Onward : FY02 21 Results Presentation Supplement

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[Delayed]FY02/21 Results Presentation Supplement

April 8, 2021

Consolidated Totals

FY02/21 Results

FY02/22 Forecasts

©Copyright ONWARD HOLDINGS CO.,LTD.

FY02/21 Consolidated Results

	Consolidated Total									(Million yen)
		1H				2H				Full year
	FY02/21	FY02/20	Change	YoY	FY02/21	FY02/20	Change	YoY	FY02/21	FY02/20		Change	YoY
Sales	80,585	118,466	-37,881	68.0%	93,738	129,767	-36,029	72.2%	174,323	248,233		-73,910	70.2%
Gross Profit	33,878	54,307	-20,429	62.4%	35,844	58,376	-22,532	61.4%	69,722	112,683		-42,961	61.9%
(% of Sales)	42.0%	45.8%	-3.8%		38.2%	45.0%	-6.8%		40.0%	45.4%		-5.4%
SG&A Expenses	45,365	55,168	-9,803	82.2%	45,587	60,576	-14,989	75.3%	90,952	115,744		-24,792	78.6%
(% of Sales)	56.3%	46.6%	+9.7%		48.6%	46.7%	+1.9%		52.2%	46.6%		+5.6%
Operating Profit	-11,487	-861	-10,626	-	-9,743	-2,200	-7,543	-	-21,230	-3,061		-18,169	-
(% of Sales)	-	-			-	-			-	-
Recurring Profit	-11,454	-817	-10,637	-	-8,720	-3,018	-5,702	-	-20,174	-3,835		-16,339	-
Net Income	-15,188	-24,432	+9,244	-	-7,993	-27,703	+19,710	-	-23,181	-52,135		+28,954	-
EBITDA	-8,573	3,782	-12,355	-	-6,770	1,297	-8,067	-	-15,343	5,079		-20,422	-

Note: EBITDA = operating profit + depreciation and amortization

©Copyright ONWARD HOLDINGS CO.,LTD. 1

FY02/21 Consolidated Results

In FY02/21, sales fell 30% YoY, with an operating loss of approximately 21.2 billion yen and a net loss of approximately 23.2 billion yen, due mainly to the issuance of two states of emergency in Japan and prolonged lockdowns overseas.

E-commerce sales grew substantially to about 41.6 billion yen, up 26% YoY, but this was not enough to offset the significant decline in sales at physical stores. The breakdown of domestic sales by sales channel was 33% for e-commerce, 29% for department stores, and 38% for shopping centers and others.

The Company made steady progress with its global business reforms kicked off in October 2019, withdrawing from the Italy and Korea businesses and closing about 1,700 unprofitable stores. The business reforms are expected to boost operating profit by a total of 20 billion yen.

©Copyright ONWARD HOLDINGS CO.,LTD. 2

FY02/22 Full-Year Consolidated Forecast

	Consolidated Total										(Million yen)
		1H					2H				Full year
	FY02/22	FY02/21	Change	YoY		FY02/22	FY02/21	Change	YoY	FY02/22	FY02/21		Change	YoY
Sales	89,300	80,585	+8,715	110.8%	101,200	93,738	+7,462	108.0%	190,500	174,323		+16,177	109.3%
Gross Profit	45,800	33,878	+11,922	135.2%	55,400	35,844	+19,556	154.6%	101,200	69,722		+31,478	145.1%
(% of Sales)	51.3%	42.0%	+9.3%			54.7%	38.2%	+16.5%		53.1%	40.0%		+13.1%
SG&A Expenses	48,800	45,365	+3,435	107.6%	49,200	45,587	+3,613	107.9%	98,000	90,952		+7,048	107.7%
(% of Sales)	54.6%	56.3%	-1.7%			48.6%	48.6%	±0.0%		51.4%	52.2%		-0.8%
Operating Profit	-3,000	-11,487	+8,487	-	6,200	-9,743	+15,943	-	3,200	-21,230		+24,430	-
(% of Sales)	-	-				6.1%	-			1.7%	-
Recurring Profit	-3,000	-11,454	+8,454	-	6,000	-8,720	+14,720	-	3,000	-20,174		+23,174	-
Net Income	2,200	-15,188	+17,388	-	4,100	-7,993	+12,093	-	6,300	-23,181		+29,481	-
EBITDA	200	-8,573	+8,773	-	9,100	-6,770	+15,870	-	9,300	-15,343		+24,643	-

