TSI HOLDINGS CO., LTD.
Q2 Financial Results Briefing for the Fiscal Year Ending February 2023
October 13, 2022

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 2023

[Fiscal Period]

FY2022 Q2[Date]

October 13, 2022

[Number of Pages]

24[Time]

10:00 – 11:01(Total: 61 minutes, Presentation: 35 minutes, Q&A: 26 minutes)[Venue]Webcast[Participants]

64[Number of Speakers]

4
Tsuyoshi Shimoji
Jun Imaizumi

Hiroyuki Watanabe
Takahiro Ishihara

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President and CEO
Senior Executive Officer/TIP Promotion
Department Manager and TSI TIP Promotion
Division Manager and Division Innovation
Section Manager
Operating Officer, General Manager of
Digital Business Department
Operating Officer

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Presentation
Moderator: Good morning. Thank you for joining us today. It’s at the appointed time, so we will hold a briefing
on the financial results for Q2 of FY2023.
First, you will watch the video for about 33 minutes, and then we will go into the Q&A. Now, please take alook at the video.
[Video Begins]
Shimoji: Good morning. We will start the presentation of financial results for H1 of FY2023. Thank you foryour cooperation.

This is the executive summary. A summary of H1 activities will be provided.
Changes in the market environment had a very large impact. As you know, the lockdown in Shanghai began
in March, and many of our brands were affected by supply chain problems in the form of late deliveries anddelays.
In the meantime, the conflict in Ukraine, energy issues, and price hikes of daily necessities in response to theweak yen, have had a major impact on our lives.
In this context, I believe that consumers’, or customers’, sense of value toward product purchases and services
is changing dramatically.
In this environment, one of the major measures we are taking is to narrow down the total volume of initialorders for the collection to products of high importance. Thereby, we carefully implemented the flow of

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additional production and production on order. We concentrated on eliminating waste and losses to thegreatest extent possible, and by doing so, we were able to obtain a large budget for the project.
As a result, sales did not reach our target, but the communication link to the customers who support eachbrand became very strong, and we were able to get a good gross profit as a result.
One of the challenges is that the e-commerce business has not yet fully grown. Although the sluggish
performance of major mainstay brands has overshadowed the growth potential of EC, we are still holding
numerous OMOs and events for all brands toward H2 as EC countermeasures. Although sales are still slowing
down due to reducing price discounts, which is now showing results, the Company's e-commerce site, sales
composition, and the number of new members are growing by double digits or more.
We will continue to try new measures, and we expect this area to recover in the near future.

As explained to you at the beginning of the fiscal year, we have recorded JPY590 million in head officerelocation expenses. Excluding relocation expenses, H1 operating income exceeded 100% YoY. As a result, wehave increased our earning power and profitability. We are proud to say that this is a situation in which oneof our reforms has been very effective strategically, but we would also like to examine it more closely andimprove it in terms of content.
As for DX reform, we invested in Sitateru Inc. as a new initiative. We are also looking forward to forming an
alliance with Alibaba and JP GAMES to create new attractive games, content, and innovative business models.
In addition, since June, we have further strengthened our internal business organization under the new
structure of the TSI Innovation Program 2025 and have begun activities for further evolution in H2 and beyond.
In particular, we have started by dividing our business into four domains. We will reinvest this in each of ourdomains, including the losses we have incurred up to now, to determine which businesses to focus on, as eachwill be a system that can run on its own, and we hope to make the foundation of the system solid.

