TSI HOLDINGS CO., LTD.
Q3 Financial Results Briefing for the Fiscal Year Ending February 2021
January 14, 2021

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 2021

[Fiscal Period]

FY2020 Q3[Date]

January 14, 2021

[Number of Pages]

22[Time]

10:00 – 11:10(Total: 70 minutes, Presentation: 34 minutes, Q&A: 36 minutes)[Venue]Webcast[Venue Size][Participants]

62[Number of Speakers]

6
Shinichi Uetadani
Tsuyoshi Shimoji
Masaaki Oishi
Mitsuru Naito
Hiroyuki Watanabe
Kohei Yamada

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Chief Executive Officer
Director
Director
Executive Officer, General Manager ofFinance & Accounting Dept.
Director, TSI EC STRATEGY CO., LTD.
Manager, Corporate Communications &Investor Relations Office

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Presentation
Yamada: Good morning. Now, it is 10:00 AM, so we will start a financial results briefing for the third quarterof FY2020, which we announced yesterday.
First of all, Uetadani will give a presentation on the outline of the financial results briefing using PowerPoint.
After we finish the presentation, we will move on to a question-and-answer session.

Uetadani: Good morning. I would like to explain the third quarter. Let me share the screen.
As you can see in the cumulative figures up to the third quarter on this page, sales, gross profit, and operating
profit have been significantly negative because the first half results were a major drag. Since the impact of
the first half is too large, it is difficult to determine how much the current business performance is recovering.
Therefore, I will explain only the three months, 3Q results, as itself.

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In the third quarter alone, we were able to achieve 93.1% YoY in net sales, 91.7% YoY in gross profit, and104.4% YoY in operating income, as stated here.
The key point was that sales were naturally in a tough situation, but in the past, when sales declined, grossprofit was hurt by a greater amount than that, causing a deterioration in selling, general and administrative
expenses and fixed costs, resulting in a loss of operating income. However, even if sales declined this time,
we were able to clearly curtail purchases and sell them with little inventory. As a result, net sales and grossprofit were kept down by a sliding scale of around one point.
In addition to this, we will reduce SG&A expenses, which had been done in advance. Many of these items
were not effective in the current fiscal year, but they began to work partially, enabling the Company to curb
SG&A expenses more than sales. As a result, we were able to achieve an increase in operating income of
104.4% in the third quarter of the fiscal year under review.
This trend has continued, including in December, and I think that we have recovered for now.

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3This graph shows how sales, gross profit, and SG&A expenses have returned to the previous year’s levels in
the first, second, and third quarters, respectively.
The blue line graph shows sales, and in the first quarter, sales dropped to about half and returned to 93.1%.
Although this has also been driven by very strong brands, gross profit has more or less kept pace with sales.
Although it has not returned to 100%, gross profit has returned to the same level as sales. As I mentioned
earlier, SG&A expenses stopped declining and we were able to stay below net sales without rising, which I
think is a factor behind the relatively return to results this time.
As sales at brick-and-mortar stores are not good, EC sales grew to 114.2%, which was a factor behind thestrong sales.
Regarding gross profit, we reduced the average purchase for autumn and winter to 70% during the spring
season, and achieved a substantial recovery in the gross profit margin. This resulted from the fact that wewere able to capture 93.1% of sales despite the fact that we made only 70% purchases by making solid sales
with a small inventory.
Naturally, this is a full-price sales period, so we don't give a discount. Since we do not discount prices, there
is no significant valuation loss at the end of the fiscal year. We have controlled inventories, and in the third
quarter we have secured gross profit after posting roughly half of the expected loss at the end of the fiscal
year as usual.
As a result of the relative decline in SG&A expenses, operating income was approximately JPY2.2 billion,
104.4% YoY due to a shift to more efficient ECs, particularly as a result of the shrinking effect of the brand,which began with an increase in the efficiency of the store network. Accordingly, income increased, butrevenue decreased.
Extraordinary income was largely attributable to the previously announced sale of fixed assets.

