TSI HOLDINGS CO., LTD.
Q2 Financial Results Briefing for the Fiscal Year Ending February 2022
October 6, 2021

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

[Company ID]

3608-QCODE[Event Language]

JPN[Event Type]Earnings Announcement[Event Name]

Q2 Financial Results Briefing for the Fiscal Year Ending February 2022

[Fiscal Period]

FY2021 Q2[Date]

October 6, 2021

[Number of Pages]

28[Time]

10:00 – 10:59(Total: 59 minutes, Presentation: 34 minutes, Q&A: 25 minutes)[Venue]Webcast[Venue Size][Participants]

64[Number of Speakers]

2
Tsuyoshi Shimoji
Norihiro Ishihara

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Presentation

Moderator: Good morning. Thank you very much for participating in our financial results briefing today. I
would now like to hold a briefing session on the financial results for the 2Q based on the financial statements
released yesterday.
First, President and CEO Shimoji will explain the presentation materials that we have prepared, followed by aquestion-and-answer session.
President Shimoji, thank you very much for your time.
Shimoji: Thank you all for your continued support. We will now hold a briefing on the financial results for the
first half of the FY2022.

Now, let me explain the impact of the coronavirus on the market and the state of our business.
In June, the emergency declaration had been lifted, so we were on a slight recovery trend, but from July
onward, the emergency declaration was resumed. Thus, the business environment was greatly affected by
the coronavirus.
As you can see in the graph, the number of patients per day exceeded 25,000 in August due to the restrictions
on the flow of people caused by the Olympics. Naturally, the number of stores that are either closed or open
on shortened hours has further expanded, and stores in major metropolitan areas have seen their businessSupportJapan
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2hours decrease by about 10%. In the first half of the year, the total sales increased by about 115% comparedto the previous year, but in August, the single month sales rate was 82.8%. The business environment has
become severe.

This will be the review of the first half.
As long as this market condition continues, we are aware that there is no excuse for not generating sales
because of the coronavirus.
In the first half of the year, we faced an extremely difficult environment, but we are moving forward withreforms that emphasize thorough agility, saying goodbye to the conventional wisdom in everything frommanagement to store floor operations.
As I will explain later, I believe that we have achieved certain numerical results that we should aim for in thefirst half of this fiscal year.
As for the future, the business model of mass-producing clothing in quantities that are not required by themarket, while putting a burden on the environment, and then selling the remaining items at reduced prices,cannot be a sustainable business. In order to break away from this, we are trying to shift to a highly profitablestructure that does not require discounting or excess inventory.

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Next, let me explain the reform position of TIP24.
TIP24 is the name of the internal program for structural reform and future strategy that was launched in
FY2021. The diagram illustrates where we are now and where we want to be in the future.
The blue area in the middle of the arrow represents our current position. As we have reported in the past, wehave carried out painful reforms in the previous fiscal year. We withdrew from business, withdrew from stores,
and firmly implemented personnel cost reductions.
In the current fiscal year, we are entering the phase of investing in the future. We will be making newinvestments, including in human resources and business development systems, EC, and the digital shift, andfrom the second half of the fiscal year, we will be saying goodbye to our past business model.
As I mentioned earlier, we will aim to pursue corporate value, including brand value, by producing uniqueproducts in appropriate quantities, rather than mass-producing and consuming products. We recognize that
this will be our mission, and we will proceed with this reform program with the hope that we will ultimately
be the happiest fashion company in the world.

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4Next, I would like to explain our mission for the future.
We believe that attachment and adherence to existing brands, sales channels, and business models mean that
corporate assets; people, goods, and money; will be laid down inefficiently and that we will lose market
competitiveness and growth potential.
With this in mind, here are 2 things we should do in the second half of the year.
The first is to get rid of inefficient business models with low productivity. We will then pursue the ideal of theapparel business.
In other words, by further strengthening OMO, we will reinforce a business model that is undivided amongcustomers, stores, and EC, and create a system that eliminates barriers and allows us to make presentations
and proposals for customers in various places. In this context, we will continue to refine the system by using
short cycles, small lots, and our own factories for production, to achieve a high-digestion system for nondiscounted products. By doing so, we will strengthen the reform of our supply chain.
It also means that we will use the power of digital to shorten the supply chain as much as possible, minimize
risk, and maximize the use of capital.
Secondly for us, fashion entertainment will be the key word for future investment in the TSI Group.
Aligned to the new values of the post-coronavirus era, we will pursue exciting products and services with evenhigher customer value. In the future, we will aggressively invest in businesses that will create new creations
for the next generation.

