NITORI Holdings Co., Ltd.
Financial Results Presentation for the First
Quarter of FY2024

August 7, 2024

Overview of Consolidated Financial Results(100 million yen)

Q1 FY2024

Q1 FY2023(2024.4.1–2024.6.30)(2023.4.1–2023.6.30)

Actual

To salesActual

To salesPrior Period
Comparison
ChangeYOY

Net sales

2,328

-

2,185

-

143

106.6％

Gross profit

1,192

51.2％

1,110

50.8％

82

107.4％

SG&A expenses

848

36.4％

780

35.7％

67

108.6％

Operating income

344

14.8％

329

15.1％

15

104.6％

Ordinary income

360

15.5％

335

15.3％

25

107.5％

Profit attributableto owners ofparent

242

10.4％

229

10.5％

12

105.7％

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2

Summary of Financial Results
by Reporting Segment(100 million yen)

Q1 FY2024

Q1 FY2023(2024.4.1–2024.6.30)(2023.4.1–2023.6.30)

Actual

To salesNet sales

2,041

Operatingincome336

16.5%

Net sales

313-

Operatingincome7-

Actual

To sales

1,902

Prior Period
Comparison
Change

YOY

-

139

107.3%

317

16.7%

18

106.0%

305-

7

102.4%

3.7%

-3

64.3%

NITORI
business

Shimachubusiness

2.3%

11*The Shimachu business‘s operating incomes for the Q1 of current and previous fiscal years include 0.83 billion yen and 0.83
billion yen, respectively, in amortization of both goodwill and unrealized gains on buildings.

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3

Consolidated Ordinary Income (YOY)▪ Purchase foreignexchange impact -60▪ Inventory exchange
impact +24＋58▪Impact of revenue increase▪Increase in depreciation of logistics centersand expenses for consumables and supplies-36

Exchange
rate impact(100 million yen)

＋20

Improved grossprofit, etc.

-25

Personnel
expenses

335
Shimachu

13▪Decrease in store fixtures expense,
miscellaneous expenses, etc.

+9
Logistic
expenses,etc.

Net sales
increase+23-20

Others-4

360

Shimachu
consolidated

Shimachu

9

Consolidated
subsidiaries
andassociates

NITORI351
NITORI
322▪Impact of oil pricedecrease, etc.

▪Increase in pay rate due to a rase
▪Increase in number of employees

Q1 FY2023
Ordinary
incomeCopyright 2024 Nitori Holdings All Rights Reserved▪Including amortizationof goodwill, etc.

Q1 FY2024
Ordinary
income■不許複製印刷配布

4

Gross Profit and SG&A Expenses(100 million yen)
SG&A
expenses

Amount

YOY

Ratio tosales

ChangeSG&A
expenses

Amount

YOY

Ratio tosales

ChangePersonnel
expenses272 116.8%

11.7％+1.0ptOutsourcing
expenses

51 104.4%

2.2％-0.0ptRents

124 102.7%

5.3％-0.2ptDepreciation

61 113.3%

2.6%+0.1ptShipping anddelivery costs

86 109.3%

3.7％+0.1ptAdvertisingexpenses46

2.0％-0.3pt93.6%

Gross profit margin ratio

Capital investment

210
Q1 FY2023
NITORI Group50.8%+0.4ptOthers53.0%+0.3pt+1.1pt-3.0pt52.7%

Capital investment, etc.

-1.8pt51.2%+1.0pt+1.2pt• FX impact
applied to thepurchase(143.72 yen⇒157.05 yen)

• FX impact
applied to theinventory

Q1 FY2023
NITORI segment
Copyright 2024 Nitori Holdings All Rights Reserved• Impact of oil
pricesdecrease• Impact of
Shimachu
consolidation

