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    3086   JP3386380004

J. FRONT RETAILING CO., LTD.

(3086)
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J Front Retailing : Consolidated Revenue Report March 2021 (IFRS)

04/15/2021 | 02:05am EDT

April 15, 2021

J. Front Retailing Consolidated Revenue Report March 2021 (IFRS)

1. Revenue (Sales) by Segment (% change year on year)

Revenue (IFRS)

(Reference) Gross sales

March

Total

March

Total

Department Store Business

19.8

-

34.1

-

SC Business

1.5

-

12.7

-

Developer Business

29.1

-

27.4

-

Payment and Finance Business

(5.1)

-

30.1

-

Other

5.2

-

2.7

-

Total Consolidated

13.1

-

24.5

-

Notes: 1. J. Front Retailing (the "Company") has voluntarily applied the International Financial Reporting Standards (IFRS) since March 2017.

  1. Gross sales are calculated by converting sales from purchase recorded at the time of sale (shoka shiire ) of the Department Store Business and "Other (Daimaru Kogyo)," which are recognized as revenue under IFRS, into gross amount and converting the net amount of sales of Parco into tenant transaction volume (gross amount basis). (Parco has changed net sales under Japanese GAAP to be calculated on a net basis since FY2017.)
  2. Effective from FY2021, J. Front Retailing Group (the "Group") has changed its reportable segments to "Department Store Business," "SC Business," "Developer Business," and "Payment and Finance Business." Please refer to " Changes in reportable segments" on page 3 for details on changes from the former segments.
  3. Shinsaibashi PARCO opened on November 20, 2020.

2. Sales of Department Store Business (Japanese GAAP)

  1. Sales and Customer Traffic of Each Store (% change year on year)

March

Total

Sales

Customer traffic

Sales

Customer traffic

Daimaru Shinsaibashi

61.3

25.2

-

-

Daimaru Umeda

33.1

24.9

-

-

Daimaru Tokyo

13.9

(14.4)

-

-

Daimaru Kyoto

28.0

7.1

-

-

Daimaru Kobe

43.9

18.2

-

-

Daimaru Suma

14.8

3.0

-

-

Daimaru Ashiya

20.7

13.3

-

-

Daimaru Sapporo

54.3

34.1

-

-

Daimaru Shimonoseki

42.6

35.3

-

-

Matsuzakaya Nagoya

34.6

16.5

-

-

Matsuzakaya Ueno

25.1

2.6

-

-

Matsuzakaya Shizuoka

25.1

(4.5)

-

-

Matsuzakaya Takatsuki

2.1

21.0

-

-

Matsuzakaya Toyota

8.3

(23.0)

-

-

Corporations, head office, etc.

11.7

-

-

-

Total Daimaru Matsuzakaya

33.5

11.6

-

-

Of which: net sales of goods*3

35.5

-

-

-

Of which: real estate lease revenue*3

(4.3)

-

-

-

Hakata Daimaru

44.2

(3.1)

-

-

Kochi Daimaru

23.0

18.2

-

-

Total

34.1

10.7

-

-

Department Store Business

Note: 1.Effective from FY2021, sales of Corporate Sales Division and revenue attributable to head office, which had been included in relevant stores, have been changed to be reported as corporations, head office, etc. Percentage changes year on year are calculated by restating the prior year results accordingly.

  1. Effective from FY2021, real estate lease revenue from Ginza Six and the tenants around department stores, etc., which had been included in the Real Estate Business, has been changed to be included in corporation, head office, etc. and relevant stores, respectively. Percentage changes year on year are calculated by restating the prior year results accordingly.
  2. As a result of changes mentioned in Notes 1 and 2 above, Daimaru Matsuzakaya Department Store sales are reported by dividing into "net sales of goods" and "real estate lease revenue." "Net sales of goods" match the total of "b) Daimaru Matsuzakaya Department Store Sales by Merchandise Category" below.

1/3

b) Daimaru Matsuzakaya Department Stores Sales by Merchandise Category (% change year on year)

Total all stores

March

Total

Men's clothing

24.6

-

Women's clothing

56.3

-

Children's clothing

(7.3)

-

Other clothing

12.7

-

Total clothing

46.8

-

Accessories

35.2

-

Cosmetics

14.4

-

Fine arts / jewelry / precious metals

48.9

-

Other general goods

14.7

-

Total general goods

28.8

-

Furniture

46.0

-

Electric appliances

(35.9)

-

Other household goods

43.1

-

Total household goods

42.4

-

Perishable foods

18.2

-

Confectionary

21.5

-

Delicatessen

28.7

-

Other foods

15.3

-

Total foods

21.6

-

Restaurants & cafés

38.2

-

Services

12.8

-

Other

32.6

-

Total

35.5

-

3. Tenant Transaction Volume of PARCO Stores

*"Tenant transaction volume" is the total value of the tenant transaction volume (sales) of PARCO stores. Previous year values are also calculated using the same standards.

a) Tenant Transaction Volume by Store (% change year on year)

March

Total

Sapporo PARCO

32.7

-

Sendai PARCO

(5.7)

-

Shintokorozawa PARCO

0.2

-

Urawa PARCO

8.7

-

Ikebukuro PARCO

(0.5)

-

PARCO_ya Ueno*2

50.2

-

Hibarigaoka PARCO

0.3

-

Kichijoji PARCO

(4.0)

-

Shibuya PARCO

15.5

-

Kinshicho PARCO

8.2

-

Chofu PARCO

6.7

-

Tsudanuma PARCO

5.5

-

Matsumoto PARCO

23.8

-

Shizuoka PARCO

14.3

-

Nagoya PARCO

(4.2)

-

Hiroshima PARCO

1.6

-

Fukuoka PARCO

7.7

-

Total all stores

13.3

-

Total comparable stores*3

4.9

-

Notes: 1. Shinsaibashi PARCO opened on Novembaer 20, 2020.

