2014 Ending February: Results Briefing
I. 2014 Ending February: Results Overview
1. Consolidated Financial Highlights
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Profit and
Loss- Net Sales: Decreased 1.9 % year on year due to reduction in total number of stores from
closing down of brands and withdrawal of unprofitable stores.
Extraordinary Income: Accrued 6,229 million yen in gain on sales of investment securities.
Extraordinary Loss: Accrued 1,103 million yen in loss on retirement of fixed assets, and 1,325 million yen
in impairment loss.
(Unit: Million yen)
Results % of Total Results % of Total Y/Y Change Y/Y
Net Sales 185,512 100.0% 181,972 100.0% -3,540 98.1%
Gross Profit 93,023 50.1% 91,999 50.6% -1,023 98.9%
SG&A Expenses 94,300 50.8% 93,128 51.2% -1,172 98.8%
Operating Income -1,277 -0.7% -1,128 -0.6% +149
Ordinary Income 989 0.5% 1,430 0.8% +440 144.6%
Current Income
Before Income Taxes 2,772 1.5% 5,050 2.8% +2,277 182.1%
Current Net Income -1,779 -1.0% 1,111 0.6% +2,890
2014 ending February
2. Consolidated Financial Highlights
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Group (1)
TOKYO STYLE Group (Y/Y comparison alone/by subsidiaries)
Net Sales: [ALONE] Decreased due to reduction in total number of stores from closing down of
brands and withdrawal of unprofitable stores.
[Subsidiaries] Incrased by 6.9% year on year due to strong businesses such as nano universe and Arpege.
Operating Income: [Alone] Gross profit margin was increased by 5.0% from LY due to the improvement of
production control and of ratio of regular price sales. Also SG&A expenses was reduced to 72.2% in comparison with LY expenses.
[Subsidiaries] Decreased due to challenging sales performance of some companies.
(Unit: Million yen)
Previous FY 2014 ending February: Results
Alone Subsidiaries Elimination/
Others Total Alone Y/Y Subsidiaries Y/Y
Elimination/
Others Total Y/Y
Net Sales 23,461 68,780 -9,617 82,624 17,702 75.5% 73,500 106.9% -8,201 83,002 100.5%
Gross Profit 8,459 31,551 -294 39,716 7,275 86.0% 34,681 109.9% 182 42,140 106.1%
Gross Profit Margin 36.1% 45.9% 48.1% 41.1% +5.0pt 47.2% +1.3pt 50.8% +2.7pt
SG&A Expenses 14,710 26,553 585 41,849 10,627 72.2% 30,514 114.9% 890 42,032 100.4%
Operating Income -6,250 4,997 -879 -2,132 -3,351 4,167 83.4% -707 107
Ordinary Income -4,805 5,726 -1,094 -173 -1,165 4,860 84.9% -1,430 2,264
Current Income
Before Income Taxes -5,793 5,749 83 38 3,070 4,710 81.9% -1,089 6,691
3. Consolidated Financial Highlights
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Group (2)
SANEI-INTERNATIONAL GROUP
Net Sales: Declined to 96.0% on year-on-year-basis due to challenging sales performance of
the 3rd quarter
Operating Income: Decreased due to closure of 6 brands and unprofitable stores in the second half.
(Unit: Million yen)
Previous FY
Results % of Total Results % of Total Y/Y Change Y/Y
Net Sales 102,859 100.0% 98,756 100.0% -4,102 96.0%
Gross Profit 53,441 52.0% 50,041 50.7% -3,399 93.6%
SG&A Expenses 52,735 51.3% 51,639 52.3% -1,096 97.9%
Operating Income 705 0.7% -1,597 -1.6% -2,303
Ordinary Income 1,083 1.1% -1,136 -1.2% -2,220 ─
Current Income
Before Income Taxes 2,591 2.5% -1,861 -1.9% -4,453 ─
Current Net Income 1,520 1.5% -1,475 -1.5% -2,995 ─
4. Our shareholder Return Policy
Consider the management environment, performance and financial health in a comprehensive manner.
TSI will allocate its internal reserves to the developement of new brands and high-growth new businesses as
, ’ .
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Aquisition of Treasury Stock
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Payment of Dividends
Maintainance of stable dividend standard
As part of its shareholder return policy, TSI acquired its treasury stock twice in LY.
1. Period of share aquisition: From April 19, 2013 to June 4, 2013
The total number of shares acquired: 4,000,000 shares 3.45% of the total number of shares outstanding
The share acquisition value: 2,953 million yen
2. Period of share acquisition: From July 19, 2013 to September 18, 2013
The total number of shares acquired: 4,000,000 shares 3.58% of the total number of shares outstanding
The share acquisition value: 2,826 million yen
2014 ending February Plan for 2015 ending February
Annual dividend per share 17.50 yen 17.50 yen
Total dividend amount 1,886 million yen
Consolidated business plan for 2015 ending February
Plan to achieve 181,500 million yen in sales and 2,500 million yen in operating income
Net Sales: Slight decrease due to withdrawal of unprofitable stores although planning to increase in
revenue of strong businesses.