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Broken down by brand, we did not necessarily follow the scale of large brands, and our policy was to securesolid profits. If I had to choose, PEARLY GATES and STUSSY are the good ones among large brands here.
Golf and sports brands were strong among competing brands because our brands were extremely outstanding
and performing. In addition, street-style brands also maintained relatively strong sales.
Overall, sales of large brands were not necessarily good, and I think that the major reason for this performanceis that our full-price sales strategy of curbing purchases and curbing discounts has begun to work. Most brands
have greatly increased their gross profit margins.
In particular, nano・universe, which had been the biggest brand until last year but had been a drag on
earnings, began to bear fruit by shifting its focus to a full-price sales strategy. This time, sales were 84.1%, andnet sales decreased but operating profit increased.
Although NATURAL BEAUTY BASIC is slightly declining, this brand is originally relatively effective in curbing
inventories. Conversely, sales were 82.4%, but in normal years, gross profit would have been greatly reduced,
but we were able to keep it down.
As will be described later, the gross profit margin of PEARLY GATES and MARGARET HOWELL, which havestrong brand power and are advancing thorough full-price sales strategy, has risen. HUF is also good.
Some gross profit appears to have fallen significantly, but this is not because of the rampant price discounts,
but because of the impact of collaborative products and other products. In terms of STUSSY, collaborative
products with big names, such as COMME des GARCONS and NIKE, performed well as, for example, incollaboration with the 40th anniversary celebration. This is sold at a list price, but because the cost is higher
than that of ordinary products, gross profit is declining.
The same applies to UNDEFEATED. Gross profit has declined as inbound tourists have shrunk and the mix ofhigh-margin products has fallen. However, we do not expect this to be a major problem in the long term
because it is assumed that brick-and-mortar stores will reopen and, if they return to their original status, thegross profit margin will also recover.
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Please see the situations of each brand.

We have divided the brands into those with an increase in income and operating profit, those with a decrease
in income but an increase in operating profit, and those with an increase in income and a decrease in operating
profit. As I have been talking about, the most important thing we are focusing on is the brand of those with adecrease in income but an increase in operating profit. Of course, there is nothing better than increased
revenue, but rather than pursuing scale, we should firmly increase profits rather than the scale of sales,
including not making wasteful considering the current situation at this time. There were many brands thatwere sold with a full price to make a gain.
In particular, the fashion building brands such as nano・universe, FREE’S MART, and proportion body dressing
are a group of brands that are relatively large and have broad targets. Their revenues are in decline, but I thinkthat the primary reason for contributing to results this time is that we have begun to focus on the axis ofsteadily increasing profits.
However, there is nothing better than increased revenue. Let me explain one thing: golf, as I mentioned earlier.
I think this is due to the fact that we have a brand with a high percentage of customers. This means that ourbrand strategy has worked well.
The other is EC. Strong EC brands are contributing to higher sales.
A digital native brand centered on skateboards and snowboards called TACTICS, acquired in the US last year.
HUF, which expanded EC with that team, as well as UNION in Japan, are also strong brands in EC.
In addition, the Arpege story is a business specializing in ecommerce, although the number of stores is small.
LE PHIL has just launched, but this will also be done in combination with ecommerce rather than expanding
the number of stores. Brands with a focus on these kinds of ecommerce from the outset are achieving
increased sales.

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The increase in income, decrease in profit, and this is bad, but with the exception of the special factors ofcollaborative products such as STUSSY that I mentioned earlier, it is a brand that has just started or is in theprocess of growing. This is not a great worry, as it is a stage in which profits catch up from the end of theperiod in the midst of growth. This is not the result of a disruptive business in pursuit of scale.

This is by channel.
The Brick-and-Mortar channel is still falling. Although Department Stores are struggling, they are almost at
the final stage in terms of improving the efficiency of the overall store network. The major decline this time
was in non–department store brick-and-mortar stores, mainly in fashion buildings and roadside stores.
On the other hand, EC has grown significantly. 9.6 points for domestic EC. The biggest growth was in-houseecommerce. As I will discuss later, the centralization of inventory has become a pillar of our full-price strategy,
and we have been able to greatly increase this. In addition, overseas ecommerce operations have also beenable to grow significantly this time.
The biggest factor was the significant growth of TACTICS, Action Sports' Digital Native Business in the US. Now,
Europe is under a severe situation because of lockdowns, including cross-border ecommerce in Britain's
MARGARET HOWELL to other countries. However, the rate of digitization has risen to 32.1% in cumulative Q3,
thanks to contributions from overseas to the growth in ecommerce.

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7One of the benefits of the integration of digital teams ahead of the competition is online customer service bystore staff. As I have written here, many items are purchased as a single item. However, the results of thebrands that we worked on are that even if we serve customers online, both the purchase rate and the unit
price do not decline.
Second, we recommend sales staff to post fashion coordination on the website, and we plan to expand thisonline customer service and staff posting for online customer service to all brands in the future.

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8Overview of B/S. There are several points, and in order to survive in the midst of the third wave of covid-19,
cash and deposits remained at almost the same level as the previous year at 99.1% YoY.
Inventories were kept at 82.8% of the previous year's level due to a reduction in inventory purchases ofautumn and winter items and a reduction in the expected year-end write-down as a result of the Company's
ability to use these items clearly.
We borrowed about JPY6 billion for short-term borrowings and borrowed against coronavirus
countermeasures in the first half of the fiscal year. We have paid these debts in the 3Q. We are not optimistic
about the third wave, so we continue to secure borrowing facilities. However, by having cash and deposits on
par with the previous year after repaying borrowings, our cash-to-deposit ratio is 57.7%, which is a healthy
condition.