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I would like to report on the financial results of the first half.
Financial Highlights.
Sales for the first half were JPY64.75 billion, 115% of the previous year's level, or up JPY8.48 billion from theprevious year. Operating income for the first half was JPY1.13 billion, up JPY1.63 billion from the plan, and up
JPY11.6 billion from the previous year. Net income for the first half was JPY1.89 billion, up JPY16.3 billion fromthe previous year, or 179% compared to the fiscal year before the previous one.
Although the market conditions were very severe, all the employees of the Group worked together on thebusiness, and I believe that we were able to deliver solid results against the plan in the first half. On top of
that, we were able to achieve operating income of JPY1.13 billion.

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I would like to report the highlights of our non-consolidated business results for the 2Q.
Sales for the 2Q totaled JPY30.54 billion, a decrease of JPY4.05 billion from the previous quarter. Operating
income for the 2Q was minus JPY1.14 billion, up JPY2.88 billion from the previous quarter, and up JPY1.16
billion from the plan. Net income for the 2Q was a minus JPY540 million, up JPY3.44 billion from the previous
year, and up JPY1.35 billion from the plan.
Although sales fell far short of the previous year's level by JPY4.05 billion, we were able to make a significant
improvement in profitability by reducing the deficit in the 2Q through a comprehensive review of pricediscounts, inventory, and expenses.

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Now, let me explain gross profit and SG&A expenses.
Gross profit for the first half was JPY35.29 billion, and SG&A expenses for the first half was JPY34.16 billion.
Gross profit improved by 0.9% this fiscal year to 54.5%, compared to 53.6% in the FY2020 before the pandemic.
As a result, gross profit improved by JPY11.1 billion compared to the previous fiscal year. This was due to thefact that we were able to control inventory at 85.4% of the previous fiscal year's level, and also due to theimprovement in earnings from the sales of non-discounted products that did not receive a sales period in theprevious fiscal year.
SG&A expenses improved to 52.8%, compared to 53.8% in the FY2020, which is a 1% reduction in SG&A
expenses this fiscal year. The main reasons for this were rent revisions during the holidays, a change in work
style, a revision of the work system at stores and headquarters, and an improvement in transportation costs
through a change in logistics carriers. As a result, we were able to reduce SG&A expenses by JPY9.9 billion
compared to the fiscal year before the previous one.
Our annual budget was to reduce SG&A expenses by approximately JPY10 billion, so we are on track in termsof expenses.

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We will report on the disclosure plan differences.
The operating income plan for the first half of the FY2022 was disclosed as minus JPY500 million, but we havelanded at JPY1.13 billion in terms of operating income. Operating income improved by JPY1.63 billion
compared to the plan due to significant growth in the Golf and Street Businesses and improved gross profit
margins as well as reduced SG&A expenses, despite the prolonging effects of the pandemic and thesubsequent severe situation of a 90.8% sales rate compared to the plan.
For the profit structure, please refer to the waterfall chart. First of all, the market was tough, so we had agross profit shortfall of JPY3.7 billion as a launch pad. As a result, gross profit related to the control of sales
improved to JPY570 million. Gross profit improved to JPY400 million due to cost reduction. Reduction of SG&A
expenses in the head office division by JPY890 million. In addition, there was a decrease in variable costs of
JPY3.45 billion due to the decrease in sales, the transfer of pandemic-induced extraordinary losses, personnel
costs, store rents, and other factors. This in turn resulted in JPY1.13 billion in profits.
As a result of these efforts, we were able to improve the budget variance by JPY1.63 billion.

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9This is the transition of operating income.
Despite the prolonged impact of the pandemic, we achieved a positive operating income for the first time in
4 years in the first half of the fiscal year.
Operating income was JPY1.13 billion. Profit margin was 1.8%. EBITDA was JPY3.06 billion. EBITDA ratio was
4.7%. From now on, we will gradually enter the investment phase, but we will also be aware of EBITDA as acorporate evaluation.
The main reason for the increase in operating income is the improvement in earnings from the Golf Business,
which is performing very well. In addition, the Street Business, which has the potential for sales growth, wasactive. In addition, the Overseas Business, which has improved its profitability through M&A, contributed
greatly, as did the improvement in the inventory clearance rate through appropriate yield. Lastly, we havebeen able to achieve these operating income figures due to the significant effects of restrained purchasing
and reductions in SG&A expenses.

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10Next, the net income impact items. For net income impact items, please refer to the waterfall chart.
Non-operating income was JPY1.12 billion due to dividend income and real estate income, while ordinary
income was JPY2 billion. Extraordinary income was JPY1.45 billion due to gain on sales of securities, gain on
sales of fixed assets, etcetera. Loss due to temporary closing was minus JPY1 billion. Net income of JPY1.89
billion and a profit margin of 2.9% were recorded in the first half.

