Baroque Japan Limited revised earnings guidance for the full year ending February 29, 2024. for the year, the company expects consolidated sales of JPY 59,988 million against JPY 66,010 million expected previously, Operating profit of JPY 1,740 million against JPY 4,771 million expected previously, Profit attributable to the owners of parent of JPY 1,000 million against JPY 2,750 million expected previously and Earnings per share of JPY 27.76 against JPY 76.35 expected previously. Reason for the Revision: sales for the first nine months of the fiscal year ended February 29, 2024, declined due to the extreme heat wave and mild winter associated with the worsening of the climate change issue, which affected product demand.

Gross profit in the domestic business deteriorated and deviated from the forecast due to an increase in the discount rate and loss on valuation of inventory compared with the forecast at the beginning of the period. In the overseas business, sales in China JV recovered from the same period of previous year, but sales in the U.S. business decreased due to a decline in consumer spending and other factors, and did not support the consolidated results. In light of these circumstances, the company has revised its full-year financial results forecast downward.