Summary of Financial Results
for the First Quarter of the Fiscal Year Ending February 28, 2010
(Three Months Ended May 31, 2009)
June 30, 2009

Company name:

POINT INC.
Listing: TSE 1st section
2685
URL: http://www.point.co.jp
Toshiaki Ishii, President and Representative Director
Tsuyoshi Matsuda, Director, Corporate Officer, General Manager of Administration Division
Tel: +81-3-3243-6011
Scheduled date of filing of Quarterly Report: July 15, 2009
Scheduled date of payment of dividend:
Stock code:
Representative:
Contact:(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the First Quarter of the Fiscal Year Ending February 28, 2010
(March 1, 2009 – May 31, 2009)(1) Consolidated results of operations (cumulative)
Net sales
Million yen

First quarter ended May 2009First quarter ended May 2008%

21,68518,800Operating income(Percentages represent year-on-year changes)
Ordinary income
Net income

Million yen%

Million yen

3,933
3,323

(1.8)

3,979
3,389

17.8

Net income per share

Diluted net income
per share

YenYenFirst quarter ended May 2009First quarter ended May 2008

96.15
72.85%

Million yen(0.7)%2,339
1,803

(8.7)

-(2) Consolidated financial position
Total assets

Net assets

Equity ratio

Net assets per share

Million yen

Million yen%

Yen

As of May 31, 2009
As of Feb. 28, 2009
(Reference) Shareholders’ equity

41,92445,885
May 31, 2009:

27,483
26,56527,402 million yen

65.4
1,126.20
57.6
1,086.09
Feb. 28, 2009: 26,426 million yen

2. Dividends(Record date)1Q-end2Q-endDividend per share
3Q-endYearendAnnualYen

YenYenYenYen

Fiscal year ended Feb. 2009
Fiscal year ending Feb. 2010
Fiscal year ending Feb. 2010 (forecast)(Note) Revision of dividend forecast during the period: None

40.00
40.00

-60.0060.00

100.00100.003. Consolidated Forecast for the Fiscal Year Ending February 28, 2010 (March 1, 2009 – February 28, 2010)(Percentages represent year-on-year changes)
Net sales
Million yen%

Operating income

Ordinary income

Million yen

Million yen%First half
43,8006,100
Full year
97,000 11.9
16,1002.1(Note) Revision of consolidated forecast during the period: None- 1 -6,200
16,200%1.6Net income
Million yen

3,400
9,000

Net income per share%

11.2

Yen139.73
369.88

POINT INC. (2685) Summary of 1Q Financial Results for February 2010 Fiscal Year

4. Others(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes inscope of consolidation): None
(2) Application of simplified accounting methods and special accounting methods in the preparation of quarterly
consolidated financial statements: Yes(3) Changes in accounting principles, procedures and presentation methods for preparation of quarterly
consolidated financial statements
1) Changes caused by revision of accounting standards: Yes
2) Other changes: Yes(4) Number of outstanding shares (common shares)
1) Number of shares outstanding at end of period (including treasury stock)
May 31, 2009:

25,990,720 sharesFeb. 28, 2009:

25,990,720 sharesFeb. 28, 2009:

1,658,593 shares

2) Number of treasury stock at end of period
May 31, 2009:

1,658,598 shares

3) Average number of shares outstanding during the period (cumulative)
First quarter ended May 2009:24,332,125 sharesFirst quarter ended May 2008:

24,756,836 shares* Cautionary statement with respect to forward-looking statements
1. Forward-looking statements in this report are based on currently available information and certain assumptions judged tobe reasonable. Actual results may differ significantly from these forecasts for a number of factors.
2. Effective from the current fiscal year, the Company has adopted “Accounting Standards for Quarterly FinancialStatements” (Accounting Standards Board of Japan (ASBJ) Statement No. 12, March 14, 2007) and “Guidance on
Accounting Standards for Quarterly Financial Statements” (ASBJ Guidance No. 14, March 14, 2007). In addition, thequarterly consolidated financial statements are prepared in accordance with “Regulations for Quarterly Consolidated
Financial Statements.”

