Life : ［Delayed］Consolidated Financial Results for the First Three Months of the Fiscal Year Ending February 28,2023(under Japanese GAAP)

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

Consolidated Financial Results for the First Three Months of

the Fiscal Year Ending February 28, 2023

(under Japanese GAAP)

	July 8, 2022
Company name:	LIFE CORPORATION
Listing:	Tokyo Stock Exchange
Securities code:	8194
URL:	http://www.lifecorp.jp/
Representative:	Takaharu Iwasaki, Representative Director and President
Inquiries:	Koichi Miyata, General Manager, Investor Relations Department
TEL:	[phone] (from overseas)

Scheduled date to file Quarterly Securities Report:	July 15, 2022
Scheduled date to commence dividend payments:	-
Preparation of supplementary material on quarterly financial results: None
Holding of quarterly financial results meeting:	None

(Amounts less than one million yen are rounded down.)

1. Consolidated financial results for the first three months of the fiscal year ending February 28, 2023 (from March 1, 2022 to May 31, 2022)

(1) Consolidated operating results (cumulative)		(Percentages indicate year-on-year changes.)
	Operating revenue		Operating profit	Ordinary profit		Profit attributable to
			owners of parent
Three months ended	Millions of yen	%		Millions of yen	%	Millions of yen		%	Millions of yen	%
May 31, 2022	185,780	-		5,520	(34.4)	5,720		(33.5)	3,981	(34.4)
May 31, 2021	190,917	(2.2)		8,415	(3.4)	8,603		(2.6)	6,067	(2.0)
Note: Comprehensive income
Three months ended May 31, 2022:		¥3,944 million [(33.8)%]
Three months ended May 31, 2021:		¥5,957 million [(1.3)%]

Reference: Operating revenue is the total of net sales and receipts from operating revenue.

Net sales
Three months ended May 31, 2022:	¥179,223 million [-%]
Three months ended May 31, 2021:	¥185,079 million [(2.3)%]
Receipts from operating revenue
Three months ended May 31, 2022:	¥6,556 million [-%]
Three months ended May 31, 2021:	¥5,837 million [0.7%]
	Earnings per share	Diluted earnings per share
Three months ended		Yen	Yen
May 31, 2022		84.95	−
May 31, 2021		129.47	−

Note: The Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29), etc., from the beginning of the first quarter of the fiscal year ending February 28, 2023.

Figures for the three months ended May 31, 2022 represent the amounts after applying the said accounting standard, etc., and do not include year-on-year changes for operating revenue.

(2) Consolidated financial position

	Total assets		Net assets	Equity ratio	Net assets per share
As of		Millions of yen		Millions of yen	%	Yen
May 31, 2022			270,559		112,446	41.6	2,399.26
February 28, 2022			270,229		110,299	40.8	2,353.44
Reference: Equity
As of May 31, 2022:		¥112,446 million
As of February 28, 2022:	¥110,299 million

Note: The Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29), etc., from the beginning of the first quarter of the fiscal year ending February 28, 2023.

Figures for the three months ended May 31, 2022 represent the amounts after applying the said accounting standard, etc.

2. Cash dividends

				Annual dividends
	First quarter-end	Second quarter-end		Third quarter-end	Fiscal year-end	Total
	Yen	Yen		Yen	Yen	Yen
Fiscal year ended	−	30.00		−	40.00	70.00
February 28, 2022
Fiscal year ending	−
February 28, 2023
Fiscal year ending
February 28, 2023		35.00		−	35.00	70.00
(Forecast)

Notes: 1. Revisions to the forecast of cash dividends most recently announced: None

2. Breakdown of year-end dividend for the fiscal year ended February 28, 2022: Ordinary dividend of ¥30.00, and the 60th anniversary commemorative dividend of ¥10.00

3. Consolidated earnings forecasts for the fiscal year ending February 28, 2023 (from March 1, 2022 to February 28, 2023)

(Percentages indicate year-on-year changes.)

	Operating revenue	Operating profit	Ordinary profit	Profit attributable to	Earnings per
	owners of parent	share
	Millions of	%	Millions of	%	Millions of	%	Millions of	%	Yen
	yen	yen	yen	yen
Fiscal year ending	770,000	-	23,200	1.2	24,000	1.3	15,500	1.9	330.72
February 28, 2023

Note: Revisions to the consolidated earnings forecasts most recently announced: None

The Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29), etc., from the beginning of the first quarter of the fiscal year ending February 28, 2023. Therefore, the above consolidated earnings forecasts represent the amounts calculated by applying the said accounting standard, etc., but do not include year-on-year changes for operating revenue as the accounting treatment method subject to comparison differs.

* Notes

1. Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None
2. Application of special accounting treatment to the preparation of quarterly consolidated financial statements: None
3. Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
4. 1. Changes in accounting policies due to revisions to accounting standards and other regulations: Yes
   2. Changes in accounting policies due to other reasons: None
   3. Changes in accounting estimates: None
   4. Restatement: None

Note: For details, please refer to 2. Quarterly consolidated financial statements and significant notes thereto, (3) Notes to quarterly consolidated financial statements, "Changes in accounting policies" on page 8 of the attached material.