    1. Effective from FY2021, the Company has changed its reportable segments and the results of the 1st basement and cinema complex of Ueno Frontier Tower, which had been included in the Real Estate Business, have been managed as the SC business. Accordingly, the results of the 1st basement and cinema complex are included in this year's results of PARCO_ya Ueno but not in its previous year's results.
    2. Total comparable stores does not include the values of Shinsaibashi PARCO and the 1st basement and cinema complex of PARCO_ya Ueno.
  1. Sales by Merchandise Category (% change year on year)

Total all stores

Total comparable stores

March

Total

March

Total

Clothing

13.2

-

6.8

-

Accessories

15.1

-

3.9

-

General goods

19.9

-

9.7

-

Foods

4.5

-

2.4

-

Restaurants & cafés

9.4

-

(3.2)

-

Other

10.3

-

1.0

-

Total

13.3

-

4.9

-

Notes: Total comparable stores does not include the values of Shinsaibashi PARCO and the 1st basement and cinema complex of PARCO_ya Ueno.

Contact: J. Front Retailing Co., Ltd.

Investor Relations Promotion Division:

TEL +81-3-6895-0178

Group Communications Promotion Division: TEL +81-3-6895-0816

2/3

Changes in reportable segments
  • Effective from the fiscal year ending February 28, 2022, the Group will change its reportable segments to
    "Department Store Business," "SC (Shopping Center) Business," "Developer Business" and "Payment and Finance Business."
  • The Group's reportable segments in the fiscal year ended February 28, 2021 and the fiscal year ending February 28, 2022 and changes in classification of principal subsidiaries and real estate properties are shown below.

Note: The scope of Parco Business until the fiscal year ended February 28, 2021 is shown with dotted lines.

Up to August 2020

Up to February 2021

March 2021 and beyond

Department Store

Business

Real Estate Business

(Held by Daimaru Matsuzakaya)

GINZA SIX

Tenants around department stores

Ueno Frontier Tower (lease)*

Other (BINO, etc.)

North wing of Shinsaibashi store

Parco Business

PARCO stores

ZERO GATE

Other subsidiaries of Parco

Credit and Finance

Business

Other

J. Front Design & Construction

Daimaru Kogyo

Dimples', etc.

Department Store Business

Real Estate Business

(Held by Daimaru Matsuzakaya)

GINZA SIX

Tenants around department stores

(Held by Parco)

Ueno Frontier Tower (lease)*

Other (BINO, etc.)

Parco Business

PARCO stores

Shinsaibashi PARCO (opened on November 20)

ZERO GATE

Other subsidiaries of Parco

Credit and Finance

Business

Other

J. Front Design & Construction

Daimaru Kogyo

Dimples', etc.

Department Store

Business

Daimaru Matsuzakaya

Department Stores

The Hakata Daimaru

Kochi Daimaru

GINZA SIX

Tenants around department stores

SC Business

PARCO stores (Included Shinsaibashi PARCO)

Neuve A

Parco (Singapore)

Ueno Frontier Tower

Developer Business

ZERO GATE

Parco Space Systems

Parco Digital Marketing

Japan Retail Advisors

Other (BINO, etc.)

J. Front Design & Construction

Payment and Finance

Business (renamed)

JFR Card

Other

Daimaru Kogyo

Dimples', etc.

*"Ueno Frontier Tower (lease)" up to February 2021 includes real estate lease revenue from Parco Co., Ltd. on PARCO_ya Ueno.

3/3

Disclaimer

J.FRONT Retailing Co. Ltd. published this content on 15 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 April 2021 06:04:11 UTC.


© Publicnow 2021
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Sales 2021 332 B 3 069 M 3 069 M
Net income 2021 -18 968 M -175 M -175 M
Net Debt 2021 278 B 2 568 M 2 568 M
P/E ratio 2021 -12,6x
Yield 2021 2,95%
Capitalization 240 B 2 219 M 2 218 M
EV / Sales 2021 1,56x
EV / Sales 2022 1,12x
Nbr of Employees 6 579
Free-Float 91,2%
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Technical analysis trends J. FRONT RETAILING CO., LTD.
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Mean consensus OUTPERFORM
Number of Analysts 5
Average target price 1 108,00 JPY
Last Close Price 916,00 JPY
Spread / Highest target 41,9%
Spread / Average Target 21,0%
Spread / Lowest Target -1,75%
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NameTitle
Tatsuya Yoshimoto President & Director
Hayato Wakabayashi Director & Senior Manager-Financial Strategy
Ryoichi Yamamoto Chairman
Hirokazu Matsuda Senior Manager-Operations & Personnel Strategy
Yasuo Ishii Independent Outside Director
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