Summary of Consolidated Financial Results
for the Third Quarter of the Fiscal Year Ending February 29, 2024
(Nine Months Ended November 30, 2023)[Japanese GAAP]
December 29, 2023

Company name: Adastria Co., Ltd.
Listing: Tokyo Stock Exchange
Stock code:
2685
URL: https://www.adastria.co.jp
Representative: Osamu Kimura, Representative Director and President
Itsuo Iwakoshi, Senior Executive Officer, General Manager ofContact:
Administration Division, Head of Corporate Planning OfficeTel: +81-3-5466-2060
Scheduled date of filing of Quarterly Report:
January 12, 2024
Scheduled date of payment of dividend:
Preparation of supplementary materials for quarterly financial results: Yes
Holding of quarterly financial results meeting:Yes (for investors)
Note: The original disclosure in Japanese was released on December 29, 2023 at 15:00 (GMT +9).
(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Third Quarter of the Fiscal Year Ending February 29, 2024
(March 1, 2023 – November 30, 2023)(1) Consolidated results of operations (cumulative)
Net sales
Million yen(Percentages represent year-on-year changes)
Net income
Ordinary profit
attributable toowners of the parent

Operating profit%

Million yen%

Million yen%

Million yen

Nine months ended Nov. 30, 2023
203,252
14.8
16,30646.0
16,70841.5
Nine months ended Nov. 30, 2022
177,026
20.6
11,165 149.0
11,805 106.2
Note: Comprehensive income
Nine months ended Nov. 30, 2023: 12,434 million yen (up 47.7%)
Nine months ended Nov. 30, 2022: 8,419 million yen (up 125.5%)%

11,541
7,616

51.5
115.5

Net income per share Diluted net income per share
Yen

Nine months ended Nov. 30, 2023
Nine months ended Nov. 30, 2022

Yen

254.10168.09-(2) Consolidated financial position
Total assets

Net assets

Equity ratio

Million yen

Million yen%

As of Nov. 30, 2023
130,181
As of Feb. 28, 2023
111,392
Reference: Shareholders’ equity As of Nov. 30, 2023: 68,337 million yen

69,871
52.5
60,762
53.3
As of Feb. 28, 2023: 59,407 million yen

2. Dividends
1Q-end2Q-endDividend per share
3Q-endYear-end

Total

Yen

Yen

Yen

Yen

Yen

Fiscal year ended Feb. 28, 2023
25.00
Fiscal year ending Feb. 29, 2024
35.00
Fiscal year ending Feb. 29, 2024 (forecast)
Note: Revision to the most recently announced dividend forecast: None

-

35.00

60.00

45.00

80.00

3. Consolidated Forecast for the Fiscal Year Ending February 29, 2024 (March 1, 2023 – February 29, 2024)
Net sales
Million yen

Operating profit%

Million yen%

Ordinary profit
Million yen

Full year
270,000
11.3
18,00056.3
18,200Note: Revision to the most recently announced consolidated forecast: None

%

51.3

(Percentages represent year-on-year changes)
Net income attributable
Net income
to owners of the parent
per share
Million yen

12,000

%

59.1

Yen

263.65

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes inscope of consolidation): None
Newly added: -Excluded: -(2) Application of special accounting methods for presenting quarterly consolidated financial statements: None
(3) Changes in accounting policies and accounting-based estimates, and restatements
1) Changes in accounting policies due to revisions in accounting standards, oth ers: Yes
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting-based estimates: None
4) Restatements: None
Note: Please refer to the section “2. Quarterly Consolidated Financial Statements and Notes, (3) Notes to Quarterly
Consolidated Financial Statements, Changes in Accounting Policies” on page 9 for further information.