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To summarize, in the third quarter, the Company made solid full-pike sales, focusing on loyal brands. In
addition, even for large-scale brands targeting a wide range of age such as nano・universe, we greatlychanged direction to full-price sales by changing purchases and discounts. As a result, the ratio of full-priceconsumption has risen and, as a channel, even though brick-and-mortar stores continue to struggle, we havesteadily increased ecommerce, which has led to clearly secure profits although there was a decrease in sales.
However, we are analyzing how much the impact of the emergency declaration will be. The reason why wehave not changed our full-year earnings forecast despite the good performance of 3Q is that we do not think
we can still optimistically view this impact today.
However, we have narrowed down the purchase properly. We have shifted toward a full-price strategy. In
addition, we are preparing to shift to ecommerce, including logistics, in preparation for a situation where sales
at our stores will become more severe in the future, including reflections from the first half of the fiscal year,
so I think we may not be able to make a huge loss in terms of profits. Full-year forecasts remain unchanged,
including the downside in the fourth quarter without optimism.
Furthermore, as we announced yesterday, we plan to secure cash on hand of JPY30 billion or more byimplementing two additional sales of fixed assets. We intend to use this for digital investments and otherpurposes in the future, but I think that it will be meaningful as cash on hand in the event of an emergency, so
we are taking steps not to overcome the issue of funding.
The above is the current status of the third quarter.

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I would like to explain the progress of the reforms in the medium term as I have explained before.
What we are trying to do is to lower the break-even point, increase the speed of management, and promote
full-price strategy and digitization to create businesses that can compete globally.
As a digital fashion company, the themes are DX, digital marketing, MD, digitalization of shop sales personnel,
major shift to EC, and global human resource development.
Here is some of the progress we have made in this area.

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First of all, in terms of lowering the break-even point, in light of the fact that sales will not return as they didin the past, as with 3Q, we will put in place a system to generate solid profits with less sales than now.
According to our assumptions, even sales of around 85% of the normal level so far will be able to generate
solid profits. Personnel expenses promised so far, as well as the streamlining of the store network and thestreamlining of the business. As a result, we expect to reduce fixed costs by about JPY9 billion from the next
fiscal year. Therefore, first of all, the level of SG&A expenses will decrease by around JPY9 billion.
Furthermore, we plan to reduce SG&A expenses by a total of more than JPY10 billion by stepping into variable
costs. As a result, in the next fiscal year, we expect to realize a solid return to profitability in a 10% to 20%
discount economy in which sales will not return to profitability.
Due to the problem of a contract, the reduction of office space is not necessarily from the next fiscal year, but
I think this could also have an impact of around JPY1 billion over the long term.

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12Organizational restructuring.
Another challenge is to increase management speed. We are integrating two-stage operating companies inorder to avoid splitting companies and increasing their hierarchy and slowing down the decision-making
process.
In the first stage and this March, we will combine our major companies, which account for approximately twothirds of our sales, into one operating company first. For some domestic apparel companies, the integrationof systems has not yet been completed, so we are considering a two-stage integration in which we will
integrate the systems further by March next year after completing the system integration during the next
fiscal year.

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The aim of this structure is to increase the speed of decision making by clearly dividing supervision andexecution first. This executive team has to cut the distance from the CEO to the front line of the field. For
business divisions, companies that will consolidate without leaving their corporate status and those that willremain will be consolidated into five business divisions.
We believe that the individuality of the brand is extremely important, so we basically have the autonomy todistinguish the individuality of each brand business in terms of products, service at stores, and customer
service. However, in order to combat the situation in the future, we will form a team across the Group in areas
where it is better to invest together and increase competitiveness.
First, the digital team I mentioned earlier. This digital team, which is involved in ecommerce, digital marketing,and new Digital Businesses, was first integrated, but similarly the supply chain force will also be integrated.
The same applies to overseas expansion, new business development, sales support, and store development.
In addition, the entire Company is listed as DX. Administrative divisions will be unified across the Group as
corporate divisions to improve efficiency.
The major intent of this reorganization is that these key cross-functional functions support the business andeffectively operate each company in a matrix organization that makes quick decisions.

