FY02/25 (FY2024) Q1

Results Presentation Material

July 4, 2024
© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

I am Yoshida from Onward Holdings in charge of finance, accounting, and investor relations starting fromthis fiscal year.
I would like to express my appreciation for your interest in our business.
Today, I will present to you our Q1 results for the fiscal year ending February 2025.

The Onward Group’s Mission Statement

Enriching and Adding Color to People’s
Lives while Caring for the Planet

LTD.
CO.,LTD.
HOLDINGS CO.,ONWARD HOLDINGS© ONWARD
Copyright ©
Copyright

Keep moving forward as a “lifestyle and culture
creation company” that contributes to creating
lifestyles with richness and colors in harmony withthe planet through “customer-centric management
leveraging employees’ diverse strengths”© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

211

Copyright © ONWARD HOLDINGS CO., LTD.

Contents

01

Consolidated Financial Results andPerformance Forecasts Highlights

402

FY2024 Q1 Consolidated Financial
Results

703

FY2024 First Half and Full Year
Consolidated Performance Forecasts

11

04

Topics

14

05

Appendix

20© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

32

01
LTD.
LTD.
CO.,CO.,HOLDINGSONWARD HOLDINGS
Copyright
Copyright©©ONWARD

Consolidated Financial Results
and Performance Forecasts
Highlights© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

43

FY2024 Q1 : Consolidated Financial Results Highlights

Net Sales

51.4

billion yen+2.9% YoY
+1.5 bn yen YoY

Operating Profit

5.1

billion yen-5.7% YoY
-0.3 bn yen YoY

Recurring Profit

5.2

billion yen+6.9% YoY
+0.3 bn yen YoY

Net Profit

4.0

billion yen+20.1% YoY+0.7 bn yen YoY◼ Net sales for Q1 were up 2.9% YoY due to strong sales of newly planned products in response
to climate change and continued growth in the use of the "Click & Try" OMO service.

Copyright © ONWARD HOLDINGS CO., LTD.

◼ In particular, new brands businesses UNFILO, KASHIYAMA, and Chacott COSMETICS posted
significant sales growth, with net sales up 74.2%, 37.4%, and 17.6%, respectively. Key brands
businesses also continued to perform well, with net sales of Nijyusanku rising 2.6% andJ.PRESS up 6.4%, and PET PARADISE up 10.3%.
◼ The gross profit margin for Q1 declined by 1.4 pp, reflecting the planned optimization ofmerchandise inventory levels. The SG&A ratio improved by 0.4 pp, as the streamlining of store
operations through the expansion of multi-brand stores offset higher personnel costs
accompanying wage hikes and increased promotion and advertising expenses.
◼ Operating profit for Q1 declined 5.7%, due in part to the temporary impact of the change inaccounting standards of Yamato and the struggles of the European business’ centered on thewholesale business. Despite this, recurring profit rose 6.9% and net profit climbed a substantial
20.1%, thanks mainly to the strong performance of equity-method affiliates.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

5

Page 5. Highlights for the consolidated results.
Our net sales from March to May, 3 months during 2024, were 51.4 billion yen, an increase of 1.5 billion
YOY, which is a 2.9% YOY increase. March saw impact of unusually low temperature. However, strong salesof newly planned products in response to climate change as well as continued growth in the use of OMO"Click & Try" service helped grow net sales.

Brand Businesses
UNFILO【Onward Kashiyama】

In addition to product lines using
standard materials, newly
developed products drove sales.
Q 1 Ne t Sa l e s
(YoY)

+

KASHIYAMA

Copyright © ONWARD HOLDINGS CO., LTD.

(YoY)

+

Q 1 Ne t Sa l e s

74.2%

(YoY)

【 Onward Personal Style 】

(YoY)

+

2.6%

【Onward Kashiyama】

Q 1 Ne t Sa l e s

+

(YoY)

【 Chacott 】

The Cool Series seasonal line
is selling well.

Q 1 Ne t Sa l e sJ.PRESS+

Both physical and online stores
performed well due tostrengthened introduction of key
products.

37.4%

Chacott COSMETICS【Onward Kashiyama】

Highly trendy items areenjoying strong demand.

Ongoing promotional measures throughdigital advertising have led to anincrease in new customers, including
the younger demographic and women.
Q 1 Ne t Sa l e s

Nijyusanku

17.6%

6.4%

PET PARADISE【Creative Yoko】

Pet carts and other newly
developed products are seeing
good turnover. Sales to inboundvisitors were also strong.
Q 1 Ne t Sa l e s
(YoY)

+

10.3%

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

15

So, let me refer to page 15, brand by brand.
Onward Kashiyama’s UNFILO is a brand created 3 years ago. It uses functional materials that are easy tomove around, lightweight, and cool. Its sales expanded by 1.7 times by creating greater variation in items
during the Q1 growing into a larger scale.
Onward Personal Style that does one-week delivery of made-to-order suits under Kashiyama brandstrengthened their digital advertising to expand new customers with a net sales increase of 37.4%.
Nijyusanku, which is our core brand, did well with trendy items that suit the changing climate, such as
sheer tops and new detailed bottoms, and they grew by 3% in net sales.
J. PRESS has 122 years of history, strengthened their introduction of key products at both in physical andonline stores, performed well with a growth of 6.4% in net sales.
Outside of apparel, Chacott COSMETICS expanded into their Cool Series seasonal limited lines, and its sales
grew by 17.6%.
Creative Yoko's Pet Paradise that has been doing very well for the last few years also with pet carts anditems for senior dogs have been doing very well to meet customer demand. Additionally, growing sales into
inbound visitors contributed to a net sales increase of 10%.