(4) Number of outstanding shares (common stock)1) Number of shares outstanding at the end of the period (including treasury shares)
As of Nov. 30, 2023:
48,800,000 shares
As of Feb. 28, 2023:

48,800,000 shares

2) Number of treasury shares at the end of the period
As of Nov. 30, 2023:
3,520,708 shares

As of Feb. 28, 2023:

3,449,391 shares

3) Average number of shares outstanding during the period
Nine months ended Nov. 30, 2023: 45,420,607 shares

Nine months ended Nov. 30, 2022: 45,313,566 shares

Note 1: The current quarterly financial report is not subject to quarterly review procedures by certified public accountants or
auditing firms.
Note 2: Cautionary statement with respect to forward-looking statements
Forward-looking statements in this report are based on currently available information and certain assumptions judged to bereasonable. Actual results may differ significantly from these forecasts for a number of factors. Please refer to the section “1.
Qualitative Information on Quarterly Consolidated Financial Performance, (3) Explanation of Consolidated Forecast and Other
Forward-looking Statements” on page 4 regarding preconditions or other related matters for the forecast shown above.

Adastria Co., Ltd. (2685) Summary of 3Q Financial Results for February 2024 Fiscal Year

Contents of Attachments
1. Qualitative Information on Quarterly Consolidated Financial Performance2(1) Explanation of Results of Operations

2(2) Explanation of Financial Position

3(3) Explanation of Consolidated Forecast and Other Forward-looking Statements

4

2. Quarterly Consolidated Financial Statements and Notes

5(1) Quarterly Consolidated Balance Sheet

5(2) Quarterly Consolidated Statements of Income and Comprehensive Income

7(3) Notes to Quarterly Consolidated Financial Statements

9

Going Concern Assumption

9

Significant Changes in Shareholders’ Equity

9

Changes in the Scope of Consolidation or Application of the Equity Method

9

Changes in Accounting Policies

9

Additional Information

9

Quarterly Consolidated Balance Sheet

9

Segment Information

10

3. Supplementary Information

11(1) Sales for Brands and Regions

11(2) Sales for Merchandise Categories

11(3) Number of Stores

12

- 1 -

Adastria Co., Ltd. (2685) Summary of 3Q Financial Results for February 2024 Fiscal Year

1. Qualitative Information on Quarterly Consolidated Financial Performance(1) Explanation of Results of Operations
Consolidated results(Million yen)First nine months of FY2/23
First nine months of FY2/24
YoY change(Mar. 1, 2022 – Nov. 30, 2022) (Mar. 1, 2023 – Nov. 30, 2023) (Amount)
177,026
203,252
26,225Net sales

YoY change
(%)
14.8

Operating profit

11,16516,306

5,141

46.0

Ordinary profit

11,805

16,708

4,902

41.5

Net income attributableto owners of the parent

7,616

11,541

3,924

51.5

During the first nine months (March 1 - November 30, 2023) of the current fiscal year, there was rapid progresswith the return to normal economic and social activity in Japan as demand associated with outings and foreign
tourists increased following the downgrading of the classification of COVID -19 by the Japanese government inMay. Consumer spending continues to recover due to the slow improvement in personal income and other reasons.
Although hot summer and late summer heat negatively affected fashion sales, the desire of consumers to purchaseapparel and other fashion products remains strong. The outlook for the economy is still unclear because of the
prolonged Ukraine conflict, turmoil in the Middle East, high prices of resources and energy, foreign exchange rate
movements, rising prices in Japan and other countries, ongoing labor shortages and other reasons.
The Adastria Group has made steady progress with initiatives based on the following strategies for growth in themedium-term management plan.
Growth Strategy Ⅰ

