Summary of Consolidated Financial Results
for the First Quarter of the Fiscal Year Ending February 29, 2012
(Three Months Ended May 31, 2011)[Japanese GAAP]
Company name:

June 30, 2011
Listing: TSE 1st section
URL: http://www.point.co.jp

POINT INC.

Stock code:
Representative:
Contact:

2685
Michio Fukuda, Representative Director, Chairman & President
Tsuyoshi Matsuda, Director, Managing Corporate Officer,
Tel: +81-3-3243-6011
General Manager of Administration Division
Scheduled date of filing of Quarterly Report:
July 15, 2011
Scheduled date of payment of dividend:
Preparation of supplementary materials for quarterly financial results: Yes
Holding of quarterly financial results meeting:None(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the First Quarter of the Fiscal Year Ending February 29, 2012
(March 1, 2011 – May 31, 2011)(1) Consolidated results of operations (cumulative)
Net sales
Three months ended May 31, 2011
Three months ended May 31, 2010

(Percentages represent year-on-year changes)
Ordinary income
Net income

Operating income

Million yen%

Million yen

24,99523,186

7.8
6.9

2,219
3,553%

Million yen(37.6)(9.7)

Net income per
share

Diluted net income per
share

Yen

Yen

Three months ended May 31, 2011
Three months ended May 31, 2010

44.98
75.84

2,269
3,616%

Million yen(37.2)
(9.1)

%

1,068
1,845

(42.1)(21.1)-(2) Consolidated financial position
Total assets

Net assets

Equity ratio

Net assets per share

Million yen

Million yen%

Yen

As of May 31, 2011
As of Feb. 28, 2011
(Reference) Shareholders’ equity

55,15462,089May 31, 2011:

36,66137,33036,422 million yen

66.0
1,532.80
59.8
1,561.71
Feb. 28, 2011: 37,109 million yen

2. Dividends
Dividend per share
1Q-end2Q-end3Q-endYearendTotal

Yen

YenYenYenYenFiscal year ended Feb. 28, 2011
Fiscal year ending Feb. 29, 2012
Fiscal year ending Feb. 29, 2012 (forecast)(Note) Revision of dividend forecast during the period: Yes

50.00-70.00120.0050.00-70.00120.003. Consolidated Forecast for the Fiscal Year Ending February 29, 2012 (March 1, 2011 – February 29, 2012)(Percentages represent year-on-year changes)
Net sales
Million yen

First half
Full year%

Operating income

Ordinary income

Million yen

Million yen%

51,5008.3
4,300 (28.6)
116,000
9.5
14,000(8.7)(Note) Revision of consolidated forecast during the period: Yes

4,300
14,100%(29.6)(9.1)

Net income
Million yen

2,000
7,500

Net income per share%(37.0)(10.7)

Yen

84.17
315.63

4. Others(1) Changes in significant subsidiaries during the period: None
Note: Changes in specified subsidiaries affecting the scope of consolidation during the period(2) Application of simplified accounting methods and special accounting methods: Yes
Note: Application of simplified accounting methods and special accounting methods in the preparation of quarterly consolidated
financial statements(3) Changes in accounting principles, procedures and presentation methods
1) Changes caused by revision of accounting standards: Yes
2) Other changes: None
Note: Changes in accounting principles, procedures and presentation methods for preparation of quarterly consolidated financial
statements described in “Changes in Significant Accounting Policies in the Preparation of Quarterly Consolidated
Financial Statements”(4) Number of outstanding shares (common stock)1) Number of shares outstanding at end of period (including treasury stock)
May 31, 2011:

24,400,000 sharesFeb. 28, 2011:

24,400,000 sharesFeb. 28, 2011:

637,885 shares

2) Number of shares of treasury stock at end of period
May 31, 2011:

637,885 shares

3) Average number of shares outstanding during the period (cumulative)
Three months ended May 31, 2011:23,762,115 shares

Three months ended May 31, 2010:

24,332,116 shares* Indication of quarterly review procedure implementation status
The current quarterly financial statements are exempted from quarterly review procedures based on the Financial Instruments
and Exchange Law. At the time of disclosure, we have not completed the review process for these quarterly consolidated
financial statements.
* 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“Qualitative information regarding consolidated forecast” on page 2 regarding preconditions or other related matters for theforecast shown above.