FY2024 Q1 : Consolidated Financial Results Highlights

Net Sales

51.4

billion yen+2.9% YoY
+1.5 bn yen YoY

Operating Profit

5.1

billion yen-5.7% YoY
-0.3 bn yen YoY

Recurring Profit

5.2

billion yen+6.9% YoY
+0.3 bn yen YoY

Net Profit

4.0

billion yen+20.1% YoY+0.7 bn yen YoY◼ Net sales for Q1 were up 2.9% YoY due to strong sales of newly planned products in response
to climate change and continued growth in the use of the "Click & Try" OMO service.

Copyright © ONWARD HOLDINGS CO., LTD.

◼ In particular, new brands businesses UNFILO, KASHIYAMA, and Chacott COSMETICS posted
significant sales growth, with net sales up 74.2%, 37.4%, and 17.6%, respectively. Key brands
businesses also continued to perform well, with net sales of Nijyusanku rising 2.6% andJ.PRESS up 6.4%, and PET PARADISE up 10.3%.
◼ The gross profit margin for Q1 declined by 1.4 pp, reflecting the planned optimization ofmerchandise inventory levels. The SG&A ratio improved by 0.4 pp, as the streamlining of store
operations through the expansion of multi-brand stores offset higher personnel costs
accompanying wage hikes and increased promotion and advertising expenses.
◼ Operating profit for Q1 declined 5.7%, due in part to the temporary impact of the change inaccounting standards of Yamato and the struggles of the European business’ centered on thewholesale business. Despite this, recurring profit rose 6.9% and net profit climbed a substantial
20.1%, thanks mainly to the strong performance of equity-method affiliates.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

5

Let me return back to page 5.
Third paragraph, I will explain gross profit margin and SG&A ratio.
Gross profit margin for Q1 declined by 1.4 percentage points, reflecting the planned optimization ofmerchandise inventory levels.
On the other hand, streamlining of store operations through expansion of multi-brand stores, such as
Onward Crosset/Select, offset higher personnel costs accompanying wage hikes, and increased promotion
and advertising expenses such as ads for Onward Personal Style and Nijyusanku using actress Anne.
Consequently, the SG&A ratio improved by 0.4 percentage points. Operating profit for Q1 declined 5.7%
due in part to the temporary impact of the change in accounting standards of Yamato and the struggles of
the European business centered on the wholesale business. Despite this, recurring profit rose 6.9%, 300
million yen, and net profit climbed a substantial 20.1%, 700 million yen due to the stronger performance ofequity method affiliate, WEGO.

FY2024 1H / Full-Year : Performance Forecasts Highlights
Net Sales
First
Half

94.9

billion yen+5.0% YoY
+4.5 bn yen YoY

Full
Year

200.0

billion yen

Copyright © ONWARD HOLDINGS CO., LTD.

+5.5% YoY
+10.4 bn yen YoY

Operating Profit

5.5

billion yen+9.5% YoY
+0.5 bn yen YoY

12.5

billion yen+11.0% YoY+1.2 bn yen YoY

Net Profit

Recurring Profit

5.5

billion yen

4.1+24.7% YoY+1.1 bn yen YoY

12.2

billion yen

billion yen+41.5% YoY+1.2 bn yen YoY

8.3+20.5% YoY+2.1 bn yen YoY

billion yen+24.8%
YoY+54億 +12%+1.6 bn
yen YoY+54億 +12%◼ For Q2, we forecast a YoY increase in net sales and a return to profitability at all levels of profit,
mainly due to a flexible product strategy that responds to climate change and the continuation ofa customer-oriented sales strategy leveraging OMO services. For 1H cumulative, we forecast a
5.0% increase in net sales and a 9.5% increase in operating profit. (The initial forecast remains
unchanged.) We forecast recurring profit and net profit to increase significantly, by 24.7% and41.5%, respectively. (Initial forecasts were revised up.)

◼ For the full year, combining the upwardly revised 1H forecast with the initial 2H forecast,
we expect a 5.5% increase in net sales, an 11.0% rise in operating profit, a 20.5% growth
in recurring profit, and a significant 24.8% increase in net profit.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

6

Page 6. This is the first half and the full-year performance forecasts highlights.
For Q2 period, we forecast a year over year increase in net sales and return to profitability at all levels of
profit through flexible product strategy that responds to Japan's long and hot summer climate change andthe continuation of customer oriented sales strategy leveraging OMO services. And, we expect to return toprofitability at all levels of profit in Q2, improving on 360 million yen operating loss in Q2 of the previous
fiscal year.

As a result, we expect to see increase in net sales of 5% YOY, 4.5 billion yen increase, operating profit of
9.5% increase, 500 million yen increase for the first half, leaving initial forecast as is for net sales andoperating profit. Recurring profit was adjusted upward by 200 million yen, a 24.7%, 1.1 billion yen YOY
increase and net profit 41.5%, 1.2 billion yen increase YOY with 250 million yen upward revision.

