TSI HOLDINGS CO., LTD.
Q3 Financial Results Briefing for the Fiscal Year Ending February 2024
January 15, 2024

Event Summary[Company Name]TSI HOLDINGS CO., LTD.

[Company ID]

3608-QCODE[Event Language]

JPN[Event Type]Earnings Announcement[Event Name]

Q3 Financial Results Briefing for the Fiscal Year Ending February 2024

[Fiscal Period]

FY2024 Q3[Date]

January 15, 2024

[Number of Pages]

26[Time]

10:00 – 10:54(Total: 54 minutes, Presentation: 34 minutes, Q&A: 20 minutes)[Venue]Webcast[Venue Size][Participants][Number of Speakers]

3
Tsuyoshi Shimoji
Mitsuru Naito
Shunsuke Hasegawa

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Presentation
Hasegawa: Good morning. Thank you for joining us today. We will begin a briefing on the financial results of
TSI HOLDINGS CO., LTD for Q3 of the fiscal year ending February 28, 2024.
Thank you for your corporation.

Shimoji: Thank you for your support always and joining us today. I will now start the financial results for Q3of the fiscal year ending February 28, 2024.
Executive summary. This is our activity summary for Q3. As for changes in the market environment, the flowof the people going-out recovered after COVID-19 moved to Class 5 in May 2023. With the lifting ban on grouptravel to Japan as well as the weakening of the yen, a very large number of foreign visitors were coming toJapan. Therefore, the inbound demand has recovered significantly. Our company has also benefited from this.
Despite the unstable environment abroad, we see that the domestic economic and social activities are moving
toward normalcy.
When looking at the business situation, there were negative factors. The market recovery was a tailwind,
resulting in an increase in customer traffic at buildings for boutiques and apparel shops and stores on thestreet in urban areas. As for the men's brands, we were able to achieve steady growth without opportunity
losses due to strong product initiatives and sufficient response through bulk purchases of long-term sales
products.
On the other hand, we were cautious in purchasing for ladies brands from the past experiences. As a result,
we were not able to respond enough to the speed of recovery, and sales did not grow significantly.
Also, there is a reaction to the special demand of COVID-19. The market for golf in Japan and athleisuredemand in the US have run their course, and the market has started to see a decline slightly.

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The order for procurement and advance deliveries to wholesalers in the current fiscal year have put the brakes
on the commercial products that we had ordered in the previous fiscal year. Although we have invested in
growth areas up to now, we have been greatly affected.

These are the non-consolidated financial highlights for Q3. Following the executive summary, the initial salesof fall and winter merchandise did not proceed as planned due to extended summer and warm winter. We
tried to rewind from the latter half of October but failed to achieve the plan. There was a valuation loss
recorded which was higher than planned due to excess inventory and deteriorating profitability due toprioritized digestion. As a result, operating income fell short of plan.
First, sales. Sales were JPY41.57 billion, operating income was JPY1.69 billion, and net income was JPY1.81
billion.

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Next, performance trends. Gross profit for Q3 was JPY23.36 billion, burdened by struggling sales growth andbacklogged inventory. Gross profit margin was 0.7 percentage points worse than the previous period. SG&A
expenses were 2.5 percentage points worse than the previous year, at JPY21.66 billion. This is because of theinability to effectively manage promotional advertising expenses, despite the fact that personnel expenses
had improved due to subsidies.

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4Next are the items affected by net income. Adding non-operating income of JPY340 million, including dividend
income and real estate income, ordinary income was JPY2.03 billion. Adding extraordinary income of JPY520
million, including gain on sales of investment securities and impairment loss, and income tax adjustments, net
income was JPY1.81 billion, with a profit margin of 4.4%.

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Next is the balance sheet. Cash and deposits and difference from the previous year. Since inventories
increased, while repayment of long-term debt decreased, cash and deposit decreased approximately JPY9
billion. As for inventories, some of our strong businesses are purchasing in bulk to reduce costs, and some ofour businesses are holding inventories due to stalled sales caused by extended summer heat and warm winter.
In addition, there was an increase in some ladies' wear and golf wear, especially inventory of the golf businessfor the last spring and summer as well as for new season. The increase in inventory is 115.8% YoY, or an
increase of JPY4.4 billion. We are in the process of steadily completing selling them, at events and such at thismoment.

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Sales by channel.
As for physical stores, stores on streets and in fashion buildings have benefited from a recovery in the flow ofpeople, and sales are on an upward trend, with 102.9% of the previous year, excluding department stores. On
the other hand, department store sales fell below the previous year's level, due to the peak of the golf special
demand and the impact of withdrawal from the business. As for physical stores, the sales ratio was 101.2%
YoY.
Overseas. The street wear market in the US as a whole is in a slump. This led to severe results. Sales of HUF in
particular have stagnated as wholesalers have held off on placing orders due to increased inventories, andalso lowering prices from sales at wholesalers.

