October 23, 2009 Stock Exchanges: Tokyo and Osaka, First Sections Company name:  Senshukai Co., Ltd. Stock Code: URL: http://www.senshukai.co.jp 8165 Mr. Yasuhiro Yukimachi, President and Representative Director Representative: Mr. Michio Tanabe, Senior Managing Director Inquiries: Tel: +81-6-6881-3100 Scheduled date of filing of Quarterly Report: November 6, 2009 Scheduled date of payment of dividend: - (All amounts are rounded down to the nearest million yen) 1. Consolidated Financial Results for the 3rd Quarter of 2009 (January 1, 2009 – September 30, 2009) (1) Consolidated operating results (cumulative)

2. Dividends

3. Consolidated Outlook for Fiscal Year 2009 (January 1, 2009 – December 31, 2009)

4. Other
(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes in scope of consolidation): None (2) Application of simplified accounting methods and special accounting methods in the preparation of quarterly consolidated financial statements: Yes Note: Please refer to "Qualitative Information and Financial Statements, 4. Others" on page 5 for further information. (3) Changes in accounting principles, procedures and presentation methods for preparation of quarterly consolidated financial statements 1) Changes caused by revision of accounting standards: Yes 2) Other changes: Yes Note: Please refer to "Qualitative Information and Financial Statements, 4. Others" on pages 5 and 6 for further information. (4) Number of shares outstanding (common shares)