02
Copyright © ONWARD HOLDINGS CO., LTD.

FY2024 Q1 Consolidated
Financial Results© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

78

FY2024 Q1 : Consolidated Financial Results◼ Net sales increased to 51.4 billion yen, up 2.9% (+1.5 billion yen) YoY.
◼ Operating profit decreased to 5.1 billion, down 5.7% (-0.3 billion yen) YoY.
◼ Net profit increased to 4.0 billion yen, up 20.1% (+0.7 billion yen) YoY.
◼ EBITDA decreased to 6.2 billion yen, down 4.6% (-0.3 billion yen) YoY.
Q1 Results(Million yen)

1
2
3

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4
5
6
7

FY2024

Net Sales

51,376FY2023

Change49,907+1,469+165

Gross Profit

29,14428,979(% of Net Sales）(56.7%)(58.1%)

SG&A Expanses

24,07023,599(% of Net Sales）(46.9%)(47.3%)

Operating Profit

5,074

5,380

(% of Net Sales）(9.9%)(10.8%)

Recurring Profit

5,195

4,861

(% of Net Sales）(10.1%)(9.7%)Net Profit

4,019

3,348

(% of Net Sales）(7.8%)(6.7%)EBITDA

※

6,247

6,545

(% of Net Sales）(12.2%)(13.1%)% of Change

+2.9%
+0.6%
(- 1.4%pt)

+471

+2.0%
(- 0.4%pt)- 306- 5.7%(- 0.9%pt)

+334

+6.9%
(+0.4%pt)+671+20.1%(+1.1%pt)- 298- 4.6%(- 0.9%pt)*Note: EBITDA= operating profit+ depreciation and amortization.
© Copyright 2007-2015 ONWARD
HOLDINGS
CO.,LTD.

8

Page 8 shows the Q1 consolidated financial results. The breakdown will be shared on page 9 in the Resultsby Company.

FY2024 Q1 : Results by Company
Ｑ1 Results(Million yen)

FY2024
1

2

3

4

5

6

7

8

Copyright © ONWARD HOLDINGS CO., LTD.

9

10

11

12

Onward Kashiyama+HD

FY2023

Change% of Change

Net Sales

30,52329,174+1,349+4.6%

Operating
Profit

3,387

3,696

- 309

- 8.4%

OnwardNet Sales

5,201

4,984

+217

+4.4%

Corporate Design

Operating
Profit

710

744

- 34

- 4.6%

IslandNet Sales

1,432

1,521

- 89

- 5.9%

Operating
Profit

47

17

+30

+176.5%Net Sales

2,607

2,440

+167

+6.8%

Operating
Profit

290

279

+11

+3.9%

Net Sales

1,564

1,473

+91

+6.2%

Operating
Profit

172

121

+51

+42.1%Net Sales

5,356

5,628

- 272

- 4.8%

Operating
Profit

554

698

- 144

- 20.6%Net Sales

19,43318,925

+508

+2.7%

Operating
Profit

2,173

2,164

+9

+0.4%

Net Sales

2,638

2,615

+23

+0.9%

Operating
Profit

- 313

- 164

- 149

Net Sales

535

441

+94

Operating
Profit

- 62

- 92

+30

Net Sales

1,622

1,440

+182

+12.6%

Operating
Profit11

5+6+120.0%Net Sales

4,795

4,496

+299

+6.7%

Operating
Profit

- 364

- 251

- 113

Net Sales

51,37649,907+1,469+2.9%Operating
Profit

5,074

5,380

- 306

- 5.7%

Chacott

Creative Yoko

YamatoDomestic Subtotal

EuropeAmerica

Asia

Overseas Subtotal

Consolidated Total+21.3%

Note: The group breakdown is calculated using simple sums. Consolidated totals are after eliminating intergroup transactions.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

9

Onward Corporate Design's previous year figures include Onward Creative Center's results in addition to Onward Trading results.

Number 1, Onward Kashiyama saw strong newly planned products with an increase of 5% YOY in net sales.
However, the planned optimization of merchandise inventory levels caused operating profit decrease
temporarily by 300 million yen.
Japan domestic B2B business, number 6, gift catalog Yamato, with a change in accounting standards, saw atemporary negative impact, and some of the new orders were slipped to Q2, but number 4, Chacott
COSMETICS grew significantly, both domestic and overseas. And number 5, Creative Yoko's launching into
expansion of pet goods with the help of inbound visitors was strong and gave a 3% increase in net sales,
and operating profit slightly improved for Domestic Subtotal.
Overseas Subtotal, e-commerce sales at U.S. J.PRESS and Asia's production business were strong, and net
sales grew 7% YOY with 300 million yen. However, wholesale business in Europe struggled and resulted in aloss of 100 million yen for Overseas Subtotal. As a result, Consolidated Total net sales was 2.9%, 1.5 billion
yen increase YOY and operating profit declined 5.7% YOY, 300 million yen.

FY2024 Q1 : Net Sales by Channel◼ Net sales at physical stores total (department stores, shopping centers and other)increased by 3.6% YoY.
◼ E-commerce net sales increased by 5.2% YoY. The e-commerce ratio and the directly
managed e-commerce ratio remained at a high level at 28.0% and 85.3%,
respectively.
(2) Seven Domestic Subsidiaries
Using E-Commerce*(1) Onward Kashiyama(Million yen)

FY2024FY2023

Department Stores

11,91512,009（Composition Ratio）(39.0%)(41.2%)

Shopping Centers and Other

10,393

9,642（Composition Ratio）(34.0%)(33.0%)

Physical Stores Total

22,30821,651（Composition Ratio）(73.1%)(74.2%)

Directly Managed E-Commerce

7,019

6,525

（Composition Ratio）(23.0%)(22.4%)

5

Directly Managed E-Commerce
Ratio

85.4%

86.7%

6

Other E-Commerce Platforms

1,196

998

（Composition Ratio）(3.9%)(3.4%)

7

E-Commerce Total

8,215

7,523

（Composition Ratio）(26.9%)(25.8%)

