Results Briefing: FY Ending Feb. 2022
14th April 2022

AGENDA

1

Results Overview FY Ending Feb. 2022

2

Business Situation3

About Situation by Channel

4

About Balance Sheet

5

Full-year Consolidated Business Plan for
FY Ending Feb. 2023

6

Reference Data

2

Covid-19 Impact on 2ND Half Results of 2022 Ending Feb.
In the first half of 2H of the fiscal year, there were signs of a recovery in business performance following a temporary end to the COVID-19 infection, but the infection
spread explosively again in January of Q4. The number of new infections reached a record high on January 18.
The impact is not limited to the retail trends affected by the domestic infection but began with the disruption of product procurement because of COVID-19 at overseas
production sites, and the entire supply chain challenges due to soaring oil prices, yen depreciation, and the conflict are affecting business management.

At
least 26,000 people (Past record high)
2.6万人以上（過去最多超）Number of new infections nationwide

５千人以上
At least 5,000 people

Less than 5,000 people
５千人未満

Q3 of FY02/2022 (Sep.-Nov.)

100000Q4 of FY02/2022 (Dec.-Feb.)

80000
60000
40000

Lifting of the declaration of a state of emergency
and measures to contain the spread of COVID-19
for all prefectures on September 30, 2021

Measures to contain the
spread and other priority
measures
Record number of new infections(25992 persons)since January 18, 2022

20000
0

2021/9/1
Dec. 22Jan. 9Jan. 16Mar. 222021/10/1

2021/11/1

2021/12/1

2022/1/1

2022/2/1

First confirmation of community-acquired Omicron strain
Measures to contain the spread of COVID-19 taken in 3 prefectures, Okinawa, Yamaguchi, Hiroshima（the measures spread to 34 prefectures on Jan. 27）
32,197 new infections per day, a new record high (previous record was marked on Aug. 20, 2021)
Lifting of the measures to contain the spread for 18 prefectures and for the first time in about 2 months with no area where the measures are taken

Source: the website of the Ministry of Health, Labour and Welfare

2022/3/1

1

Results Overview FY Ending Feb. 2022

4

2nd Half Result Highlights for FY Ending Feb. 2022
Net sales were affected by the fifth and sixth waves of COVID-19 and by strategic efforts to curb discount sales. As a result, they were lower than theprevious year, standing at -2.17 billion yen. However, existing businesses, excluding businesses withdrawn in the previous period, achieved 100.7%.
Operating income increased 4.68 billion yen because of the improved gross profit margin and reduced SG&A expenses, leading to a significant
improvement in profitability.

Net Sales

Operating Income

Current Net Income

75.63 Billion yen

3.30 Billion yen-0.86 Billion yen

YoY 97.2%
YoY Change-2.17 Billion yen

YoY Change +4.68 Billion yen
Compared to year
before last
Change +3.07 Billion yen

YoY Change -19.16 Billion yen
Compared to year
before last
Change -1.99 Billion yen

5Full-year Business Highlights for FY Ending Feb. 2022
The impact of COVID-19 spread further from the previous year, making it difficult to control the business throughout the year.
Net sales improved from the previous year, although sales declined significantly from two fiscal years ago, which were before the COVID-19 pandemic.
Operating income was the highest ever, even given COVID-19, as a result of structural reforms gradually bearing fruit.

Net Sales

Operating Income

Current Net Income

140.38 Billion yen

4.44 Billion yen

1.02 Billion yen

YoY +104.7%
YoY Change +6.30 Billion yen
Compared to year before
last Change -29.68 Billion yen

YoY Change +16.28 Billion yen
Compared to year before
last Change +4.37 Billion yen

YoY 26.5%
YoY Change -2.83 Billion yen
Compared to year before
last Change -1.16 Billion yen

6Operating Profit Transition Expenses for FY Ending Feb. 2022

Set a new record-high operating income (previous record was 2.54
billion yen in FY02/2017) amid COVID-19
Unit : Billion yen

Main factors

Focus on getting rid of the deficit in
1H of the year and improving
profitability throughout the year
To improve profitability in the 1st half, we havereviewed a revenue structure that tends to achieve ahigher profit in the 2nd half.