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3Performance highlights.
The H1 results are: net sales of JPY72.08 billion, operating income of JPY580 million, and net income of JPY2.24
billion. Net sales for H1 were 111.3% YoY, or JPY7,330 million in terms of value.
However, the sales budget for the e-commerce side, which greatly expanded its sales composition in theprevious fiscal year, has fallen short of its target. Operating income was JPY580 million, an improvement of
JPY1.57 billion from the previous year.
One factor is that we were able to pass on the risk of worsening procurement costs due to the weak yen to
our customers, including some brands. Second, the yield ratio in full price sales improved more than planned,
which was the main factor.
As for SG&A expenses, we have carefully reduced them, and have been able to achieve the budgeted level orlower.
Net income was 119% YoY and JPY2.49 billion higher than the budget due to the positive impact of large
foreign exchange gains on foreign currency denominated assets and the elimination of cross shareholdings,
achieving a record high for H1 of a fiscal year.

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4The following is a summary of operating income trends.
Operating income is JPY580 million, and EBITDA is JPY2.81 billion. This is due to the strong performance of
our strong performing businesses, golf and street, which have generated significant sales and revenue growththat exceeded expectations in Q2 following the previous quarter.
As for the ladies' wear area, business units that have evolved their sales methods, such as the OMO
enhancement business and the D2C business, have improved their yields beyond expectations.
Excluding head office relocation expenses, business profitability in H1 was 103.9% YoY, the highest result in
the recent past.
As you can see in the chart on the right, the red graph shows Q2, and the blue graph shows Q1. The profitabilityof Q2 has improved the most in the last five years, including the transfer cost of JPY290 million on a nonconsolidated basis. Without relocation expenses, the figure is minus JPY720 million. Until now, TSI was very
heavily weighted toward winter wear, but with the growth of the golf and street businesses, which are strongin summer, the sales composition ratio of the business brands that are heavily weighted toward heavy fall andwinter wear has decreased, resulting in a structure that can easily generate earnings throughout the full fiscal
year.

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Sales trends by channel.
Physical store sales are steadily recovering at 121.6% YoY. Compared to the previous fiscal year, department
stores accounted for 151.5% and fashion buildings for 114.7%, showing very strong performance.
In the overseas business, business performance has been strong, but the impact of foreign exchange rate
differences on the amount of sales has also been significant. Overseas sales were JPY6.13 billion, an increaseof 126.4% as a percentage of total sales.
In the EC market, which is the cause of the slump, shows 94.9%; but looking at the EC market as a whole, therecovery of large mainstay brands is still lagging. Other businesses are in a phase of growth, with growth rates
exceeding 100% compared to the previous year, and we are now in a phase of concentrated recovery andcorrection of underperforming areas.

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6Trends by business segment.
In the physical store business, fashion buildings, as I mentioned, are up 114.7%, and the new line of our coreladies' brand, NATURAL BEAUTY BASIC, is performing well in city center fashion buildings. The average sales
growth rate is 135%, which is a very high percentage of the total sales, and the yield rate is more than 10%
higher than that of regular stores. The customers have been very receptive to the fact that things havechanged. In H2, we will further expand the number of stores introducing the new line, aiming to acquire evenmore new customers and make a business leap forward.
In the overseas business, sales expanded steadily in both the US and Europe; with 120.1% for HUF USA, and117.9% for MARGARET HOWELL in Europe, although there were some effects such as delivery delays due tosupply chain disruptions. However, sales in H1 were favorable in the end. As for H2, we expect the economy
to deteriorate due to inflation and cooling consumer spending due to conflicts other than the coronavirus,
but we forecast that business will remain steady from overseas as a result of prudent activities andmanagement.

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7EC sales results.
H1 EC sales were weak, at JPY19.77 billion, 97% YoY. Whereas the existence of discount sales has beensignificant in the past, we have been selling in full price and have been curbing discounts. However, we believethat the lack of a speedy performance in developing products sold exclusively to EC customers, providing
limited services other than price reductions, and the event strategy were the main reasons for the YoY decline.
In H2, we will be reinforcing our press system and building a new photo studio in our new building after the
relocation. The entire company is implementing measures to improve product assortments, including the restrengthening of events within the e-commerce channel for all brands and the development of limited-edition
product plans. In addition, we will continue to redevelop new ways of presenting our products and strengthen
our e-commerce sales system.