Q1 FY2024
NITORI segment■不許複製印刷配布

Q1 FY2024
NITORI Group5

Consolidated Balance Sheets(100 million yen)Accounts

June 30,2024

March 31,2024

Change

3,162

3,477

-314

Cash and deposit

1,338

1,379

-41

資
Inventory
産の Non-current assets
部
Property, plant and equipment

1,056

1,085

-28

9,076

8,909

167

7,539

7,368

170

Intangible assets

310

311

-0

12,23912,386

-147

2,407

2,763

-355

404

482

-78

1,019

1,075

-56

657

660

-2

300

300

－

Total liabilities

3,065

3,423

-358

Total net assets

9,174

8,963

211

12,23912,386-147

Current assets

Total assets
Current liabilities
Accounts payable-trade

負Short-term loans payable
債の Non-current liabilities
部
Long-term loans payable

Total liabilities and net assets

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Major factors in changes

Merchandise and finished goods -23

Construction in process +189

Retained earnings +160

6

Number of Stores as of June 30, 2024
End of FY2023

Net increase

End of Q1
FY2024NITORINITORI EX

556

2

558

DECO HOME

174

1

175

N plus38

4

42

Shimachu

54

0

54

Subtotal

822

7

829

Taiwan61

263

Mainland China

95

5

100

Hong Kong

1

0

1

Korea

3

2

5

Malaysia

11

0

11

Singapore202

Thailand

50

5Vietnam1

12Philippines

0

1

1

Subtotal

179

11

190

Total

1,001

18

1,019

Type

Area

J
A
P
A
N

O
V
E
R
S
E
A
S

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Major Indicators of Management Efficiency (1)

GROUP (three-months period)

No.

Indicator

1

Return on assets

2

Total asset turnover32024.6

Unit

TargetResult％Over 3.75％

×

2.9

3.0

3.7

4.6

5.4

Times

Over 0.5

×

0.19

0.19

0.21

0.23

0.25

Ordinary income
margin％Over 10%

○

15.5

15.3

17.1

20.2

21.5

4

Earnings per share¥

Over ¥25

○

214.3

202.8

220.9

258.0

226.7

5

Return on equity％

Over 3.75％

×

2.7

2.8

3.3

4.3

4.5

6

Equity ratio％

Over 60％

○

75.0

75.2

73.3

71.2

84.0

7

Interest coverage

TimesOver 20

○

327

376

750

1,075

1,717

8

Sales growth rate％

Over 10％

×

6.6

0.9

0.6

24.0

3.9

9

Ordinary income
growth rate％

Over 10％

×

7.5

-9.3

-14.9

16.3

21.6

％

Over 48％

○

51.2

50.8

51.5

53.2

56.3

％

Under 80％

○

66.6

66.7

62.8

58.5

57.6

Ratio of gross profit

10 to sales

Ratio of break-11 even point tosales

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2023.6■不許複製印刷配布

2022.52021.52020.58

Major Indicators of Management Efficiency (2)No.

Indicator

2024.62023.62022.52021.52020.5SALE OF FURNITURE AND HOME FURNISHING

Unit

TargetResult12 Sales per tsubo

KOver ¥950K

○

103.0

100.8

105.9

109.4

112.4

13 Stock turnover

Times

Over 9

×

5.3

4.3

5.7

5.7

5.5

Times

Over 2.9

×

2.8

2.8

3.6

3.5

3.4

％

Over 20％

○

32.2

34.9

36.5

40.8

38.0

％

Under 25％

○

23.0

23.0

21.1

19.5

19.2

％

Under ６％

○

4.3

5.1

4.3

3.9

4.7

18 Labor productivity

M

Over ¥10M

○

2,029

2,055

2,233

2,166

2,210

19 Sales floor per labor

Tsubo

Over 60

×

37.7

38.6

39.6

35.9

36.0

20 tsubo

K

Over ¥150K

○

15.9

17.3

19.6

23.4

22.0

21 Stock per tsubo

K

Under ¥90K

×

10.1

11.8

9.0

8.3

9.0

Age

30–35

○

32.8

33.5

33.1

32.7

32.8

Operating assets

14 turnover

Ratio of profit

15 distribution
16
17

Ratio of real estate costto gross profit
Ratio of sales promotion
cost to gross profit