Note: Early adoption of new revenue recognition standard in FY02/22; Refer to page 11.

Note: EBITDA = operating profit + depreciation and amortization

©Copyright ONWARD HOLDINGS CO.,LTD. 3

FY02/22 Full-Year Consolidated Forecast

In FY02/22, the Company plans to utilize new sales methods that integrate physical stores with e-commerce and implement initiatives to advance the customization field in the Apparel business. In addition, we will step up group synergies in the Lifestyle business, including by leveraging loyalty card membership programs. As a result, we forecast full-year consolidated sales of approximately 190.5 billion yen (up 9% YoY). We are targeting e-commerce sales of 50 billion yen for the entire group.

We expect gross profit margin to improve 13pp YoY by leveraging products with lost sales opportunities in FY02/21, conducting thorough inventory control, and curbing discount sales.

As a result, we forecast operating profit of 3.2 billion yen and net income of approximately 6.3 billion yen.

©Copyright ONWARD HOLDINGS CO.,LTD. 4

Onward Kashiyama (Nonconsolidated)

Domestic Total

Overseas Total

FY02/21 Results

FY02/22 Forecasts

©Copyright ONWARD HOLDINGS CO.,LTD.

FY02/21 Results: Onward Kashiyama (Nonconsolidated)

	Onward Kashiyama (Nonconsolidated)									(Million yen)
			1H						2H						Full year
	FY02/21		FY02/20		Change	YoY	FY02/21		FY02/20		Change	YoY	FY02/21		FY02/20		Change		YoY
Sales	36,680		62,134		-25,454	59.0%	42,435		65,963		-23,528	64.3%	79,115		128,097		-48,982	61.8%
Gross Profit	16,908		31,261		-14,353	54.1%	18,306		32,527		-14,221	56.3%	35,214		63,788		-28,574	55.2%
(% of Sales)	46.1%		50.3%		-4.2%		43.1%		49.3%		-6.2%		44.5%		49.8%		-5.3%
SG&A Expenses	23,311		28,844		-5,533	80.8%	21,672		27,939		-6,267	77.6%	44,983		56,783		-11,800		79.2%
(% of Sales)	63.6%		46.4%		+17.2%		51.1%		42.4%		+8.7%		56.9%		44.3%		+12.6%
Operating Profit	-6,403		2,417		-8,820	-	-3,366		4,588		-7,954	-	-9,769		7,005		-16,774		-
(% of Sales)	-		3.9%				-		7.0%				-		5.5%

©Copyright ONWARD HOLDINGS CO.,LTD. 5

FY02/22 Forecasts: Onward Kashiyama (Nonconsolidated)

	Onward Kashiyama (Nonconsolidated)							(Million yen)
		1H					2H				Full year
	FY02/22	FY02/21	Change	YoY	FY02/22		FY02/21	Change	YoY	FY02/22	FY02/21		Change	YoY
Sales	48,400	36,680	+11,720	132.0%	57,300		42,435	+14,865	135.0%	105,700	79,115		+26,585	133.6%
Gross Profit	26,900	16,908	+9,992	159.1%	33,100		18,306	+14,794	180.8%	60,000	35,214		+24,786	170.4%
(% of Sales)	55.6%	46.1%	+9.5%		57.8%		43.1%	+14.7%		56.8%	44.5%		+12.3%
SG&A Expenses	28,000	23,311	+4,689	120.1%	28,300		21,672	+6,628	130.6%	56,300	44,983		+11,317	125.2%
(% of Sales)	57.9%	63.6%	-5.7%		49.4%		51.1%	-1.7%		53.3%	56.9%		-3.6%
Operating Profit	-1,100	-6,403	+5,303	-	4,800		-3,366	+8,166	-	3,700	-9,769		+13,469	-
(% of Sales)	-	-			8.4%		-			3.5%	-