Operating Income: Surplus as a result of increase in gross profit margin and decrease in SG&A expenses of
Tokyo Style.
(Unit: Million yen)
1st half 2nd half Throughout the year 2014 ending February: Result 2015 ending February: Plan Y/Y 2014 ending February: Result 2015 ending February: Plan Y/Y 2014 ending February: Result 2015 ending February: Plan Y/Y
Net Sales 87,660 86,000 98.1% 94,311 95,500 101.3% 181,972 181,500 99.7%
Operating
Income ▲ ,4 4 600 ─ 276 1,900 687.9% ▲ , 8 2,500 ─
Ordinary
Income 53 1,300 2410.1% 1,376 2,500 181.6% 1,430 3,800 265.6%
Current Net
Net Sales per Brand
(Unit: Million yen)
Brand 2013 ending February:
Result
2014 ending February:
Plan % of Total Y/Y
1 19,592 22,712 12.5% 115.9%
2 NATURAL BEAUTY BASIC 15,753 16,228 8.9% 103.0% 3 MARGARET HOWELL 8,995 10,508 5.8% 116.8%
4 ROSE BUD 8,937 9,785 5.4% 109.5%
5 Apuweiser-riche 6,703 8,005 4.4% 119.4% 6 PEARLY GATES 6,392 7,414 4.1% 116.0% 7 & by P&D 6,137 5,649 3.1% 92.0% 8 Callaway Apparel 4,706 5,527 3.0% 117.4%
9 HUMAN WOMAN 5,988 5,499 3.0% 91.8%
10 PROPORTION BODY DRESSING 4,994 4,789 2.6% 95.9%
Total of Top 10 Brands 88,202 96,121 52.8% 109.0%
Others 97,310 85,851 47.2% 88.2%
Total 185,512 181,972 100.0% 98.1%
*The net sales of ROSE BUD is the consolidated net sales of ROSE BUD CO., LTD. And Elephant Co., Ltd. *The net sales of Apuweiser-rich is the consolidated net sales of Arpege Co., Ltd.
*The net sales of outlet business of SANEI-INTERNATIONAL was formerly recorded as "Others" however from this ending fiscal year, the sales is divided and distributed to each brand.
Tokyo Style Group
Net Sales per Sales Channel
(Unit: Million yen) 2014 ending February, Cumulative
TOKYO STYLE GROUP SANEI-INTERNATIONAL
GROUP Consolidates
Sales Channel Results % of Total Results % of Total Results % of Total Results % of Total Y/Y Department Store 60,936 32.8% 25,193 30.4% 28,440 28.8% ─ 53,633 29.5% 88.0%
Commercial Facilities(*1) 85,229 45.9% 30,805 37.1% 52,209 52.9% ─ 83,014 45.6% 97.4%
E-Commerce 13,432 7.2% 11,323 13.6% 4,931 5.0% ─ 16,255 8.9% 121.0%
Overseas 9,270 5.0% 7,166 8.6% 4,658 4.7% ─ 11,825 6.5% 127.6%
Others(*2) 16,644 9.0% 8,514 10.3% 8,516 8.6% 213 17,243 9.5% 103.6%
Total 185,512 100.0% 83,002 100.0% 98,756 100.0% 213 181,972 100.0% 98.1%
*1 Commerical Facilities: Fashion buildings, railroad station buildings, individual stores, outlet shops etc., except for department stores *2 Others: Apparel Business such as whole sale, in-company sales, and the non-apparel business of group companies
Elimination/ Others
2013 2014 Interest received 698 million yen 831 million yen Dividends received 582 million yen 508 million yen Foreign exchange gain 214 million yen 396 million yen Valuation gain on derivatives 654 million yen 550 million yen Others 977 million yen 864 million yen Total 3,125 million yen 3,149 million yen
2013 2014 Interest paid 230 million yen 144 million yen
Loss on retirement of shops and others 198 million yen 240 million yen Others 430 million yen 206 million yen
Total 858 million yen 590 million yen
Non-Operating Income and Loss
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Non-Operating Income
Extraordinary Income and Loss
2013 2014 Gain on sale of fixed assets 454 million yen 1,257 million yen Gain on sales of investment securities 1,884 million yen 6,229 million yen
Others 4,070 million yen 952 million yen
Total 6,408 million yen 8,438 million yen
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Extraordinary Gain
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Extraordinary Loss
2013 2014 Loss on retirement of fixed assets 638 million yen 1,103 million yen