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7EC sales results. In the non-consolidated results of Q3, EC sales is JPY9.88 billion, or 87.5% of the previous
year's level, failed to expand. This is a very disappointing result. We would like to review our sales strategy
and marketing methods and make more profit.
Now let’s look at domestic and overseas separately. In the domestic market, a large number of customers
visited our physical stores, rather than EC-stores, which in a sense contributed to the sales from hot-selling
products, but it caused inventory shortages and loss of sales in the e-commerce business.
Also, there were three brands that withdrew from the business. That being said, the ratio of a domestic EC
was 87% YoY. In overseas EC, sales slowed down to 92.4% of the previous year due to on-going discounting
sales caused by overstocking in the street wear industry in the US.

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8Here is an individual overview of the major brands.
Even though most major brands struggled due to the extended summer and mild winter, MARGARET HOWELL,
AVIREX, and STUSSY performed well. In addition to the mainstay brands, the brands such as ROYAL FLASH,
LHP, and Schott which are mainly available at stores on street benefited from the recovery of inbound andflow of people that could maintain growth.
When looking at top brands that contribute sales, the sales of PEARLY GATES, which has grown by 125%
compared to fiscal year ending February 28, 2020, before the pandemic, although it was below last year's
sales and has peaked out, as the special demand for golf related products has flattened. Since it is a popularand mainstay brand, we will balance and restrain purchases and promote selling including overseas sales in
the future.
HUF. In Japan, sales at physical stores grew by double-digits at 118.9% YoY. However, there has been aslowdown in sales in the US street wear industry. As a result, HUF sales fell below the previous year's level.
AVIREX. Compared to the previous fiscal year, it was 109.9%. In addition to the sales expansion of standard
products, collaborations with MLB and Disney have been well received and continue to perform well. The
events that we had were also well received by our customers, and it is very popular in that sense.
STUSSY. The number of stores has decreased. We are strategically narrowing it down. We do so based on theconcept of increasing the size and image of each store to increase sales per store. So far existing stores haveexceeded the sales of the stores that have closed. Sales per store are large and have improved enormously.

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9Now, I would like to discuss our full year forecast in light of the current situation.
Cumulative sales for Q3 are JPY114.85 billion, and operating income is JPY2.22 billion. We tried to recoverthem in H2 and beyond, but we have been struggling.
One of the first factors was the failure of the recovery measures mentioned at the end of H1. Specifically, EC
sales didn’t grow well. We focused on recovering sales in the fall and winter season, but were unable topromote sales, due to the weather environment and such. In addition, we could not follow enough to catchup demands in terms of procurements for the selling items in strong brands.
Another primary reason is the need for more progress in balancing the budget plan and taking initiatives in
the medium-term management plan. Specifically, we had anticipated that we would be able to recover by theend of this fiscal year as of Q2, but conditions in Q3 have beenunfavorable. We will make company-wide
efforts to implement fundamental reforms, including procurement, logistics, stores, and operations.

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10Revision of full-year forecasts. Based on the consolidated financial results for the first nine months of fiscal
year ending February 28, 2024, we have decided to revise our full-year consolidated earnings forecast for thecurrent fiscal, which was announced on April 12, 2023, as follows.
The revised forecast amounts. Net sales will be JPY154.4 billion, operating income JPY1.4 billion, ordinary
income JPY3 billion, and net income attributable to the parent company JPY2.8 billion.

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Issues and counter measures. The current challenge is that basic profitability has not increased and the ability
to earn money is not strong enough.
In terms of investment policy and commitment to numerical targets, I feel that the speed of measures toimprove efficiency in the digital domain is insufficient, and that we do not have enough momentum topromote investment measures. In addition, several new brands are being introduced, they are not in the stageof making profit yet.
In response to this, we will update our management plan focusing on capital cost and stock price, which hasplanned to announce in April. We will promote it as a rolling mid-term management plan by comprehensively
reviewing and updating our plan, mainly business strategy, including numerical targets with an awareness ofcurrent issues.
In addition, as part of the rolling plan based on this medium-term management plan, we have been working
with external parties since last year as a reform project. We are promoting it with the aim of revitalizing andimproving our internal structure.

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12Regarding shareholder returns, we maintain our previous dividend forecast of JPY15 per share for the fiscal
year ending February 28, 2024.
The dividend payout ratio is 42.9%.

