August 14,2023
Company name:
Komehyo Holdings Co., Ltd.
Name of representative: Takuji Ishihara, Representative
Director and President(Securities code: 2780;
TOKYO STANDARD / NAGOYA MAIN)
Inquiries:
Hiroyuki Yoshida, General Managerof IR・PR Department(Telephone: +81-52-249-5366)

Notice Concerning Revision of Earnings Forecasts and Dividend Forecasts

Komehyo Holdings Co., Ltd. (the “Company”) hereby announces that in light of the most recent operating
trends, a decision was passed at the meeting of the Board of Directors held on August 14,2023, to revise
the financial results forecasts and dividend forecast for the fiscal year ending March 31,2024 (April1,2023 through March 31,2024), disclosed with the announcement of the financial results for the fiscalyear ended March 31,2023 on May 15, as described below.

１．Revision of Earnings Forecast（１）Revisions to Consolidated Earnings Forecasts for the Second Quarter of the Fiscal Year Ending
March 31, 2024 (April 1, 2023 to September 30, 2023)(Millions of yen)

Consolidated
net sales

Previously announced

Consolidated
operatingprofitConsolidated
ordinary profit

Consolidated

Profitattributable toowners of parent

per shareQuarterly net
income (yen)48,000

2,250

2,250

1,600

146.03

Revised forecasts (B)51,000

3,200

3,250

2,200

200.80Change (B-A)

3,000

950

1,000600－

Change (%)

6.3

42.2

44.4

37.5

－

39,220

1,744

1,709

1,091

99.64

forecasts (A)(Reference) Actual consolidated
second quarter results for theprevious fiscal year
(The Second Quarter of the Fiscal YearEnding March 31, 2023)

（２）Revisions to consolidated financial results forecasts for the current fiscal year (April 1,2023
through March 31,2024)(Millions of yen)
Consolidated
net salesPreviously announced

Consolidated
operatingprofitConsolidated
ordinary profit

ProfitConsolidated

attributable toearnings perowners of parent

share(yen)100,000

5,800

5,800

4,000

365.08106,000

7,200

7,230

4,820

439.93

Change (B-A)

6,000

1,400

1,430

820

－

Change (%)

6.0

24.1

24.7

20.5

－

86,113

5,168

5,406

3,706

338.30forecasts (A)Revised forecasts (B)(Reference) Actual consolidated
results for the previous fiscal year
(Fiscal year ended March 31, 2023)

２．Reason for revision

In the first quarter of the fiscal year ending March 31, 2024, market prices for Komehyo's
mainstay jewelry, watch, handbag and fashion products were strong, particularly among
popular products, in part due to COVID-19 being reclassified as a Class 5 infectious disease,and high inbound demand due to the weak yen.
As a result of various initiatives pursued by Komehyo under this environment, including
the aggressive opening of new stores, strengthened promotions and creative purchase prices,
the company has managed to secure good quality merchandise, with purchases from individual
customers performing strongly in terms of both quality and quantity.
Looking at net sales, the Company managed to secure an abundance of merchandise throughstrong purchases from individual customers and active corporate purchases, retail selling
including inbound business performed strongly at our sales locations including KOMEHYOGINZA and the BRAND OFF Ginza Main Store, which reopened after relocation in the previous
fiscal year. In addition, the strong performance in purchasing from individual customers
also increased corporate sales through auctions for companies, producing results that
surpassed initial plans.
On the profit front, the higher percentage of retail sales and improved in-house auction
volume lead to better gross profit margin, and as a result of managing to control expenses
as planned, operating income, ordinary income and net income attributable to owners ofparent all beat initial forecasts.
We expect market prices for various products to remain strong and project steady purchasesfrom individual customers in the second quarter and beyond. In addition, the inventory
secured during the first quarter is expected to contribute to net sales and profit fromthe second quarter onward.
For these reasons, we have decided to revise our consolidated financial forecasts for thesecond quarter (first half) and full-year.

３．Details of revision(Yen)
Annual dividends
Second quarter-end

Fiscal-year end

Total

Previous forecasts

38.00

38.00

76.00

Revised forecasts

44.00

44.00

88.00

－－－

25.00

35.00

60.00

Actual results for thecurrent fiscal year
Actual results for the previous
fiscal year
(Fiscal year ended March 31, 2023)

４．Reason for revision to dividend forecasts
The Company recognizes shareholder returns as a key issue in its management strategy. Our basic
policy is to issue dividends aimed at maintaining a dividend payout ratio of around 20%,
returning profits to shareholders based on business performance while retaining the earnings
necessary to expand our future business and strengthen our management structure.
Based on this policy, in overall consideration of our income level, financial position and otherfactors for the fiscal year ending March 31, 2024, the interim dividend forecast and the year-end
dividend forecast for the fiscal year ending March 31, 2024 have been revised to 44 yen each,an increase of 6 yen per share from the previous forecast of 38 yen. The annual dividend will
be 88 yen per share.
We will continue our endeavors to improve capital efficiency and to pay stable dividends while
ensuring financial soundness.
Note: The forecasts above have been created on the basis of the information available as of thedate of publication of this document, and actual results may differ from the forecasts stated inthis document.