Nitori : 英文

NITORI Holdings Co., Ltd. Financial Results Presentation for the FY2025

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May 14, 2026



Overview of Consolidated Financial Results

	FY2025		FY2024		Prior Period Comparison
	Actual	To sales	Actual	To sales	Change	YOY
Revenue	9,122	-	9,288	-	▲165	98.2％
Gross profit	4,854	53.2％	4,739	51.0％	114	102.4％
SG&A expenses	3,637	39.9％	3,485	37.5％	151	104.4％
Operating profit	1,255	13.8％	1,176	12.7％	78	106.7％
Profit before tax	1,273	14.0％	1,174	12.6％	99	108.4％
Profit attributable to owners of parent	892	9.8％	825	8.9％	67	108.1％
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(100 million yen）

Summary of Financial Results by Reporting Segment

(100 million yen）

		FY2025		FY2024		Prior Period Comparison
		Actual	To sales	Actual	To sales	Change	YOY
NITORI business	Net sales	8,161	-	8,208	-	▲46	99.4％
	Operating income	1,183	14.5%	1,189	14.5%	▲5	99.5％
Shimachu business	Net sales	1,102	-	1,195	-	▲93	92.2％
	Operating income	72	6.5%	▲12	-	85	-

Profit Before Tax（YOY）

• Purchasing FX impact+82

• Inventory FX impact▲22

• Impact of cost reductions and other factors

  ▪

  Depreciation of new DCs

• Increase in pay rate due to a base-up

• Increase in number of employees

• Decrease in outsourced labor costs

(100 million yen)

1,174

Shimachu

▲21

▲79

Net sales decrease

+60

Exchange rate impact

+106

Improved gross profit etc.

▲56

Logistic expenses, etc.

▲61

Personnel expenses

+12

Others

+31

Subsidiaries and associate companies

+86

Shimachu consolidated

1,273

Shimachu

65

NITORI 1,195

NITORI

+13

Shimachu

+86

NITORI 1,208

FY2024

Profit before tax

FY2025

Profit before tax

Gross Profit and SG&A Expenses

SG&A expenses	Amount	YOY	Ratio to Sales	Change
Outsourcing expenses	168	88.7％	1.9％	▲0.2pt
Depreciation	626	104.4％	6.9％	+0.4pt

(100 million yen)

Gross profit margin ratio

+1.3pt +0.1pt 54.7% +2.1pt ▲1.5pt

FY2024

SG&A expenses	Amount	YOY	Ratio to sales	Change
Personnel expenses	1,207	109.4％	13.2％	+1.4pt
Rents	153	106.8％	1.7％	+0.1pt
Shipping and delivery costs	338	98.9％	3.7％	+0.0pt
Advertising expenses	241	115.3％	2.6％	+0.4pt

Capital investment, etc.
Capital investment	438

NITORI Group 51.0%

2%

+2.2pt

52.6% +1.0pt ▲0.3pt 53.

Others

FY2024

FX impact applied to the purchase (152.54yen

⇒148.06yen)

Impact of exchange rates on inventory

Impact of cost reductions

FY2025

Shimachu

FY2025

NITORI segment

NITORI segment

NITORI Group

Consolidated Statement of Financial Position

Accounts			FY2025	FY2024	Change	Major factors in changes
	Current assets		3,978	3,646	332
		Cash and cash equivalents	1,450	1,360	90	Current Account＋379 Savings Account▲290
		Inventory	1,221	1,127	94	Products+88
	Non-current assets		11,733	11,647	86
		Property, plant and equipment	9,090	9,051	38	Machinery and Equipment＋222
		Intangible assets	99	93	6	Software＋37
Total assets			15,712	15,294	418
	Current liabilities		3,234	3,536	▲301
		Contract liabilities	294	305	▲10
		Borrowings	1,500	1,731	▲231	Short-term Borrowings▲231
	Non-current liabilities		2,592	2,700	▲108
		Borrowings	100	200	▲100	Long-term Borrowings▲100
Total liabilities			5,827	6,236	▲409
Total equity			9,885	9,057	828	Retained Earnings＋722
Total liabilities and equity			15,712	15,294	418
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(100 million yen)

Consolidated Cash Flows

		FY2025	FY2024	Change	Major factors on changes
	Operating activities	1,489	1,443	45	Profit before income taxes	1,273
	Investing activities	▲551	▲1,278	727	Acquisition of property, plant and equipment and investment property	▲414
	Financing activities	▲865	12	▲877	・Net increase/decrease in short-term borrowings (≤ 3 months) ・Cash outflows related to the repayment of lease liabilities	▲200 ▲360
	Other	17	1	15
Net increase (decrease) in cash and cash equivalents		90	180	▲90
Cash and cash equivalents at end of year		1,450	1,360	90
Free cash flow		938	165	773	(Operating activities and investment activities)
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(100 million yen)

Number of Stores as of Mar. 31, 2026

	Area	Type	End of FY2024	During the year No. of stores opened	During the year No. of stores closed	Net increase	End of FY2025
	J A P A N	NITORI NITORI EX	566	40	13	27	593
		DECO HOME	172	22	9	13	185
		N plus	44	0	14	▲14	30
		Shimachu	53	0	1	▲1	52
		Subtotal	835	62	37	25	860
	O V E R S E A S	Taiwan	68	6	1	5	73
		Mainland China	100	3	25	▲22	78
		Hong Kong	3	0	0	0	3
		Korea	5	5	5	0	5
		Malaysia	12	4	2	2	14
		Singapore	4	3	1	2	6
		Thailand	10	2	0	2	12
		Vietnam	3	1	0	1	4
		Philippines	4	3	0	3	7
		Indonesia	3	3	0	3	6
		India	1	0	0	0	1
		Subtotal	213	30	34	▲4	209
	Total		1,048	92	71	21	1,069