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8This is the current status of the EC channel and future initiatives.
It is not all bad, but there is a new aspect. The gross profit margin on EC sales was 57.1%, up 111.5% from thesame period last year.
In our own channel, we focused on acquiring new customers and the number of new members increased
118.5%. In addition, we hope to link the number of members acquired to sales through our e-commerce
campaigns and other new measures that we are planning for Q3.
First of all, we would like to reform our creations and make them easier to buy, by developing new products.

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9Overview by brand. Here are the top 10 brands in sales.
There are seven brands that are performing well. The sales growth rate of strong brands was 123% in total,well above the company average. In addition, our large brands are steadily growing their businessperformance, and we have been able to start improving their profitability. There are three brands that areunderperforming.
I will introduce from the brands that are performing well. HUF for example, has achieved a 170% increase insales both in Japan and overseas, thanks to the X Games event held at the beginning of the fiscal year, newspecialized graphics, and high-quality items. Our presence both domestically and internationally is expanding
significantly.
As for PEARLY GATES, together with new balance golf, the golf business has continued to perform well at
117.3%.
NATURAL BEAUTY BASIC's new line has been extremely effective, and the growth rate of urban stores such as
LUMINE, where the Limited Line is being developed, is up 135% from the previous year. We also believe that
this will spread to other stores as a new line of products, which will bring in new sales and new customers.
human woman is a department store brand, the rebranding has been very effective, with same-store sales at
148.8%. There are also issues such as the withdrawal of unprofitable stores and low growth in e-commerce.
We would like to make new developments here, including another review of our clientele.
As for underperforming brands, NANO universe is still in the process of rebranding, and we would like to takea little more time to revive it. Since it is a large brand, it will take some time to rebrand the entire brand, but
we will take every possible measure in H2 to revive the brand together again.
As for UNDEFEATED and STUSSY, the slump in sales is due to the delay in logistics, and we are confident thatthey will recover in H2.

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I would like to come to the net income and balance sheet. Net income impact items.
Including foreign exchange gains of JPY510 million due to off-budget related to US dollar-denominated assetsof overseas subsidiaries, etc., and adding other non-operating gains and losses of JPY800 million within thebudget, ordinary income was JPY1,890 million. As for extraordinary income/loss, the Company soldinvestment securities ahead of schedule in H1, recording a gain of JPY770 million. After adding income taxesdeferred, net income was JPY2,240 million, the highest in H1, with a profit margin of 3.1%.

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11With regard to the balance sheet, we continue to maintain a sound financial position. We will invest our
strategies and management resources in businesses with growth potential.
As for the inventory assets that we have, inventory increased by 116.4%, or JPY3 billion, compared to 111.3%
in the previous fiscal year. This is due to the early introduction of full price sales products in consideration of
the disruption of the supply chain.
In addition, our inventory situation is very good, as we are at an appropriate level based on our sales forecast
for H2.
The Company's shares will be treasury stock. Previously, the Company repurchased treasury stock as part ofits capital policy implementation and shareholder return policy. The increase is JPY490 million.
As for the capital adequacy ratio, it is at a high level at 71.5%, but we will continue to make effective use offunds by investing in our core business and strengthening our supply chain, in addition to investments in the
SDGs and the digital domain.

We are pleased to report on our efforts for TIP25 and each areas.
With TIP25 as a start, the four domains and investment business areas are summarized. We hope you willtake the time to look at each brand.