Note: Early adoption of new revenue recognition standard in FY02/22

©Copyright ONWARD HOLDINGS CO.,LTD. 6

FY02/21 Results: Domestic Total (Excl. Onward Kashiyama)

	Domestic Total (Excl. Onward Kashiyama)								(Million yen)
			1H						2H						Full year
	FY02/21		FY02/20		Change	YoY	FY02/21		FY02/20		Change	YoY	FY02/21		FY02/20		Change		YoY
Sales	32,170		33,631		-1,461	95.7%	34,828		40,938		-6,110	85.1%	66,998		74,569		-7,571	89.8%
Gross Profit	14,709		15,269		-560	96.3%	15,927		17,971		-2,044	88.6%	30,636		33,240		-2,604	92.2%
(% of Sales)	45.7%		45.4%		+0.3%		45.7%		43.9%		+1.8%		45.7%		44.6%		+1.1%
SG&A Expenses	14,460		13,729		+731	105.3%	15,792		18,287		-2,495	86.4%	30,252		32,016		-1,764		94.5%
(% of Sales)	44.9%		40.8%		+4.1%		45.3%		44.7%		+0.6%		45.2%		42.9%		+2.3%
Operating Profit	249		1,540		-1,291	16.2%	135		-316		+451	-	384		1,224		-840		31.4%
(% of Sales)	0.8%		4.6%		-3.8%		0.4%		-				0.6%		1.6%		-1.1%

Note: Simple sum of domestic group companies excluding Onward Kashiyama

©Copyright ONWARD HOLDINGS CO.,LTD. 7

FY02/22 Forecasts: Domestic Total (Excl. Onward Kashiyama)

	Domestic Total (Excl. Onward Kashiyama)						(Million yen)
		1H				2H				Full year
	FY02/22	FY02/21	Change	YoY	FY02/22	FY02/21	Change	YoY	FY02/22	FY02/21		Change	YoY
Sales	35,300	32,170	+3,130	109.7%	39,100	34,828	+4,272	112.3%	74,400	66,998		+7,402	111.0%
Gross Profit	17,900	14,709	+3,191	121.7%	20,100	15,927	+4,173	126.2%	38,000	30,636		+7,364	124.0%
(% of Sales)	50.7%	45.7%	+5.0%		51.4%	45.7%	+5.7%		51.1%	45.7%		+5.4%
SG&A Expenses	16,300	14,460	+1,840	112.7%	17,100	15,792	+1,308	108.3%	33,400	30,252		+3,148	110.4%
(% of Sales)	46.2%	44.9%	+1.3%		43.7%	45.3%	-1.6%		44.9%	45.2%		-0.3%
Operating Profit	1,600	249	+1,351	642.6%	3,000	135	+2,865	2222.2%	4,600	384		+4,216	1197.9%
(% of Sales)	4.5%	0.8%	3.7%		7.7%	0.4%	7.3%		6.2%	0.6%		5.6%