Total Sales

30,52329,174（Composition Ratio）(100.0%)(100.0%)

1

2

3

LTD.
CO.,LTD.
HOLDINGSCO.,
ONWARDHOLDINGS
Copyright
Copyright©©ONWARD

4

8Change

-94

+751

+657

+494

+198

+692

+1,349% of Change

FY2024FY2023(- 0.8% )

2,801

2,504

(- 2.1%pt)(20.8%)(19.2%)

+7.8%

6,519

6,364

(+1.0%pt)(48.5%)(48.7%)

+3.0%

9,320

8,868

(- 1.1%pt)(69.4%)(67.9%)

+7.6%

3,501

3,581

(+0.6%pt)(26.1%)(27.4%)

-1.3%

85.1%

85.4%

+19.8%

614

611(+0.5%pt)(4.6%)(4.7%)

+9.2%

4,115

4,192

(+1.1%pt)(30.6%)(32.1%)+4.6%

13,435

13,060-(100.0%)(100.0%)Change

+297

+155

+452

-80

+3

-77

+375

Total（ (1) + (2) ）% of Change

FY2024FY2023+11.9%

14,716

14,513(+1.7%pt)(33.5%)(34.4%)+2.4%

16,912

16,006(- 0.2%pt)(38.5%)(37.9%)+5.1%

31,62830,519(+1.5%pt)(72.0%)(72.3%)-2.2%

10,52010,106(- 1.4%pt)(23.9%)(23.9%)

-0.3%

85.3%

86.3%

+0.5%

1,810

1,609

(- 0.1%pt)(4.1%)(3.8%)-1.8%

12,33011,715(- 1.5%pt)(28.0%)(27.7%)+2.9%

43,95842,234-(100.0%)(100.0%)Change+203% of Change+1.4%(- 0.9%pt)

+906

+5.7%
(+0.6%pt)+1,109+3.6%(- 0.3%pt)

+414

+4.1%
(+0.0%pt)

-0.9%
+201

+12.5%(+0.3%pt)

+615

+5.2%
(+0.3%pt)+1,724+4.1%-*Note: Total of seven domestic subsidiaries using e-commerce(Island, Tiaclasse, Onward Personal Style, Chacott, Creative Yoko, Yamato, KOKOBUY)© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

10

Page 10. Net sales at Physical Stores Total increased by 3.6% or 1.1 billion yen YOY for Q1. E-commerce net
sales increased by 5.2%, 600 million yen.
The sales ratios of physical and e-commerce stores remained at 70:30 and directly managed e-commerce
ratio was at 85.3%. We plan to keep these ratios and grow the sales in a very balanced manner.

03
Copyright © ONWARD HOLDINGS CO., LTD.

FY2024 First Half and Full Year
Consolidated Performance Forecasts© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

12
11

FY2024 1H / Full-Year : Consolidated Performance Forecast◼ 1H net sales and operating profit forecasts remain unchanged from the initial forecasts, while the recurring profit
and net profit forecasts have been revised up, reflecting improved performance of equity-method affiliates.
◼ Recurring profit is expected to increase 24.7% (+1.1 billion yen) to 5.5 billion yen, up 0.2 billion yen from theinitial forecast. Net profit is expected to increase 41.5% (+1.2 billion yen) to 4.1 billion yen, up 0.25 billion yen
from the initial forecast.
◼ The full-year forecast is the sum of the upwardly revised 1H forecast and the 2H forecast set at the beginning of
the fiscal year.
First Half
(Million yen)

1
2

3

Copyright © ONWARD HOLDINGS CO., LTD.

4

5

6

7

Net Sales

Full-YearFY2024FY2023

Change% of Change

FY2024FY2023

Change% of Change

94,90090,411+4,489+5.0%

200,000

189,629+10,371+5.5%+1,798+3.5%

111,150

105,782+5,368(- 0.8%pt)(55.6%)(55.8%)

Gross Profit

52,95051,152(% of Net Sales）(55.8%)(56.6%)

SG&A
Expanses

47,45046,130(% of Net Sales）(50.0%)(51.0%)

Operating
Profit

5,500

5,022

(% of Net Sales）(5.8%)(5.6%)

Recurring
Profit

5,500

4,412

(% of Net Sales）(5.8%)(4.9%)Net Profit

4,050

2,862

(% of Net Sales）(4.3%)(3.2%)EBITDA※

8,000

7,390

(% of Net Sales）(8.4%)(8.2%)+1,320+478+1,088+1,188

+610

+2.9%

98,65094,522(- 1.0%pt)(49.3%)(49.8%)+9.5%

12,50011,260(+0.2%pt)(6.3%)(5.9%)+24.7%

12,20010,126(+0.9%pt)(6.1%)(5.3%)+41.5%

8,250

6,611

(+1.1%pt)(4.1%)(3.5%)+8.3%

17,70016,052(+0.2%pt)(8.9%)(8.5%)+5.1%(- 0.2%pt)+4,128+4.4%(- 0.5%pt)+1,240+11.0%(+0.4%pt)+2,074+20.5%(+0.8%pt)+1,639+24.8%(+0.6%pt)+1,648+10.3%(+0.4%pt)© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

12*Note: EBITDA = operating profit + depreciation and amortization.

Page 12, the first half and the full-year consolidated performance forecast.
Net sales and operating profit forecasts for the first half remain unchanged from the initial forecast.
Recurring profit and net profit forecasts have been revised up reflecting improved performance by 200
million yen and 250 million yen, respectively.
For the full year performance forecasts, the second half forecast remains unchanged with net sales andoperating profit staying the same for the full year, and recurring profit and net profit forecast have beenrevised upward with the same revision as the first half.