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14This is a typical cross-divisional example, but the integration of the functions of the EC and digital teams I
mentioned earlier now has a team of just under 200 people. Even within the industry, I do not mean that weshould be large in scale, but I believe that a large and advanced team has been created.
This is at the center of our support for digital customer service and digital dissemination from our stores. In
addition, we are going to do the next step by opening a group-wide coordination site in March, using theexisting infrastructure of MIX. Tokyo for EC malls specializing in coordinated postings.
In addition, we are working with the world's top technology companies to build knowledge that has been
incorporated into our business, and we are considering external sales as a B2B Business. Our B2B Business,
we think, is not a traditional retail agency, but basically provides a few solutions for digitized retail.
One of these is the joint initiative of three companies to provide ecommerce solutions for medium- and smallsized businesses, in collaboration with Salesforce and other companies announced yesterday.

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On the other hand, globalization is also a major point, but in terms of Global × Digital, the company called
TACTICS, which we acquired last year, as I told you earlier, has been consolidated from the second quarter. It
is a business that is growing significantly in terms of second quarter and third quarter outlook even comparedto the previous year.
This is a business that specializes in skateboards and snowboards that is almost entirely complete withecommerce even though there are some stores. The reason for this strong performance is actually the portionof digital marketing. We are very successful in building a digital community for this.
We build a community of such loyal customers and engage in digital-centric, full-price sales. It is a company
that embodies our group strategy. This TACTICS team has begun working with the street brand EC・digitalmarketing called HUF.

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To date, there have been brands such as Apuweiser-riche and STUSSY that, in principle, do not sell in stores.
However, MARGARET HOWELL and PEARLY GATES, which have resulted in brand characters , stopped
discount sales in this fiscal year. These brands have reached the mid-term goal of approaching 80% of the fullprice consumption rate.
One of the most important aspects of full-price sales is a customer order app. This is a system in whichcustomers try out different colors and sizes when the stores do not have the colors or sizes customers want,
and then reserve those items from the EC inventory on the spot and ship them directly to the customer's
home. Settlements are done on the spot through the cash registers of the stores.
We have been introducing this system since last year, but it has finally been introduced to approximately halfof all domestic stores, to 454 stores. There is a difference in this area due to the timing of introduction andthe problem of familiarity with usage. However, in the brands that we began using ahead of the competition,
particularly department store–affiliated brands, the ratio of sales of this ecommerce inventory being orderedand sold exceeds 10% of sales at stores.
In other words, roughly speaking, one out of 10 people purchased items from the inventory that is notavailable at a store after they had a customer service. This is a very important inventory-centralization
mechanism in the sense that it is 10% or 20% off compared to before, and that produces a steady sell. We will
intro

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duce this system to all stores and brands.

Similarly, as for digitization, we have been engaging in not only digitization of existing businesses but also
increasing the number of digital native brands. We launched a company called HYBES, a D2C platform. Thishas started to work.
What is growing there is the D2C brand, ETRE TOKYO, we acquired last year, but since joining us, it has grownsteadily to 126.5% under these circumstances.
Naturally, we decide production while keeping a close eye on the response of our customers, so by producing
only the quantities that we are able to sell well, this is an extremely lean method of selling that is then linked
to our customers.
We will continue to grow this business, but rather than simply increasing the size of one brand, we are now
planning to add several new D2C brands to this platform. We plan to increase and add our lineup of new
brands to two or three more brands soon, on this platform.

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As it is fashion, finally, I think it is important not only to talk about such a system or cost reduction, but also
to talk about fun stuff.
For example, our purpose of collaborating with our select shop called UNION and JORDAN, Michael Jordan,
as well as by collaborating with Rick Owens and our STUSSY is for our customers to enjoy fashion once more.
In terms of golf, a professional golfer, Erika Hara, who wore our PEARLY GATES and MASTER BUNNY brands
and made a great success in golf contributed to our customers’ buying those brands and playing golf. This is afavorable cycle. I think that the Brand Business is functioning in the form of a community-oriented approach,rather than just selling clothes, and that the cycle of encouraging the golf market to take part in the purchaseof clothes as a result is functioning as a Brand Business.
We have a business with a tech venture called Yappli, which listed in last December, as a core partner since
the time of its founding. We have them develop native apps for each of our brands on consignment.
In addition, we have implemented a beacon function to detect store visits, and we are advancing allianceswith technology companies on a daily basis, whether ventures or major companies.
And for online customer service, this is still due to a limited brand, but it is extremely good, so we are also
aiming to introduce all brands.
As one of our social contributions, we are now planning to produce 6.05 million medical gowns by March.
Costs are steadily declining, so we are now able to provide them at extremely low prices.

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We will proceed medium-term reforms accordingly because we are not in a state of letting our guard down.
At any rate, we will streamline our organization to increase management speed. Regarding sales, we willconduct full-price sales with a small inventory. With regard to Digitization and Overseas Businesses, we willbasically move forward focusing on digital.
Since the market will not return to its original position, the key point is to change to a structure that can firmly
increase profits by reducing income and increasing profits.
This is all.
Yamada: Thank you very much.
[END]______________
Document Notes
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