Reference: Summary of Non-consolidated Forecast
Non-consolidated Forecast for the Fiscal Year Ending February 29, 2012 (March 1, 2011 – February 29, 2012)(Percentages represent year-on-year changes)
Net sales
Million yen%

Operating income

Ordinary income

Million yen

Million yen%First half
50,4008.7
4,100 (28.2)
4,200
Full year
112,000
8.5
13,400(8.1)
13,600(Note) Revision of non-consolidated forecast during the period: Yes%

(28.6)(8.6)

Net income
Million yen

1,900
7,200Net income per share%(38.1)(10.4)

Yen

79.96
303.00POINT INC. (2685) Summary of 1Q Financial Results for February 2012 Fiscal Year

1. Qualitative Information Regarding Quarterly Consolidated Financial Performance(1) Qualitative information regarding consolidated results of operations
In the first quarter of the current fiscal year (March 1, 2011 to May 31, 2011), production and exports in Japan were
down sharply because of the March 11 earthquake and domestic private-sector demand was lackluster. Although
restrictions on the supply side started to ease, many sources of uncertainty still remained. There was a significant
risk of a downturn in the Japanese economy because of limitations on the supply of electricity in Japan, thesovereign debt problem in Europe, the direction of the U.S. economy and other issues.
In the casual wear market, in which our group operates, consumption remained weak due to a shortage of gasoline
and an uncertain outlook for the economy in addition to the continuing severe conditions in unemployment andpersonal income.
In this environment, domestic existing-store sales were 93.2% of the same period of the previous fiscal year.
However, consolidated net sales increased 7.8% due to newly opened stores in Japan and growth in overseas sales.
Domestic sales growth rates were high for two new brands, COLLECT POINT and REPIPI ARMARIO, and for
RAGEBLUE and HEATHER among established brands.
As for new brands, NASHDULEK was launched in March.
We continued to aggressively open new stores and close unprofitable ones in Japan: we opened 68 new stores, andclosed 7, resulting in a domestic network of 767 stores at the end of the first quarter (including 31 e-commerce
websites).
Overseas, one store was opened in Taiwan and two were closed, and one store was opened in Shanghai. At the endof the first quarter, there were 21 stores in Taiwan, 13 in Hong Kong and seven in Shanghai for a total of 41
overseas stores.
Regarding profits, the gross profit margin was 61.9%, down 1.3 points year-on-year, because of extensive measures
to increase sales in response to the impact of the earthquake last March.
Selling, general and administrative (SG&A) expenses increased 19.5% year-on-year primarily because of higher
personnel expenses associated with the addition of many new stores and expanded advertising and marketing
activities. As a result, the SG&A-to-sales ratio rose 5.2 points year-on-year to 53.1%, and the operating income
margin declined 6.4 points to 8.9%.
We booked an extraordinary loss of 480 million yen, which includes a 5 million yen loss on retirement ofnon-current assets, a 20 million yen loss on cancellation of store rental contracts, a 19 million yen impairment loss,
and a 435 million yen earthquake-related loss.
As a result, consolidated net sales in the first quarter increased 7.8% year-on-year to 24,995 million yen, operating
income decreased 37.6% to 2,219 million yen, ordinary income decreased 37.2% to 2,269 million yen, and net
income decreased 42.1% to 1,068 million yen.
(2) Qualitative information regarding consolidated financial position
1) Balance sheet position
Total assets decreased 6,935 million yen from as of February 28, 2011 to 55,154 million yen as of May 31, 2011.
This was mainly due to a decrease in short-term investment securities (commercial papers and treasury bills) of
8,998 million yen.
Liabilities decreased 6,265 million yen to 18,492 million yen. This was mainly due to decreases in accounts
payable-trade of 3,972 million yen and income taxes payable of 2,382 million yen.
Net assets decreased 669 million yen to 36,661 million yen mainly due to a decrease in shareholders’ equity of 594
million yen.

- 1 -POINT INC. (2685) Summary of 1Q Financial Results for February 2012 Fiscal Year2) Cash flow position
Cash and cash equivalents (hereinafter “net cash”) as of May 31, 2011 amounted to 15,605 million yen, or 10,545
million yen less than as of February 28, 2011.
A summary of cash flows from each activity is as follows:(Cash flows from operating activities)
Net cash used in operating activities totaled 6,192 million yen. The main factors include income before income
taxes of 1,788 million yen, an increase in accounts receivable-trade of 1,898 million yen, a decrease in accounts
payable-trade of 3,976 million yen, and income taxes paid of 2,993 million yen.
(Cash flows from investing activities)
Net cash used in investing activities totaled 2,763 million yen. This was mainly due to the payment of 2,492 million
yen for purchase of property, plant and equipment.
(Cash flows from financing activities)
Net cash used in financing activities totaled 1,603 million yen. This was due to cash dividends paid.
(3) Qualitative information regarding consolidated forecast
When the Summary of Consolidated Financial Results for the Fiscal Year Ended February 28, 2011 was announced
on April 4, 2011, consolidated forecasts for earnings and dividends for the fiscal year ending on February 29, 2012were yet to be determined. In this summary release, we are presenting for the first time forecasts for earnings in thefirst half of the current fiscal year and the entire fiscal year as well as a dividend forecast.
For more information about these forecasts, please refer to the news release titled “Announcement of Earnings andDividend Forecasts for the Fiscal Year Ending February 29, 2012” that was released today.

- 2 -