Operating profit over 5 years

EBITDA ¥8.88 Billion / EBITDA Rate 6.3%

3.30

4.0

3.0

2.07

2.47

2.17 2.28

1.13

2.0

0.23

1.0

0.1

0.07

0.0

-1.0

In addition, the establishment of a management system toimprove profitability, which was continued throughout the year,
contributed to raising the overall profitability.
As a result, we recorded the highest profit level also in 2H of the
fiscal year.

4.44

5.0

-0.19 -0.16
-1.37

-2.0

-3.0

-10.46-4.0-11.84
-5.0

1st
Half
上期
営業利益

2nd
Half
下期
営業利益

Full-year
通期
営業利益

Operating Income

Operating Income

Operating Income

Ending Feb. 2018

Ending Feb. 2019

Ending Feb. 2020

Ending Feb. 2021

Ending Feb. 2022

7

FY02/2022 Full Year Difference from the adjusted forecast
Although we disclosed a revised forecast of operating income of 2.4 billion yen because of the anticipated deterioration ofbusiness performance caused by the COVID-19 spread in February, the COVID-19 impact was smaller than expected. In
addition, appropriate control of sales yields and purchase inventories, as well as a significant reduction in SG&A expenses, haveresulted in a significant deviation from the forecast, making operating income reach 4.44 billion yen and the operating income
difference stand at 2.04 billion yen.
Unit : Billion yen
Reduction of sundry
costs, such as
promotions, travel,
etc.

0.31

4.44

0.75

0.98

1.10
InitialPlan

2.40
Amendment
Plan

Increase in operating income due tobetter performance +1.06 billion yen

Reduction of
SG&A expenses

Improvement of grossprofit by improving
inventory digestion rate

Improvement ofgross profit bysuppressing
discounts

Operatingprofitperformance

8

Gross Profit/SG&A Expenses for FY Ending Feb. 2022
Unit : Billion yen

Gross Profit
1,000

100

Gross Profit

YoY Change ＋12.98Billion yen
YoY 120.3%
Compared to year
before last 85.9%

900

54.0%

90

52.8%

700
70
600
60

84.3

400
40

YoY Change -3.30 Billion yen
YoY 95.6%
Compared to year
before last 81.0%

53.0%

39.4

EndingFeb.
18年2月期
2018

850

63.8

51.0%

• Our business structure has been reinforced with

47.6%

50.0%

56.5%

⇒ Improved profit by 13.0 billion Yen

compared to last year
58.0%

51.6% 53.0%

75

period• Review of work system at stores and headquarters

82.1

84.8

89.3

75.7

550
55
450
45

• Review of payroll system and bonus for employees• Review of rent and guarantee during the store closing

52.5%

750

650
65

high added value.

> SG&A expenses

SG&A Expenses

51.4%

the previous year.
• Profitability improved due to limited discounts.

EndingEndingEndingEnding
Feb.
Feb.
Feb.
Feb.
19年2月期20年2月期21年2月期22年2月期
2021
2022
2020
2019
Gross Profit
Gross Profit Margin
売上総利益
売上総利益率52.8%• Inventory was 101.8% YoY, 86.3% compared to two

52.0%

76.8

95
85

72.38 Billion yen

87.1> Gross Profit

fiscal years ago, maintaining a low level on par with

52.6%

500
50

950

SG&A Expenses

55.0%

54.2%

800
80

76.82 Biilion yen

54.7%

72.3

48.0%

• Improvement of transportation costs by changing
logistics carriers• Recovery of sales and continuing previous year’s level

EndingFeb.
18年2月期
2018

EndingFeb.
19年2月期
2019

EndingFeb.
20年2月期
2020
SG&A
販管費
ExpensesEndingFeb.
21年2月期
2021

EndingFeb.
22年2月期
2022

販管費率
SG&A Expenses Rate

43.0%

of expense reduction

 4.9pt improvement compared to last

year

9

Net Income Impact Items for FY Ending Feb. 2022

Ordinary income was 5.83 billion yen including non-operating income of 1.90 billion yen due to dividend income /real estate
income, etc. Extraordinary income of 2.54 billion yen, including gains on sales of securities, and extraordinary losses of 5.66
billion yen, including goodwill impairment and loss due to temporary closing, were recorded. After adding -1.69 billion yen inincome taxes-deferred, net income for the year was 1.02 billion yen, with a profit margin of 0.7%.