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Let me talk about each division.
We will continue to create attractive communities in the wellness & lifestyle segment, with sales of JPY36.61
billion, 100.3% YoY, and 32.4% of the total sales ratio.
I think this is very noteworthy news that PEARLY GATES sells golf wear only for the long time, but we will startsnowboard wear using the technology we have developed in golf wear.
We are pleased to announce that we have signed the apparel sponsorship with a professional snowboarder
Miyabi Onizuka, who won silver and bronze medals at the World Championships last year. We are very muchlooking forward that PEARLY GATES will develop new design and products, not only for golf wear, but also forother new sports and fun activities, through interviews with professionals and hearing how it works. We arevery much looking forward to and have high expectations for it.
We have two brands, PEARLY GATES and PGG, we would like to develop both urban and sportswear for eachscene with those two.
In the street & culture segment, net sales were JPY40.86 billion, 98.4% YoY, and 35.6% of the total sales ratio.
Our small package selects stores, such as LHP, will participate in events and creating collaborative products in
the game entertainment, which incorporates the elements of games, music, fashion, and other fun elements.
We also participate in events and create collaborative products.

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The fashion capital. We will provide services that respond to change. Net sales were JPY26.58 billion, 102.5%
YoY, or 23.6% of the total sales ratio.
The brand ADORE has always been a strong coat brand using very high quality and natural materials, but wehave started to develop coats made of Brewed Protein, an artificial protein material produced by Spiber Inc.
Since it is environmentally conscious material and has the authentic and quality feel of cashmere, ADORE took
on the challenge of expressing the brand's iconic coats in a new material.
We started working on the development of the product from 2020. And after three years of development, wehave manufactured and realized the sale of products that are using the world's first double-woven fabric madeof Brewed Protein. It also has potential for sportswear. So, in that sense, I believe that the luxury women's
brand with a luxurious brand image is making a coat from sporty material, or from an environmentally friendly
material similar to material for sport wear, will attract a lot of attention.
Digital Generation. Net sales were JPY8.91 billion, 95.3% YoY, or 8% of the total sales ratio. A new cosmetic
brand will be launched. bobe. We have launched a new beauty brand with MAI, the creative director at MECRE.
bobe's theme is momentum. The theme is about curiosity, being brilliant, and narratives. We are also
considerate of the global environment, and extract and upcycle active ingredients from raw materials thatwould otherwise be thrown away. In terms of materials, we have developed skin care and cosmetic items that
focus on fermentation, using very interesting ingredients such as skin from blowfish.
We had pop-ups at Isetan and other department stores. Since customers show a lot of interests in our
products, we will continue product development and expand it into creative and useful productmanufacturing for our customers.

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We will promote DX for the business for the next generation. We are teaming up with several companies inorder to improve efficiency/advancement of operations, accelerate business speed which leads to further
growth and development.
First, we introduced Alibaba Cloud's smart logistics solution for the first time in Japan. The Alibaba Cloud
warehouse management system will be implemented for some portions of our business under the strategic
alliance between the two companies.
This initiative has enabled us to realize real-time inventory status, and we are considering expanding thesystem to multiple distribution centers in the future. In doing so, we will promote the establishment ofoperations and mechanisms with a view to improving operational efficiency, such as work leveling through AI,
cargo logistics forecasting, and improved inventory management.
Continuing on, we are working with Stack. Stack is a former Appify Technologies, and we have concluded acapital and business alliance in October 2022. We hope to realize a next-generation OMO and core platform
with new ideas that can respond flexibly and quickly to changing customer services.
This PoC is part of such efforts, and we will verify the future applicability and scope of application.

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We have also started a demonstration experiment of a corporate product experience in the economic sphereof the Metaverse, “Ryugukoku”, a virtual space. AVIREX, PEARLY GATES, Jack Bunny!!, NANO universe, andJILL by JILL STUART, will provide 3D outfits.
We believe that the development of new 3D outfits will be interesting, because otherwise those brands are
not seen in one place. We joined the project with Ryugukoku because we will be able to design new customer
experiences as a fashion entertainment company.
We will provide 3D outfits for avatars to realize the value that fashion can bring, and we imagine that this willfurther enhance the value of entertainment.

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In March 2024, we will welcome READY TO FASHION, a company that runs SaaS-based recruiting service
specializing in the apparel industry, into our company.
READY TO FASHION is not only providing a traditional registration for job seekers, but also a new approach tojob search by linking SNS, owned media, apps, and real events to create vertical connections with companies
and horizontal connections that make it easier for job seekers to be introduced to apparel companies. We
have established and been running a new and unprecedented approach.

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The subsidiary S・GROOVE Co., Ltd, the subsidiary provides HR service, with unique recruiting services of
READY TO FASHION, we aim to expand our HR business and strengthen the profitability of both companies.
We would like to develop this business into one of the pillars of the group's operations.
In the apparel industry midst of severe labor shortage, we would like to design an environment in which we
can approach outside by investing in this kind of network, grow our human resources more effectively, andenable them to work effectively both inside and outside of the company.
By bringing READY TO FASHION into our group, we aim to provide integrated human resource solutions in the
fashion industry through such synergies, and to acquire new contracts and new acquisitions for our mutual
business partners. We have also improved our referral matching rate with the increase in the size of our job
seekers.