FY2024 1H / Full-Year : Performance Forecast by Segment◼ In the domestic business, 1H net sales are forecast to increase 5.4% YoY (+4.6 billion yen),and operating profit is forecast to increase 6.9% (+0.4 billion yen).
For the full year, net sales are forecast to increase 5.7% YoY (+10.3 billion yen), and operating
profit is expected to increase 9.5% YoY (+1.3 billion yen).
◼ In the overseas business, 1H net sales are forecast to increase 12.8% YoY (+1.2 billion yen),and operating profit / loss is expected to improve by 0.6 billion yen.
For the full year, net sales are forecast to increase 10.2% YoY (+2.0 billion yen) and operating
profit / loss to improve by 0.5 billion yen YoY, returning to positive territory.

First Half

1

Copyright © ONWARD HOLDINGS CO., LTD.

2

3

Full-YearFY2024FY2023

Change% ofChangeFY2024FY2023

Change% ofChangeNet Sales

90,93486,311+4,623+5.4%

190,332

180,058+10,274+5.7%

Operating
Profit

6,402

5,990

+412

+6.9%

14,41013,159+1,251+9.5%

Net Sales

10,158

9,002+1,156+12.8%

21,966

19,927+2,039+10.2%

Operating
Profit

- 78

- 640

+562

321

- 211

+532

Net Sales

94,90090,411+4,489+5.0%

200,000

189,629+10,371+5.5%

Operating
Profit

5,500

5,022

+478

+9.5%

12,50011,260+1,240+11.0%(Million yen)Domestic Total

Overseas Total

Consolidated Total

Note: The group breakdown is calculated using simple sums. Consolidated totals are after eliminating intergroup transactions.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

13

Page 13, the first half and the full-year performance forecast by segment.
In the Domestic Total, the first half net sales are forecast to increase 5.4% YOY with 4.6 billion yen, andoperating profit is expected to increase 6.9%, 400 million yen. Full-year net sales are forecast to increase
5.7%, 10.3 billion yen, and operating profit is expected to increase 9.5% YOY with 1.3 billion yen.
On the other hand, in the Overseas Total, the first half net sales are forecast to increase 12.8%, 1.2 billion
yen, and operating profit and loss is expected to improve by 600 million yen. For the full year, 10.2%, 2billion yen increase for net sales are expected. Operating profit and loss is forecast to improve by 500
million yen. Overseas Total, is supposed to return to positive territory this year.
These were the management performance results.

LTD.
LTD.
CO.,CO.,HOLDINGSONWARD HOLDINGS
Copyright
Copyright©©ONWARD

04

TOPICS

15
14© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

Brand Businesses
UNFILO【Onward Kashiyama】

In addition to product lines using
standard materials, newly
developed products drove sales.
Q 1 Ne t Sa l e s
(YoY)

+

KASHIYAMA

Copyright © ONWARD HOLDINGS CO., LTD.

(YoY)

+

Q 1 Ne t Sa l e s

74.2%

(YoY)

【 Onward Personal Style 】

(YoY)

+

+

(YoY)

【 Chacott 】

17.6%© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

15

2.6%

【Onward Kashiyama】

Q 1 Ne t Sa l e s

The Cool Series seasonal line
is selling well.

Q 1 Ne t Sa l e sJ.PRESS+

Both physical and online stores
performed well due tostrengthened introduction of key
products.

37.4%

Chacott COSMETICS【Onward Kashiyama】

Highly trendy items areenjoying strong demand.

Ongoing promotional measures throughdigital advertising have led to anincrease in new customers, including
the younger demographic and women.
Q 1 Ne t Sa l e s

Nijyusanku

6.4%

PET PARADISE【Creative Yoko】

Pet carts and other newly
developed products are seeing
good turnover. Sales to inboundvisitors were also strong.
Q 1 Ne t Sa l e s
(YoY)

+

10.3%

OMO Service “Click & Try”
◼ The number of stores offering the "Click & Try" service increased by 44 stores fromthe end of the same period of the previous fiscal year to 404 stores, and theadoption rate increased to 60%.
◼ The number of items reserved increased 15％ YoY to 82,000.
◼ The net sales growth rate (YoY) at existing stores that introduced the service was
17%pt higher than that at the stores not offering the service.
▍Changes in the number of stores that offered and the number of items reserved
FY2024Ｑ1

FY2023
Ｑ1

ChangeNumber of Stores

404

360

+44

Adoption rate

60%

51%

+9%pt

The number of items reserved(in thousands)

82

71

+11

Copyright © ONWARD HOLDINGS CO., LTD.

▍Comparison of net sales between stores that offered and have not offered (Q1 YoY)

Stores that introduced
the service
Stores that have notintroduced the service

Difference© Copyright 2007-2015 ONWARD HOLDINGS
CO.,LTD.

FY2024/FY2023
Q1

FY2024/FY2022
Q1

FY2024/FY2021
Q1

112%

146%

202%

95%

115%

165%

+17%pt+31%pt+37%pt16

Page 16. Regarding OMO "Click & Try" service, we continue to increase the number of stores offering theservice with 44 stores increased from the end of Q1 of the previous fiscal year to 404 stores at the end of
Q1 this year. And the adoption rate increased to 60%. The number of items reserved increased by 15% YOY
to 82,000. If you compare net sales growth rates of stores that introduced the service with those have not,the former grew stronger by 17 percentage points than the latter. And we will continue to increase theadoption rate to expand net sales.

