Results Briefing: FY Ending Feb. 2024
15th April 2024
Security code： 3608

AGENDA
1

Results Overview FY Ending Feb. 2024

2

Brands Overview

3

About Business Situation by Channel

4Full-year Consolidated Business Plan
for FY Ending Feb. 2025

5

Reference Data

1

Results Overview FY Ending Feb. 2024

4

Results of FY Ending Feb. 2024. : Executive summary【Summary of the FY Ending Feb. 2024】■ Market Environment
As the restrictions related to the COVID-19 pandemic relaxed, economic activity gradually normalized. Despite the effects of extreme heat anda mild winter, consumer appetite improved from the previous year due to a recovery in demand from consumers who look for goods to go out
and an increase in visitors from overseas.
At the same time, the outlook for the economy remains uncertain. Rising costs due to the ongoing depreciation of the Japanese yen andsoaring raw materials costs, further compounded by the rise in domestic and international prices, are leading to budget-minded consumers.

■ Domestic Business Conditions (Overall)
In addition to the benefits of the market recovery, sales of women's and streetwear brands increased due to the OMO strategy implemented
since the pandemic to cultivate customers and product measures to attract new fans.
However, overly conservative purchasing based on past sales history led to insufficient inventory during peak periods. This slowed the growthrate and became a lesson for our future sourcing strategies.

■ Domestic Business (Golf)
Results were mixed in the golf sector, where there was special demand following the pandemic. PING apparel and New Balance Golf, which
are in the growth phase, have remained strong. However, the profitability of the core brand Pearly Gates deteriorated due to an inaccurate
demand forecast and sales of new products falling short of the target. This resulted in an overstock, which led to the company prioritizing theclearance of excess inventory.

5

Results of FY Ending Feb. 2024. : Executive summary■ Overseas Business
The U.S. athleisure market, a major area of our company's overseas business, has become oversupplied due to the pushback from the special demand during the pandemic, and price competition has intensified. Profitability has deteriorated due
to a decline in consumer confidence caused by inflation and the backlash from the 20th Anniversary Collection, which drove
HUF's sales in the fiscal year ended February 2023.

The environment and markets are evolving rapidly, often in unexpected ways. Unfortunately, the current teamstructure is not flexible enough to respond effectively to these changes. As a result, the company finds itself in achallenging position that requires a thorough review to make further progress.

Therefore, we have formulated a Medium-Term Business Strategy for rolling out the TSI Innovation Program 2025
(TIP25) announced in April 2022. We have initiated structural reforms and aim to achieve an operating profit ofover 10 billion yen in the FY ending Feb 2027.

6

Highlights of Results for FY Ending Feb. 2024
Some of our golf brands and U.S. streetwear businesses, which performed well during the pandemic, have stagnated due tomarket normalization and the push-backs of the special demand during the pandemic. This has had a major impact on the
profitability of the entire company and caused the initial plan to drop significantly.
The revised plan was accomplished through the success of promotional sales and strong-performing brands.

Net Sales

155.38Billion Yen

Original plan ratio 95.9%
Revised plan ratio 100.6%
Revised budget difference+0.98 Billion Yen

Operating Income

1.76

Billion Yen

Original plan ratio 37.4%
Revised plan ratio 125.7%
Revised budget difference+0.36 Billion Yen

Current Net Income

4.84

Billion Yen

Original plan ratio 138.5%
Revised plan ratio 173.2%
Revised budget difference+2.04 Billion Yen➢ Sales increased by 100.6% YoY, despite the impact of last year's business exit. However, the effects of the post-pandemic
situation were misread, and the initial plan was not achieved.
➢ Operating profit was 37.4% of the original plan, due to the impact of the soaring exchange rate and raw material costs, as wellas the impact of discounted sales to clear inventories.
➢ Net profit was 4.84 billion yen, 138.5% vs. the original plan / 173.2% vs. the revised plan due to the effect of an income tax
adjustment.

7

FY02/2024 Full Year Difference from the adjusted forecast

Although the company initially aimed for an operating profit of 4.70 billion yen, it faced various challenges which
negatively impacted its performance. This led to a revised operating profit forecast of 1.40 billion yen. However,operating profit increased by 0.36 billion yen to 1.76 billion yen, driven by revenue growth from promotional sales
and strong brands.
Unit : Billion yen

4.70

-1.50

-1.25

Original Plan

Impact of Wellness
Sector/Deterioration of the
US Market

Depreciation of JPY
and soaring raw
material costs-0.37

Impact from the
Change in Sales
Channel

1.40

0.36

1.76

Increase in Revenue
Due to Higher Sales
than Projection.