*Cautionary statement with respect to forward-looking statements
- The above projections are based on information available at t the time of release of this report. Actual results could differ significantly from these projections due to a variety of factors. For further details regarding the projections, please refer to page 4, "Qualitative Information and Financial Statements, 3.Qualitative Information Regarding Consolidated Outlook." - Effective from the current fiscal year, the Company has adopted "Accounting Standards for Quarterly Financial Statements" (Accounting Standards Board of Japan (ASBJ) Statement No. 12) and "Guidance on Accounting Standards for Quarterly Financial Statements" (ASBJ Guidance No. 14). In addition, the quarterly consolidated financial statements are prepared in accordance with "Regulations for Quarterly Consolidated Financial Statements". The Company has adopted the amended Regulations for Quarterly Consolidated Financial Statements, pursuant to the proviso of Article 7, Paragraph 1, Item 5 of the Supplementary Provision of the "Cabinet Office Ordinance Partially Revising Revising Regulation for Terminology, Forms and Preparation Methods of Financial Statements" (Cabinet Office Ordinance No. 50, August 7, 2008).
Qualitative Information and Financial Statements
1. Qualitative Information Regarding Consolidated Results of Operations
The Japanese economy in the third quarter (January 1, 2009 to September 30, 2009) of the current fiscal year showed some signs of a pick up thanks to government stimulus measures, but remained in a recession due to ongoing declines in capital investment, and a continued slump in personal consumption due to uncertainty over the future. In the retail sector, personal consumption remained weak as consumers adopted a defensive stance towards spending and showed an increased preference for low-priced items given ongoing deterioration in the environment for employment and incomes. The environment for the retail sector remained extremely harsh as competition intensified with companies resorting to price competition, slashing prices for apparel goods and daily necessities. In this environment, the Senshukai Group pulls together in the second year of its medium-term management plan to achieve the targets of its plan which concludes in Fiscal Year 2010. Net sales in the third quarter of the fiscal year declined 5.9% year-over-year to 106,671 million yen particularly due to an impact in the mail-order business from a decline in personal consumption. In terms of profits, operating losses totaled 1,716 million yen in the third quarter of the current fiscal year, compared with an operating income of 1,195 million yen in the same period of previous fiscal year, due to a decline in the gross profit margin from a decline in n net sales and an increase in valuations losses from a change in the valuation of inventories. Ordinary loss expanded 949 million yen to 1,147 million yen. Net loss expanded 487 million yen to 1,538 million yen. Segment information (Mail-order Business) Consolidated sales in the mail-order business, which comprises the catalog and the hanpukai businesses, decreased 9.0% year-over-year to 95,068 million yen in the third quarter. In terms of profits, the Group booked an operating loss of 1,420 million yen (compared with an operating income of 1,850 million yen in the same period of the previous fiscal year), despite a decline in the purchasing cost ratio, due to a decline in sales, and an increase in the cost-of-sales ratio from a change in the valuation method for inventories that increased valuation losses. (1) Catalog business Consolidated sales in the catalog business decreased 8.8% year-over-year to 86,911 million yen. (2) Hanpukai business Consolidated sales in the hanpukai business declined 11.9% year-over-year to 8,156 million yen.
(Other Businesses)
The “other businesses” segment consists of the services business which primarily offers travel and credit card services, the storefront business, the pet business, the corporates business which provides products and services to corporations, and wedding business. Consolidated sales in this segment increased 30.6% year-over-year to 11,603 million yen. Operating loss declined 313 million yen to 350 million yen. Year-over-year changes in value and percentage terms are included as reference given differences in applied accounting standards.
2. Qualitative Information Regarding Consolidated Financial Position
(Balance sheet position) Assets totaled 99,019 million yen at t the end of the third quarter of the current fiscal year, down 5,040 million yen from the end of the previous fiscal year. Current assets decreased 4,081 million yen to 45,916 million yen. The main factors were decreases of 3,286 million yen in accounts receivable-other, and 1,378 million yen in cash and deposits. Fixed assets decreased 958 million yen to 53,102 million yen, mainly due to decreases in property and equipment of 296 million yen, intangible assets of 84 million yen, and investments and other assets of 576 million yen. Current liabilities decreased 9,722 million yen to 44,430 million yen. The main factors were decreases of 5,819 million yen in forward exchange contracts, and 4,380 million yen in accounts payable-factoring. Long-term liabilities increased 8,233 million yen to 13,865 million yen, mainly due to increases in long-term debt of 4,674 million yen and corporate bonds of 3,917 million yen. Net assets decreased 3,551 million yen to 40,722 million yen. The main factors were increases in deferred hedge gains (losses) of 467 million yen and net unrealized gains on available-for-sale securities of 375 million yen, while there were a 2,239 million yen decrease in retained earnings and a 2,142 million yen increase in treasury stock. Consequently, the equity ratio was 41.1%.
(Cash flow position)
The balance of cash and cash equivalents at the end of the third quarter of the current fiscal year was 6,473 million yen, a decrease of 1,713 million yen from the end of the previous fiscal year. Operating activities used net cash of 6,779 million yen. The main contributing factors were a 2,715 million yen decrease in other current assets, and depreciation expenses of 1,860 million yen. Negative factors included a 3,912 million yen decrease in other current liabilities, a 3,760 million yen payment for cancellation of derivative contracts, loss before income taxes and minority interests of 1,368 million yen, foreign exchange gains of 1,200 million yen, and an 841 million yen increase in notes and accounts payable-trade. Investing activities used net cash of 1,412 million yen. The main cash inflow was a 200 million yen proceeds from withdrawal of time deposits. The main cash outflows were 1,067 million yen for purchases of property and equipment, and 543 million yen for purchases of intangible assets. Financing activities provided net cash of 6,291 million yen. The main cash inflows were proceeds from long-term debt of 7,184 million yen and issuance of corporate bonds of 4,872 million yen, while cash outflows include 2,142 million yen purchases of treasury stock, repayments of long-term debt of 1,558 million yen, net decrease in short-term bank loans of 1,000 million yen, and cash dividends paid of 681 million yen.
3. Qualitative Information Regarding Consolidated Outlook