Note: Early adoption of new revenue recognition standard in FY02/22

Note: Simple sum of domestic group companies excluding Onward Kashiyama

©Copyright ONWARD HOLDINGS CO.,LTD. 8

FY02/21 Results: Overseas Total

	Overseas Total														(Million yen)
			1H						2H						Full year
	FY02/21		FY02/20		Change	YoY	FY02/21		FY02/20		Change	YoY	FY02/21		FY02/20		Change		YoY
Sales	17,190		27,098		-9,908	63.4%	22,321		29,010		-6,689	76.9%	39,511		56,108		-16,597	70.4%
Gross Profit	5,097		9,576		-4,479	53.2%	4,411		10,059		-5,648	43.9%	9,508		19,635		-10,127	48.4%
(% of Sales)	29.7%		35.3%		-5.6%		19.8%		34.7%		-14.9%		24.1%		35.0%		-10.9%
SG&A Expenses	7,900		11,309		-3,409	69.9%	8,379		13,772		-5,393	60.8%	16,279		25,081		-8,802		64.9%
(% of Sales)	46.0%		41.7%		+4.3%		37.5%		47.5%		-10.0%		41.2%		44.7%		-3.5%
Operating Profit	-2,803		-1,733		-1,070	-	-3,968		-3,713		-255	-	-6,771		-5,446		-1,325		-
(% of Sales)	-		-				-		-				-		-
Note: Simple sum

©Copyright ONWARD HOLDINGS CO.,LTD. 9

FY02/22 Forecasts: Overseas Total

	Overseas Total										(Million yen)
		1H				2H				Full year
	FY02/22	FY02/21	Change	YoY	FY02/22	FY02/21	Change	YoY	FY02/22	FY02/21		Change	YoY
Sales	10,400	17,190	-6,790	60.5%	9,900	22,321	-12,421	44.4%	20,300	39,511		-19,211	51.4%
Gross Profit	4,100	5,097	-997	80.4%	5,000	4,411	+589	113.4%	9,100	9,508		-408	95.7%
(% of Sales)	39.4%	29.7%	+9.7%		50.5%	19.8%	+30.7%		44.8%	24.1%		+20.7%
SG&A Expenses	6,000	7,900	-1,900	75.9%	5,200	8,379	-3,179	62.1%	11,200	16,279		-5,079	68.8%
(% of Sales)	57.7%	46.0%	+11.7%		52.5%	37.5%	+15.0%		55.2%	41.2%		+14.0%
Operating Profit	-1,900	-2,803	+903	-	-200	-3,968	+3,768	-	-2,100	-6,771		+4,671	-
(% of Sales)	-	-			-	-			-	-

Note: Early adoption of new revenue recognition standard in FY02/22

Note: Simple sum

©Copyright ONWARD HOLDINGS CO.,LTD. 10

Early Adoption of New Revenue Recognition Standard

The new revenue recognition standard will be mandatorily applied for all

companies from fiscal years beginning on or after April 1, 2021. The Group will adopt the new revenue recognition standard early starting in FY02/22.

Key impact of the new revenue recognition standard on the Group

For consignment transactions with department stores, retail sales will be recorded as sales and rent equivalents will be recorded as SG&A expenses, whereas previously the net amount after deducting rent equivalents was recorded as sales.

Loyalty point usage fees, which were previously included in SG&A expenses, will be excluded from sales.

As a result of the above changes, consolidated sales and gross profit are expected to increase by approximately 9 billion yen, but operating profit will not be affected as SG&A expenses will also increase.

The early adoption of the new revenue recognition standard will unify the sales recognition standards that previously differed by sales channel.

©Copyright ONWARD HOLDINGS CO.,LTD. 11

Financial Situation

©Copyright ONWARD HOLDINGS CO.,LTD.

FY02/21 Financial Situation

Fundraising We have concluded a commitment line agreement for 20 billion yen to secure backup fundraising capacity against the prolonged impact of COVID-19. This boosts our total fundraising capacity to 50 billion yen.