Operating Profit(Actual)-0.19
Increase in
Overhead

Revised Plan

8

Net Income Impact Items for FY Ending Feb. 2024
The company's ordinary profit for the period was 3.75 billion yen, which included 1.99 billion yen in non-operating profits suchas dividend income and real estate income. Additionally, the company posted an extraordinary income of 290 million yen,which included gains through sales of investment securities and impairment losses. The corporate income tax adjustment(gain) amounted to 2.35 billion yen due to the increased possibility of recovering deductible temporary differences based on
future business outlook. As a result, the company achieved a net income of 4.84 billion yen, with a profit margin of 3.1%.
・Gain on sales of investment securities
2.21 billion yen

・Dividend income 1.04 billion yen
・Real estate income 0.36 billion yen-0.29

・Income taxes-current 1.64 billion yen
・ Adjustment of corporate tax, etc. 2.35 billion yen

-1.94

2.24

billion yen

billion yen

billion yen+0.79
billion yen

4.84

2.29

billion yen

billion yen

1.76
billion yen
Operating profit

・Impairment loss 1.33 billion yen

Net profit
marginRatio3.1%

・Interest expenses 0.05 billion yen
・Expenses on real estate 0.04 billion yen

margin1.1%

OperatingincomeNon-operating
incomeNon-operating
expenses

Ordinary Income
3.75 Billion yen

Extraordinary
incomeExtraordinaryloss

Profit Before Taxes
4.05 Billion yen

Income taxes
deferred

Net income attributableto owners of parent

Net income
4.84 Billion yen

9About Balance Sheet> Cash and Deposits【 Comparison with the previous term 】
Decreased by 4.7 billion yen due to an increase ininventories, etc.
Unit:Million Yen
FY Ending Feb.
2023

Cumulative Q3RD
2024 Ending Feb.

CompositionRate (%)

Results

Results

CompositionRate (%)> Inventory

FY Ending Feb. 2024
Results

Composition
Rate (%)

Y/Y
ChangeY/Y (%)

Q4/Q3
ChangeQ4/Q3 (%)

【 Comparison with the previous term 】
Due to strategic advance purchases and the gap between
our forecast and market supply-demand changes,
inventory increased by 3.3 billion yen (113.7% YoY.)

71,83753.0%

74,49953.4%

70,877

53.1%

-960

98.7%

-3,622

95.1%(of Cash and Deposits)

32,205

23.8%

23,111

16.6%

27,472

20.6%-4,733

85.3%

4,361

118.9%(of which, Inventory)

24,67918.2%

32,753

23.5%

28,052

21.0%

3,373

113.7%-4,701

85.6%

63,58947.0%

65,091

46.6%

62,58646.9%-1,00398.4%-2,50596.2%(of Investment Securities)

27,87920.6%

27,94420.0%

25,13718.8%-2,74290.2%-2,80790.0%> Investment securities(of Investment Real estate)

4,708

3.5%

4,688

3.4%

4,683

3.5%

-25

99.5%

-5

99.9%

【 Comparison with the previous term 】

135,427100.0%

139,591

100.0%

133,464100.0%-1,963

98.6%-6,127

95.6%

26,23919.4%

32,34223.2%

28,388

21.3%

2,149

108.2%-3,95487.8%

The company sold investment securities in order to
optimize its financial balance and prepare for business
investments. The amount decreased by 2.7 billion yen(90.2% YoY.)

Current Assets

Non-current Assets

Total Assets
Current Liabilities

17

0.0%

5,045

3.6%

5,013

3.8%

4,996

29488.2%

-32

99.4%

4,737

3.5%

3,853

2.8%

3,309

2.5%

-1,428

69.9%

-544

85.9%

10,309

7.6%

8,807

6.3%

7,653

5.7%

-2,65674.2%-1,154

86.9%

5,010

3.7%

2,562

1.8%

1,630

1.2%

-3,380

32.5%

-932

63.6%

> Treasury stock

Total Liabilities

36,54927.0%

41,14929.5%

36,041

27.0%

-507

98.6%

-5,108

87.6%【 Comparison with the previous term 】

Total Net Assets

98,87873.0%

98,441

70.5%

97,42273.0%-1,45698.5%-1,01999.0%-3,031-2.2%-5,604-4.0%-7,605-5.7%-4,574250.9%-2,001135.7%

135,427100.0%

139,591

100.0%

133,464100.0%-1,963

98.6%-6,127

95.6%

As part of its capital and shareholder return policy, thecompany is continuing to repurchase treasury stock,
resulting in a 2.0 billion yen increase.
The repurchased shares are scheduled to be retired on
April 30th.