・Dividend income 0.76 billion yen
・FX income 0.3 billion yen
・Real estate income 0.3 billion yen

・Investment securities 1.71 billion yen
・ Sale of non-current assets 0.39 billion yen
・ Cooperation funds for large-scale facilities,
etc. 0.19 billion yen 1

Unit : Billion yen
Due to goodwill impairment: -3.87 billion yen
・Ueno Shokai goodwill impairment 2.69 billion yen
・ Adjustment of corporate tax, etc. 1.18 billion yen

-0.51

2.54

billion yen

billion yen-2.97
billion yen

1.9
billion yen

4.44

-2.69

・Expenses on real estate 0.13 billion yen
・Interest expenses 0.1 billion yen

billion yen-1.18
billion yen

billion yen
・Impairment loss 1.53 billion yen
・Loss due to temporary closing 1.19 billion yen

Operating profit
margin3.2%

OperatingincomeNon-operating
incomeNon-operating
expenses

Ordinary Income
5.83 Billion yen

Extraordinary
incomeExtraordinary losses

Profit Before Taxes
2.71 Billion yen

-0.51

1.02

billion yen

billion yen

Income taxes
deferredIncome taxes

Net income attributableto owners of parent

Net income
1.02 Billion yen

２Business Situation

11

FY02/2022 Full Year Structure of Operating Income
The golf and street businesses remained strong, significantly exceeding the budget, with a budget variance of 4.99
billion yen. Although brands with a higher percentage of e-commerce performed well, the mainstay women’s business was
dragged down by a decline in customer traffic at real stores. In addition, select businesses, such as Ueno Shokai and ROSE
BUD significantly struggled. Operating income, which does not include employment adjustment subsidies, was 3.45 billion
yen.
Unit : Billion yen

0.83
4.16
0.99

4.44

Subsidies for
employment
adjustment

Operating
Income result

3.45

-1.36
-1.28

1.10
Initial Planof Operating
incomeGolf andathleisurebrandsStreet brands

Women's

Select andcosmetics

Original ability
value

12

FY02/2022 Strategic Brand [NANO universe]
Although the brand struggled in 1H of the current fiscal year, the effects of structural reforms were
evident in 2H of the year. We saw a significant improvement in operating income from theprevious year and two previous years ago.
Compared to FY02/2020, the operating profit margin was +8.3pt .

Operating profit trends in the 2ND Half
Compared to year
Before last

0000000.0%

0000000.0%

Operating profit
営業利益
Operating profit
営業利益率+8.3pt■ Launch of rebranding
NANO universe, which began as a select store in 1999, started rebranding inMarch 2022 in preparation for its 25th anniversary in 2024.

6.9%

By expanding the range of item
7.0%
genres and prices, the brand

rate

5.0%
aims to attract new customer

0000000.0%

segments in addition toexisting customers.

3.0%

0.8%

0000000.0%

1.0%0000000.0%

-1.4%

-1.0%

0.0%

-3.0%

0000000.0%-5.0%0000000.0%

EndingFeb. 20202020年2月期

EndingFeb. 2021
2021年2月期

EndingFeb. 2022
2022年2月期

13Good Standing Golf Business for FY Ending Feb. 2022
Various collaborations through the Spring 2022 collection theme [LOVED ONE].

Continue to provide new contents and gain customer support.
TWICE

LINE FRIENDSNew Balance“Special love that groups build”“Love connected by LINE FRIENDS”“Love of strength that each of these areas has”

IDÉE

LOVOT

“Love for the affluence of life in our lives”“New form of love between humans and robots”

３

About Situation by Channel

15

Sales by Channel for FY Ending Feb. 2022

Real stores in Japan and overseas are recovering, although we are still in the midst of the COVID-19 pandemic. Cumulative sales
increased slightly, but profits improved significantly because of the success of the strategy of prioritizing profitability.

107.7% YoY even with a lower speed of recovery compared to year before last•

Department stores/Commercial facilities: Growth rate remained strong at•

Domestic EC： Profitability improved because of “curbing discounting at other companies‘ EC sites” and “increasing the ratio of highly profitable in-house e-ECsites”, but sales remained at the same level at 96.6% of the previous year’s level. Some overseas supply chain disruptions also had an impact.

