Nitori : Summary of consolidated financial results for the fiscal year

Note: This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shall prevail.

	Consolidated Financial Results
	for the Year Ended March 31, 2023
		[Japanese GAAP]
		May 09, 2023
Company name:	Nitori Holdings Co., Ltd.
Stock exchange listing: Tokyo, Sapporo
Code number:	9843
URL:	https://www.nitorihd.co.jp/
Representative:	Toshiyuki Shirai	President and Chief Operating Officer
Contact:	Masaomi Zenji	Executive Officer, General Manager, Accounting and Finance Division
Phone:	03-6741-1204

Scheduled date of Annual General Meeting of Shareholders: June 22, 2023
Scheduled date of commencing dividend payments:	June 05, 2023
Scheduled date of filing annual securities report:		June 23, 2023
Availability of supplementary briefing material on annual financial results: Yes
Schedule of annual financial results briefing session:	Yes (for institutional investors and analysts)
						(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2023 (February 21, 2022 to March 31, 2023)
(1) Consolidated Operating Results				(% indicates changes from the previous corresponding period.)
		Net sales		Operating profit	Ordinary profit			Profit attributable to
					owners of parent
Fiscal year ended		Million yen		%	Million yen	%	Million yen		%		Million yen	%
March 31, 2023		948,094		16.8	140,076	1.3	144,085		1.6		95,129	(1.6)
February 20, 2022		811,581		13.2	138,270	0.4	141,847		2.5		96,724	5.0

(Note) Comprehensive income:	Fiscal year ended March 31, 2023:
	Fiscal year ended February 20, 2022:

¥	99,881 million	[	(4.9) %]
¥	104,995 million	[	15.5%]

	Basic earnings per	Diluted earnings per	Rate of return on	Ordinary profit to	Operating profit to
	share	share	equity	total assets ratio	net sales ratio
Fiscal year ended	Yen	Yen	%	%	%
March 31, 2023	841.90	-	12.3	13.6	14.8
February 20, 2022	856.71	-	14.1	14.8	17.0

(Reference) Equity in earnings (losses) of affiliated companies: Fiscal year ended March 31, 2023: Fiscal year ended February 20, 2022:

• 929 million
• 1,435 million

(2) Consolidated Financial Position

	Total assets	Net assets	Capital adequacy ratio	Net assets per share
As of	Million yen		Million yen	%	Yen
March 31, 2023	1,133,771		818,096	72.2	7,239.04
February 20, 2022	983,840		732,813	74.5	6,489.57
(Reference) Equity: As of	March 31, 2023:	¥	818,096 million
As of	February 20, 2022:	¥	732,813 million
(3) Consolidated Cash Flows
	Cash flows from	Cash flows from	Cash flows from	Cash and cash
	equivalents at the end
	operating activities	investing activities	financing activities
	of period
Fiscal year ended	Million yen		Million yen	Million yen	Million yen
March 31, 2023	91,398		(132,538)	36,903	125,115
February 20, 2022	85,565		(119,980)	17,729	127,076

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2. Dividends

			Annual dividends				Payout	Dividends
					Total	to net
								ratio
	1st		2nd	3rd		Year-end	Total	dividends	assets
			(consolidated)
	quarter-end	quarter-end	quarter-end			(consolidated)
Fiscal year ended		Yen	Yen	Yen		Yen	Yen	Million yen	%	%
February 20, 2022		-	70.00	-		70.00	140.00	15,833	16.3	2.3
March 31, 2023		-	73.00	-		73.00	146.00	16,534	17.3	2.1
Fiscal year ending
March 31, 2024		-	75.00	-		75.00	150.00		17.0
(Forecast)

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024 (April 01, 2023 to March 31, 2024)

(% indicates changes from the previous corresponding period.)

	Net sales		Operating profit	Ordinary profit	Profit attributable	Basic earnings per
		to owners of parent	share
	Million yen		%	Million yen	%	Million yen	%	Million yen	%	Yen
Six months ended	440,200		4.0	64,100	(7.2)	65,000	(7.7)	44,500	(13.5)	393.76
September 30, 2023
Full year	932,000		(1.7)	145,100	3.6	147,000	2.0	100,000	5.1	884.86

* Notes:

1. Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes in scope of consolidation): No

New	-	(Company name:	)
Exclusion:	-	(Company name:	)

1. Changes in accounting policies, changes in accounting estimates and retrospective restatement
2. 1. Changes in accounting policies due to the revision of accounting standards: Yes
   2. Changes in accounting policies other than 1) above: No
   3. Changes in accounting estimates: No
   4. Retrospective restatement: No
3. Total number of issued shares (common shares)
4. 1. Total number of issued shares at the end of the period (including treasury shares):

March 31, 2023:	114,443,496	shares
February 20, 2022:	114,443,496	shares
2) Number of treasury shares at the end of the period:
March 31, 2023:	1,431,761	shares
February 20, 2022:	1,521,865	shares

3) Average number of shares outstanding during the period:
Fiscal Year ended March 31, 2023:	112,994,490	shares
Fiscal Year ended February 20, 2022:	112,901,484	shares