(of Short-term borrowings)(of Current portion of long-term borrowings)

Non-current Liabilities(of Long-term borrowings)(of Treasury stock(-))
Total Liabilities and Net Assets

２

Brands Overview

11

Individual Overview of Major Brands in FY Ending Feb. 2024

Key brands experienced steady growth, except for those with stagnated sales due to pre-consumption of future
demand caused by pandemic-induced buying surge. Margaret Howell, Avirex, and Stussy marked double-digit
growth compared to the previous year. Le Phil, Adore, Royal Flash, and Schott, known for their unique productofferings, had been well accepted by domestic and international customers.
Unit:Million Yen■ Top 10 brands in sales
FY Ending Feb. 2023
Sales

Composition
Rate (% )FY Ending Feb. 2024
Sales

YoY

Composition
Rate (% )Sales (%)

1.

PEARLY GATES

17,086

11.1

16,111

10.4

94.3

2.

NANO universe

14,764

9.6

14,268

9.2

96.6

3.

MARGARET HOWELL

12,801

8.3

14,133

9.1

110.4

4.

NATURAL BEAUTY BASIC

10,994

7.1

11,108

7.1

101.0

5.

HUF

9,853

6.4

8,843

5.7

89.8

6.

AVIREX

7,084

4.6

8,125

5.2

114.7

7.

STUSSY

4,617

3.0

5,387

3.5

116.7

8.

new balance golf

4,409

2.9

4,714

3.0

106.9

9.

human woman

4,400

2.8

4,297

2.8

97.6

10.

Jack Bunny!!

3,445

2.2

3,597

2.3

104.4

89,457

57.9

90,588

58.3

101.3

TOP10

・PEARLY GATESYoY： 94.3%
Although the brand achieved rapid growth thanks to thepandemic-induced buying surge, the boom has run its course,
and it is now at a leveling-off point.
It is proactively implementing measures to optimize operations.
For the first time in several years, it held promotional sales toadjust inventories.

・NANO universe
YoY： 96.6%
Due to store closures and a revision of S&O, year-on-yearsales declined. However, existing stores saw a 123% increasein sales thanks to an improved product mix.

・NATURAL BEAUTY BASIC
YoY： 101.0%
The Limited Edition line, which was sold at selected locations,has been performing well. However, due to the supply notkeeping up with the exceeding demand, there were opportunity
losses. The impact of store closures also contributed to theinsufficient increase in sales.

３

About Business Situation by Channel

Sales by Channel for FY Ending Feb. 2024
Sales at domestic physical stores increased to 3.07 billion yen, which is 103.5% higher compared to the previous year.
Although the number of stores decreased by 7, the overall store sales increased due to the significant growth of sales at theurban roadside stores and department stores.

The domestic wholesale and non-apparel businesses have shown a significant growth of 113.4%, or an increase of 2.16
billion yen. With labor shortages becoming a social issue, the human resource support services of the company's subsidiary,
S-Groove, have been expanding, contributing to sales growth.

Domestic

13

Department
StoresDepartment
Stores
E-Commerce

Domestic Others(*2)
Overseas(*3)

New profit standards

Old profit standards

New profit standards

FY Ending Feb.
2022

FY Ending Feb.
2023

FY Ending Feb.
2024

13.82 Billion Yen

19.55 Billion Yen

19.25 Billion Yen(Composition Rate：9.8%)(Composition Rate：12.7%)(Composition Rate：12.4%)

60.73 Billion Yen

67.02 Billion Yen

70.39 Billion Yen(Composition Rate：43.3%)(Composition Rate：43.4%)(Composition Rate：45.3%)

39.28 Billion Yen

38.84 Billion Yen

35.84 Billion Yen(Domestic E-Commerce ratio：
34.5%)(Domestic E-Commerce ratio：
31.0%)（ Domestic E-Commerce
ratio： 28.6%）

15.43 Billion Yen

16.11 Billion Yen

18.27 Billion Yen(Composition Rate：11.0%)(Composition Rate：10.4%)(Composition Rate：11.8%)

11.10

Billion Yen(Composition Rate： 7.9%)

11.61 Billion Yen

12.91

Billion Yen(Composition Rate：8.4%)(Composition Rate：7.5%)*1 Fashion buildings, shopping centers, railroad station buildings, individual stores, outlet shops etc. except for department stores.
*2 Apparel businesses such as wholesale, intercompany sales and non-apparel businesses of the group companies.