•

Overseas： Driven by the U.S. and European operations, sales expanded significantly by

130.7% from two previous years ago and 128.1% from theprevious year.

FY Ending Feb.
2020
Department
StoresDome
stic

Commercial
Facilities(*1)

E-Commerce
Domestic Others(*2)
Overseas(*3)

FY Ending Feb.
2021

FY Ending Feb. 2022

21.39 Billion Yen

12.48 Billion Yen

13.82 Billion Yen(Composition Rate：12.6%)(Composition Rate：9.3%)(Composition Rate：9.8%)

86.03 Billion Yen

56.75 Billion Yen

60.73 Billion Yen(Composition Rate：50.6%)(Composition Rate：42.3%)(Composition Rate：43.3%)

36.34 Billion Yen(Domestic E-Commerce ratio：
25.3%)

40.68 Billion Yen

39.28 Billion Yen(Domestic E-Commerce ratio ：37.0%)（Domestic E-Commerce ratio：
34.5%）(Composition Rate：11.6%)(Composition Rate：11.0%)

8.50 Billion Yen

8.67 Billion Yen

11.10 Billion Yen(Composition Rate：5.0%)(Composition Rate：6.5%)(Composition Rate：7.9%)

17.81 Billion Yen(Composition Rate：10.5%)

15.50 Billion Yen

15.43 Billion Yen

Growth by channel
compared to year
before last (%)

YoY (%)

64.6

110.7

70.6

107.0

108.1

96.6

86.7

99.5

130.7

128.1

*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.
*3 Results of Efuego Corp. which operates EC sites centering on Tactics.com in the U.S. is to be consolidated from the second quarter of 2021 and onward. The results are recorded in overseas sales.

16

EC Sales Results for FY Ending Feb. 2022•

Although domestic EC sales and the percentage of e-commerce remained high at

96.6%, 34.5% YoY respectively because of the withdrawal ofbrands and the curbing of discount measures, the total sales growth rate is approaching a plateau.

45.4%(Compared to year Before last 155.9%) while ensuring high profitability.

•

The in-house EC ratio significantly grew to•Overseas EC sales continues to grow, reaching 113.9% of the previous year.

■E-commerce Sales Summary
FY EndingFeb. 2020

FY EndingFeb. 2021

Unit : Billion yen
FY EndingFeb. 2022

Compared toyear Before
last(%)

YoY(%)

In‐house EC

11.44

17.87

17.84

155.9

99.8

(ratio(％))(31.5)(43.9)(45.4)(+13.9pt)(+1.5pt)

Domestic E‐Commerce(ratio(％))

※１

36.34

40.68

39.28

108.1

96.6

(25.3)(37.0)(34.5)(＋9.2pt)(-2.5pt)

Strong golf and street businesses and steady women's
brands, which have shifted smoothly to strengthen
OMO, drove growth in the company’s in-house EC ratio.
55.0%

国内自社EC比率
In-house EC rate

43.9%

45.4%

50.0%

45.0%

40.0%

Overseas E‐Commerce

0.79

3.24

3.69

469.2

114.1

(ratio(％)) ※２(9.3)(37.4)(33.3)(＋24.0pt)(-4.1pt)

E‐Commerce TOTAL■In-house EC

37.12

43.92

42.98

115.8

31.5%
35.0%

30.0%

25.0%

97.9

20.0%

※１

(ratio(％))(24.4)(37.0)(34.4)(＋10.0pt)(-2.6pt)※1 Domestic E‐Commerce ratio excluding domestic and other sales (wholesale, company sales, etc.)※2 Results of EfuegoCorp. which operates EC sites centering on Tactics.com in the U.S. is to be consolidated from the second
quarter of 2021 and onward. The results are recorded in overseas sales.

15.0%

Ending Feb.
2020年2月期
2020

EndingFeb.
2021年2月期
2021

Ending Feb.
2022年2月期
2022

４About Balance Sheet

18

About Balance Sheet> Cash and Deposits•

There are no issues with cash and deposits, inventory, etc., and the company's【 YoY 】
Decrease of 10.6 billion yen
Mainly due to repayment of long-term andfinancial position is sound. Going forward, the company will focus on business growth

short-term borrowingsand expansion and increase its investment ratio.
Unit:Million Yen
FY Ending Feb. 2021

Cumulative Q3RD 2022
Ending Feb.