Operating income per

22 Average age of labor

Results ( 〇 won / × lost )Copyright 2024 Nitori Holdings All Rights Reserved

13〇9×

13〇9×

■不許複製印刷配布

15〇7×

19〇3×

18〇4×

9

NITORI Segment Topics

YOY Changes in Comparable Stores
（％）
110
105

Sales, YOY

102.9

102.0
97.7

97.7

100

98.2

95

90
（％）
115

No. of Customers, YOY
Average Spend per Customer, YOY

105.7

101.4

99.6

105
95

96.5

110.1

98.1

104.8

98.2

96.3
89.2

85
Q1 FY2020

Q1 FY2021

Q1 FY2022*Sales＝Sales based on order

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Q1 FY2023

Q1 FY2024*Aggregate targets: NITORI, DECOHOME, EC

11YOY Changes in Comparable Stores in FY2024
（％）
125
115

110.8

110.0

108.5

114.6

112.3

105
95

98.4

97.5

99.5

85
（％）
125
115

122.3
116.0
107.1

105
95

106.9
99.5

101.3

85
Nov.
2023

111.7

98.9

Dec.

101.7

102.9

95.5

93.7

Feb.

Mar.

Jan.
2024

*Sales＝Sales based on order

Copyright 2024 Nitori Holdings All Rights Reserved■不許複製印刷配布

95.9
Apr.

101.3

100.5

98.2
May

Jun.

*Aggregate targets: NITORI, DECOHOME, EC

12

NITORI Segment Sales（Net Sales）
NITORI segment sales: 204.1 billion yen
Compared to Q1 FY2023: 107.3%(100 million yen)

2,041

1,902

AmountNet sales

YOY(100 million yen)Store sales(including overseas)

1,684

105.6%

E-commerce

253

115.0%

B to B
Renovation

33

118.7%

Rent income

22108.6%

Others48

124.9%

2,041

107.3%

Sales
outside stores(including
overseas)

Total

Sales composition by region

Q1 FY2023

Q1 FY2024

Copyright 2024 Nitori Holdings All Rights Reserved

Hokkaido

3.9％-0.1ptChugoku&
Shikoku

6.5％-0.3ptTohoku4.6％-0.3ptKyushu &Okinawa

8.5％-0.2pt

Kanto

26.9％

-0.5ptEC

Hokuriku&
Koshinetsu

4.8％

B to B &-0.1pt Renovation

1.6％ +0.2pt

Chubu &
Tokai

8.9％

-0.2ptOverseas

5.4％ +0.9pt

Kinki

13.1％

-0.5ptOthers

3.5％ +0.2pt■不許複製印刷配布

12.3％ +0.9pt

13Furniture Product Development
Pursuing optimal comfort for furniture users◼

Shifting from a style where people adapt to the size, height, and angleof furniture to one where electric furniture conforms to the user
providing personalized comfort.
Electric reclining sofa
KK6133◼

◼

◼

Raised fabric with
nice touch
Limited time pricereduction through TV
CMs and other media
Space-saving andcompact

We plan to expand theexhibit to allow
customers to casually
try them in the display
areas of our stores.
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Home Fashion Product Development
Focusing on developing products that add convenience and comfort to people's lives◼

Aiming to make people's lives more convenient and comfortable, we have developed anumber of convenient goods that make housework easier, given the background of theincreasing number of dual-income households.

10-in-1 Slicer Set◼

◼

From preparation to cooking andstorage
Effortlessly compact, easily stored

Multipot with strainer for
IH and gas stove◼

Versatile with 7 different cooking
methods

We develop products that lighten
household chores, helping people toenjoy a busy yet fulfilling daily life.
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15

Sales Promotion Measures
Offering limited-time sales on priority sale items in conjunction with TVcommercials to respond to customers' requests for products they want at
this time of the year
Our confident product, developed to date,is designed to enhance ease of use andimprove the norms of everyday life.

We offer products that cater tocustomers' needs throughout the seasons,ensuring we have what they want foreach time of year.

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Strengthening Home Appliances

Strengthening home appliances as the third pillar,
following furniture and Hfa (home fashion)
We expand business scope toinclude home appliances as amajor pillar of NITORI businessexpansion, in addition to furnitureand Hfa.
We plan to increase the sales
area for home appliances overthe current and next fiscal years
according to the size of the store.