“ONWARD CROSSET / SELECT (OCS) ”◼ Implemented the "Click & Try" OMO service, offering an assortment of Onward
Kashiyama's multiple brands across their boundaries.
◼ The YoY growth of Q1 sales at OCS stores was 13%pt higher than that of existing
stores excluding OCS stores.
◼ 140 OCS stores nationwide were opened within 3 years from 2021 (at Q1 FY2024).
▍Number of OCS stores▍OCS sales YoY comparison
Q1 FY2024

160

ONWARD CROSSET / SELECT (OCS)

140

140

120

118

100

114%

Stores excluding OCS

101%

Difference+13%pt80

73

Copyright © ONWARD HOLDINGS CO., LTD.

60
40
20

0

22
End
FY2021End
FY2022End
FY2023End-Q1
FY2024

Parc Avenue Kawatoku, which opened on March 20, 2024,
surpassed 0.1 billion yen in sales within one month of its opening.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

17

Page 17, Onward Crosset/Select.
It is an Onward Kashiyama’s store with multi brands across their boundaries and "Click & Try" service. The
number of Onward Crosset/Select stores has increased to reach 140 at the end of Q1. The YOY growth rateof Q1 net sales at OCS stores was 13 percentage points higher than that of non-OCS stores. We willcontinue to expand OCS stores and drive sales, at the same time streamlining SG&A expenses.
Page 18 and Onwards, there are news topics and appendix, so please refer to them at your leisure.
This is all from my side. Thank you.

steppi Knit Shoes Brand
New Multifunctional Knit Shoes for Medical Professionals(Onward Kashiyama, May 2024)

Copyright © ONWARD HOLDINGS CO., LTD.

About two years have passed since the release of the knit shoe steppi, which won theGood Design Award for 2022.
We have developed “steppi medical” for medical professionals in collaboration withorthopedic surgeons. Augmenting the original features of lightweight, fatigue-resistant,water-repellent (repels dirt), breathable, and machine washable, these are knit shoes thatcan be put on and taken off without using one's hands. They also feature a strong-grip solethat does not slip even on wet floors.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

18

https://steppi.jp/steppimedical/

Creation of New Uniforms for FANCL and Upcycling of Previous
Model Uniforms "Supporting the Creation of Stores that People
Want to Visit"(Onward Corporate Design, May 2024)

Copyright © ONWARD HOLDINGS CO., LTD.

We have produced new uniforms that are worn by staff at all directly-managed FANCL
stores starting from May 2024. Furthermore, some of the previous model uniforms that are
no longer in use will be collected and upcycled into store fixtures. We also produce gifts forin-store campaigns to support FANCL's goal of creating stores that people want to visit.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

19

https://onward-cd.co.jp/news/1266/

05
Copyright © ONWARD HOLDINGS CO., LTD.

Appendix© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

21
20

FY2024 1H / Full-Year : Performance Forecast by Company

FY2024
1

2

3

4

5

6

FY2024FY2023% of Change+5.0%

114,966

109,491+5,475+5.0%

Operating
Profit

3,412

3,210

+202

+6.3%

8,741

8,189

+552

+6.7%

OnwardNet Sales

8,634

8,209

+425

+5.2%

18,346

17,188+1,158+6.7%

Corporate Design

Operating
Profit

858

825

+33

+4.0%

1,593

1,485

+108

+7.3%

IslandNet Sales

2,922

2,844

+78

- 2.7%

6,002

5,716

+286

+5.0%

Operating
Profit

57

- 23

+80

99

- 83

+182

Net Sales

5,460

5,059

+401

+7.9%

10,500

9,613

+887

+9.2%

Operating
Profit

591

565

+26

+4.6%

719

649

+70

+10.8%Net Sales

3,201

2,969

+232

+7.8%

6,902

6,486

+416

+6.4%

Operating
Profit

283

235

+48

+20.4%

706

660

+46

+7.0%

Net Sales

11,42910,592

+837

+7.9%

22,583

21,037+1,546+7.3%

Operating
Profit

843

999

- 156

- 15.6%

1,756

1,728

+28

+1.6%

Net Sales

36,79034,745+2,045+5.9%

75,36670,567+4,799+6.8%

Operating
Profit

2,990

2,780

+210

+7.6%

5,669

4,970

+699

+14.1%Net Sales

5,632

4,832

+800

+16.6%

12,49911,355+1,144+10.1%

Operating
Profit

4

- 449

+453

366

156

+210

+134.6%Net Sales

1,179

936

+243

2,330

1,890

+440

+23.3%

Operating
Profit

- 126

- 231

+105

- 145

- 414

+269

Net Sales

3,347

3,234

+113

+3.5%

7,137

6,682

+455

+6.8%

Operating
Profit44

40+4+10.0%

100

47

+53

+112.8%Net Sales

10,158

9,002+1,156+12.8%

21,966

19,927+2,039+10.2%

Operating
Profit

- 78

- 640

+562

321

- 211

+532

Net Sales

94,90090,411+4,489+5.0%

200,000

189,629+10,371+5.5%

Operating
Profit

5,500

5,022

+478

+9.5%

12,50011,260+1,240+11.0%

Chacott

Creative Yoko

YamatoAmerica

Asia

Overseas Subtotal

Consolidated Total+26.0%

Note: The group breakdown is calculated using simple sums. Consolidated totals are after eliminating intergroup transactions.

© Copyright 2007-2015
ONWARDHOLDINGS
CO.,LTD.
Onward Corporate
Design's previous
year figures
include Onward Creative Center's results in addition to Onward Trading results.