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First is wellness and lifestyle.
Wellness and lifestyle will elevate itself from an apparel brand to a community brand under the theme ofcreating an attractive community. Sales were JPY22.67 billion, 121.2% YoY.
On topic, and wander is developing a new community in North America. The overseas wholesale ratio has
exceeded 50%, and we have received very large orders for the next spring/summer season, so we will develop
the global market, including North America, Europe, and the United States, for outdoor wear.
This time, we are going to introduce the Jack Bunny!! brand of golf. We will hold its junior golf tour again thisyear, which has been going on for more than 10 years and has produced a variety of new and promising female
professional players since its inception. A typical example is Erika Hara, who is also from the Jack Bunny!! golf
tour, I believe that our joint efforts to nurture these young players from a young stage of their development
is having a positive effect.
In addition, Urth Caffé is proposing a new lifestyle in the residential area of Chigasaki in the Shonan district,with the image of California, where Urth Caffé will compose the goodness of Urth Caffé together with thecommunity, creating a store with local-ism rooted in the community.

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Street and culture.
Under the theme of "a platform for play rooted in the spirit of the street," we will continue to create newcreations by expanding on the keyword "play" to seep into the surrounding lifestyle and reinventing gear. Net
sales were JPY24,720 million, or 102.8% YoY.
AVIREX, which has been around since the 1970s, has enjoyed strong sales of related products following theblockbuster success of the movie, Top Gun: Maverick. We are also doing very well in pre-order sales, which
has led to the acquisition of new customers. Sales also remained strong at 120.5% YoY.
In addition, we will launch an offensive to open new stores under the ONE HUF PROJECT, which celebrated its
20th anniversary. Established in 2002, HUF is celebrating its 20th anniversary this year. We are developing avariety of commemorative and collaborative items globally to celebrate our 20th anniversary.
Globally, the sales were 170% YoY, but in Japan, sales jumped 237.1% from the previous year. We would liketo use this opportunity to open new stores in Kobe, Iruma, Kisarazu, and Kumamoto.

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Fashion capital domain.
We will continue to provide services that constantly respond to trends and changes. Net sales totaled
JPY16,060 million, 118.1% YoY.
Our new brand, LE PHIL, has received a great response from the market. Sales, compared to the previous year,
were 177.2%. We have an established weekly installment live on Thursdays, that kind of thing. As for
exhibition preorders, we have already doubled them to 200%. The quality and design are very high, and in thissense, the Company has earned a high reputation both internally and externally. In addition, trials of new
physical stores will be initiated as a result of this.
One of the very strong points of the OMO strategy is the Arpege story. Sales growth is achieved throughservices that leverage the strengths of each channel, such as EC pre-sales, store layaway from EC, reservations,and other services that utilize EC inventory to serve in-store customers, leading to reciprocal customertransfers between EC and stores.
First, physical store sales were 225.6% YoY, and EC sales were 220.3% YoY. Both channels have grown andcontinue to perform well. We believe that this has created an environment where customers are very pleased
with the rich content, attractive guests, and live commerce by such people, and we believe that we aretransmitting our brand value and gaining support.

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Digital generation.
This domain will be enriched with content that captures the ever-expanding next generation. And we hope tocreate empathy and enthusiasm from our customers. Net sales of JPY6,110 million, 110.7% YoY.
As for topics, hueLe Museum, this is a D2C business with a focus on art, flowers, and fashion. We arecontinuing to hold POP UPs at GINZA SIX, and as a further development of our products, we will speed up
production by using digital technology in collaboration between our own factory and the supporting
production facility, Sitateru, and the storefront. We would also like to conduct trials to further enhance thedesign.
In addition, the D2C brand CHAROL has made its debut this year. We would like to propose a mode style thatmixes relaxation with a moderately relaxed form.
ETRÉ TOKYO, our largest brand, has been collaborating with various major jeans makers, including EDWIN,
which is shown here. In addition, the contents of the product have been very well received, and the planned
quantity was sold out immediately. We are looking forward to proposing attractive products to you.

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Now that I have finished explaining each domain, during this time, I would like to talk about Alibaba Cloudand JP GAMES, which we have just announced earlier.
Alibaba Cloud is one of the world's largest cloud computing companies, and JP GAMES is a company founded
by Mr. Tabata, a member of the Final Fantasy production team. We will start a joint development project for
the Metaverse with the three companies.
The 3D virtual space metaverse is expected to be the next-generation channel for e-commerce sales, and wewould like to create a new metaverse space experience that is not limited to the physical sales channel.
We would also like to participate in a new platform in the Metaverse and propose fun and entertaining fashion.

