通期決算説明会 決算説明会資料｜投資家情報 | TSI HOLDINGS

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I. 2012 Ending February: Results Overview

I. 2012 Ending February: Results Overview

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1. Consolidated performance

PL overview

Sales:147,800 million yen

, current net income: -27,158 million yen

(Unit: Million yen)

Plan

Results

Sales

150,000 100.0%

147,800

100.0%

98.5%

Gross margin

70,809

47.9%

SGA

77,665

52.5%

Operating income

-4,000

-2.7%

-6,857

-4.6%

─

Ordinary income

-6,000

-4.0%

-12,255

-8.3%

─

Current net income

-7,000

-4.7%

-27,158

-18.4%

─

*Plan for 2012 ending February is the performance plan that was announced on January 13

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2. Consolidated performance

Overview by group (1)

 Sales : Contributions from the increased revenue of nano・universe Co., Ltd. and new M&A

 Gross margin rate (alone): Decline from 42.7% to 35.0% due to the deteriorated performance of 　 spring/summer goods and the revision of the assessment rate for inventory assets

 SGA : Declared 2,601 million yen for goodwill amortization cost

: Increased investment amount for logistics system, development cost for new brands, and advertisement/PR cost, etc.

Tokyo Style Group

(Y/Y comparison alone/by subsidiary)

(Unit: Million yen)

Alone Subsidiaries _{Total Alone Y/Y} Subsidiaries _{Y/Y Total Y/Y}

Sales 29,299 30,282 -3,690 55,891 27,026 92.2% 49,290 162.8% -6,187 70,129 125.5%

Gross margin 12,500 14,511 -352 26,659 9,456 75.6% 23,073 159.0% -341 32,188 120.7%

Gross margin rate 42.7% 47.9% ─ 47.7% 35.0% -7.7pt 46.8% -1.1pt ─ 45.9% -1.8pt

SGA 14,210 12,158 -162 26,206 17,811 125.3% 19,107 157.2% 2,206 39,124 149.3%

Operating income -1,710 2,354 -190 454 -8,355 ─ 3,966 168.5% -2,547 -6,935 ─

Ordinary income -3,369 2,441 -456 -1,384 -13,403 ─ 4,046 165.7% -2,766 -12,124 ─

Current net income -11,473 1,642 -543 -10,374 -31,315 ─ 1,969 119.9% -934 -30,280 ─ 2012 ending February: Results

2011 ending February: Results

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3. Consolidated performance

Overview by group (2)

 Operating income/ordinary income : SGA rate declined due to cost reduction, and they both turned a good profit

SANEI-INTERNATIONAL Group

(Y/Y comparison based on the results of 9 months)

(1) Performance from the 3 months between March and May, which can easily secure operating

income, was not declared due to the irregular settlement for 9 months due to the business merger

(2) Since Jun-Aug is the sales season, it is difficult to secure operating income due to the discount

sales

─

_{Points of the results of this year}

─

(Unit: Million yen)

Jun-Aug Sep-Feb Total Jun-Aug Y/Y Sep-Feb Y/Y Total Y/Y

Sales 22,905 51,570 74,475 24,022 104.9% 53,747 104.2% 77,769 104.4%

Gross margin 10,861 26,180 37,041 11,236 103.5% 27,419 104.7% 38,655 104.4%

Gross margin rate 47.4% 50.8% 49.7% 46.8% -0.6pt 51.0% +0.2pt 49.7% -0.0pt

SGA 12,292 25,495 37,787 12,194 99.2% 26,391 103.5% 38,585 102.1%

Operating income -1,431 685 -746 -959 ─ 1,029 150.1% 70 ─

Ordinary income -1,601 535 -1,067 -1,104 ─ 1,134 212.1% 30 ─

Current net income -1,794 -6,538 -8,332 -1,790 ─ 1,004 ─ -785 ─

*Results from previous year are also shown based on the results of 9 months

Results from previous year (June, 2011

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4. Consolidated performance

Special factors

 Declared investment securities assessment loss as non-operating expense as a result of assessing the overall securities (compound instrument) at fair value.

( ) Change in the assessment method due to the revision of the securities

management policy

Effect to the profit: -5.6 billion yen

 Gross margin reduced due to the more strict revision of the inventory asset assessment rate

( ) Partial revision of the inventory asset assessment rate

Effect to the profit: -900 million yen

 Since the business plan for each group company was revised as part of the medium term management plan formulation, the goodwill amount was changed. Its impairment amount was

declared as special loss as goodwill amortization amount

( ) Re-assessment of goodwill involving part of the sub-subsidiaries

Effect to the profit: -12.1 billion yen

 Declared impairment losses involving operating assets (mainly stores and factories) as extraordinary losses

( ) Declaration of impairment loss

Effect to the profit: -2.4 billion yen

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( ) Diversification of business domains

Expansion of fashion-related domains aside from

apparel/clothing

( ) M&A made during the year

Development of new businesses that provide new lifestyles/values

→Opening of

“JILLSTUART CAFÉ”

800 mil. yen

10.6 bil. yen

14.8 bil. yen

Contribution to the group performance throughout the

year starting in 2013 ending February

ARPEGE Co., Ltd. (Aug-) (Sales from 2011 ending

July: 5.1 billion yen)

WAVE International © (Dec-) (Sales from 2011 ending August:

4.5 billion yen)

ELEPHANT Corporation (Sep-) (Sales from 2012 ending February: 7.9 billion yen)

Rose Bud Co., Ltd. (Aug-) (Sales from 2011 ending

July: 4.9 billion yen) FIT Co., Ltd. (March-)

(Sales from 2012 ending January: 1.9 billion yen)

Total sales due to group consolidation during the year: 11 billion yen

Expansion of NANO

・

UNIVERSE

Co., Ltd.

