Financial Results for Third Quarter of
Fiscal Year Ending February 28, 2019
<Reference data>

December 27, 2018
Create and Bring to Life “New Happiness.”

3Q FY2018 Consolidated Results (IFRS)Sales decreased due to sluggish performance of Parco Business and Other in spite ofincreased sales of Department Store Business and Real Estate BusinessBusiness profit, operating profit and profit decreased partly due to increased costs for thefuture incurred mainly by Department Store
Keep unchanged Oct forecasts for all profit items with efforts to decrease discrepancies inspite of slightly severe progress partly affected by natural disasters in Sep (Millions of yen, %)Fiscal year ending
February 28, 2019

3Q
Results

YoY
Change% change

Nine months ended November 30, 2018
YoY
Results
Change% change

Gross sales

266,569(2,163)(0.8)

813,679(13,357)(1.6)

Sales revenue

106,401(1,584)(1.5)

333,608(8,887)(2.6)

Gross profit

50,096

(570)

(1.1)

155,047

(608)

(0.4)

SGA

40,743

1,082

2.7

121,422

(450)

(0.4)

Business profit

9,353(1,651)(15.0)

33,625

(157)

(0.5)
(61.2)

Other operating income858

67

8.5

2,512(3,965)

Other operating expense576(39)(6.3)

2,284(115)(4.8)

Operating profit

9,635(1,545)(13.8)

33,853(4,007)(10.6)

Profit attributable toowners of parent

6,167(1,231)(16.6)

22,077(1,636)(6.9)
11

3Q FY2018 Segment Information (IFRS)
Department Store Business: Increased system and other costs, sluggish sales of rural stores,
affected by opportunity loss in Sep
Real Estate Business: Stable sales of Ginza Six, contribution by full operation of Ueno FT,
increased sales due to transfer of tenants around Kobe store to this segment
Parco Business: Sluggish sales of clothes and rural stores
Other: Sluggish performance of Daimaru Kogyo and J. Front Design & Construction(Millions of yen, %)Three months
ended
November 30, 2018

Business profit

Operating profit

YoY

Results
Change% change

YoY

Results% change

ChangeDepartment Store

4,072(913)(18.3)

3,973(632)(13.7)

Parco

1,910(567)(22.9)

2,432(561)(18.7)

Real Estate

1,659

216

15.0

1,630

234

16.8

Credit and Finance891(28)

(3.1)

893

242.7Other642(573)(47.1)

527(724)(57.9)

9,353(1,651)(15.0)

9,635(1,545)(13.8)Total

2

3Q FY2018 Segment Information (IFRS)
3Q FY2018 (total Sep to Nov) analysis of changes
in consolidated business profit / operating profit by segment
Department
StoreDepartment
Store(Millions of yen）
Parco
Other

CreditandFinance Other

Parco

Real
EstateRealEstate

CreditandFinance

Adjustment

Adjustment

Business profit

Operating profit

Down ¥1,545 mn(13.8%) YoY

Down ¥1,651 mn(15.0%) YoY
3Q LY
results

3Q TY
results3Q LY
results

3Q TY
results32

3Q FY2018 Daimaru Matsuzakaya Department Stores (IFRS)
Department store sales decreased affected by natural disasters in Sep but
increased in Oct and Nov
Sales of G6 remaining stable for the 2nd year, full operation of Ueno FT, transferof tenants around Kobe store to Real Estate BusinessBusiness profit decreased in Department Store Business due to increased systemcosts and depreciation, increased by double digits in Real Estate Business(Millions of yen, %)Three months
ended
Nov 30, 2018

Results

Gross sales

Department Store BusinessYoYTotal
Daimaru Matsuzakaya Department Stores

Real Estate BusinessResults

YoY% change

YoY% change

154,832

885

0.6

4,328

619

16.7

159,101

1,496

0.9

Sales revenue

55,418

222

0.4

4,281

634

17.4

59,639845

1.4

Gross profit

33,518

64

0.2

2,208

276

14.3

35,667

332

0.9

SGA

29,971

1,036

3.6

549

60

12.3

30,4601,087

3.7

Business profit

3,547(971)(21.5)

1,659

216

15.0

5,206(756)(12.7)

46

22

94.9

9286－139

109

362.2

Other operating expense

133(267)(66.7)

12169

129.6254(198)(43.7)

Operating profit

3,460(682)(16.5)

1,630

234

16.8

5,091(448)(8.1)

Other operating income

ChangeResults

ChangeChange % change

43Q FY2018 Daimaru Matsuzakaya Department Stores SGA
Personnel costs were reduced but mainly advertising, system anddepreciation costs increased
Three months
ended
Nov 30, 2018

Results

ChangeChange(%)

Main causes of changes(Millions of yen)

(Millions of yen)

Personnel

6,440(23)(0.3)

Mainly attrition

Advertising2,546316

14.2

Strengthening of Ecoff campaign, FNO events,etc.

Packagingand delivery

500

173.6

Increased logistics costs

Rent

4,262(155)(3.5)

Transferred to rent cost after tenants around a
department store were placed under fixed-term
lease

Depreciation

2,366

252

11.9

Extra depreciation on north wing of
Shinsaibashi store

Operation

2,770343

14.2

Increased system costs

Other

11,572

334

3.0

Total

30,460

1,087

3.7

53

3Q FY2018 Sales to Inbound Tourists
Sales to inbound tourists temporarily decreased affected by closure of KIX due to typhoon inSep but increased by double digits in Oct and NovTax-free sales in 3Q (total Sep-Nov): ¥13.8 bn, up 10.9% YoY, sales share 9.0%
Driven by increased number of customers (up 24.7%) in spite of decreased average spend
per customer. Sales of cosmetics up 30%, share above 50%<Daimaru Matsuzakaya Department Stores tax-free sales and number of customers>
Sales (Millions of yen)

Number of customers (People)

6
Year / Month*Gross sales basis

Websitehttp://www.j-front-retailing.com
http://www.facebook.com/J.FrontRetailing

Create and Bring to Life
“New Happiness.”

Forward-looking statements in this document represent our assumptions based on information currently available to us and inherently involve potential
risks, uncertainties and other factors. Therefore, actual results may differ materially from the results anticipated herein due to changes in various factors.

4