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17

Number of App Members▪20.26 million app members as of June 30, 2024, up 0.93 million from the end of FY2023.
▪Further improving customer convenience through a revamped app with new functions.

Number of app members

1,933

App members-related figures(10 thousand people)▪Number of purchases per year

2,200

1.5 times higher than non-app
members

2,026▪Amount of purchases per year

1,601

1.7 times higher than non-app
members

1,314

Customers shopping both in storesand via EC nearly doubled both thenumber of purchases and the amountof purchases per year.
FY21

FY22

FY23

Q1/FY24

FY24(Target)Copyright 2024 Nitori Holdings All Rights Reserved*non-app members=card/EC/LINE members*Aggregate for the 12 months from July 2023 to June 2024
■不許複製印刷配布

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E-Commerce◼
◼

Domestic online shop sales for the first three months will be 25 billion yen.
(115.3% YOY)
Live commerce achieved 2.13 million viewers in three months. (236.7% YOY)

Domestic E-Commerce
Sales YOY
150

Live Commerce◼

◼

140.9％

125

Aired 50 times in Q1 (regularly aired three times aweek).
Created 358 clip videos in Q1.
⇒They are automatically linked and pop up on the
product pages of NITORI-net

115.3％

115.9％
119.8％

100

109.3％
101.8％

75
Q1/FY19 Q1/FY20 Q1/FY21 Q1/FY22 Q1/FY23 Q1/FY24

EC Sales Conversion Rate: 12.7%
Change compared to Q1/FY23: +0.9pt
Change compared to Q1/FY22: +1.2pt*Excluding B to B and Renovation*Sales＝Sales based on order

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New EC・Revamping App
Changing the Shopping Experience◼
Evolving our APP UI to enhance convenience and align withcustomers' purchasing behavior and objectives.
◼

◼

Necessary information, such as
shipping charges, minimum delivery
time, and stock availability at thenearest store, etc., is displayed bymethod of receipt.
⇒Customers can choose the best
method for their purchase.
It can filter selection to productsthat are in stock at a specific store.
⇒Helps store purchases
Accelerating integration of
in-store and EC
Leveraging the strength of
the NITORI Group*Scheduled to be released around fall 2024.

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20

DECO HOME
▪Q1 Existing stores sales YOY: 106.3%▪Number of stores as of June 30, 2024: 175 stores (+1 store）（％）

Number of Stores

Existing Stores Sales YOY

125106.3％
99.0％

100

75

Q1/FY22

140

96.6％

Q1/FY23

174

175

FY22

FY23

Q1/FY24

106

94

FY19

Q1/FY24

167

FY20

FY21

▪Starting June 17, 2024, we revised the prices of 300 popular items
YOY Trends for Existing Stores

（％）
130

Net sales

Number of Shoppers

Average Spend per Customer
121.0

119.9
120

110

109.9
105.6
105.4

105.0

103.1

104.8

102.3

106.5
100.7

103.0

99.6
100
100.2

103.4
106.5

103.2
100.2

99.3

5/27-6/2

6/3-6/9

98.9

90
5/20-5/26

115.9

107.7

Copyright 2024 Nitori Holdings All Rights Reserved

6/10-6/16

6/17-6/23■不許複製印刷配布

96.0

98.8

98.9

6/24-6/30

7/1-7/7

7/8-7/14

110.7

110.3

118.7
102.0

99.7
7/15-7/21 7/22-7/28

21

N plus

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22

Overseas Business (Eastern Asia)
Mainland China reached the 100-store markHeld a ceremony commemorating the
opening of our 100th store in China
Newly opened▪Apr. 30
▪May 25▪May 25▪Jun. 1
▪Jun. 28
▪Jun. 28
▪Jun. 28
▪Jun. 28

Aegean Shopping Mall Store
Hefei Baohe Mixcone Store
Changzhou MixC Store
Hangzhou Qiantang AEON MALL Store
Guangzhou Panyu AEON MALL Store
Nanjing Yushan Paradaise Walk Store
Chongoing Yuanzhu Paradise Walk Store
Chongoing Yunling Paradaise Walk Store

Sales promotion▪Advertised in local media, domestic online articles, etc.