(4) Number of issued shares (ordinary shares)
i.	Total number of issued shares at the end of the period (including treasury shares)
	As of May 31, 2022	49,450,800 shares
	As of February 28, 2022	49,450,800 shares
ii. Number of treasury shares at the end of the period
	As of May 31, 2022	2,583,547 shares
	As of February 28, 2022	2,583,502 shares
iii. Average number of shares during the period (cumulative from the beginning of the fiscal year)
	Three months ended May 31, 2022	46,867,292 shares
	Three months ended May 31, 2021	46,867,625 shares

Note: The number of treasury shares at the end of the period includes the Company's shares (90,300 shares as of May 31, 2022, and 90,300 shares as of February 28, 2022) held by Custody Bank of Japan, Ltd. (Trust Account) as the trust assets for the "Trust for Delivering Shares to Directors."

In addition, the Company's shares held by Custody Bank of Japan, Ltd. (Trust Account) are included in the treasury shares that are excluded from the calculation of the average number of shares during the period. (90,300 shares as of May 31, 2022, and 90,300 shares as of May 31, 2021)

• Quarterly financial results reports are not required to be subjected to quarterly financial reviews conducted by certified public accountants or an audit corporation.
• Proper use of earnings forecasts, and other special matters

The forward-looking statements, including earnings forecasts, contained in these materials are based on information currently available to the Company and on certain assumptions deemed to be reasonable. Actual business and other results may differ substantially due to various factors. Please refer to "Explanation of consolidated earnings forecasts and other such forward-looking information" on page 3 of the attached material for the suppositions that form the assumptions for earnings forecasts and cautions concerning the use thereof.

	Attached material
1. Qualitative information on quarterly financial results..........................................................................................................	2
(1)	Explanation of operating results .....................................................................................................................................	2
(2)	Explanation of financial position ....................................................................................................................................	3
(3)	Explanation of consolidated earnings forecasts and other such forward-looking information........................................	3
2. Quarterly consolidated financial statements and significant notes thereto ...........................................................................	4
(1)	Quarterly consolidated balance sheet..............................................................................................................................	4
(2)	Quarterly consolidated statement of income and consolidated statement of comprehensive income .............................	6
	Quarterly consolidated statement of income (cumulative)..............................................................................................	6
	Quarterly consolidated statement of comprehensive income (cumulative) .....................................................................	7
(3)	Notes to quarterly consolidated financial statements ......................................................................................................	8
	Notes on premise of going concern.................................................................................................................................	8
	Notes on the event of significant changes in the amount of shareholders' equity...........................................................	8
	Changes in accounting policies.......................................................................................................................................	8
	Notes to quarterly consolidated statement of income......................................................................................................	9
	Segment information, etc. .............................................................................................................................................	10
	Significant subsequent events .......................................................................................................................................	11

- 1 -

1. Qualitative information on quarterly financial results

1. Explanation of operating results
   The Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29), etc. from the first quarter of the current fiscal year. As a result, the accounting treatment method for revenues differs from that used in the first three months of the previous fiscal year; therefore, in the following explanation of operating results, no increase or decrease amounts or year-on-year comparisons (%) are shown for operating revenues and net sales. Moreover, the amounts of operating profit, etc., are those of the same period of the previous year due to the negligible impact.
   During the first three months of the current fiscal year, the Japanese economy continued to face an uncertain outlook due to the tense situation in Ukraine and soaring resource prices, despite moves toward normalization of economic activities, including additional vaccinations against COVID-19 and the lifting of COVID-19 restrictions.
   In the food supermarket industry, which is the Group's area of business, the environment surrounding corporate operations is becoming increasingly severe. The demand for eating at home caused by COVID-19 has been calming down, competition is intensifying across industries and business categories, and various costs, including heating and lighting expenses, are rising.
   In this economic environment, this fiscal year is positioned as the year for the total completion of the medium-term plan. This plan, commenced in fiscal 2018, aims to make each of our stores the No. 1 in the area with even greater trust from customers. In order to break away from homogeneous competition and promote differentiation, we are focusing on the development of original products such as "BIO-RAL"-a private brand that uses healthy materials and production methods for customers interested in health and natural products- expanding our online supermarket business including services for Amazon Prime members, and aggressively opening new stores. Our Central Square Yebisu Garden Place Store, which opened in April, is positioned as a next-generation supermarket that combined brick-and-mortar stores and online supermarkets with the business concepts of Central Square ("making daily shopping from convenience to fun") and BIO-RAL ("organic, healthy, local, and sustainable"). It has received increasing attention from various media and has been getting support from many customers.
   Furthermore, in March, as part of our efforts to realize a sustainable and flourishing society, we started full-scale operation of one of the largest bio-gas power generation facilities in the Japanese retail industry at Tempozan, which reduces food residues and creates renewable energy.
   We opened four new stores: Central Square Yebisu Garden Place Store (Tokyo) (mentioned above), Kameido Clock Store (Tokyo) and Horikawa Kitayama Store (Kyoto Prefecture) in April, and BIO-RAL Shinjuku Marui Store (Tokyo) in May. We also renovated the existing Shiki Store to expand the lineup of frozen foods, wine and pet foods, for which demand is growing.
   The Group's operating revenue totaled ¥185,780 million as a result of the expansion of new stores and online supermarkets, strengthening of private brand products such as BIO-RAL, and implementing product initiatives that sought to enhance taste. On the other hand, as for selling, general and administrative expenses, the Group saw increases in utilities expenses, various property expenses, rent expenses from opening new stores, and personnel expenses from increased hiring activities. Operating profit was ¥5,520 million (¥8,415 million in the same period of the previous year), ordinary profit was ¥5,720 million (¥8,603 million in the same period of the previous year), and profit attributable to owners of parent was ¥3,981 million (¥6,067 million in the same period of the previous year).
2. • 2 -