Capex and Depreciation				(Million yen)
		FY02/22 Forecasts	FY02/21		FY02/20	FY02/19
	Capex	5,980		6,501	9,533	13,472
	Depreciation	5,540		5,506	6,392	6,510

• Cash and Deposits, Loans Payable

	FY02/21	FY02/20	FY02/19
Cash and Deposits	21,301	28,795	31,284
Loans Payable	78,048	66,387	61,392
(Change in loans payable from period start)	+11,661	+4,995	+19,242
Net Cash	-56,747	-37,592	-30,108

©Copyright ONWARD HOLDINGS CO.,LTD. 12

FY02/21 Financial Situation

EBITDA			(Million yen)
FY02/21	FY02/20	FY02/19
	EBITDA	-15,343	5,079	13,273

Consolidated Balance Sheet
FY02/21	FY02/20	FY02/19
	Total Assets	196,052	234,316	287,554
	Net Assets	59,509	94,036	162,210
	Shareholders' Equity Ratio	29%	38%	55%

Reference: Shareholders' equity was 56,723 million yen at end-FY02/21, 89,812 million yen at end-FY02/20, and 158,315 million yen at end-FY02/19.

Shareholder Returns	FY02/21	FY02/20	FY02/19
	Dividend Per Share (Yen)	12	24	24
	Dividend Payout Ratio	-	-	66.9%
	Dividend Yield	4.8%	4.6%	3.8%

©Copyright ONWARD HOLDINGS CO.,LTD. 13

DATA BOOK

©Copyright ONWARD HOLDINGS CO.,LTD.

DATA BOOK FY02/21 Segment Results

(Million yen)

				1H				2H				Full year
			FY02/21	FY02/20	Change	YoY	FY02/21	FY02/20		Change	YoY	FY02/21	FY02/20	Change	YoY
D	Apparel	Sales	49,175	75,495	-26,320	65.1%	54,473	83,460		-28,987	65.3%	103,648	158,955	-55,307	65.2%
Operating Profit	-8,268	1,351	-9,619	-	-5,399	1,164		-6,563	-	-13,667	2,515	-16,182	-
o
m
	Sales	15,059	17,889	-2,830	84.2%	17,820	18,630		-810	95.7%	32,879	36,519	-3,640	90.0%
e	Lifestyle
s	Operating Profit	252	966	-714	26.1%	770	749		+21	102.8%	1,022	1,715	-693	59.6%
t
i		Sales	64,234	93,384	-29,150	68.8%	72,293	102,090		-29,797	70.8%	136,527	195,474	-58,947	69.8%
c	Domestic Total
Operating Profit	-8,016	2,317	-10,333	-	-4,629	1,913		-6,542	-	-12,645	4,230	-16,875	-
O	Apparel	Sales	14,897	21,920	-7,023	68.0%	20,877	24,390		-3,513	85.6%	35,774	46,310	-10,536	77.2%
Operating Profit	-2,831	-2,006	-825	-	-3,667	-3,934		+267	-	-6,498	-5,940	-558	-
v
e		Sales	1,454	3,162	-1,708	46.0%	568	3,287		-2,719	17.3%	2,022	6,449	-4,427	31.4%
r	Lifestyle
s	Operating Profit	-289	35	-324	-	-586	-197		-389	-	-875	-162	-713	-
e
a		Sales	16,351	25,082	-8,731	65.2%	21,445	27,677		-6,232	77.5%	37,796	52,759	-14,963	71.6%
s	Overseas Total
Operating Profit	-3,120	-1,971	-1,149	-	-4,253	-4,131		-122	-	-7,373	-6,102	-1,271	-
Consolidated Total	Sales	80,585	118,466	-37,881	68.0%	93,738	129,767		-36,029	72.2%	174,323	248,233	-73,910	70.2%
Operating Profit	-11,487	-861	-10,626	-	-9,743	-2,200		-7,543	-	-21,230	-3,061	-18,169	-

Note: Full-Year represents December through November for European companies and January through December for North American and Asian companies.