The Group expects to see greater volatility in the business environment, which requires close monitoring, as price competition among companies in different industries intensifies going forward due to cooling personal consumption on fallout from the economic downturn.
4. Others
(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes in scope of consolidation) Not applicable. (2) Application of simplified accounting methods and special accounting methods in the preparation of quarterly consolidated financial statements (Simplified accounting methods) 1) Method for estimating the uncollectible amount of general reserve The uncollectible amount of general reserve was estimated using the historical default rates at t the end of the previous fiscal year as the ratio at the end of the third quarter of the current fiscal year was found not to be significantly different from the ratio at t the end of the previous fiscal year.
2) Valuation of inventories
For inventories at t the end of the third quarter of the current fiscal year, a valuation was determined by using a reasonable method based on actual inventories at the end of the second quarter of the current fiscal year. No physical inventory count was performed.
3) Calculation of depreciation expense for fixed assets
For assets subject to the declining-balance method, depreciation expense for the period is calculated pro rata from the full-year amount of depreciation expense for the fiscal year.
4) Judgments about the recoverability of deferred tax assets
Judgments about the recoverability of deferred tax assets are made based on the earnings forecast at the end of the previous fiscal year and tax planning with regard to items where there have been no significant changes in the operating environment or in the occurrence of temporary differences following the end of the previous fiscal year.
(Special accounting methods in the preparation of quarterly financial statements)
The tax expenses were calculated by first estimating the effective tax rate after the application of tax effect accounting with respect to income before income taxes during the fiscal year, and multiplying that rate by the quarterly income before income taxes. However, the Company uses legally stipulated effective tax rates to calculate tax expenses for cases in which using estimated tax rates gives a noticeably irrational result. Deferred income taxes were included and displayed with income taxes. (3) Changes in accounting principles, procedures and presentation methods for preparation of quarterly consolidated financial statements 1) Application of "Accounting Standards for Quarterly Financial Statements" Effective from the current fiscal year, the Company has adopted “Accounting Standards for Quarterly Financial Statements" (ASBJ Statement No. 12) and "Guidance on Accounting Standards for Quarterly Financial Statements" (ASBJ Guidance No. 14). In addition, the quarterly consolidated financial statements are prepared in accordance with “Regulations for Quarterly Consolidated Financial Statements”. The Company has adopted the amended Regulations for Quarterly Consolidated Financial Statements, pursuant to the proviso of Article 7, Paragraph 1, Item 5 of the Supplementary Provision of the “Cabinet Office Ordinance Partially Revising Regulation for Terminology, Forms and Preparation Methods of Financial Statements" (Cabinet Office Ordinance No. 50, August 7, 2008).
2) Application of "Accounting Standards for Measurement of Inventories"
In prior years, inventories for regular sales purposes were stated at the lower of cost, determined by the monthly average method, or market. With the adoption of "Accounting Standards for Measurement of Inventories" (ASBJ Statement No. 9) from the first quarter of the current fiscal year, inventories are stated at cost determined by the monthly average method (the carrying value on the balance sheet is written down to reflect the effect of lower profit margins). As an effect of this change, operating loss , ordinary loss and loss before income taxes and minority interests each increased by 994 million yen. The effect of these changes on segment operations is shown in the Segment Information section. 3) Application of “Practical Solution on Unification of Accounting Policies Applied to Foreign Subsidiaries for Consolidated Financial Statements" Effective from the first quarter of the current fiscal year, the Company has adopted “Practical Solution on Unification of Accounting Policies Applied to Foreign Subsidiaries for Consolidated Financial Statements” (ASBJ Practical Issue Task Force (“PITF”) No. 18). This change has no effect on the amount of income.
4) Application of "Accounting Standards for Lease Transactions"
In prior years, the Company accounted for finance leases where there is no transfer of ownership as ordinary operating leases for accounting purposes. However, the Company is able to use the following accounting standards beginning with quarterly consolidated financial statements for fiscal years starting on or after April 1, 2008: “Accounting Standards for Lease Transactions” (ASBJ Statement No. 13); and “Guidance on Accounting Standards for Lease Transactions" (ASBJ Guidance No. 16). The Company has adopted these standards and guidance beginning with the first quarter of the current fiscal year, using an accounting method for leases that is based on the method used for ordinary purchases and sales. Furthermore, for the depreciation of lease assets asociated with finance leases where there is no transfer of ownership, the straight-line method with no residual value is applied with the lease period used as the useful life of the asset. For finance leases where there is no transfer of ownership that started prior to the fiscal year when these standards were first applied, the Company continues to use an accounting method that is based on the method used for ordinary lease transactions. This change has no effect on the amount of income.
(Supplemental information)
1) Change in useful lives of property and equipment Effective from the first quarter of the current fiscal year, the Company and its domestic consolidated subsidiaries have reviewed the useful lives of machinery, etc. as a result of revision to the Corporate Tax Law and consequently have revised the useful lives as stipulated in the revised law. This change has no significant effect on the amount of income.
2) Abolishment of the retirement benefit system for directors and corporate auditors
The Board of Directors resolved at a meeting held on January 29, 2009 to abolish the Company’s retirement benefit system for directors and corporate auditors, and shareholders resolved at their annual general meeting held on March 27, 2009 to pay current directors and corporate auditors, upon retirement, a lump sum for their term of service up through the day of abolishment of the system. Consolidated subsidiaries have also abolished the retirement benefit system for directors and corporate auditors. As a result, the Company has drawn down the entire balance of liabilities for retirement benefits for directors and corporate auditors, and booked the unpaid amount in the “Other” account of current liabilities at the end of the first quarter of the current fiscal year.
5. Quarterly Consolidated Financial Statements