Multi-Brand, Multi-Category

Growth Strategy IⅠ Digital Customer Interactions and Services
Growth Strategy ⅠII Glocal
Growth Strategy ⅠV New BusinessGrouping of brands according to roles for improved
profitability and growth
Accelerate growth of our EC site and create a fun EC
community
Develop models in Mainland China and cultivate
Southeast Asia
Establish a food and beverage business and create new
appealConsolidated net sales increased 14.8% year-on-year to 203,252 million yen, operating profit increased 46.0% to
16,306 million yen, ordinary profit increased 41.5% to 16,708 million yen, and net income attributable to ownersof the parent increased 51.5% to 11,541 million yen.
In the Apparel and Sundry Goods-related business, sales in Japan were up 12.7% from one year earlier. Sales
growth was backed by the continuing increase in opportunities for outings and the rising popularity of casual
apparel. Higher sales were also attributable to accurate responses to late summer heat, , mild winter and other
weather conditions, the ability to sell merchandise that reflects current trends, the successful launch of hit products,
and revisions of prices to reflect more added value.
There were many initiatives involving our digital strategy. Major activities include “Dot-ST Fes” promotions
linking the TV commercials for the Adastria “Dot-ST” e-commerce website with physical stores, the sale ofmerchandise using popular artists and collaborations with other companies, and more merchandise of othercompanies to enlarge the lineup of products. As a result, the number of members of “Dot-ST” is now 17.1 million,
1.6 million more than at the end of the previous fiscal year. E-commerce sales increased 13.1% in part because
subsidiary BUZZWIT Co., Ltd., which operates an e-commerce business, acquired and absorbed OPEN AND
NATURAL Inc., a children’s clothing e-commerce company that has been a consolidated subsidiary since thesecond quarter of the previous fiscal year.
Sales increased 91.6% in Mainland China, 29.8% in Hong Kong and 50.1% in Taiwan mainly because of the decline
in the impact of the pandemic and the opening of new stores. In Taiwan, new stores that were added based on themulti-brand strategy made a contribution to sales growth. In the United States, there was a slowdown of wholesale- 2 -Adastria Co., Ltd. (2685) Summary of 3Q Financial Results for February 2024 Fiscal Yearsales beginning in the second quarter caused by uncertainty about the economic outlook. However, sales in the firstnine months were 5.9% higher than one year earlier. As a result, total overseas sales, which are based on yen
conversions of local currency sales, were up 33.2%. Operations in Thaila nd started in the first quarter of the current
fiscal year.
In the Other segment, which is the food and beverage business, the business climate remains challenging becauseof the high cost of raw materials and utilities, the labor shortage and other diffi culties. Despite these challenges,
sales increased 29.2% as more people go out following the end of the pandemic and as expenditures on food andbeverage services increase.
Profitability improved despite the continuing negative effects of the yen ’s depreciation and the rising cost of raw
materials. Earnings are benefiting from the control of inventories by supplying merchandise at the right times,
prices and volumes, measures to limit sales of merchandise at discounts, additions of more values to merchandise,revisions of prices to maintain the proper balance with the value of merchandise , and the shift to suppliers in the
ASEAN region to hold down production expenses. In addition, there was an improvement in the gross profit marginof the Apparel and Sundry Goods-related business as a result of the temporary expiration of points due to a revisionof our loyalty point program and of higher profitability in the overseas business. In the Other segment (the foodand beverage business), the gross profit margin declined mainly because of the high cost of raw materials, but theconsolidated gross profit margin improved 0.3 percentage points from one year earlier to 56.7%.
Selling, general and administrative expenses increased mainly because of higher employee remuneration andincreases in personnel expenses, store leasing expenses, credit card fees and other items along with sales growth.
However, due to the increase in sales, the SG&A to sales ratio decreased 1.4 percentage points from one year earlier
to 48.7% and operating profit increased 46.0%.
Non-operating income includes foreign exchange gains of 303 million yen and there was an extraordinary loss of
128 million yen for the impairment of store assets.
Business segment performance was as follows.
1) Apparel and Sundry Goods-related BusinessAs a result of the activities in this business explained earlier, sales were 193,270 million yen and segment profit
was 16,582 million yen.
We opened 98 stores (including 27 overseas) and closed 26 stores (including 3 overseas), resulting in a total of
1,507 stores (including 119 overseas) at the end of the first nine months of the fiscal year.
2) Other (Food and Beverage Business)
Sales were 10,019 million yen and segment profit was 125 million yen.
The number of stores at the end of the first nine months was 72, a result of opening of 5 stores and closing of 7
stores.
(2) Explanation of Financial Position
Total assets increased 18,789 million yen from February 28, 2023 to 130,181 million yen as of November 30, 2023.
There were increases of 1,510 million yen in cash and deposits, 8,589 million yen in notes and accounts receivabletrade, 6,412 million yen in inventories and 1,274 million yen in store interior equipment, net.
Liabilities increased 9,680 million yen to 60,309 million yen. There were increases of 3,177 million yen in notes
and accounts payable-trade, 1,350 million yen in electronically recorded obligations-operating and 3,835 million
yen in accounts payable-other.
Net assets increased 9,109 million yen to 69,871 million yen. This was mainly due to increases of 8,345 million
yen in retained earnings, 179 million yen in deferred gain or losses on hedges and 587 million yen in foreign
currency translation adjustment.