> Inventory•

FY Ending Feb. 2022

【 YoY 】
Inventory at 101.8%, maintaining an appropriate

Results
Current Assets

Composition
Rate (%)

Results

Composition
Rate (%)

Results

Composition
Rate (%)

Y/Y
ChangeY/Y (%)

Q4/Q3
ChangeQ4/Q3 (%)

level compared to 104.8% of sales

82,71453.0

78,58651.9

75,54753.5-7,16791.3-3,03896.1

49,871
18,40032.0
11.8

35,68922,66023.6
15.0

39,25818,72727.8
13.3-10,613
327

78.7
101.8

3,569
-3,933110.0
82.6> Non-current assets

73,37347.0

72,77348.1

65,706

46.5-7,66889.5-7,06790.3•

28,873
4,980

18.5
3.2

30,205
4,957

20.0
3.3

28,397
4,736

20.1
3.4

-476
-245

98.4
95.1

-1,808
-221

94.0
95.5

Decrease in tangible fixed assets: -1.6 billion yen

156,088100.0

151,358

100.0

141,253100.0-14,835

90.5-10,105

93.3(normal depreciation)

35,97023.0

31,101

20.5

28,375

20.1-7,59478.9-2,726

91.2

Decrease in intangible fixed assets:-3.4 billion yen

152
8,915

0.1
5.7

130
7,035

0.1
4.6

115
6,212

0.1
4.4

-38
-2,703

75.3
69.7

-15
-823

88.4
88.3

22,68814.5

17,605

11.6

15,142

10.7-7,54666.7-2,46486.0

16,082

10.3

11,553

7.6

9,803

6.9

-6,27961.0-1,75084.9

Total Liabilities

58,65837.6

48,70632.2

43,51730.8-15,141

74.2-5,18989.3

Total Net Assets

97,43062.4

102,652

67.8

97,736

69.2

306

100.3

-4,91695.2

156,088100.0

151,358

100.0

141,253100.0-14,835

90.5-10,105

93.3(of Cash and Deposits)(of which, Inventory)
Non-current Assets(of Investment Securities)(of Investment Real estate)
Total Assets
Current Liabilities(of Short-term borrowings)(of Current portion of long-term borrowings)

Non-current Liabilities(of Long-term borrowings)

Total Liabilities and Net Assets【 YoY 】

(mainly a decrease in goodwill of Ueno Shokai）> Capital adequacy ratio•

Maintained a high capital adequacy ratio of 69.2%

５

Full-year Consolidated Business Plan for
FY Ending Feb. 2023

20

Profit and Loss Plan for FY Ending Feb. 2023
Net sales are projected to be 157.3 billion yen, 112.1% of the previous year's level (106.3% based on the previous revenue standard).
Considering the impact of cost increases because of foreign exchange rates and head office relocation costs, SG&A expenses are projected to be 86.55 billion
yen, 119.6% of the previous year's level (108.3% based on the previous revenue standard).
As a result, operating income and net income are expected to be 1.5 billion yen and 1.4 billion yen, respectively.
Unit : Billion yen

Net Sales
SG&A
Expenses

FY Ending Feb. 2021

134.07Billion Yen 140.38 Billion Yen

Plan for FY Ending Feb.
2023*1

Increase or Decrease

Rate of
Change(%)

157.35 Billion Yen+16.96+12.1(YoY：78.8%)(YoY：104.7%)(YoY：112.1%)

Billion Yen

75.68 Billion Yen

72.38 Billion Yen

86.55 Billion Yen+14.17(Composition Rate：56.5%) (Composition Rate：51.6%)

Operating
Income-11.84 Billion Yen

Current Net
Income3.86 Billion Yen※1

FY Ending Feb. 2022

4.44 Billion Yen(Composition Rate：55.0%)

1.50 Billion Yen(Profit margin ：-%) (Profit margin：3.2%) (Profit margin：1.0%)

1.02 Billion Yen

1.50 Billion Yen(Profit margin：2.9%) (Profit margin：0.7%) (Profit margin：1.0%)

Adapt new revenue standards+19.6

Billion Yen (Composition Rate：+3.4pt)-2.94
Billion Yen+0.48
Billion Yen

-66.1
+46.7

21

FY02/2023 Full Year Profit and Loss Plan Operating Income Variance
The result for the fiscal year ended February 28, 2022 was 4.44 billion yen. Considering employment adjustment subsidies received in thecurrent fiscal year and one-time expenses such as relocation costs, and others, the budget for FY02/2023 is set at

1.5 billion yen

in operating income, including the impact of higher procurement costs due to foreign exchange rate fluctuations.
Considering the effects of sustained rent reduction due to relocation, the original potential is

3.18 billion yen in operating income.