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(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2023 (February 21, 2022 to March 31, 2023)
(1) Non-consolidated Operating Results				(% indicates changes from the previous corresponding period.)
	Net sales		Operating profit			Ordinary profit	Net income
Fiscal year ended	Million yen		%		Million yen		%			Million yen	%	Million yen	%
March 31, 2023	32,078		(46.1)		(6,997)		-		8,983	(77.3)	2,426	(93.5)
February 20, 2022	59,546		112.1		24,959		-		39,555	641.4	37,387	-
	Basic earnings per share	Diluted earnings per share
Fiscal year ended			Yen			Yen
March 31, 2023		21.45			-
February 20, 2022		330.59			-
(2) Non-consolidated Financial Position
	Total assets		Net assets		Capital adequacy ratio	Net assets per share
As of		Million yen			Million yen				%		Yen
March 31, 2023		595,267			416,523				70.0		3,673.07
February 20, 2022		526,468			424,847				80.7		3,756.41
(Reference) Equity: As of	March 31, 2023:	¥		416,523 million
As of	February 20, 2022:	¥		424,847 million

* Financial results reports are not subjected to reviews.

*Explanation for appropriate use of financial forecasts and other special notes

The forecasts given in this document are based on the current available information in the company and certain reasonable assumptions to the company. And we don't commit to achieve these forecasting numbers. Actual results may differ from these forecasts by a variety of reasons.

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Consolidated Financial Statements

Consolidated Balance Sheets

						(Million yen)
					As of February 20,2022	As of March 31,2023
Assets
	Current assets
		Cash and deposits		130,435	131,928
		Notes and accounts receivable - trade	39,206	57,408
		Merchandise and finished goods		78,917	112,401
		Work in process	428	479
		Raw materials and supplies		6,593	7,496
		Other	22,794	20,641
		Allowance for doubtful accounts		(8)	(1)
		Total current assets	278,367	330,353
	Non-current assets
		Property, plant and equipment
		Buildings and structures		389,745	422,887
			Accumulated depreciation	(203,933)	(219,531)
			Buildings and structures, net		185,812	203,356
		Machinery, equipment and vehicles	18,371	20,792
			Accumulated depreciation		(11,790)	(13,978)
			Machinery, equipment and vehicles, net	6,581	6,813
		Tools, furniture and fixtures		26,613	29,773
			Accumulated depreciation	(16,900)	(18,417)
			Tools, furniture and fixtures, net		9,713	11,356
		Land	339,139	377,009
		Leased assets		4,420	4,414
			Accumulated depreciation	(2,555)	(2,894)
			Leased assets, net		1,865	1,519
		Right of use assets	6,741	15,333
			Accumulated depreciation		(2,900)	(4,203)
			Right of use assets, net		3,841	11,129
		Construction in progress		13,527	38,294
		Total property, plant and equipment	560,481	649,479
		Intangible assets
		Goodwill	22,391	19,619
		Software		7,088	5,267
		Software in progress	931	1,740
		Leasehold interests in land		7,615	6,272
		Other	89	107
		Total intangible assets		38,116	33,005
		Investments and other assets
		Investment securities		26,585	39,089
		Long-term loans receivable	618	562
		Guarantee deposits		18,890	16,893
		Leasehold deposits	28,987	30,313
		Deferred tax assets		17,495	21,765
		Other	14,369	12,379
		Allowance for doubtful accounts		(72)	(72)
		Total investments and other assets	106,875	120,932
		Total non-current assets		705,472	803,417
	Total assets		983,840	1,133,771

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					(Million yen)
				As of February 20,2022	As of March 31,2023
Liabilities
	Current liabilities
		Notes and accounts payable - trade		39,765	38,459
		Short-term borrowings	35,068	83,068
		Lease obligations		1,663	1,602
		Accounts payable - other	28,594	24,058
		Income taxes payable		20,330	28,351
		Contract liabilities	-	23,774
		Provision for bonuses		4,482	8,380
		Provision for point card certificates	3,113	11
		Provision for shareholder benefit program		428	422
		Provision for loss on business liquidation	-	220
		Other		29,735	13,419
		Total current liabilities	163,181	221,769
	Non-current liabilities
		Long-term borrowings	50,398	57,330
		Lease obligations		5,605	4,598
		Provision for retirement benefits for directors	228	228
		(and other officers)
		Retirement benefit liability		5,741	5,886
		Asset retirement obligations	15,256	14,800
		Other		10,614	11,060
		Total non-current liabilities		87,845	93,905
	Total liabilities		251,027	315,674
Net assets
	Shareholders' equity
		Share capital	13,370	13,370
		Capital surplus		26,814	30,711
		Retained earnings	692,768	771,743
		Treasury shares		(7,771)	(10,111)
		Total shareholders' equity	725,181	805,714
	Accumulated other comprehensive income
		Valuation difference on available-for-sale	1,227	1,769
		securities
		Deferred gains or losses on hedges		-	(1,829)
		Foreign currency translation adjustment	6,591	12,479
		Remeasurements of defined benefit plans		(187)	(36)
		Total accumulated other comprehensive income		7,631	12,382
	Total net assets		732,813	818,096
Total liabilities and net assets	983,840	1,133,771

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