( ) Group companies’ growth

2004 ending Feb (First year of acquisition)

2011 ending Feb

2012 ending Feb

March, 2011

August

February, 2012

2013 ending February

*With the exception of FIT Co., Ltd., each company joined the group in the middle of the year. Therefore, the latest annual sales of each

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●

・・・

_{Tokyo Style Group}

●

・・・

_{SANEI-INTERNATIONAL Group}

*The Y/Y comparison for SANEI-INTERNATIONAL CO.,LTD. is based on 9 month performance

(Unit: Million yen)

Brand name

Y/Y

1 NANO-UNIVERSE

●

14,881

10.1%

140.4%

2 NATURAL BEAUTY BASIC

●

9,634

6.5%

106.1%

3 MARGARET HOWELL

●

5,997

4.1%

113.6%

4 FREE'S SHOP

●

4,650

3.1%

92.6%

5 HUMAN WOMAN

●

4,476

3.0%

97.9%

6 Aylesbury

●

4,428

3.0%

95.8%

7 & by P&D

●

4,404

3.0%

112.6%

8 ROSE BUD

●

4,293

2.9%

─

9 kate spade new york

●

4,123

2.8%

116.0%

10 STUSSY

●

3,986

2.7%

88.1%

Other

86,928

58.8%

─

Total

147,800

100.0%

─

*The sales for SANEI-INTERNATIONAL Group brands are for 9 months from June, 2011 to February, 2012

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

Consider the management environment, performance, and financial health in a

comprehensive manner



Appropriate internal reserves to capital investments, such as new store opening, etc., and

development expenses, such as new brands and new businesses, etc., in order to

improve the corporate value

( ) Dividends

( ) Dividend policy

Maintenance of stable dividend standard

2012 ending February Plan for 2013 ending February

Annual dividend per share

17.50 yen

17.50 yen

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II. 2013 Ending February: Outlook

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Plan199,000 million yen

in sales and 300 million yen in ordinary income

Tokyo Style Group : Performance of the group companies that underwent M&A in the previous year contributes throughout the year

SANEI-INTERNATIONAL Group : Significant increase in the revenue due to the irregular settlement of 9 months (June-February) in the previous year

(Unit: Million yen)

2013 ending February: Plan

1st_{half 2}nd_{half Throughout the year}

Results from previous year

Plan for this

year Y/Y previous year Results from Y/Y

Results from

previous year Plan for this year Y/Y

Sales

52,049 94,000 180.6%

95,751 105,000 109.7%

147,800

199,000

134.6%

Operating

income

-4,346 -1,700

─

-2,510

1,500

─

-6,857

-200

─

Ordinary

income

-5,754 -1,300

─

-6,501

1,600

─

-12,255

300

─

Current net

income

-4,657 -2,700

─

-22,501

-600

─

-27,158

-3,300

─

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(

) Tokyo Style Group

(Unit: Million yen)

2013 ending February: Plan

1st_{half 2}nd_{half Throughout the year}

Plan for this year _Y/Y Plan for this year _Y/Y Plan for this year _Y/Y

Sales _{28,034 39,087 139.4% 42,094 45,776 108.7% 70,129 84,863 121.0%} Operating income _{-3,361 -1,633} ─ _{-3,575 -131} ─ _{-6,935 -1,764} ─ Ordinary income _{-4,510 -1,339} ─ _{-7,614 -163} ─ _{-12,124 -1,502} ─ Current net income _{-6,578 -2,280} ─ _{-23,702 -1,924} ─ _{-30,280 -4,204} ─

(

) SANEI-INTERNATIONAL Group

(Unit: Million yen)

2013 ending February: Plan

1st_{half 2}nd _{half Throughout the year}

Plan for this year _Y/Y Plan for this year _Y/Y Plan for this year _Y/Y

Sales _{24,022 55,356 230.4% 53,747 59,715 111.1% 77,769 115,071} 148.0%

Operating income _{-959 -52} ─ _{1,029 1,646 160.0% 70 1,594} 2273.5%

Ordinary income _{-1,104 82} ─ _{1,134 1,722 151.8% 30 1,804} 6020.1%

Current net income _{-1,790 -347} ─ _{1,004 1,270 126.5% -785 923} ─ *Jun-Aug (3 months)

Results from

previous year previous year Results from

Results from previous year Results from

previous year *

Results from previous year

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assessments/assumptions from the information available as of this material’s date. Actual