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Next, we would like to discuss human capital management initiatives.
We support our employees in developing their skills and growth. First of all, we are holding a workshop for all
brand designers in our group, called the "Designer Development Program", presented by Mr. Murakami, thechief editor from WWD.
We invited designers, buyers, and creators who are very active in other companies, and held a talk seminar.
Connections are likely to be limited within each brand, but we started this with a hope that this will allow
them to create a horizontal connection, including those from other companies, to connect each other.
We have started the program four times so far, and I believe that all of our staff members are becoming
clearer in their thinking and plans for the next phase.
Continuing on, we would like to start offering more and more growth opportunities. As part of creating alearning and growth environment, we have introduced and are promoting GLOBIS unlimited learning for all
managers and other eligible employees who wish to learn.
In addition, we have a self-development support system in place, and will provide support for 39 qualifications
and certifications required for work, as well as a portion of the costs associated with obtaining thesecertifications.

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We are striving to expand our systems to create a comfortable workplace. The promotion of self-career
consulting. We actively encourage our employees to obtain career consultant certification within the humanresources department, and to date, we have about five employees obtain this certification. With this the selfcareer consulting can now be available in-house. Currently, we are promoting self-career consulting focusing
on sales personnel at their third year or more, and will expand it to the entire company in the future.
In addition, we opened a counselling room. We will provide advice through professional counseling on various
mental health issues not only for the individual but also for his or her family members.
And we are promoting the use of parental leave. We believe that our work environment is pretty supportive
to take parental leave as 100% of female employees are achieving taking it but we will continue to support
and promote efforts to encourage men to take it as well.

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Next is about our efforts regarding the SDGs.
We have entered into a capital and business alliance with SynCom Agritech. As I have touched this several
times before, we have entered into a capital and business alliance with SynCom Agritech, a company thatcultivates organic cotton, as part of raw materials strategy in material innovation and in consideration ofhuman rights and the environment.
The first premise is that organic cotton is grown after soil improvement if its farmland had soil contamination.
Also, since technology is very strong, we are working with SynCom Agritech to grow cotton together in India.
Then, we harvested cotton, even if it was a small amount, this year.
We would like to increase the number of farmers and farmland in clean land and increase production while
trying to make novelties or something new with this.
The high cost of organic cotton is inevitably due to low productivity and low yields, but this soil improvement
will basically increase the yield of organic cotton compared to normal. We would like to work together torealize products with traceability and a system that takes human rights into consideration and improves
farmers' income, while looking at cost reductions.

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Our purpose is "to create global empathy and social value through the power of fashion entertainment”. We
will contribute to society through our business activities in order to realize our mission.
First, as part of our efforts to empower women who live DV shelters or facilities to protect women. We provide
clothing, sundries, and cosmetics to eight facilities nationwide. We also work with them to coordinate theclothing provided and witness the moment the women who wear made smiles through those opportunities.
Secondly, we invite children from the children’s welfare center we support to the Mori Art Museum in ourpartnership. Their eyes change dramatically by seeing those arts. They look happy and get stimulated. We arethinking how we can provide opportunities for the children who spend day in the children’s welfare center tochange their view and provide quality education. We would like to continue to provide hands-on opportunities
for them to experience, see, hear, feel and touch.
We also accept workplace tours from junior high school students at our headquarters and stores as part oftheir learning activities. We hope that they will be able to learn a wide range of things at each of our locations
through classroom lectures, tours, and work experience.
We at TSI had to make a very large downward revision in Q3. The biggest reason for this is that we misjudged
the speed of recovery and how the early purchases we had made would move forward after the pandemic.
In addition, we have not yet developed a structure that will earn money. Based on the fact that these reforms
are still insufficient, we have embarked on one reform since last fall. We would like to include an outside
knowledgeable person in the process of making changes in areas that we have not been able to change, andwe would like to present a new medium-term management plan based on these changes. And as I said, we
have begun to take action to create a new TSI that can stand up as a creative fashion entertainment company.
We would also like to announce the details of this policy in April when we make a policy announcement toyou. Till then we will do our best in this term even though there are only a few months left. In the midst ofanother crouching situation, we will make every effort to make a solid breakthrough in the next fiscal year
and the one after that. Thank you very much.

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______________
Document Notes
1.
2.
3.
4.

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TollfreePortions of the document where the audio is unclear are marked with [Inaudible].
Portions of the document where the audio is obscured by technical difficulty are marked with [TD].
Speaker speech is classified based on whether it [Q] asks a question to the Company, [A] provides ananswer from the Company, or [M] neither asks nor answers a question.
This document has been translated by SCRIPTS Asia.

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