YoY (%)

98.5％
105.0％

92.3％
113.4%

89.9%

14

E-commerce in FY Ending Feb. 2024
EC sales were 39.70 billion yen, 92.7% YoY, due in part to the impact of overseas business, which continues toface a sluggish market, and the withdrawal of some brands.
Sales of Existing Domestic Business: 98.1% YoY.
Streetwear brands, which had experienced robust sales in the previous year due to the popularity of capsule collections and collaborative sneakers, faced
challenges in e-commerce sales. This is due to the lack of high-profile products available to attract consumers, who tend to make impulsive purchases stimulatedby the shopping environment.
Excluding the sales decrease due to the above factors and the impact of brand withdrawal*1, sales amount exceeded previous year.
Old profit
standards

Unit : Billion Yen

FY EndingFeb. 2022

New profit standards
FY EndingFeb. 2023

FY EndingFeb. 2024

Compared to year
before last (%)

New attempt toward further growth
Y/Y(%)

In-House E-Commerce

17.84

18.11

15.86

88.9%

87.6%

(ratio(%))(45.4%)(46.6%)(44.3%)(-1.1pt)(-2.3pt)

Domestic E-Commerce

39.28

38.84

35.84

91.2%

92.3%

(ratio(%))*2(34.5%)(31.1%)(28.6%)(-5.9pt)(-2.5pt)

Overseas E-Commerce

3.69

3.97

3.85

104.4%

97.1%(ratio(%))(33.3%)(30.8%)(33.2%)(-0.1pt)(+2.4pt)

92.7%(-2.0pt)

E-Commerce TOTAL

42.98

42.81

39.70

92.4%

(ratio(%))*2(34.4%)(31.0%)(29.0%)(-5.4pt)*1 The amount of EC sales shrank due to the effects of withdrawal from the ”BOSCH” business and the termination of agency contracts
for “SUNSPEL” and “UNDEFEATED”*2 Domestic E‐Commerce ratio excluding domestic and other sales (wholesale, company sales, etc.)

A new brand called Apo(s)ture has launched on
ZOZOTOWN, offering fully made-to-order garments througha production support platform called Made by ZOZO. Thisapproach helps minimize waste while fulfilling customers'
desires. This project will be the foundation for developing an
innovative online shopping experience.

Full-year Consolidated Business Plan

４ for FY Ending Feb. 2025

16

Profit and Loss Plan for FY Ending Feb. 2025
The sales forecast is 160 billion yen, a 103.0% increase YoY, which takes into account both increases and decreases insales due to structural reforms.
The operating profit is expected to be 2 billion yen, a 113.6% increase YoY, despite a one-time decrease due to the postingof expenses in the first year of the reforms.
The ordinary profit is projected to be 2.5 billion yen, a 66.7% increase YoY, and the net income is expected to be 4.0 billion
yen.

Net Sales
Operating
IncomeOrdinary
incomeCurrent Net
IncomeFY Ending Feb. 2023

FY Ending Feb. 2024

Plan for FY Ending Feb.
2025

Increase or Decrease

Rate of
Change(%)

154.45 Billion Yen

155.38 Billion Yen(YoY：110.0%)(YoY：100.6%)

160.00 Billion Yen +4.62 Billion Yen+3.0％

2.32 Billion Yen

1.76 Billion Yen(Profit margin：1.5%)(Profit margin：1.1%)

2.00 Billion Yen +0.24 Billion Yen(Profit margin：1.3%)+13.6％(Composition Rate：+0.2pt)

3.85 Billion Yen

3.75 Billion Yen

2.50 Billion Yen -1.25 Billion Yen-33.3%(Profit margin：2.5%)(Profit margin：2.4%)

3.06 Billion Yen

4.84 Billion Yen

4.00 Billion Yen -0.84 Billion Yen(Profit margin：2.0%)(Profit margin：3.1%)-17.4%(YoY：103.0%)(Profit margin：1.6%)(Profit margin：2.5%)