©Copyright ONWARD HOLDINGS CO.,LTD. 14

DATA BOOK FY02/22 Segment Forecasts

(Million yen)

				1H				2H				Full year
			FY02/22	FY02/21	Change	YoY	FY02/22	FY02/21		Change	YoY	FY02/22	FY02/21	Change	YoY
D	Apparel	Sales	61,774	49,175	+12,599	125.6%	72,609	54,473		+18,136	133.3%	134,383	103,648	+30,735	129.7%
Operating Profit	-2,496	-8,268	+5,772	-	4,533	-5,399		+9,932	-	2,037	-13,667	+15,704	-
o
m		Sales	18,000	15,059	+2,941	119.5%	19,637	17,820		+1,817	110.2%	37,637	32,879	+4,758	114.5%
e	Lifestyle
s	Operating Profit	1,683	252	+1,431	667.9%	1,948	770		+1,178	253.0%	3,631	1,022	+2,609	355.3%
t
i		Sales	79,774	64,234	+15,540	124.2%	92,246	72,293		+19,953	127.6%	172,020	136,527	+35,493	126.0%
c	Domestic Total
Operating Profit	-813	-8,016	+7,203	-	6,481	-4,629		+11,110	-	5,668	-12,645	+18,313	-
O	Apparel	Sales	8,560	14,897	-6,337	57.5%	6,752	20,877		-14,125	32.3%	15,312	35,774	-20,462	42.8%
Operating Profit	-1,311	-2,831	+1,520	-	-51	-3,667		+3,616	-	-1,362	-6,498	+5,136	-
v
e		Sales	966	1,454	-488	66.4%	2,202	568		+1,634	387.7%	3,168	2,022	+1,146	156.7%
r	Lifestyle
s	Operating Profit	-880	-289	-591	-	-544	-586		+42	-	-1,424	-875	-549	-
e
a		Sales	9,526	16,351	-6,825	58.3%	8,954	21,445		-12,491	41.8%	18,480	37,796	-19,316	48.9%
s	Overseas Total
Operating Profit	-2,191	-3,120	+929	-	-595	-4,253		+3,658	-	-2,786	-7,373	+4,587	-
Consolidated Total	Sales	89,300	80,585	+8,715	110.8%	101,200	93,738		+7,462	108.0%	190,500	174,323	+16,177	109.3%
Operating Profit	-3,000	-11,487	+8,487	-	6,200	-9,743		+15,943	-	3,200	-21,230	+24,430	-

Note: Early adoption of new revenue recognition standard in FY02/22

Note: Full-Year represents December through November for European companies and January through December for North American and Asian companies.