- 3 -Adastria Co., Ltd. (2685) Summary of 3Q Financial Results for February 2024 Fiscal Year(3) Explanation of Consolidated Forecast and Other Forward-looking Statements
There are no revisions to the consolidated forecast for the current fiscal year that was announced on September
29, 2023.

- 4 -Adastria Co., Ltd. (2685) Summary of 3Q Financial Results for February 2024 Fiscal Year

2. Quarterly Consolidated Financial Statements and Notes(1) Quarterly Consolidated Balance Sheet(Million yen)
Third quarter of FY2/24(As of Nov. 30, 2023)

FY2/23(As of Feb. 28, 2023)
AssetsCurrent assets
Cash and deposits

16,38017,890Notes and accounts receivable-trade12,171

20,761Inventories

24,67931,092

Other

2,622

1,949

Allowance for doubtful accounts

(81)

(136)

55,772

71,557

Store interior equipment, net

6,000

7,275

Other, net

16,064

16,821

Total property, plant and equipment

22,06524,096

Goodwill

1,331

1,164

Other

10,577

11,119Total intangible assets

11,90812,283

Total current assets
Non-current assets
Property, plant and equipment

Intangible assets

Investments and other assets
Investment securities

1,108

1,176

Leasehold and guarantee deposits

13,545

13,742

Other

7,289

7,622

Allowance for doubtful accounts

(298)

(298)

Total investments and other assets

21,64522,24355,61958,623111,392

130,181

Notes and accounts payable-trade

13,28016,457

Electronically recorded obligations-operating

Total non-current assets
Total assets
Liabilities
Current liabilities

6,990

8,341

Short-term borrowings

197

1,000

Current portion of long-term borrowings

375

320

Accounts payable-other

12,114

15,950

Income taxes payable

2,970

3,751

Provision for bonuses

2,112

1,439

160

128

Provision for point card certificates
Other provisions

779

338

Other

5,008

5,445

Total current liabilities

43,98953,171

554

507

Non-current liabilities
Long-term borrowings
Provisions

-

124

Other

6,084

6,506

Total non-current liabilities

6,639

7,137

50,62960,309Total liabilities- 5 -Adastria Co., Ltd. (2685) Summary of 3Q Financial Results for February 2024 Fiscal Year

(Million yen)
Third quarter of FY2/24(As of Nov. 30, 2023)

FY2/23(As of Feb. 28, 2023)
Net assets
Shareholders’ equity
Share capital

2,660

2,660

Capital surplus

7,213

7,213

Retained earnings

55,96864,314

Treasury shares(7,286)(7,516)

Total shareholders’ equity

58,55566,671

95

143

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges

(120)

58

Foreign currency translation adjustment

877

1,465

Total accumulated other comprehensive income

852

1,666

Non-controlling interests

1,355

1,534

Total net assets

60,762

69,871

111,392

130,181

Total liabilities and net assets- 6 -Adastria Co., Ltd. (2685) Summary of 3Q Financial Results for February 2024 Fiscal Year

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statement of Income(For the Nine-month Period)(Million yen)First nine months of FY2/23
First nine months of FY2/24(Mar. 1, 2022 – Nov. 30, 2022) (Mar. 1, 2023 – Nov. 30, 2023)
Net sales

