Financial Highlights

	2020/3	2021/3	2022/3	2023/3	2024/3
Net Sales (Millions of Yen)	23,596	17,299	24,609	28,218	28,697
Operating Income (Millions of Yen)	△750	△2,527	△1,771	△481	△442
Ordinary Income (Millions of Yen)	△360	△2,204	△1,615	△378	△336
Net Income (Millions of Yen)	△1,457	△4,513	△3,544	6,757	291
Net Income per Share (Yen)	△44.93	△138.62	△108.37	207.46	10.22
Net Assets per Share (Yen)	421.40	291.23	209.89	442.30	511.82
Net Sales by Business (Millions of Yen)
Clothing Business	19,915	14,263	21,886	25,363	25,741
Real Estate and Leasing	3,726	3,084	2,774	2,895	2,998
Consolidated Adjustment	△44	△48	△52	△41	△41
Total	23,596	17,299	24,609	28,218	28,697

Summary of Business Operating Results by Business (consolidated)

Fiscal year ended March 2024

Clothing Business

With regard to NEWYORKER, our flagship retail brand, by closing down unprofitable store locations during the previous fiscal term, we were able to achieve profitability at the business division level by selling at fair prices and restricting the use of discounted sales, despite posting lower sales when compared to the previous fiscal period. In January 2024, we celebrated the 60th anniversary of the establishment of the brand. We are also engaging in initiatives related to the brand intended to strengthen our relationships with our customers, which include formulating plans for related goods and establishing a dedicated website. Our licensed brand Brooks Brothers experienced increased revenue and profits compared to the previous fiscal period, as it benefited from healthy inbound demand. In addition, our collaborative initiatives with other brands were well-received, leading to greater recognition of our brands among new customer segments.
Turning to our manufacturing division, shipping volumes increased from our manufacturing subsidiary in China under direction from our retail division in Japan. On the other hand, sales decreased sharply at our apparel materials manufacturing subsidiary in Italy, as it experienced the effects of orders being moved forward due to the unstable international situation.

Real Estate and Leasing Business

The Dynacity commercial complex in Odawara saw increased customer traffic accompanying the normalization of economic activity. The complex experienced a rise in customer numbers and increased revenues and profits compared to the previous fiscal period thanks to initiatives such as attracting popular tenants and establishing itself further as part of the surrounding community. Regarding the leasing of office space, we sold our aging headquarters building with an aim to reconstitute our held assets at the end of the previous fiscal period. Although this resulted in a temporary decrease in profits, we have achieved stable revenue with the completion of our acquisition of new real estate within the current fiscal period.

Financial Situation (consolidated)

Fiscal year ended March 2024

Total Assets

While we posted decreases in cash on hand and deposits, accounts receivable, and investments in securities, we saw increases in buildings, structures, and land holdings. This resulted in total assets of JPY 40,882 million, an increase of JPY 1,120 million compared to the end of the previous fiscal period.

Total Liabilities

Notes and accounts payable as well as deferred tax liabilities decreased, while we saw an increase in long- and short-term loans payable. This resulted in total liabilities of JPY 26,235 million, an increase of JPY 977 million compared to the end of the previous fiscal period.

Net Assets

Despite a decrease in treasury stock acquisitions, net assets were JPY 14,646 million, an increase of JPY 143 million compared to the end of the previous fiscal period, with a capital-to-asset ratio of 33.7% (down from 34.4% at the end of the previous fiscal period). This change was due to factors such as higher accumulated earnings and the effects of the valuation of owned marketable securities.