Izumi : Support Documentation about the Consolidated Financial Results for the First Quarter of the Year Ending February 28, 2022 (FY2021)

July 20, 2021 at 10:03 pm EDT

July 13, 2021

IZUMI CO., LTD.

(Stock code: 8273)

Support Documentation about the Consolidated Financial Results for the First Quarter of the Year Ending February 28, 2022 (FY2021)

1. Summary of Financial Results

1) Consolidated Financial Results			(Unit: millions of yen)
	FY2020	FY2021

	1Q	Full Term	1Q	Full Term
		Forecast

Operating revenue	149,055	679,778	164,954	721,400
(YoY)	81.0%	91.3%	110.7%	106.1%
Operating profit	6,305	35,781	7,832	36,700
(YoY)	95.6%	112.2%	124.2%	102.6%
Ordinary profit	6,381	36,078	8,050	36,800
(YoY)	96.9%	112.8%	126.1%	102.0%
Profit attributable to owners of parent	3,327	23,053	5,081	23,500
(YoY)	78.5%	115.5%	152.7%	101.9%
Earnings per share	¥46.43	¥321.72	¥70.97	¥327.95

Total assets	489,250	489,692	469,731
Net assets	228,283	245,411	246,427
Net assets per share	¥3,008.59	¥3,244.56	¥3,268.45
Equity ratio	44.1%	47.5%	49.7%
Total number of issued shares at the	71,665,200	71,665,200	71,665,200
end of period (incl. treasury shares)

Number of treasury shares at the	7,366	8,106	208,190
end of period

Average number of shares during	71,657,839	71,657,606	71,607,042
the period (excl. treasury shares)

Number of consolidated subsidiaries	14	15	15
Number of equity-method affiliates	5	5	5
2) Non-consolidated Financial Results			(Unit: millions of yen)

	FY2020	FY2021
	1Q	Full Term	1Q	Full Term
	Forecast

Operating revenue	137,679	634,583	154,005	674,000
(YoY)	79.6%	90.6%	111.9%	106.2%
Operating profit	4,772	29,128	6,372	30,100
(YoY)	90.0%	111.9%	133.5%	103.3%
Ordinary profit	4,896	29,420	6,495	30,200
(YoY)	91.7%	112.1%	132.7%	102.7%
Profit	2,385	17,461	4,165	19,400
(YoY)	67.5%	102.4%	174.7%	111.1%
Dividends per share	-	¥83.00	-	¥86.00
Total assets	422,199	423,212	408,596
Net assets	176,864	189,151	189,362
Equity ratio	41.9%	44.7%	46.3%
	1

2. Consolidated Statements of Income								Consolidated
							(Unit: millions of yen)

		FY2020		FY2021			FY2020
		1Q (Mar-May)	1Q (Mar-May)			Full Term (Mar-Feb)
		Amount	% of Sales	Amount	% of Sales		YoY		% of Sales
	Operating revenue	149,055	-	164,954	-		110.7%	679,778	-
	Net sales	140,707	100.0%	156,624	100.0%		111.3%	645,672	100.0%
	Gross profit	33,429	23.8%	35,264	22.5%		105.5%	147,467	22.8%
	Operating revenue	8,348	5.9%	8,330	5.3%		99.8%	34,105	5.3%
	Operating gross profit	41,778	29.7%	43,594	27.8%		104.3%	181,573	28.1%
	Selling, general and	35,473	25.2%	35,761	22.8%		100.8%	145,791	22.6%
	administrative expenses

	Personnel expenses	16,696	11.9%	17,195	11.0%		103.0%	67,805	10.5%
	Depreciation	3,695	2.6%	3,679	2.3%		99.6%	15,243	2.4%
	Amortization of goodwill	191	0.1%	133	0.1%		69.4%	737	0.1%
	Rental expenses	2,895	2.1%	2,871	1.8%		99.2%	11,526	1.8%
	Utilities expenses	1,716	1.2%	1,596	1.0%		93.0%	7,482	1.2%
	Advertising expenses	2,598	1.8%	2,319	1.5%		89.3%	9,643	1.5%
	Other	7,677	5.5%	7,966	5.1%		103.8%	33,352	5.2%
	Operating profit	6,305	4.5%	7,832	5.0%		124.2%	35,781	5.5%
	Non-operating income	617	0.4%	499	0.3%		81.0%	1,893	0.3%
	Interest and dividend income	59	0.0%	55	0.0%		93.5%	243	0.0%
	Non-operating expenses	540	0.4%	282	0.2%		52.3%	1,597	0.2%
	Interest expenses	190	0.1%	150	0.1%		79.3%	700	0.1%
	Ordinary profit	6,381	4.5%	8,050	5.1%		126.1%	36,078	5.6%
	Extraordinary income	517	0.4%	11	0.0%		2.3%	3,610	0.6%
	Extraordinary losses	1,999	1.4%	442	0.3%		22.2%	4,835	0.7%
	Profit before income taxes	4,899	3.5%	7,619	4.9%		155.5%	34,852	5.4%
	Total income taxes	1,461	1.0%	2,429	1.6%		166.2%	10,306	1.6%
	Profit attributable to	110	0.1%	108	0.1%		98.0%	1,493	0.2%
	non-controlling interests