177,026

203,252

Cost of sales

77,23887,927Gross profit

99,787

115,324

Selling, general and administrative expenses

88,62299,017

Operating profit

11,16516,306

Foreign exchange gains

459

303

Insurance claim income

0101

Subsidy income

212

38

Subsidies for employment adjustment

37

-

Other

228

232

Total non-operating income

938

675

Interest expenses

134

187

Loss on valuation of derivatives

106-

Non-operating income

Non-operating expenses

Other

57

85

Total non-operating expenses

298

273

11,805

16,70850128

Ordinary profit
Extraordinary losses
Impairment loss

50

128

Net income before income taxes

Total extraordinary losses

11,754

16,580

Income taxes-current

4,371

5,424

Income taxes-deferred

(530)

(463)

Total income taxes

3,841

4,960

Net income

7,913

11,619Net income attributable to non-controlling interests
Net income attributable to owners of the parent

- 7 -

297

78

7,616

11,541

Adastria Co., Ltd. (2685) Summary of 3Q Financial Results for February 2024 Fiscal Year

Quarterly Consolidated Statement of Comprehensive Income(For the Nine-month Period)First nine months of FY2/23(Mar. 1, 2022 – Nov. 30, 2022)(Million yen)First nine months of FY2/24(Mar. 1, 2023 – Nov. 30, 2023)

7,913

11,619Net income
Other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges

87

47

(283)

179

Foreign currency translation adjustment

702

587

Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of
the parent
Comprehensive income attributable to noncontrolling interests

- 8 -

505

814

8,419

12,4348,000

12,263419

170

Adastria Co., Ltd. (2685) Summary of 3Q Financial Results for February 2024 Fiscal Year

(3) Notes to Quarterly Consolidated Financial Statements
Going Concern Assumption
Not applicable.
Significant Changes in Shareholders’ Equity
Not applicable.
Changes in the Scope of Consolidation or Application of the Equity Method
Important changes in the scope of consolidation
In the second quarter of the current fiscal year, OPEN AND NATURAL Inc., which was a consolidated subsidiaryof Adastria, was excluded from the scope of consolidation since this company was absorbed by BUZZWIT Co.,
Ltd., which became the surviving company, after which OPEN AND NATURAL was dissolved as of July 1, 2023.
Changes in Accounting Policies
Application of the Implementation Guidance on Accounting Standard for Fair Value Measurement
The Company has applied the Implementation Guidance on Accounting Standard for Fair Value Measurement(Accounting Standards Board of Japan (ASBJ) Guidance No. 31, June 17, 2021) from the beginning of the firstquarter of the current fiscal year, and has applied the new accounting policies set forth by the Implementation
Guidance on Accounting Standard for Fair Value Measurement prospectively in accordance with the transitional
treatment in Paragraph 27-2 of the Implementation Guidance on Accounting Standard for Fair Value Measurement.
There is no effect of the application of this guidance on the quarterly consolidated financial statements.
Additional Information
Accounting treatment and disclosure method when the group tax sharing system is used
Beginning with the first quarter of the current fiscal year, Adastria and some of its consolidated subsidiaries inJapan have changed from the single-entity tax system to the group tax sharing system. Due to this change, theaccounting treatment and disclosure of corporate income taxes, local corporate income taxes and tax effectaccounting are as prescribed in Practical Solution on the Accounting and Disclosure Under the Group Tax Sharing
System (Practical Issues Task Force (PITF) No. 42, August 12, 2021).
Quarterly Consolidated Balance Sheet
Contingent liabilities
Zetton, Inc., a consolidated subsidiary of Adastria located in the United States, received US$8.2 million in May
2021 due to the establishment of the Restaurant Revitalization Fund in accordance with the American Rescue Plan
Act of 2021 that became effective in March 2021. Subsequently, the U.S. Small Business Administration began aninvestigation to determine if Zetton was qualified to receive this payment.
The Adastria Group will continue to explain to the Small Business Administration the reasons for the belief that
Zetton is properly qualified to receive this payment. This investigation may have an effect on the results ofoperations of the Adastria Group depending on upcoming events. At this time, it is difficult to dete rmine an estimateof the potential effect on results of operations.