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11Next, I would like to report on the status of business in the first half of the fiscal year.
First, I will report on operating income and the revenue structure by segment.
As for the businesses that are doing well in Japan, first of all, please take a look at the table. In terms of Golf,
Pearly Gates, Jack Bunny!!, and St. Andrews are doing well. In terms of street, Stussy, Union, Undefeated, andHUF are doing well. Golf and street brands continue to be the core drivers of the Company's revenue.
In addition, Arpege story, Etre Tokyo, Mystrada, and Apuweiser-riche, which are all part of the ladies' brandbusiness and have shifted their channels to EC from an early stage, have contributed to earnings. We areaiming to further expand our business domain in the future by focusing on our strong business groups.
With regard to the underperforming businesses in Japan, there are several entities that are struggling tochange their business models due to various factors, such as the high sales composition ratio of physical storesor the strong occasional trend.
As for such low-profit businesses, we will fundamentally review our own business structure and organizational
system. We would like to focus on rapid business reform with such an exit strategy in mind.

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I would like to report on the strong golf category.
Our TSI Golf Business brand offers our customers highly unique content products. In addition, we have beensuccessful in gaining fans, as the Tokyo Olympics has boosted the market.
As for the results for the first half of the year, we have achieved the sales of 2 years ago, when all 5 brands ofthe Golf Business were not influenced by the pandemic yet. Furthermore, the operating income exceeded theplan for the current year by far.
As a topic, the player Inami, who wears New Balance golf wear, won a silver medal, and also won the Japan
Women's Golf Championship, which were very effective appeals.
In addition, Jack Bunny!! has been able to hold fun golf competitions, collaborating with Doraemon to add
items to the golf course.
As for the Golf Business, we had challenged to exceed JPY10 billion in the first half of the fiscal year, but wecleared the target and achieved JPY11 billion.

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The following is an introduction to the street category.
The brand business, the driving force of street brands, has made significant progress. In this category, the TSIGroup will strengthen its investment globally as its uniqueness and strength.
As for HUF, we opened a new flagship store in San Francisco, the place where HUF was founded, and we had
a lot of visitors.
As for Stussy, a flagship store has opened in Shibuya Jingumae as a new global chapter, with a Los Angeles
design studio directing the interior.
Next, starting with Union and Undefeated that have been around for more than 30 years in their homecountries, collaborative and strategic products that attract attention from inside and outside the industry are
released every month and are very popular.
We at TSI recognize that the opening of 2 flagship stores for a well-performing brand is a step towards the
future, even under these market conditions.

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The following is an overview of our business by channel.
Sales trends by channel.
Although the composition of department stores, fashion-oriented buildings, and street stores has been
shrinking, sales in both channels improved significantly by more than 20% compared to the previous fiscal
year.
The EC channel is growing steadily at 114% compared to 2 fiscal years ago and 101% compared to the previous
fiscal year, while the Overseas Business is growing at 134% compared to the previous fiscal year and has
shifted to the growth phase again, triggered by the strong performance of TACTICS in the United States.

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15E-commerce.
The EC business is at 101% compared to the previous fiscal year. As the TSI Group has a high rate of conversion
to EC, we are at a low point in terms of sales growth. However, we are considering various initiatives with apolicy of strengthening investment for further growth.
Meanwhile, in terms of the content of our profit structure, the highly profitable in-house EC ratio is steadily
expanding to 47.9%. We hope you can understand that the expansion of our own customers is going well.

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We will report on brand digital communication.
Brand actions and live commerce, which emphasize digital communication, have started to show results for
D2C brands.
“Arpege story” has a very strong customer contact in live commerce. In addition, the Company's own EC sales
increased to JPY1.83 billion, up 119% from the previous fiscal year.
“MECRE”, a D2C brand, made its full-scale debut this fall, and the order-taking session for its first collection
has been more successful than expected.
The initial results of the D2C business have been limited in scale and have depended on the activities of eachbrand, but we recognize this as an area of significant growth and as a strategy that will spread to the entire
TSI group in the future.

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17This is a new customer contact point for brands.
We are also activating collaborations with other brands and different industries to create new tricks and newchallenges for existing businesses and to constantly challenge new channels.
“and wander”'s collaboration with “Moncler”, a global brand, has attracted a great deal of attention, both
domestically and abroad. In addition, “nano・universe” has produced high-functional T-shirts and started
rolling them out at Lawson convenience stores.
In the future, we will not only challenge our own sales channels but will also take on new challenges by
incorporating a wide range of fields and knowledge.

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We will report on our efforts related to the SDGs.
In order to accelerate the promotion of the SDGs, we have launched the Promotion Office. In the past, ourproject teams have taken the lead in promoting efforts to realize a sustainable society, but in the second halfof this fiscal year, we launched a new department dedicated to this task.
We are currently spending time on the blueprint of our internal organization, but we will be more proactivein this area in the future. We plan to report this information to people outside the Company through PR and
IR as needed.