©Copyright ONWARD HOLDINGS CO.,LTD. 15

DATA BOOK FY02/21 Group Company Results

																				(Million yen)
				1H							2H					Full year
			Sales			Operating Profit			Sales		Operating Profit		Sales		Operating Profit
		FY02/21	FY02/20	Change	FY02/21	FY02/20	Change		FY02/21	FY02/20	Change	FY02/21	FY02/20	Change	FY02/21	FY02/20	Change	FY02/21	FY02/20	Change
	Onward Kashiyama	36,680	62,134	-25,454		-6,403	2,417	-8,820	42,435	65,963	-23,528	-3,366	4,588	-7,954	79,115	128,097	-48,982	-9,769	7,005	-16,774
	(Nonconsolidated)
	Onward Trading	8,781	7,711	+1,070		1,450	619	+831	7,085	9,541	-2,456	188	825	-637	15,866	17,252	-1,386	1,638	1,444	+194
D	Island	2,307	3,927	-1,620		-413	140	-553	3,067	4,225	-1,158	169	155	+14	5,374	8,152	-2,778	-244	295	-539
o
m	Chacott	2,950	5,759	-2,809		-632	608	-1,240	4,199	5,088	-889	-216	-29	-187	7,149	10,847	-3,698	-848	579	-1,427
e
s	Creative Yoko	2,104	2,797	-693		-36	41	-77	2,941	3,079	-138	257	180	+77	5,045	5,876	-831	221	221	±0
t
i
c	Yamato	8,956	7,828	+1,128		484	235	+249	9,351	8,795	+556	311	401	-90	18,307	16,623	+1,684	795	636	+159
	Other	7,072	5,609	+1,463		-604	-103	-501	8,185	10,210	-2,025	-574	-1,848	+1,274	15,257	15,819	-562	-1,178	-1,951	+773
	Domestic Total	32,170	33,631	-1,461		249	1,540	-1,291	34,828	40,938	-6,110	135	-316	+451	66,998	74,569	-7,571	384	1,224	-840
	Europe	13,334	20,428	-7,094		-2,557	-1,657	-900	19,390	21,723	-2,333	-2,968	-2,996	+28	32,724	42,151	-9,427	-5,525	-4,653	-872
O	North America	189	305	-116		-258	-236	-22	227	370	-143	-331	-263	-68	416	675	-259	-589	-499	-90
v
e	Asia	2,181	3,173	-992		170	34	+136	2,085	3,580	-1,495	-308	-354	+46	4,266	6,753	-2,487	-138	-320	+182
r
s	Resort	1,033	2,230	-1,197		115	190	-75	37	2,271	-2,234	-226	-29	-197	1,070	4,501	-3,431	-111	161	-272
e
a
s	Other	453	962	-509		-273	-64	-209	582	1,066	-484	-135	-71	-64	1,035	2,028	-993	-408	-135	-273
	Overseas Total	17,190	27,098	-9,908		-2,803	-1,733	-1,070	22,321	29,010	-6,689	-3,968	-3,713	-255	39,511	56,108	-16,597	-6,771	-5,446	-1,325
Consolidated Total	80,585	118,466	-37,881		-11,487	-861	-10,626	93,738	129,767	-36,029	-9,743	-2,200	-7,543	174,323	248,233	-73,910	-21,230	-3,061	-18,169

Note: The group breakdown is calculated using simple sums. Consolidated totals are after eliminating intergroup transactions.

©Copyright ONWARD HOLDINGS CO.,LTD. 16

DATA BOOK FY02/21 Sales by Sales Channel

									(Million yen)
Full-Year FY02/21	Department	Shopping Centers	Physical Stores	Directly Managed	Other E-Commerce	E-Commerce	Total Sales	E-Commerce	Directly Managed
Stores	and Other	Total	E-Commerce	Platforms	Total	Ratio	E-Commerce Ratio

Onward Kashiyama	26,938	23,819	50,757		26,466	1,892	28,358	79,115	35.8%	93.3%
% of sales	34.0%	30.1%	64.2%		33.5%	2.4%	35.8%	100.0%
YoY	43.0%	54.3%	47.6%		135.4%	95.3%	131.7%	61.8%
Nine Domestic Group Companies	8,442	22,477	30,919		9,260	2,346	11,606	42,525	27.3%	79.8%
Using E-Commerce
Total of Domestic Group	35,380	46,296	81,676		35,726	4,238	39,964	121,640	32.9%	89.4%
Companies Using E-Commerce*
% of sales	29.1%	38.1%	67.1%		29.4%	3.5%	32.9%	100.0%
YoY	49.0%	61.4%	55.3%		131.1%	103.2%	127.5%	68.0%
Consolidated Total (after			132,739				41,584	174,323
eliminating intergroup transactions)
Note: Group Companies Using E-Commerce refers to domestic group companies that operate e-commerce sites.
Note: Consolidated totals are after eliminating intergroup transactions.

Number of Loyalty Card Members
End-FY02/19: 2.7 million	End-FY02/20: 3.2 million	End-FY02/21: 3.6 million

©Copyright ONWARD HOLDINGS CO.,LTD. 17

The information in this presentation is not a solicitation to purchase or sell Onward Holdings stock. Opinions and forecasts stated herein represent the judgments of the company at the time this presentation was prepared. Onward Holdings makes no guarantee regarding the accuracy of the information in this presentation and may make revisions without prior notice. Onward Holdings and the providers of this information assume no responsibility whatsoever for any losses incurred in association with this information.