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Now, I would like to report on our efforts regarding the SDGs.
We will make disclosure based on the TCFD recommendations. We agree with the TCFD's recommendations
and will disclose four items: governance, risk management, strategy, and indicators and targets.
As for indicators and targets, we will visualize CO2 emissions throughout the value chain and aim to achievecarbon neutrality by 2050. Specific reduction targets have been established through 2030.
I would also like to show you the actual CO2 emissions and reduction targets as this table. Scope I, II, and III
are quite high as targets, and we are determined to meet these targets with the entire company.

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We have developed three areas of innovation to create opportunities based on the risks to achieve carbon
neutrality in 2050. We will continue to materialize our strategy to become carbon neutral by 2050. We hope
you will take a look at the three areas of innovation that will create this opportunity.

As for sustainable topics in H1, we will promote sustainable product manufacturing that takes into
consideration the environment and human rights, from raw materials to manufacturing processes and sales
methods.

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19One particular topic was the first sustainable exhibition at TSI ALL GOLF BRANDS. This was not only an
exhibition, but also a presentation of our initiatives in concrete terms.
In addition, we have begun to use recycled materials for the interior of our new building, such as furniture
made of upcycled materials from discarded clothing fibers, and flooring made of recycled waste tire materials.
We are also in the process of developing a plan to use this more and more for our actual stores.

We have started a project to develop organic cotton. We have signed an outsourcing contract with SynCom
Agritech Co., Ltd., an agricultural venture company, for the development of our own organic cotton andresearch on cotton productivity reform. TSI has started growing its own cotton in Tamil Nadu, India.
SynCom Agritech Co., Ltd. was founded by members who met at the University of Tsukuba with the goal of
production innovation in organic agriculture. By reforming the productivity of organic cotton, which is
produced in small quantities, we would like to reduce the environmental burden and achieve centralized
traceability management by incorporating the production of raw materials, spinning, and sales using our own
organic agriculture in a single integrated process.
In the future, we will aim for practical application in the NANO universe and NATURAL BEAUTY. In reality, we
have rented a 600-acre farm and have already started growing cotton there.

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Last but not least, I would like to report on our full-year forecast. Based on the results for Q2 and H1, we havedecided to revise upward our full-year consolidated earnings forecast for FY2023.
The revised forecasts are net sales of JPY154 billion, operating income of JPY1.8 billion, ordinary income of
JPY3.3 billion, and net income attributable to the parent company of JPY2.4 billion. The revised forecast fornet income per share has been revised upward from the previously announced forecast of JPY16.59 to
JPY27.63. With regard to net sales, we have revised our forecast for H2, in addition to the actual results for
H1. Realistically, however, we expect net income attributable to shareholders of the parent company toincrease by JPY0.9 billion compared to our initial forecast, after strictly evaluating the impact of Q4 sale sales
and other factors due to global inflation and the weak yen.
We have also revised upward our previously announced full-year forecasts for operating income and ordinary
income, based on H1 results and H2 earnings estimates. Although this is a rather firm announcement, we will
do our utmost to exceed it and keep our promise.

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Our goal is “to create sympathy for the world and social value through the power of fashion entertainment”
and as a fashion entertainment creation company, we are committed to nurturing fashion brands that are fun
and that delight our customers.
And in terms of the current situation, sales have been very strong in October, with a tailwind of favorable
weather and a very enjoyable fashion environment. We are determined to fight hard and enjoy making
proposals to please our customers, both on the sales floor and in the e-commerce market, through theremainder of the year. We would like to ask your support for our company.
Thank you very much for your time today.
[Video Ends][END]______________
Document Notes
1.
2.
3.
4.

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

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