Major Indicators of Management Efficiency (1)

IFRS

	No.	Indicator	Unit	Target	Current Period	2026.3	Prior Period	2025.3
G R O U P	1	Return on assets	％	Over 15	✕	8.2	✕	8.0
	2	Total asset turnover	Times	Over 2	✕	0.59	✕	0.63
	3	Ordinary income margin	％	Over 10	◯	14.0	◯	12.6
	4	Earnings per share	¥	Over 100	◯	158.0	◯	730.4
	5	Return on equity	％	Over 15	✕	9.4	✕	9.5
	6	Equity ratio	％	Over 60	◯	62.9	✕	59.2
	7	Interest coverage	Times	Over 20	◯	117	◯	150
	8	Sales growth rate	％	Over 10	✕	▲1.8	✕	3.6
	9	Ordinary income growth rate	％	Over 10	✕	8.4	✕	▲5.9
	10	Ratio of gross profit to sales	％	Over 48	◯	53.2	◯	51.0
	11	Ratio of break-even point to sales	％	Under 80	◯	70.5	◯	69.5

※ Target is based on the optimal value of management efficiency indicators set by Japan Retailing Center.

※ For item 4, "Earnings per Share," the figure is calculated based on the number of shares after the stock split (in which each share was split into five shares).

	No.	Indicator	Unit	Target		2026.3	2025.3	2024.3	2023.3	2022.2
	12	Sales per tsubo	K	Over ¥950	◯	97.4	102.2	102.4	114.1	101.9
	13	Stock turnover	Times	Over 9	✕	4.4	5.1	4.5	5.3	5.4
	14	Operating assets turnover	Times	Over 2.9	✕	2.4	2.6	2.6	3.4	3.4
	15	Ratio of profit distribution	％	Over 20	◯	27.0	28.9	32.0	33.7	37.1
	16	Ratio of real estate cost to gross profit	％	Under 25	◯	23.9	25.9	24.0	21.7	22.7
	17	Ratio of sales promotion cost to gross profit	％	Under ６	✕	6.7	5.2	5.4	4.7	4.3
	18	Labor productivity	M	Over ¥10	◯	2,051	2,039	2,056	2,094	2,069
	19	Sales floor per labor	Tsubo	Over 60	✕	39.3	38.4	38.2	35.3	37.5
	20	Operating income per tsubo	K	Over ¥150	✕	12.6	14.1	16.0	18.7	19.2
	21	Stock per tsubo	K	Under ¥90	✕	11.2	10.5	11.5	10.7	8.5
	22	Average age of labor	Age	30-35	◯	33.3	33.6	34.3	34.3	33.5
	Results ( 〇 won / × lost )					◯11✕11	◯10✕12	◯13✕9	◯15✕7	◯16✕6

Major Indicators of Management Efficiency（2）









Store Roll-Out Plan in FY2026

	Area	Type	Mar. 31, 2026 No. of stores	Net increase Planned No.	Mar. 31, 2027 No. stores
	J A P A N	NITORI NITORI EX	593	22	615
		DECO HOME	185	33	218
		N plus	30	5	35
		Shimachu	52	1	53
		Subtotal	860	61	921
	O V E R S E A S	Taiwan	73	13	86
		Mainland China	78	20	98
		Hong Kong	3	4	7
		Korea	5	6	11
		Malaysia	14	7	21
		Singapore	6	3	9
		Thailand	12	7	19
		Vietnam	4	5	9
		Philippines	7	7	14
		Indonesia	6	7	13
		India	1	3	4
		Subtotal	209	82	291
	Total		1,069	143	1,212

Consolidated Financial Plan for FY2026

• Existing stores sales YOY (NITORI + DECOHOME + EC):102.0%

• Internal rate:155 yen to a dollar

• Investment :59 billion yen

（100 million yen）

	FY2026		FY2025		Prior Period Comparison
	Forecast	To sales	Actual	To sales	Change	YOY
Revenue	9,570	-	9,122	-	447	104.9％
Operating income	1,303	13.6％	1,255	13.8％	47	103.8％
Profit before tax	1,310	13.7％	1,273	14.0％	36	102.9％
Profit attributable to owners of parent	910	9.5％	892	9.8％	17	101.9％

Distribution of Profits to Shareholders

• Paying out dividend increased 22 consecutive fiscal year
• Annual dividend: ¥30.8 per share (+¥0.4 from FY2024）

Annual dividends

First half dividents() Second half dividends()

28

29.4

29.2

24.6

21.6

18.4 19.4

16.4

13

11

30.4

30.8 32

5.2 '06.2 '07.2 '08.2 '09.2 '10.2 '11.2 '12.2 '13.2 '14.2 '15.2 '16.2 '17.2 '18.2 '19.2 '20.2 '21.2 '22.2 '23.3 '24.3 '25.3 '26.3 27.3

Copyright 2026 Nitori Holdings All Rights Reserved ■不許複製印 刷配布

（Plan）

13

【Note on the outlook】

This material contains projections and forward-looking statements regarding the future plans, strategies and performance of the Company and its affiliates. These statements are not historical facts, but rather assumptions and beliefs based on information currently available to the Company. It also involves risks and uncertainties related to economic trends, consumer spending, market demand, and taxation and other systems. Therefore, please be aware that actual results may differ from our projections.

Copyright 2026 Nitori Holdings All Rights Reserved ■不許複製印刷配布 14

This material contains unaudited reference figures, and amounts are rounded down to the nearest 100 million yen and rounded for all other figures.

Copyright 2026 Nitori Holdings All Rights Reserved ■不許複製印刷配布