(2) Quarterly Consolidated Statements of Income

Effective from the current fiscal year, the Company has adopted "Accounting Standards for Quarterly Financial Statements" (ASBJ Statement No. 12) and "Guidance on Accounting Standards for Quarterly Financial Statements" (ASBJ Guidance No. 14). In addition, the quarterly consolidated financial statements are prepared in accordance with "Regulations for Quarterly Consolidated Financial Statements". The Company has adopted the amended Regulations for Quarterly Consolidated Financial Statements, pursuant to the proviso of Article 7, Paragraph 1, Item 5 of the Supplementary Provision of the "Cabinet Office Ordinance Partially Revising Regulation for Terminology, Forms and Preparation Methods of Financial Statements" (Cabinet Office Ordinance No. 50, August 7, 2008).
(4) Going Concern Assumption
Not applicable.
(5) Segment Information
Business segments 3Q 2009 (Jan. 1, 2009 – Sep. 30, 2009)
2. Principal activities of each business segment (1) Mail-order business:   Catalog and hanpukai businesses Product sales, services, and transportation (2) Other businesses: 3. Change in accounting policy Accounting standards for measurement of inventories As stated in "Qualitative Information and Financial Statements, 4. Others, (3) Changes in accounting principles, procedures and presentation methods for preparation of quarterly consolidated financial statements, 2), "Accounting Standards for Measurement of Inventories" (ASBJ Statement No. 9) has been adopted with effect from the first quarter of the current fiscal year. As an effect of this change, operating loss in the mail-order business increased by 994 million yen in the third quarter of the fiscal year. There is no effect on other businesses.
Geographical segment information
3Q 2009 (Jan. 1, 2009 – Sep. 30, 2009) Geographic segment information has not been presented because the Company and its consolidated subsidiaries have conducted over 90% of their total net sales in Japan. Overseas sales 3Q 2009 (Jan. 1, 2009 – Sep. 30, 2009) Overseas sales have not been presented because they represented less than 10% of total consolidated sales.
(6) Significant Changes in Shareholders' Equity
Following the resolution approved at a Board of Directors meeting held on July 30, 2009 to acquire its own shares, pursuant to Article 156 applicable in accordance with Article 165, Clause 3 of the Company Act, the Company has acquired 2,142 million yen (3,400,000 shares) worth of its own stock in the third quarter, bringing the total amount of buybacks to 2,774 million yen (4,318,839 shares) as of the end of the third quarter of the fiscal year.
Reference Material
Financial Statements, etc. of the Same Period Previous Fiscal Year (1) Consolidated Statements of Income (Summary)

(2) Consolidated Statements of Cash Flows (Summary)

been prepared in accordance with accounting principles and practices generally accepted in Japan, for the convenience of readers who prefer an English translation.