Yondoshi : Summary of the Consolidated Financial Report for Fiscal 2023 (Ended February 29, 2024)

YONDOSHI HOLDINGS INC.

April 12, 2024

(Securities Code: 8008, Prime Market, Tokyo Stock Exchange)

Summary of the Consolidated Financial Results

for Fiscal 2023 (Ended February 29, 2024)

• Operating income and ordinary income rose for a second consecutive year.
• Jewelry Business: Revenue decline but earnings gain on business restructuring.
• Apparel Business: Gains in both revenue and earnings on expanded sales for the everyday fashion brand PALETTE from new store openings, and initiatives by The AS'TY Group to strengthen measures with major business partners.
• Full-yeardividend for FY2/24 of 83 yen per share.
• Forecast for FY2/25: Revenue increase, with third consecutive year of earnings gain.
• Announced the 7th Medium-Term Management Plan. The Company will continue measures to improve return on capital through earnings growth centered on the Brand Business, and reductions in equity capital.

YONDOSHI HOLDINGS Inc. ("YONDOSHI HOLDINGS" or "the Company"; Headquarters: Shinagawa-ku, Tokyo; President and Representative Director: Hidetoshi Masuda) today announced its business results for fiscal 2023, the fiscal year from March 1, 2023, to February 29, 2024. A summary is as follows.

1. Consolidated Business Results			(Millions of yen, %)
	FY2/23	FY2/24	YoY
Net Sales	39,508		39,457		(1.0)%
Operating Income	1,979		2,096		+5.9%
Ordinary Income	2,342		2,515		+7.4%
Profit Attributable to	1,149		1,300		+13.2%
Owners of Parent

1. Net income per share: ¥60.65 (¥53.61 in previous fiscal year)
2. Average number of issued shares (consolidated basis): 21,444,022 shares
3. Operating income before amortization of goodwill: ¥2,593 million (¥2,476 million in previous fiscal year).

In the retail sector, sales of high-ticket items remained firm, and demand from inbound tourism continued to rise. However, rising prices has led to a decline in real wages, with consumers continuing to focus on cost savings and lower prices.

As a result, net sales for the subject fiscal year amounted to ¥39,457 million (down 0.1% from the previous fiscal year), with operating income of ¥2,096 million (up 5.9%), ordinary income of ¥2,515 million (up 7.4%), and profit attributable to owners of parent to ¥1,300 million (up 13.2%).

Head Office:	2-19-10Kami-Osaki,Shinagawa-ku, Tokyo
Establishment:	May 1950
Paid-in Capital:	¥2,486.52 million
Business Activities:	Brand business focusing mainly on jewelry; planning, manufacture and wholesale mainly of
	apparel and bags; and retail business
URL:	https://yondoshi.co.jp/eng/
Inquiries:	YONDOSHI HOLDINGS INC. Corporate Planning Office
	TEL: [phone]; FAX: [phone];e-mail:[e-mail]

Jewelry Business
Net Sales:	¥16,995 million	(down 8.6% YoY)
Operating Income:	¥1,426 million	(up 5.1% YoY)

Jewelry business company The F.D.C. Products Group made steady progress with business restructuring. The consolidation of bridal jewelry specialty stores resulted in improved profitability. For fashion jewelry, the Company pursued measures aimed at broadening the base of female customers, expansion of e-commerce, and new customer development.

In terms of store openings and closings, 4 stores were opened, 17 stores were closed, and 11 stores were renovated, for a total of 138 stores at the end of the subject period.

Apparel Business
Net Sales:	¥22, 462 million	(up 7.4% YoY)
Operating Income:	¥1,046 million	(up 11.1% YoY)

Retailer age Co., Ltd., operator of the everyday fashion brand PALETTE, recorded a year-on-year increase in sales at existing stores, which along with a boost from opening new stores, resulted in revenue gains. In terms of store openings and closings, 10 stores were opened, and 4 stores were closed, for a total of 99 stores at the end of the subject period.

Apparel manufacturing and wholesaler The AS'TY Group expanded measures with major business partners against the backdrop of the overseas production bases that are its strength, with growth in both revenue and earnings.

2. Full-Year Results Forecast for Fiscal 2024 (FY2/25)

			(Millions of yen, %)
	FY2/24	FY2/25	YoY
	(Actual)	(Forecast)
Net Sales	39,457	41,000	+3.9%
Operating Income	2,096	2,350	+12.1%
Ordinary Income	2,515	2,800	+11.3%
Profit Attributable to	1,300	1,600	+23.0%
Owners of Parent

1. Forecast net income per share: 74.61 yen
2. Average number of issued shares (consolidated basis): 21,444,022 shares
3. Earnings per share (EPS) before goodwill amortization: 97.77 yen

Note: The above forecasts have been prepared based on information available as of the date of this document. Actual results may differ from forecasts due to various factors, such as future economic conditions.

Head Office:	2-19-10Kami-Osaki,Shinagawa-ku, Tokyo
Establishment:	May 1950
Paid-in Capital:	¥2,486.52 million
Business Activities:	Brand business focusing mainly on jewelry; planning, manufacture and wholesale mainly of
	apparel and bags; and retail business
URL:	https://yondoshi.co.jp/eng/
Inquiries:	YONDOSHI HOLDINGS INC. Corporate Planning Office
	TEL: [phone]; FAX: [phone];e-mail:[e-mail]

3. Cash Dividends for Fiscal 2023 (FY2/24)

									(Yen)
			Annual Cash Dividend
		1Q-End	2Q-End		3Q-End	Period-End	Total
FY2/23		―	41.50			―	41.50		83.00
(Actual)
FY2/24		―	41.50
(Actual)
FY2/24						―	41.50		83.00
(Forecast)

YONDOSHI HOLDINGS Group recognizes providing returns to shareholders is an important management issue. As the basic policy on profit distribution, the Company will work to enhance the level of total returns through the provision of stable and continuous dividends and flexible share buybacks, as well as reducing equity capital, aiming to reach ROE of 8% or higher in the future. The Company has also set a target of DOE of 4% or higher as an important indicator of shareholder returns, and aims to achieve an annual dividend of 100 yen per share in the future.

In accordance with this policy, for the fiscal year ending February 29, 2024, YONDOSHI HOLDINGS plans to pay an interim and year-end cash dividend of 41.50 yen per share, for an annual cash dividend of 83 yen per share, representing a DOE of 4.6%.

END

Head Office:	2-19-10Kami-Osaki,Shinagawa-ku, Tokyo
Establishment:	May 1950
Paid-in Capital:	¥2,486.52 million
Business Activities:	Brand business focusing mainly on jewelry; planning, manufacture and wholesale mainly of
	apparel and bags; and retail business
URL:	https://yondoshi.co.jp/eng/
Inquiries:	YONDOSHI HOLDINGS INC. Corporate Planning Office
	TEL: [phone]; FAX: [phone];e-mail:[e-mail]