Reference: Summary of Non-consolidated Forecasts
Non-consolidated Forecast for the Fiscal Year Ending February 28, 2010 (March 1, 2009 – February 28, 2010)
Net sales
Million yen%

Operating income

Ordinary income

Million yen

Million yen%First half
43,0006,100
6,250
Full year
95,000 11.0
15,8001.6
16,000(Note) Revision of non-consolidated forecast during the period: None- 2 -%1.2(Percentages represent year-on-year changes)
Net incomeNet income per share
Million yen

3,400
9,000%

12.0

Yen

139.73369.88

POINT INC. (2685) Summary of 1Q Financial Results for February 2010 Fiscal Year

Qualitative Information and Financial Statements
1. Qualitative information regarding consolidated results of operations
In the first quarter (March 1, 2009 to May 31, 2009) of the current fiscal year, the Japanese economy saw
personal consumption continue to cool due to harsh labor market conditions caused by the global economic
downturn.
In this environment, net sales increased 15.3% year-on-year. Domestic existing-store sales were 97.0% of theprevious year’s level, exceeding our 96.1% target, as favorable weather from mid-April supported firm sales ofearly summer wear.
Sales increased year-on-year for all brands due in part to a contribution from newly opened stores, and thefollowing brands showed particularly sharp domestic sales growth: LEPSIM LOWRYS FARM, HEATHER, andAPART BY LOWRYS.
COLLECT POINT Harajuku, a large integrated flagship store that we opened in April, saw sales get off to asmooth start.
We continued to aggressively open new stores: we opened 43 new stores (including eight e-commerce websites)in the first quarter, expanding our domestic store network to 594 stores (including 26 e-commerce websites) atthe end of the quarter.
Overseas, we opened four new stores in Hong Kong including LOWRYS FARM, RAGEBLUE, and COLLECT
POINT, expanding our overseas store network to 29 stores at the end of the first quarter: 17 stores in Taiwan and12 stores in Hong Kong.
Regarding profits, the gross profit margin improved to 63.9% (up 0.7 point year-on-year) as we optimallycontrolled procurement, inventories, and sales price revisions.
The SG&A-to-sales ratio rose 0.2 point year-on-year to 45.7% due to an increase in strategic spending on
advertising and promotion, and an increase in expenses related to aggressive store development in domestic andoverseas markets. The operating income margin rose 0.4 point to 18.1%.
We booked an extraordinary gain of 66 million yen from the reversal of subscription rights to shares following
the expiration of stock options. However, we also booked extraordinary losses including disposal costs for fixed
asset of 12 million yen, losses of 10 million yen from the cancellation of store rental contracts, and impairment
losses at three stores of 61 million yen.
As a result, consolidated net sales in the first quarter increased 15.3% year-on-year to 21,685 million yen,operating income increased 18.3% to 3,933 million yen, ordinary income increased 17.4% to 3,979 million yen,and net income increased 29.7% to 2,339 million yen.
(Note) Year-on-year figures in “Qualitative information regarding consolidated results of operations” are forreference purpose.

2. Qualitative information regarding consolidated financial position(1) Balance sheet position
Total assets declined 3,960 million yen from as of February 28, 2009 to 41,924 million yen as of May 31, 2009,
mainly due to a decrease in cash and deposits.
Liabilities declined 4,878 million yen to 14,441 million yen mainly due to a decrease in accounts payable andincome taxes payable.
Net assets rose 918 million yen to 27,483 million yen mainly due to an increase in retained earnings.

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(2) Cash flow position
Cash and cash equivalents as of May 31, 2009 amounted to 12,988 million yen, or 7,313 million yen less than asof February 28, 2009.
A summary of cash flows from each activity is as follows.
(Cash flows from operating activities)
Net cash used in operating activities totaled 4,081 million yen. The main factors include income before income
taxes of 3,961 million yen, an increase in accounts receivable of 2,087 million yen, a decrease in accounts
payable of 2,169 million yen, and income taxes paid of 4,036 million yen.
(Cash flows from investing activities)
Net cash used in investing activities totaled 1,845 million yen. This was mainly due to payment of 1,106 million
yen for acquisition of tangible assets.
(Cash flows from financing activities)
Net cash used in financing activities totaled 1,409 million yen. This was mainly due to cash dividends paid of
1,405 million yen.

3. Qualitative information regarding consolidated forecast
Point Inc. maintains its consolidated forecast for the first half and full year of fiscal year ending February 28,2010 (released on April 3, 2009).

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