21

Change+2,578Europe12% of Change

51,566

8

11

Change54,144

Domestic Subtotal

10

FY2023

Net Sales

7

9
Copyright © ONWARD HOLDINGS CO., LTD.

Onward Kashiyama+HD

Full-YearFirst Half

(Million yen)

FY2024 Q1 : SG&A Expenses / Items that Affect Net Profit(Million yen)

1

Personnel(% of Net Sales)

2

3

4

5

6

7

FY2024 Q1

FY2023 Q1

YoY(% of Change)

Copyright © ONWARD HOLDINGS CO., LTD.

◼

FY2023 Q1

YoY(% of Change)

8,775

8,637

+1.6%

8

Operating Profit

5,074

5,380

- 5.7%(17.3%)(-0.2%pt)

9Non-Operating Profit

302

120

151.7%

35

88.6%

6,998

6,881

+1.7%

10

Interest income

66(% of Net Sales)(13.6%)(13.8%)(-0.2%pt)

11Foreign exchange gains

71

Transportation

1,618

1,621

- 0.2%

12

Share of profit of entities accounted
for using equity

131(% of Net Sales)(3.1%)(3.2%)(-0.1%pt)

13

Other

34

85

-60.0%

Promotion andAdvertising

1,667

1,482

+12.5%

14 Non-Operating Loss

181

639

-71.7%(% of Net Sales)(3.2%)(3.0%)(+0.3%pt)

83176-52.8%

Depreciation

779

770

+1.2%

352

-

(% of Net Sales)(1.5%)(1.5%)

Other

4,233

Rent

15

Interest expenses

16

Foreign exchange loss(-0.0%pt)

17

Share of loss of entities accounted
for using equity method

4,208

+0.6%

18

Other

(% of Net Sales)(8.2%)(8.4%)(-0.2%pt)

Total SG&A
Expenses

24,07023,599+2.0%(% of Net Sales)(46.9%)(47.3%)(-0.4%pt)

19 Total Non-Operating Profit/Loss20

Recurring Profit

21 Extraordinary Profit
22

24

Non-operating expenses of 0.2 billion yen due to interest
expenses, etc.

Gain on sales of non-current assets

23 Extraordinary Loss

Non-operating income of 0.3 billion yen due to share of
profit of entities accounted for using equity method, foreign 25
exchange gains, etc.
26

Impairment loss
Loss on liquidation of subsidiaries andassociates
Other

27 Extraordinary Profit/Loss

98

-

2

-

109

-10.1%

121

-519

-

5,195

4,861

+6.9%

944

-

944

-

1,482

152

875.0%

31

152-79.6%

1,445

-

6

-

-538

-152

-

28

Profit Before Income Taxes

4,657

4,709

- 1.1%

29

Income Taxes - Current

576

1,278

- 54.9%62

83- 25.3%

4,019

3,348

+20.0%◼

Extraordinary loss of 1.5 billion yen due to loss on
liquidation of subsidiaries and associates.

◼

controlling interests
The income tax ratio decreased because taxable income is
31 Net Profit
expected to increase in the future due to better
performance and deferred tax assets were recorded.

◼ As2007-2015
a result, net
profit was
4.0 billion yen.
© Copyright
ONWARDHOLDINGS
CO.,LTD.

22

FY2024 Q1(17.1%)【Items that Affect Net Profit】◼

(Million yen)

30

Profit (loss) attributable to non-

FY2024 Q1 : Consolidated Balance Sheet(Billion yen)

1
2

Current Assets

End-FY2023

172.8

171.3

+1.5

72.3

73.4

-1.1

Cash and Deposits

13.3

14.1

-0.8

4

Accounts
Receivable-trade

16.2

15.9

+0.3

6

Inventory
Non-current Assets

38.0

38.9

-0.9

100.6

97.9

+2.7

7

Property, Plant andEquipment

50.4

50.4

+0

8

Intangible Assets

9.3

8.8

+0.5

9

Investments andOther Assets

40.8

38.6

+2.2

10

Total Liabilities

90.4

86.3

+4.1

11

Accounts Payabletrade

20.7

22.6

-1.9

12

Borrowings

44.1

37.6

+6.5

13

Other

25.6

26.1

-0.5

82.4

84.9

-2.5

14

Total Net Assets

15

Shareholder's Equity
Ratio

47.7%

46.6%

+1.1%

16

Current Ratio

117.1%

117.7%-0.6%© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

23

Change3

5

Copyright © ONWARD HOLDINGS CO., LTD.

Total Assets

End-FY2024 Q1◼ Inventory

Decreased by 0.9 billion yen (-2.5%)
from the end of the previous fiscal
year due to the planned optimizationof inventory levels◼ Intangible Assets
Increase in software due to system
investment◼ Borrowings
Increase due to new borrowings◼ Shareholder's Equity Ratio
Shareholder's Equity Ratio 47.7%
1.1 pp increase from the end of theprevious fiscal year
◼ Current ratio
Current Ratio 117.1%
Maintained above 100%, thebenchmark level for safetyFY2024 Q1 : Cash Flows, Capital Expenditures,
Depreciation and Amortization▍Cash Flows◼ Cash flows provided by operating activities amounted to 1.4 billion yen mainly due
to a profit before income taxes and an increase in inventories.
◼ Net cash used in investing activities amounted to 0.3 billion yen, mainly due to thepurchase of property, plant, and equipment.
◼ Cash flows provided by financing activities came to 0.2 billion yen mainly due to anincrease in borrowings and the payment of dividends.

