnings forecasts for the fiscal year ending February 29, 2024
(from March 1, 2023 to February 29, 2024)(Percentages indicate year-on-year changes.)
Operating revenue

Fiscal year ending
February 29, 2024
Note:

Earnings per
share

ProfitOrdinary profit

Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

809,600

5.8

22,60014.8

14,75013.7

314.30

Revisions to the non-consolidated earnings forecasts most recently announced: Yes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
Changes in accounting estimates ....................................................................................................................................9
Notes to quarterly consolidated statement of income......................................................................................................9
Segment information, etc. ............................................................................................................................................. 10
Significant subsequent events .......................................................................................................................................11-1-

1. Qualitative information on quarterly financial results(1) Explanation of operating results
During the first nine months of the current fiscal year, the outlook for the Japanese economy
remained uncertain mainly due to ongoing inflation, economic stagnation due to global scalemonetary tightening, the impact from the depreciation of the yen, and the Russian invasion of
Ukraine becoming prolonged as well as growing tensions in the Middle East. Meanwhile, amid thenormalization of socioeconomic activities in Japan following the change in the legal classificationof COVID-19 and the abolition of activity restrictions, the rate of economic growth showed
underlying strength despite stagnation in some areas and companies generally had strong earnings
results.
In the food supermarket industry, which is the Group’s area of business, the environment
surrounding corporate operations is unpredictable due to not only concerns over consumer
confidence weakening on account of the rise in wages being insufficient to catch up with higher
prices but also rising costs on a variety of fronts such as personnel expenses, electricity expenses
and logistics expenses, despite generally favorable revenue due to increased product prices.
In this economic environment, based on what we have built up through the 6th Medium-Term Plan
and changes in the external environment, the Group is working on the 7th Medium-Term Plan withthe following three main themes from the current fiscal year to realize our Corporate Philosophy,
Vision, and the “True to LIFE Declaration,” with a view to looking toward to what we want to be infiscal 2030.
•

Investment in employees – We invest in growth of employee 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 promoting the three themes, even in the current situation of labor shortages, we are steadily
getting all employees to conduct their activities while engaging in “kaizen” under the slogan of“Linking the Circle of Kaizen” in order to optimize costs while also increasing productivity toaccomplish the 7th Medium-Term Plan, and beginning to see some results.
As a specific initiative to promote management strategies based on the 7th Medium-Term Plan, we
renewed the LIFE app in July, adding more convenient and valuable features, and are steadily
increasing the number of users. Also, the number of members of the LIFE credit card “LC JCBCARD” exceeded 500,000 and as a limited-time offer, point campaigns were offered once permonth for the months from June to August. As part of our efforts to contribute towards therealization of a sustainable and flourishing society, some of our stores and distribution centers in the
Osaka Region have been donating products to children’s cafeterias offering free meals for children
and other welfare programs. These products can no longer be sold mainly because there is package
damage or they have reached their sell-by date according to internal rules although there are no
problems regarding product quality. Distribution centers in the Tokyo Region also started thisactivity in September. In March 2023, we formed the “Tokyo Region Supermarket Logistics Study
Group” to make concrete efforts toward building sustainable food logistics, and as the number ofcompanies endorsing this initiative has increased to ten, we received the “53rd Food Industry
Technology Achievement Award (Sustainability Category)” in recognition of our efforts.
-2-

We opened following new stores: Takarazuka Nakayamadera Store (Hyogo) and BIO-RAL
PARCO_ya Ueno Store (Tokyo) in March, Kawasaki Tsukagoshi Store (Kanagawa) and Central
Square LaLaport Kadoma Store (Osaka), which was our 300th store, in April, and Umejima Ekimae
Store (Tokyo) and BIO-RAL Ariake Garden Store (Tokyo), which our first “Large BIO-RAL Cafe”
is attached to, in June, Sakuranomiya Store (Osaka) in September, Kachidoki Mid Store (Tokyo) in
October, and Shimomeguro Store (Tokyo) in November. Also, we have closed one store. As forexisting stores, we undertook renovations at Oizumigakuen Ekimae Store, Kema Store,
Higashinakano Store, Konohanadempo Store, and Kumata Store enhancing the product lineups suchas BIO-RAL brand products and frozen foods.
The Group’s operating revenue totaled ¥602,452 million (up 5.9% 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 taste of our products.
On the other hand, as for selling, general and administrative expenses, the Group saw increases inutilities expenses, various property expenses such as rent expenses from opening new stores, andpersonnel expenses from increased hiring activities. However, initiatives to increase productivity
and optimize costs led to the results exceeding the plan, and operating profit was ¥19,232 million(up 41.8% year on year), ordinary profit was ¥19,852 million (up 40.3% year on year), and profit
attributable to owners of parent was ¥13,269 million (up 37.5% year on year).
Results by segment are as follows:(Retail Business)
Operating revenue was ¥602,283 million (up 5.9% year on year), with net sales of ¥580,449 million(up 5.8% year on year), and segment profit of ¥19,546 million (up 40.4% year on year).
Net sales by department were ¥252,116 million (up 5.0% year on year) for fresh produce, ¥260,707
million (up 7.0% year on year) for general food, ¥50,319 million (up 5.1% year on year) forlifestyle products, and ¥17,306 million (up 2.2% year on year) for apparel.
(Other Business)
Operating revenue from LIFE FINANCIAL SERVICE was ¥2,064 million (up 8.1% year on year),with segment profit of ¥306 million (up 32.3% year on year).
(2) Explanation of financial position
Total assets at the end of the third quarter of the current fiscal year were ¥282,851 million, an
increase of ¥2,040 million from the end of the previous fiscal year.
Current assets totaled ¥79,991 million, a decrease of ¥498 million from the end of the previous
fiscal year. This was mainly due to decreases of ¥1,493 million in cash and deposits, ¥1,320 million
in accounts receivable - other, and ¥1,242 million in advances paid (other current assets), while
merchandise and finished goods increased by ¥2,848 million and accounts receivable - trade
increased by ¥895 million.
Non-current assets totaled ¥202,859 million, an increase of ¥2,539 million from the end of theprevious fiscal year. This was mainly due to an increase of ¥310 million in property, plant andequipment after depreciation, an increase of ¥987 million in intangible assets, and an increase of¥708 million in guarantee deposits, resulting from new store openings.
Total liabilities at the end of the third quarter of the current fiscal year were ¥151,043 million, adecrease of ¥7,764 million from the end of the previous fiscal year. This was mainly due to a
¥22,066 million decrease in the total of short-term borrowings and long-term borrowings, whileaccounts payable - trade increased by ¥6,015 million, income taxes payable increased by ¥2,885
million, and accounts payable - other (other current liabilities) increased by ¥6,505 million.
Total net assets at the end of the third quarter of the current fiscal year were ¥131,807 million, an-3-increase of ¥9,804 million from the end of the previous fiscal year. This was mainly due to a ¥9,743
million increase in retained earnings.