- 9 -Adastria Co., Ltd. (2685) Summary of 3Q Financial Results for February 2024 Fiscal Year

Segment Information
I. First nine months of FY2/23 (Mar. 1, 2022 – Nov. 30, 2022)

1. Information related to net sales and profit or loss for each reportable segment(Million yen)Amounts shown onquarterly consolidated
statement of income(Note 3)

Reportable segment
Apparel and Sundry
Goods-related
Business

Other(Note 1)

Adjustment(Note 2)Total

Net sales
External sales

169,301

7,725

177,026-

177,026

0

25

26

(26)

-

169,3027,750

177,053(26)

177,026

Inter-segment sales and transfers
Total

Segment profit
11,638167
11,805
11,805
Notes: 1. “Other” represents the businesses which are not included in the reportable segment and mainly consists of Food andBeverage Business.
2. The amount of adjustment to segment profit is an adjustment to unrealized profit related to inter -segment transactions.
3. The segment profit is consistent with the ordinary profit of the Quarterly Consolidated Statement of Income.
4. The segment profit includes corporate expenses that are allocated to each reportable segment.

2. Information related to impairment losses on non-current assets, goodwill, etc. for each reportable segment
Impairment losses related to non-current assets
Not applicable.
Significant change in goodwill
Not applicable.
Significant gain on bargain purchaseNot applicable.
II. First nine months of FY2/24 (Mar. 1, 2023 – Nov. 30, 2023)

1. Information related to net sales and profit or loss for each reportable segment(Million yen)Amounts shown onquarterly consolidated
statement of income(Note 3)

Reportable segment
Apparel and Sundry
Goods-related
Business

Other(Note 1)

Adjustment(Note 2)Total

Net sales
External sales

193,268

9,983

203,252-

203,252

1

35

37

(37)

-

193,270

10,019203,289(37)

203,252

Inter-segment sales and transfers
Total

Segment profit
16,582125
16,70816,708Notes: 1. “Other” represents the businesses which are not included in the reportable segment and mainly consists of Food andBeverage Business.
2. The amount of adjustment to segment profit is an adjustment to unrealized profit related to inter-segment transactions.
3. The segment profit is consistent with the ordinary profit of the Quarterly Consolidated Statement of Income.
4. The segment profit includes corporate expenses that are allocated to each reportable segment.

2. Information related to impairment losses on non-current assets, goodwill, etc. for each reportable segment
Impairment losses related to non-current assets
Not applicable.
Significant change in goodwill
Not applicable.
Significant gain on bargain purchaseNot applicable.

- 10 -

Adastria Co., Ltd. (2685) Summary of 3Q Financial Results for February 2024 Fiscal Year

3. Supplementary Information(1) Sales for Brands and Regions
Brand / region

First nine months of FY2/24

YoY change (%)

Sales (million yen)

Composition (%)

GLOBAL WORK

38,178

18.8

14.1

niko and ...

24,671

12.1

12.5

studio CLIP

16,6708.2

10.6

LOWRYS FARM

16,667

8.2

4.6

LEPSIM

10,1145.0

7.0

JEANASiS

8,994

4.4

11.9

BAYFLOW

7,912

3.9

4.7

LAKOLE

7,886

3.9

38.8

Others27,704

13.6

8.8

Total (Adastria)

158,800

78.1

11.4

BUZZWIT Co., Ltd. (Note 3)

9,166

4.5

33.7

ELEMENT RULE Co., Ltd.

8,322

4.1

11.2

714

0.4

327.9

177,004

87.1

12.7

Hong Kong

2,995

1.5

29.8

Mainland China

3,012

1.5

91.6

Taiwan

4,381

2.1

50.1

Other consolidated subsidiaries
Total (Japan)

Thailand
USA

146

0.1

-

5,727

2.8

5.9

Total (Overseas)
Total (Apparel and Sundry Goods-related
Business)
Zetton, Inc. (Note 4)

16,2648.0

33.2

193,268

95.1

14.2

9,768

4.8

33.8

ADASTRIA eat Creations Co., Ltd.