Effects of sunstained rent reductions
resulting from relocation

4.44

0.98

-0.99
-0.98

0.3
-0.95

Operatingincome for
FY02/2022

Employment
adjustment
subsidies

One-time expenses,
such asrelocation cost

Profitability
underpressure due
to soaring
purchase
costs

1.5

3.18

0.7

-0.32
First year
expenses for
new businessEC sales expansion Operating income
Reduction in fixed estimate for FY02/23
costs

Rent
reduction
due torelocation

Removal of onetime expenses

Original
potential

22

Office Consolidation Project
Office relocation, which has been facilitated based on TIP24 of the Structural Reform Program, is scheduled to be
implemented in September of this fiscal year ending February, 2023. All 24 offices of the company (as of August 2020)
are to be consolidated into 9 offices. We will reduce the total floor space and promote workstyle reform to hold theoffice attendance rate at 65% by encouraging teleworking. The annual fixed rent will be reduced by 700 million yen.

Consolidation of
office locations

24

9locationslocations

Reduction of 15 locations

Annual rent
reduction effect-0.7

billion yen

30% reduction
in office rent

Workstyle reform
Office attendance rate65%
Per-day attendance
1200 persons → 780 persons

６

Reference Data

24

Highlights of Q4 Results for FY Ending Feb. 2022
Unit:Million Yen

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

Q4TH 2021 Ending Feb.

Results

Composition
Rate (%)

Q4TH 2022 Ending Feb.

Results

Composition
Rate (%)

Y/Y
ChangeY/Y (%)Net Sales

36,858100.0

36,467

100.0

-391

98.9

Gross Profit

17,105

46.4

18,835

51.7

1,730

110.1

SG&A Expenses

20,67656.1

19,57553.7-1,10094.7

19,45052.8

18,38650.4-1,064

94.5

164

0.4

200

0.6

36

122.5

1,061

2.9

988

2.7

-73

93.0

Operating Income-3,571

-9.7

-740

-2.0

2,831

-

Ordinary Income-3,346

-9.1

-405

-1.1

2,940

-

Extraordinary Income

22,373

60.7

979

2.7

-21,394

4.4

Extraordinary Loss

3,738

10.1

4,129

11.3

390

110.5

Profit Before Taxes

15,28841.5-3,555-9.8-18,844-

Profit Attributable to Owners of Parent

14,98740.7-4,443-12.2-19,430-

EBITDA ※-2,345

-6.4

448

1.2

2,794

-

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

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

25

Highlights of Full-year Results for FY Ending Feb. 2022
Unit:Million Yen

Financial
Highlights -Profit and Loss-FY Ending Feb. 2021

Results

Composition
Rate (%)

FY Ending Feb. 2022

Results

Composition
Rate (%)

Y/Y
ChangeY/Y (%)Net Sales

134,078100.0

140,382

100.0

6,303

104.7

Gross Profit

63,84647.6

76,826

54.7

12,980120.3

SG&A Expenses

75,68956.5

72,38651.6-3,303

95.6

71,15053.1

68,00648.4-3,144

95.6

762

0.6

788

0.6

25

103.4

3,776

2.8

3,591

2.6

-184

95.1

Operating Income-11,843

-8.8

4,440

3.2

16,283-

Ordinary Income-10,359

-7.7

5,834

4.2

16,193-Extraordinary Income

24,859

18.5

2,543

1.8

-22,316

10.2

Extraordinary Loss

8,644

6.4

5,664

4.0

-2,98065.5

Profit Before Taxes

5,855

4.4

2,712

1.9

-3,142

46.3

Profit Attributable to Owners of Parent

3,861

2.9

1,022

0.7

-2,838

26.5

EBITDA ※-7,304

-5.4

8,820

6.3

16,124-

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

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

26

Highlights of Full-year Results for FY Ending Feb. 2022

Net Sales
Per Channel

FY Ending Feb. 2021
Results(Million yen)