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23

Overseas Business (New Store Openings)
Indonesia
Opened our 1st store in Indonesia▪Jul. 25 Central Park Store⇒The 10th country or region in Asia

Located in Central Park Mall, one of thelargest shopping malls in Jakarta.

Copyright 2024 Nitori Holdings All Rights Reserved■不許複製印刷配布

24

Overseas Business (Eastern Asia)
Korea
Newly opened▪Apr. 25
▪Jun. 13Homeplus Incheon Yeonsu Storeemart Hwaseong Bongdam Store

Sales promotion▪Kakao Talk: 22,000 members▪Instagram: 5,600 members▪Recruiting influencers, promoting sales for
N-coolTaiwanHong Kong
Sales promotion

Newly opened▪May 24 1st store in Nantou County⇒Carrefour Nantou Store▪Jun. 13 HFa store⇒Changhua Yuanlin RT-Mart Store▪Events for pets
⇒Held on weekends andholidays as part of shopping
center campaigns

Sales promotion▪Introduced BOPIS*⇒Customer integration between EC
and stores*BOPIS: Buy Online Pick-up In Store

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25

Overseas Business (Southeast Asia)
Vietnam
Newly opened▪Jun. 27 1st store in Ho Chi Minh City
⇒Vincom Mega Mall Grand Park Store

Sales promotion▪Notified ESLP* reductions⇒Noticed via SC bulletin boards, instore announcements, flyers, andsocial media.

Thailand
Sales promotion▪ Notified ESLP* reductions⇒Installed promotion board tocommunicate "New Lower Price."▪Issued coupons to promote
store visits and purchases⇒Collaboration with Takashimaya▪Packaging products with Thailanguage labels⇒Facilitated customer purchases*ESLP: Everyday Same Low Price

Copyright 2024 Nitori Holdings All Rights Reserved■不許複製印刷配布

26

Overseas Business (Southeast Asia)
Philippines
Newly opened◼

Apr. 18

MITSUKOSHI BGC Store

Sales promotion◼

◼

Malaysia

Singapore
Sales promotion

Sales promotion◼
◼

Focused on furniture customer
service training and SNS distribution⇒Successful sales of electric
reclining sofas
Focused on curtain customer service
training⇒Proposals tailored to local lifestyles
Promote the unique strength of
NITORI curtains

Held mattress campaign
Offered mattresses in a range ofsizes to meet local demand◼

【QUEEN】
W152cm×D190cm【KING】
W183cm×D190cm

Copyright 2024 Nitori Holdings All Rights Reserved■不許複製印刷配布

Sales measures forcurtains⇒Custom measuringservice(a) Online(b) One staff(c) Two staffs

We offer threemeasuring options foreasier customer choice.

27

Shimachu Segment Topics

Sunflower

Rudbeckia

Mini Sunflowers

Prairie Sun

Development of PB Products◼

PB product development went well, and new products
are being released in stores sequentially.
Recommended for commuting towork and school!
Sports type with high cycling
performance

Cross bike

¥22,546(¥24,800, tax included)

External 6-speed
Copyright 2024 Nitori Holdings All Rights Reserved■不許複製印刷配布

29

N easy: Shimachu PB Clothing◼

Increasing the number of stores by 30 in FY2024(from the current 9 to 39 stores)

Copyright 2024 Nitori Holdings All Rights Reserved■不許複製印刷配布

30

NITORI Group Topics

NITORI Group’s Sustainability
Promotes environmentally friendly initiatives ineach process of manufacturing, logistics, use, andend-of-use
Sustainable products and services“Manufacturing”
Product madefrom recycledmaterials

Easy-to-sort
product✖️Conserve
Resources“End-of-use”✖️Conserve
Resources

Collect, reuse,
and recycle
curtains

Product made ofrecycled down

“Logistics”✖️Reduce Co2Compressed packaged
product“Use”✖️Save Energy

Utilizing a connected business model
つながったビジネスモデルを活用

Copyright 2024 Nitori Holdings All Rights Reserved■不許複製印刷配布

Product using lessair-conditioning

32

NITORI Group’s Sustainability
Formulated NITORI Group Green Vision 2050 as our goal for 2050, aiming to be responsible
for the environment and to contribute to sustainable enrichment of people's homes

Promoting circular business practices

Aim for 100% productdevelopment designed forresource recovery after use whilestill "offering the unexpected"
Aim for 100% of productpackaging switched tomaterials with reduced
environmental impact while still"offering the unexpected"

Think about how not todispose of waste at the"end-of-use" stage duringthe "manufacturing"stage.