215

0.1

(49.3)

Total (Food and Beverage Business)

9,983

4.9

29.2

Total (Group)

203,252

100.0

14.8

Notes:

1. The number of stores is categorized by using brand operating divisions and geographic regions.
2. The above figures are sales to external customers and do not include internal sales between consolidated
subsidiaries.
3. Sales of BUZZWIT Co., Ltd. include sales of its former consolidated subsidiary OPEN AND NATURAL, Inc. On
July 1, 2023, an absorption-type merger was conducted between BUZZWIT Co., Ltd., which is the surviving
company, and OPEN AND NATURAL Inc., which was dissolved.
4. Sales of Zetton, Inc. include sales of its consolidated subsidiary ZETTON, INC (USA Business).

(2) Sales for Merchandise Categories
Category

First nine months of FY2/24

YoY change (%)

Sales (million yen)

Composition (%)

Men’s apparel (bottoms, tops)

32,24015.9

20.2

Lady’s apparel (bottoms, tops)

123,080

60.6

13.2

Others47,931

23.5

15.7

203,252

100.0

14.8

Total
Notes:

1. The others category includes contract liabilities and additions to the provision for point card certificates and otheritems.
2. The above figures are sales to external customers and do not include internal sales between consolidated
subsidiaries.

- 11 -

Adastria Co., Ltd. (2685) Summary of 3Q Financial Results for February 2024 Fiscal Year

(3) Number of Stores
Number of stores
Brand / region

First nine months of FY2/24

As of Feb.

As of Nov.

28, 2023

OpenedChangedClosedGLOBAL WORK

205

13

-

(3)

Increase/decrease10

niko and ...

141

2

-

(1)

1

142

studio CLIP

174

8

-

(3)

5

179

LOWRYS FARM

129

2

-

(2)

-

129

LEPSIM

114

2

-

(1)

1

115

JEANASiS

71

-

-

-

-

71

BAYFLOW

61

2

-

(1)

1

62

LAKOLE

63

12

-

-

12

75

Others

264

10

-

(6)

4

268

Total (Adastria)

1,222

51

-

(17)

34

1,256

BUZZWIT Co., Ltd. (Note 3)

29

4

-

(2)

2

31

ELEMENT RULE Co., Ltd.

81

9

-

(4)

5

86

Other consolidated subsidiaries

8

7

-

-

7

15

1,340

71

-

(23)

48

1,388

Hong Kong

21

4

-

(2)

2

23

Mainland China

13

1

-

-

1

14

Taiwan

52

20

-

(1)

19

71

Thailand

-

1

-

-

1

1

Total (Japan)1

USA30, 2023
215

9

1

-

-

1

10

Total (Overseas)
Total (Apparel and Sundry Goodsrelated Business)
Zetton, Inc. (Note 4)

95

27

-

(3)

24

119

1,435

98

-

(26)

72

1,507

71

5

-

(4)

1

72

ADASTRIA eat Creations Co., Ltd.

3

-

-

(3)

(3)

-

Total (Food and Beverage Business)

74

5

-

(7)

(2)

72

Total (Group)

1,509

103

-

(33)

70

1,579

Notes:

1. The number of stores is categorized by using brand operating divisions and geographic regions.
2. The number of stores includes e-commerce websites of other companies and e-commerce websites of Adastria.
3. The number of stores of BUZZWIT Co., Ltd. includes stores of its former consolidated subsidiary OPEN AND
NATURAL Inc. On July 1, 2023, an absorption-type merger was conducted between BUZZWIT Co., Ltd., whichis the surviving company, and OPEN AND NATURAL Inc., which was dissolved.
4. The number of stores of Zetton, Inc. includes stores of its consolidated subsidiary ZETTON, INC (USA Business).

This financial report is solely a translation of the Company’s Kessan Tanshin (including attachments) in Japanese, which
has been prepared in accordance with accounting principles and practices generally accepted in Japan, for the convenienceof readers who prefer an English translation.

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