Composition
Rate (%)

FY Ending Feb. 2022
Results(Million yen)

Composition
Rate (%)

Y/Y (%)

Composition Rate
Y/Y Change(pt)Department Stores

12,481

9.3

13,820

9.8

110.7

0.5

Commercial Facilities(*1)

56,74542.3

60,736

43.3

107.0

0.9

In-house EC

17,871

13.3

17,842

12.7

99.8

-0.6

3rd Party

22,80917.0

21,443

15.3

94.0

-1.7

E-Commerce

40,681

30.3

39,286

28.0

96.6

-2.4

Others(*2)

15,504

11.6

15,434

11.0

99.5

-0.6

Domestic

125,41293.5

129,277

92.1

103.1

-1.4

E-Commerce

3,238

2.4

3,694

2.6

114.1

0.2

Overseas(*3)

8,666

6.5

11,104

7.9

128.1

1.4

E-Commerce TOTAL

43,91932.8

42,980

30.6

97.9

-2.1

TOTAL

134,078100.0

140,382

100.0

104.7

-

*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.
*3 Results of Efuego Corp. which operates EC sites centering on Tactics.com in the U.S. is to be consolidated from the second

quarter of 2021 and onward. The results are recorded in overseas sales.

27

Highlights of Full-year Results for FY Ending Feb. 2022
Unit:Million Yen
FY Ending Feb. 2021

Brands Overview
Sales

YoY

FY Ending Feb. 2022

Composition
Rate (%)

Gross Profit
Ratio (%)

Sales

Composition
Rate (%)

Gross Profit
Ratio (%)

Sales (%)

Gross Profit
Ratio (pt)1.

nano・universe

19,87914.8

43.5

17,861

12.7

49.5

89.8

+6.0

2.

PEARLY GATES

12,502

9.3

52.4

15,069

10.7

61.9

120.5

+9.5

3.

MARGARET HOWELL

8,675

6.5

51.5

11,002

7.8

66.1

126.8

+14.6

4.

NATURAL BEAUTY BASIC

10,6778.0

49.3

10,356

7.4

58.0

97.0

+8.7

5.

HUF

4,180

3.1

46.1

6,733

4.8

51.1

161.1

+5.0

6.

AVIREX

5,893

4.4

60.0

6,240

4.4

62.1

105.9

+2.1

7.

UNDEFEATED

4,432

3.3

37.5

4,389

3.1

41.1

99.0

+3.7

8.

STUSSY

4,756

3.5

62.4

4,286

3.1

69.8

90.1

+7.4

9.

new balance golf

2,761

2.1

39.1

3,632

2.6

57.8

131.5

+18.7

10.

ROSE BUD

3,804

2.8

41.2

3,455

2.5

44.5

90.8

+3.3

TOP10

77,56457.8

48.7

83,029

59.1

57.0

107.0

+8.2

Other Brands

52,374

39.1

46.5

57,272

40.8

51.5

109.4

+5.0

Continuing Brands

129,938

96.9

47.8

140,301

99.9

54.7

108.0

+6.9

4,139

3.1

41.1

80

0.1

106.2

2.0

+65.1

134,078

100.0

47.6

140,382

100.0

54.7

104.7

+7.1

Closed Brands
TOTAL

28

Highlights of Full-year Results for FY Ending Feb. 2022

Domestic Monthly Sales Information
FY 2021 Ending Feb.
All Stores：75.9％
Existing Stores：82.2％

FY 2022 Ending Feb.
All Stores：103.1％
Existing Stores：99.5％

29Highlights of Full-year Results for FY Ending Feb. 2022

Store Distribution
FY Ending Feb.
2021

Store
Open

Store
Close

FY EndingFeb. 2022

Y/Y
ChangeDomestic

872

+32

-99

805

-67

Overseas

52

+4

-15

41

-11

Total

924

+36

-114

846

-78

Restaurant

Domestic

9

-

-2

7

-2

Cosmetics

Domestic

33

+8

-5

36

+3

966

+44

-121

889

-77

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.