Utilize know-how onrecycling "end-of-use"materials in the"manufacturing" process.

Manufacturing

Aim for 100% recycling rate ofcollected products
Aim for a 50% reduction in
waste generation (per 100
million yen in sales compared to
FY 2018)
Aim for 100% recycling of waste

End-of-use
Climate change response

Sustainable procurement
Sustainable wood procurement
Aim for 100% of woodprocurement sources fromenvironmentally and socially
responsible production

Carbon Neutrality
Logistics

Copyright 2024 Nitori Holdings All Rights Reserved

Use■不許複製印刷配布

33

NITORI Group’s Sustainability
◼

◼

◼
◼

Curtain collection: In response to customer requests for easier curtain returns and thelack of nearby NITORI or Shimachu stores, all HOME DECO stores now accept curtains at
any time.
Towel collection: In response to customer requests for more convenient towel recycling,
the service, previously available at select stores, is now accepted at all locations
nationwide to enhance resource recycling efforts.

Participants: approx. 318,000
Collected weight: approx. 1,170 tons

*Cumulative results from FY2022 to FY2023◼
◼

Participants: 237
Number of towels collected:
approx. 4,200 (nearly 20/person)*Results form select stores during Jan. 29-Mar. 3, 2024

Copyright 2024 Nitori Holdings All Rights Reserved■不許複製印刷配布

34

NITORI Group’s Sustainability
NITORI Power Plant commences full operation: Japan's first scheme to utilize
surplus electricity◼
NITORI Group, leveraging its nationwide network, has created a renewableenergy cycle by utilizing surplus electricity generated on rooftops of its storesand logistics facilities (in collaboration with Sustech Inc.).
◼
One of Japan's largest solar power generation projects on the roofs of its own
facilities under the FIP system.

Surpluselectricity

ショッピングセンター内店舗など

Power
generation

In-house
consumption

A system that is possible only with NITORI having stores of various formats
Advanced AI-powered predictions are used for optimizing power generation and demand.
Surplus electricity is utilized at other sites.
⇒It can reduce green house gas emissions by more than three times compared to solar
power generation for in-house consumption.
Expansion to 180 locations will save 1.2 billion yen per year.
⇒Balancing environmental responsiveness with business comparability.
Copyright 2024 Nitori Holdings All Rights Reserved ■不許複製印刷配布

35

HR Development
Investing 5 times more in employee education than the average of listed companies◼

U.S. Seminar started in 1981
Total of over 14,000 participants until 2023, resuming in fall 2022 for the first time in 3
years.

Annual investment ineducation per employee

290,000 yen*Approx. 5 times the average oflisted companies
Continued investing in education,even in times of crisis.

NITORI Group new hireceremony for fiscal 2024
983 new hires(636 in the previous year)
Copyright 2024 Nitori Holdings All Rights Reserved■不許複製印刷配布

36

NITORI Group Growth Potential◼

The wage and summer bonus amounts for NITORI Group were featured in the
Nikkei's article, Summer Bonuses of 430 Companies.
*Excerpts from the Nikkei newspaper, July 19, 2024
Company

Nitori Holdings Co., Ltd.
TAISEI CORPORATION

Current base wage
(Yen)

Average age

IHI Corporation

358,488

39.0

East Japan Railway Company

355,868

39.0

Rinnai Corporation

354,23039.7

373,62931.9

546,900

42.0

SKYLARK HOLDINGS CO., LTD.

352,758

43.2

SUMITOMO CHEMICALCOMPANY, LIMITED352,344

37.6

KYOCERA Corporation

351,455

39.8

TDK Corporation

348,903

38.7

YUASA TRADING CO.,LTD.