(3) Explanation of consolidated earnings forecasts and other such forward-looking information
The Company has revised the consolidated earnings forecasts that announced on April 10, 2023 in
the “Consolidated Financial Results for the Fiscal Year Ended February 28, 2023.” For details,
please refer to “Notice Concerning Revisions to Earnings Forecasts and Year-End Dividend
Forecast” released today (January 11, 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)

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
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-5-

As of February 28, 2023

As of November 30, 2023

9,727
9,209
25,811
250
29,664
5,826
80,4908,234
10,104
28,660290
28,344
4,357
79,991

91,932
39,61424,334
155,880
3,218

92,62839,61423,948156,190
4,206

24,513
16,749(41)
41,220200,319
280,810

25,221
17,282(42)
42,462
202,859
282,851

(Millions of yen)

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)
Retirement benefit liability
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 February 28, 2023

As of November 30, 2023

41,971
44,120
8,628
2,363
2,764
21
28,367
128,236

47,987
16,10010,3005,248
441
21
36,233116,332

17,497

21,778

43

35

889
5,350
6,790
30,571
158,807

950
5,570
6,375
34,710151,043

10,004
5,696
109,147(3,838)121,010

10,004
5,696
118,891(3,831)
130,761588(1,154)
1,558
992
122,002280,810734(1,154)
1,466
1,046
131,807282,851

(2) Quarterly consolidated statement of income and consolidated statement of comprehensive
incomeQuarterly consolidated statement of income (cumulative)(Millions of yen)
Nine months ended
November 30, 2022
Net sales
Cost of sales
Gross profit
Receipts from operating revenue
Operating gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Income from recycling
Data offer fee
OtherTotal non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary losses
Loss on retirement of non-current assets
Head office relocation expenses
Loss on store closings
Loss on disaster
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to owners of parent-7-

Nine months ended
November 30, 2023

548,649
378,723
169,925
20,032
189,958
176,399
13,559580,449
399,112181,337
22,002
203,339
184,107
19,232

98
27
264
112
291
795

92
31
274
122
279
801

138
64
203
14,151

143
37
181
19,852

38
–
–
–
2
40
14,110
4,578
(120)
4,458
9,652
9,652

91
80
66
*1

49
13
302
19,550
7,108
(827)
6,281
13,26913,269

Quarterly consolidated statement of comprehensive income (cumulative)(Millions of yen)
Nine months ended
November 30, 2022
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-

Nine months ended
November 30, 2023

9,652

13,269

69
13
82
9,735

146
(92)
54
13,323

9,735

13,323

(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.
Changes in accounting estimates
Changes in useful lives
At the Board of Directors meeting held on August 31, 2023, a resolution was passed
concerning guidelines for the relocation of the Tokyo Head Office. In line with theseguidelines, the term for the useful lives of non-current assets that will be no longer required
was shortened to the scheduled date of relocation.
As a result, compared to the previous method, operating profit, ordinary profit, and profit
before income taxes each decreased by ¥63 million for the first nine months of the current
fiscal year.
Notes to quarterly consolidated statement of income*1 Loss on disaster
First nine months of the previous fiscal year (March 1, 2022 to November 30, 2022)
Not applicable.

First nine months of the current fiscal year (March 1, 2023 to November 30, 2023)
An amount of ¥49 million was recorded as loss on abandonment of goods and waste
disposal costs in association with Typhoon Lan (seventh named storm), which struck in
August 2023.

-9-

Segment information, etc.
[Segment information]
I First nine months of the previous fiscal year (March 1, 2022 to November 30, 2022)
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
revenue and transfers
Total
Segment profit
Notes: 1.
2.
3.
4.

564,585811

565,397–565,397

3,284

–

3,284

–

3,284

567,869811

568,681–568,681

673

1,098

1,771

(1,771)–

568,543

1,909

570,453(1,771)

568,681

13,919231

14,151–

14,151

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).

- 10 -

II First nine months of the current fiscal year (March 1, 2023 to November 30, 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
Other revenue (Note 4)
Operating revenue fromexternal customers
Intersegment operating
revenue and transfers
Total
Segment profit
Notes: 1.
2.
3.
4.

598,255901

599,156–

599,156

3,296

–

3,296

–

3,296

601,551901

602,452–

602,452

732

1,163

1,895

(1,895)–602,283

2,064

604,347(1,895)602,452

19,546306

19,852–

19,852

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).

Significant subsequent events
Not applicable.

- 11 -