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19This is an example of an environmental initiative that spreads from a brand.
Etre Tokyo is working on a clothing collection project. This is a very effective stance to take towards a recyclingoriented society, and we intend to spread it throughout the Group.
MHL has also started a project to recycle and sell discarded products through processing, and we will continue
to expand this project to other brands, where it can be used in the same way.

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We are committed to achieving sustainable corporate growth by reforming the way we work.
In order to create a safe working environment, we have entered into a capital and business alliance with
ICheck and have begun distributing antigen test kits to all employees of the entire group, with full subsidies.
Also, in order to realize a flexible work style and an efficient work environment, we have been promoting
telework since the pandemic and have achieved a telework rate of over 50% at our head office.
Although times are very tough, our company has hired several new employees for the next fiscal year. In order
to be a company that is worthy of welcoming new human resources who will compete in the new era, we will
also make a strong effort to improve the working environment.

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We will explain the balance sheet and our future investment strategy.
The Company's financial position is sound. We will stimulate business investment for FY2023. In addition, we
will strategically strengthen and examine the effective use of funds.
Cash and deposits increased by JPY8.9 billion compared to the previous fiscal year and decreased by JPY2.3
billion compared to 1Q, mainly due to the repayment of loans. We intend to use our deposits and investment
securities to strengthen our investment in DX and new business development.
In terms of inventories, we have significantly reduced inventories by curbing purchases. Compared to theprevious fiscal year, inventories improved by 85.4%, or JPY3.1 billion. Our capital adequacy ratio is 68.6%, andwhile we are still investing with an emphasis on financing, we recognize that we are now in the investment
phase from a business perspective. We would like to make new investments after careful consideration.

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With regard to our future investment strategy, we will talk about our business in the US, which is performing
well in terms of our global operations.
In order to organize a global strategy for our growing skate business, snowboard business, and street business,and to demonstrate the uniqueness of the TSI Group, we will strengthen ties and make profitable investmentsin the United States, Japan, and Asia.
Now, with sales of JPY1.3 billion, operating income of JPY140 million and an operating margin of 10.7% in thefirst half, TACTICS in the US has been experiencing very profitable growth since the acquisition.
In the Overseas Business, sales in the first half of FY2020 were JPY4.1 billion, but this fiscal year, sales are up
to JPY4.9 billion. We are on track to achieve our annual sales plan of JPY9.9 billion.

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Regarding the promotion of digital transformation, we will first strengthen the digital transformation of the
upstream supply chain and infrastructure and then reinforce new initiatives to innovate our business modelusing technology.
We have started smart factory testing at our own factory in Yonezawa. We will aim to reform our profitability
with small lots and short cycles. In August, we were entrusted with the production of the Fabric Tokyo brandand started a demonstration experiment in small-lot, short-cycle production.
In addition, we have obtained DX certification from the Ministry of Economy, Trade, and Industry. We will aim
to enhance our brand power and corporate value through digitalization.

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I will now explain our full-year forecast.
Sales results and future projections.
We have not made any changes to our full-year operating income plan or current net income plan at this time.
The reason for this is that although the operating income for the first half of the fiscal year was strong, with
JPY1.63 billion exceeding the plan, the current business situation in September is expected to be very severe
compared to the budget.
Our annual revenue is very much dependent on the 3 months of the 3Q. Currently, we are taking Companywide measures to address the slump in September, while aiming to improve profitability in October andbeyond. Once it is done, the forecast is as shown in the figure below.
The results for the first half of the fiscal year were 79.1% of the level 2 fiscal years ago, and 115.1% of theprevious fiscal year's level. We are considering 3 scenarios for the top line in the second half.
In our initial plan, we expected the market to start recovering in the second half of the fiscal year, but basedon the recent trend of the pandemic, we expect the top line to be between 85.1% and 78.5%.
However, regardless of the scenario, we will aim to achieve the full-year budget by further improving our
profit structure, as we did in the first half. Of course, all employees will continue to work hard to achieve
better financial results, but we ask for your understanding that the full-year forecast is as planned.

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As I have explained so far, we were able to achieve very good results in the first half of the fiscal year. However,since this is a good result of the structural reform, I think it is very important for us to try new and interesting
things in our business to make our customers happy.
Therefore, in order to further improve the soundness of our business through precise management control,
we would like to realize advanced business through reforming our supply chain, developing digital stores, newservices, and new contents.
In addition, we would like to start new activities in the area of business creation, not only limiting ourselvesto this market.
This concludes the report on the financial results for the first half of the year. Thank you.
[END]______________
Document Notes
1.
2.
3.

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This document has been translated by SCRIPTS Asia.

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