347,957

34.4

Kirin Holdings Company,
Limited347,647

32.9

Ushio Inc.

347,264

42.9

SHIMIZU CORPORATION

528,44142.9

Mitsubishi Corporation

499,500

34.6

Takashimaya

469,227

48.6

SHIMAMURA Co.,Ltd.

448,765

43.1

OTSUKA CORPORATION

430,386

42.0

Olympus Corporation

415,876

40.5

Fujitsu Limited

400,700

42.5

FUJIFILM Corporation

396,43640.2

KONIKA MINOLTA, INC.

386,483

45.1

Shochiku Co., LTD.

380,726

39.0

CASIO COMPUTER CO., LTD.

379,399

42.8

SoftBank Corp.

378,954

41.1

Daimaru Matsuzakaya
Department Stores Co. Ltd.

375,880

49.7

Seiko Epson Corporation

373,352

41.7

TOYOTA AUTO BODY CO.,LTD.

365,890

39.8

MinebeaMitsumi Inc.

362,998

44.3

PIONEER CORPORATION

361,060

43.9

Nissan Motor Co., Ltd.

360,000

39.7

Yamaha Motor Co., Ltd.

359,936

40.1

Sekisui House, Ltd.

359,200

41.4

Copyright 2024 Nitori Holdings All Rights Reserved

NITORI Group has implemented annual salary baseincrease for 21 consecutive years.
NITORI Group has established an environment
where results are directly linked to compensation
regardless of age.
*Payment amount including tax.
The amount paid, base wages, and age are in principle based on the averageof union members.
*Current base wage
A fixed monthly payment made by a company to an employee, including abase salary and a position allowance. "Current" refers to the expectedamount.

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37

Store Roll-Out Plan and Financial Plan

Store Roll-Out Plan in FY2024
Mar. 31, 2024
No. of stores

Q1
Net store
increase

Q2-Q4
Planned net
store increase

Mar. 31, 2025
PlannedNo. of stores

NITORINITORI EX

556

2

20

578

DECO HOME

174

1

15

190

N plus

38

4

22

64

Shimachu

54

0

-2

52

Subtotal

822

7

55

884

Taiwan

61

2

8

71

Mainland China

95

5

44

144

Hong Kong

1

0

4

5

Korea

3

2

4

9

Malaysia

11

0

5

16

Singapore

2

0

5

7

Thailand

5

0

6

11

Vietnam

1

1

5

7

Indonesia

0

0

4

4

Philippines

0

1

3

4

India

0

0

1

1

Subtotal

179

11

89

279

Total

1,001

18

144

1,163

Area

J
A
P
A
N

O
V
E
R
S
E
A
S

Type

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39

Consolidated Financial Plan for FY2024
No changes in the financial plan.
(100 million yen)

FY2024
Forecast

Prior Period
Comparison

FY2023To salesActual

To salesChangeYOY

Net sales

9,600

－

8,957

－

642

107.2%

Gross profit

5,088

53.0%

4,559

50.9％

528

111.6%

SG&A expenses

3,791

39.5%

3,282

36.6％

508

115.5%

Operating income

1,296

13.5%

1,277

14.3％

18

101.5%

Ordinary income

1,340

14.0%

1,323

14.8％

16

101.2%

920

9.6%

865

9.7％

54

106.3%

Profit attributableto owners of parent

Copyright 2024 Nitori Holdings All Rights Reserved■不許複製印刷配布40

【Note on the outlook】
This material contains projections and forward-looking statements regarding the future plans,
strategies and performance of the Company and its affiliates. These statements are not historicalfacts, but rather assumptions and beliefs based on information currently available to the Company. It
also involves risks and uncertainties related to economic trends, consumer spending, market
demand, and taxation and other systems. Therefore, please be aware that actual results may differ
from our projections.
This material contains unaudited reference figures, and amounts are rounded down to the nearest
100 million yen and rounded for all other figures.

Copyright 2024 Nitori Holdings All Rights Reserved■不許複製印刷配布

41