17

•
•
•

Profit and Loss Plan for FY Ending Feb 2025: Variance in Operating Profit
Gross margin deterioration of 1.4 billion yen due to depreciation of the Japanese yen/soaring raw material costs andimpact of inventory optimization
Improvement in profit by 1.44 billion yen due to business growth and reduction of SG&A expenses
Improvement in profit by 3.0 billion yen through structural reforms
As a result, the real revenue for the FY ending February 2025 is expected to be improved to 4.80 billion yen, compared to
1.76 billion yen for the FY ended February 2024.
Taking also one-time costs associated with structural reforms into account, the operating profit plan for FY ending Feb
2025 is set at 2.0 billion yen.
Unit : Billion yen

3.00

1.76

Operating Profit ofPrevious FY-1.40

Soring Material Cost,
Inventory
Optimization, etc.

4.80

-2.80

2.00

1.44

Business Growth &SG&A Reduction

Effect of Structural
Reforms

Operating Profit
excludingTemporary Expense

One-time Cost
Associated with
Structural Reforms

Operating profit for
FY Ending Feb 2025

５

Reference Data

19

Highlights of Q4 Results for FY Ending Feb. 2024
Unit：Million Yen

Consolidated Financial
Highlights -Profit and Loss(December to February)

Q4TH 2023 Ending Feb.
Composition
Rate (%)

Results

Q4TH 2024 Ending Feb.
Composition
Rate (%)

Results

Y/Y
ChangeY/Y (%)Net Sales

39,050100.040,526

100.0

1,476

103.8

Gross Profit

19,53550.0

20,527

50.7

992

105.1

SG&A Expenses

20,932

53.6

20,990

51.8

58

100.3

20,13651.6

20,135

49.7

-

100.0

Goodwill Amortization

77

0.2

94

0.2

16

121.8

Depreciation and Amortization

718

1.8

759

1.9

41

105.8

Operating Income-1,397

-3.6

-462

-1.1

934

33.1

Ordinary Income-1,202

-3.1

113

0.3

1,315

-9.4

92

0.2

821

2.0

729

888.6

Extraordinary Loss

1,438

3.7

1,457

3.6

18

101.3

Profit Before Taxes-2,548

-6.5

-522

-1.3

2,026

20.5

Profit Attributable to Owners of Parent-1,558

-4.0

1,559

3.8

3,117

-100.0

-600

-1.5

391

1.0

992

-65.2

SG&A Expenses(excl. Goodwill Amortization, Depreciation and

Extraordinary Income

EBITDA ※*EBITDA＝Operating Income + Goodwill Amortization + Depreciation and Amortization

20

Highlights of Full-year Results for FY Ending Feb. 2024
Unit：Million Yen

Consolidated Financial
Highlights -Profit and Loss(December to February)

FY Ending Feb. 2023
Results

Composition
Rate (%)

FY Ending Feb. 2024
Results

Composition
Rate (%)

Y/Y
ChangeY/Y (%)Net Sales

154,456

100.0

155,383

100.0

927

100.6

Gross Profit

84,90155.0

84,729

54.5

-172

99.8

SG&A Expenses

82,572

53.5

82,968

53.4

396

100.5

78,74451.0

79,371

51.1

626

100.8

423

0.3

451

0.3

28

106.6

3,403

2.2

3,145

2.0

-257

92.4

Operating Income

2,329

1.5

1,760

1.1

-569

75.6

Ordinary Income

3,859

2.5

3,758

2.4

-100

97.4

Extraordinary Income

1,065

0.7

2,243

1.4

1,178

210.6

Extraordinary Loss

2,120

1.4

1,944

1.3

-176

91.7

Profit Before Taxes

2,804

1.8

4,057

2.6

1,253

144.7

Profit Attributable to Owners of Parent

3,063

2.0

4,849

3.1

1,786

158.3

EBITDA ※

6,156

4.0

5,357

3.4

-798

87.0

SG&A Expenses(excl. Goodwill Amortization, Depreciation andGoodwill Amortization
Depreciation and Amortization*EBITDA＝Operating Income + Goodwill Amortization + Depreciation and Amortization