▍Capital Expenditures(Million yen)

◼ Capital expenditures were 1.8 billion

yen, up 0.8 billion yen YoY.

Copyright © ONWARD HOLDINGS CO., LTD.

◼ Carefully select investments such as

those related to DX and OMO tomake efficient investments.

1,848

FY203
Q1

1,075

Change% of Change+773+71.9%▍Depreciation and Amortization(Million yen)

◼ Depreciation and Amortization were 1.0
billion yen, the same level as theprevious year.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

24

FY2024Q1

FY2024
Q1

964

FY203
Q1

966

Change% of Change-2- 0.0%

FY2024 Q1 : Results by Group
Q1 Results(Million yen)

+ HD

Onward Kashiyama

1
2
3
4

Domestic Subtotal

5
6
7

Overseas Subtotal

Copyright © ONWARD HOLDINGS CO., LTD.

8

9
10
11
12

Net Sales
Gross Profit（% of Net Sales）

FY202330,523

Change% of Change

29,174+1,34918,134

18,324- 190(59.4%)(62.8%)

SG&A Expenses

14,747

14,628（% of Net Sales）(48.3%)(50.1%)

+119

3,387

3,696

(11.1%)(12.7%)Net Sales

19,43318,925+508

Gross Profit

9,711

9,573

+138

(50.0%)(50.6%)

SG&A Expenses

7,538

7,409

（% of Net Sales）(38.8%)(39.1%)

- 309

+129

2,173

2,164
(11.4%)Net Sales

4,795

4,496

+299

Gross Profit

2,150

1,984

+166

(44.8%)(44.1%)

2,514

2,235

(52.4%)(49.7%)

Operating Profit

- 364

- 251

（% of Net Sales）--

Note: Calculated using simple sums.

+2.7%
+1.4%
+1.7%
(- 0.3%pt)(11.2%)（% of Net Sales）- 8.4%(- 0.6%pt)（% of Net Sales）

SG&A Expenses+0.8%(- 1.6%pt)

Operating Profit（% of Net Sales）- 1.0%(- 1.8%pt)（% of Net Sales）（% of Net Sales）+4.6%(- 3.4%pt)

Operating Profit© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

25

FY2024+9+0.4%(- 0.2%pt)

+6.7%
+8.4%
(+0.7%pt)+279+12.5%(+2.7%pt)- 113

FY2024 1H / Full-Year : Performance Forecasts by GroupFirst Half

Full-Year(Million yen)
FY2024+ HD

Onward Kashiyama

1
2
3
4

Domestic Subtotal

5
6
7

Overseas Subtotal

Copyright © ONWARD HOLDINGS CO., LTD.

8

9
10
11
12

FY2023% of Change

FY2024FY2023

ChangeNet Sales

54,14451,566+2,578+5.0%

114,966

109,491+5,475Gross Profit

32,002

31,245

+757

+2.4%

68,85965,428+3,431（% of Net Sales）(59.1%)(60.6%)(- 1.5%pt)(59.9%)(59.8%)

SG&A Expenses

28,59028,035（% of Net Sales）(52.8%)(54.4%)

Operating Profit

3,412

3,210

（% of Net Sales）(6.3%)(6.2%)Net Sales

36,79034,745Gross Profit

18,528

17,626（% of Net Sales）(50.4%)(50.7%)

SG&A Expenses

15,538

14,846（% of Net Sales）(42.2%)(42.7%)

Operating Profit

2,990

2,780

（% of Net Sales）(8.1%)(8.0%)Net Sales

10,158

9,002

Gross Profit

4,678

4,047

(46.1%)(45.0%)（% of Net Sales）

SG&A Expenses

4,756

4,687

（% of Net Sales）(46.8%)(52.1%)

Operating Profit

- 78

- 640

（% of Net Sales）--

Note:ONWARD
Calculated using
simple sums. CO.,LTD.
© Copyright 2007-2015
HOLDINGS

26

Change

+555
+202

+2.0%

60,11857,239(- 1.6%pt)(52.3%)(52.3%)+2,879

8,741

8,189

(7.6%)(7.5%)+2,045+5.9%

75,36670,567+4,799

+902

+5.1%

37,35135,076+2,275(- 0.4%pt)(49.6%)(49.7%)

+210

+4.7%

31,68230,106(42.0%)(42.7%)+552+1,576

5,669

4,970
(7.0%)+1,156+12.8%

21,966

19,927+2,039+631+15.6%

10,174

9,158+1,016(+1.1%pt)(46.3%)(46.0%)

+562

9,853

9,369

(44.9%)(47.0%)

321

- 211

(1.5%)

-

+6.8%
+6.5%
+5.2%
(- 0.7%pt)(7.5%)

+1.5%

+6.7%

(- 0.1%pt)+7.6%(- 5.3%pt)+5.0%(+0.1%pt)(+0.1%pt)

+69

+5.2%

(+0.0%pt)+6.3%(- 0.5%pt)+5.0%(+0.1%pt)(+0.1%pt)+692% of Change+699+14.1%(+0.5%pt)+10.2%+11.1%(+0.3%pt)

+484

+5.2%
(- 2.1%pt)+532

The information in this presentation is not a solicitation to purchase or sell Onward
Holdings stock. Opinions and forecasts stated herein represent the judgments of thecompany at the time this presentation was prepared. Onward Holdings makes noguarantee regarding the accuracy of the information in this presentation and may
make revisions without prior notice. Onward Holdings and the providers of thisinformation assume no responsibility whatsoever for any losses incurred inassociation with this information.

© Copyright 2007-2015 ONWARD HOLDINGS CO.,LTD.

28