21 Highlights of Full-year Results for FY Ending Feb. 2024

Unit：Million Yen

Net Sales
Per Channel

FY Ending Feb. 2023

Results

Composition
Rate (% )FY Ending Feb. 2024

Results

Composition
Rate (% )Y/Y (%)

Composition
Rate Y/Y
Change(pt)Department Stores

19,555

12.7

19,25812.4

98.5-0.3ptCommercial Facilities(*1)

67,02243.4

70,390

45.3

105.0

+1.9ptIn-house EC

18,111

11.7

15,86410.2

87.6-1.5pt

3rd Party

20,732

13.4

19,981

12.9

96.4-0.6ptEC(E-Commerce)

38,84325.1

35,84523.1

92.3-2.1ptOthers(*2)

16,115

10.4

18,276

11.8

113.4

+1.3ptDomestic

141,537

91.6

143,771

92.5

101.6

+0.9ptEC(E-Commerce)

3,975

2.6

3,858

2.5

97.1

-0.1ptOverseas(*3)

12,918

8.4

11,6127.5

89.9-0.9ptEC(E-Commerce)

42,81927.7

39,70425.6

92.7-2.2ptTOTAL

154,456

100.0

155,383

100.0

100.6

-

*1 Fashion buildings, shopping centers, railroad station buildings, individual stores, outlet shops etc. except for department stores.
*2 Apparel businesses such as wholesale, intercompany sales and non-apparel businesses of the group companies.

22

Highlights of Full-year Results for FY Ending Feb. 2024
Unit：Million Yen

Brands Overview

FY Ending Feb. 2023
Sales

YoY

FY Ending Feb. 2024

Composition
Rate (% )Gross Profit
Ratio (% )Sales

Composition
Rate (% )Gross Profit
Ratio (% )Sales (%)

Gross Profit
Ratio (pt)1.

PEARLY GATES

17,086

11.1

60.8

16,111

10.4

54.5

94.3

-6.3pt2.

NANO universe

14,7649.6

51.2

14,268

9.2

50.6

96.6

-0.6pt3.

MARGARET HOWELL

12,801

8.3

64.5

14,133

9.1

62.3

110.4

-2.1pt4.

NATURAL BEAUTY BASIC

10,994

7.1

63.1

11,108

7.1

64.2

101.0

+1.0pt

5.

HUF

9,853

6.4

51.3

8,843

5.7

53.2

89.8

+1.9pt6.

AVIREX

7,084

4.6

54.5

8,125

5.2

60.3

114.7

+5.8pt

7.

STUSSY

4,617

3.0

64.5

5,387

3.5

62.8

116.7

-1.7pt8.

new balance golf

4,409

2.9

51.3

4,714

3.0

49.0

106.9

-2.3pt9.

human woman

4,400

2.8

64.1

4,297

2.8

64.3

97.6

+0.3pt10.

Jack Bunny!!

3,445

2.2

47.5

3,597

2.3

45.9

104.4

-1.6ptTOP10

89,457

57.9

57.8

90,588

58.3

57.0

101.3

-0.9ptOther Brands

60,16639.0

52.1

64,238

41.3

51.2

106.8

-1.0ptContinuing Brands

149,624

96.9

55.5

154,827

99.6

54.5

103.5

-1.0pt

4,832

3.1

37.5

556

0.4

51.5

11.5

+14.1pt

154,456

100.0

55.0

155,383

100.0

54.5

100.6

-0.4ptClosed Brands
TOTAL

23

Highlights of Full-year Results for FY Ending Feb. 2024

Domestic Monthly Sales Information
FY 2023 Ending Feb.
All Stores：102.1％
Existing Stores：103.5％

FY 2024 Ending Feb.
All Stores：101.0％
Existing Stores：104.8％

24Highlights of Full-year Results for FY Ending Feb. 2024

The Number of Stores
FY Ending Feb.
2023

Store
Open

Store
Close

FY Ending Feb.
2024

Y/Y
ChangeDomestic

738

+53

-60

731

-7

Overseas

29

+1

-

30

1

Total

767

+54

-60

761

-6

Restaurant

Domestic

8

-

-2

6

-2

Cosm etics

Domestic

36

+1

-6

31

-5

811

+55

-68

798

-13

ApparelTotal

・Descriptions about future within this document are based on the information that the company obtains on the date of this report andcertain assumptions deemed to be reasonable. Actual earnings may differ materially from various future factors.
・This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between thistranslated document and the Japanese original, the original shall prevail.