	Profit attributable to owners of parent	3,327	2.4%	5,081	3.2%		152.7%	23,053	3.6%
	1) Segment Information
		FY2020		FY2021			FY2020
		1Q (Mar-May)	1Q (Mar-May)			Full Term (Mar-Feb)
		Amount	% of Total	Amount	% of Total		YoY	Amount	% of Total
	(Operating revenue)
	Retail operations	144,403	96.9%	159,955	97.0%		110.8%	659,977	97.1%
	Retail-peripheral operations	22,568	15.1%	23,621	14.3%		104.7%	94,786	13.9%
	Other	1,318	0.9%	1,282	0.8%		97.3%	5,297	0.8%
	Adjustment	-19,234	-12.9%	-19,904	-12.1%		-	-80,283	-11.8%
	Total	149,055	100.0%	164,954	100.0%		110.7%	679,778	100.0%
	(Operating profit)
	Retail operations	5,420	86.0%	6,714	85.7%		123.9%	31,217	87.2%
	Retail-peripheral operations	540	8.6%	805	10.3%		149.1%	3,458	9.7%
	Other	350	5.6%	336	4.3%		96.2%	1,172	3.3%
	Adjustment	-5	-0.1%	-23	-0.3%		-	-67	-0.2%
	Total	6,305	100.0%	7,832	100.0%		124.2%	35,781	100.0%
	2) Financial Results of Major Subsidiaries	(Year-on-year in parentheses)

Company	Business / Segment		FY2020	FY2021
	1Q (Mar-May)	1Q (Mar-May)

YOU-ME CARD CO., LTD.	Finance	Operating revenue	2,339	2,321	(	99.3%)
	Retail-peripheral operations	Operating profit	433	501	(	115.8%)
IZUMI TECHNO Co., Ltd.	Store management	Operating revenue	2,912	3,499	(	120.2%)
	Retail-peripheral operations	Operating profit	204	293	(	143.5%)
IZUMI FOOD SERVICE CO., LTD.	Food services	Operating revenue	880	1,233	(	140.1%)
	Retail-peripheral operations	Operating profit	-212	-32		(-)
Youme Mart Kumamoto Co., Ltd.	Retail	Operating revenue	6,911	6,885	(	99.6%)
	Retail operations	Operating profit	337	137	(	40.7%)
Youme Mart Kitakyushu Co., Ltd.	Retail	Operating revenue	7,231	6,879	(	95.1%)
	Retail operations	Operating profit	339	224	(	66.3%)
YOURS Co., Ltd.	Retail	Operating revenue	6,223	5,833	(	93.7%)
	Retail operations	Operating profit	164	106	(	64.5%)

FY2020

Full Term (Mar-Feb)

9,393

2,060

13,882

1,549

4,626 -303

27,975

1,245

28,715

1,033

24,094

582

Consolidated

3) Change in Consolidated Operating Profit by Quarter					(Unit: millions of yen)
		FY2019		FY2020			FY2021

				YoY			YoY				YoY
1Q	(Mar-May)	6,592		81.5%	6,305		95.6%		7,832		124.2%
2Q	(Jun-Aug)	7,570		87.0%	10,152		134.1%		-		-
First half total (Mar-Aug)	14,163		84.4%	16,457		116.2%	Forecast	17,500		106.3%
3Q	(Sep-Nov)	7,009		102.7%	8,588		122.5%		-		-
Three quarters total (Mar-Nov)	21,173		89.7%	25,045		118.3%		-		-
4Q	(Dec-Feb)	10,715		91.9%	10,735		100.2%		-		-
Annual total (Mar-Feb)	31,888		90.4%	35,781		112.2%	Forecast	36,700		102.6%

3. Consolidated Balance Sheets				(Unit: millions of yen)
			As of Feb. 28, 2021	As of May 31, 2021

			Amount	% of Total	Amount	% of Total	Change
	Total assets		489,692	100.0%	469,731	100.0%	- 19,961
	Cash and deposits		25,306	5.2%	7,452	1.6%	- 17,853
	Notes and accounts receivable - trade	42,497	8.7%	44,090	9.4%	+ 1,593
	Merchandise and finished goods	21,661	4.4%	22,229	4.7%	+ 568
	Property, plant and equipment	330,539	67.5%	329,968	70.2%	- 570
	Leasehold and guarantee deposits	16,909	3.5%	16,808	3.6%	- 101
	Investment securities		9,876	2.0%	9,610	2.0%	- 265
	Other		42,900	8.8%	39,570	8.4%	- 3,330
	Liabilities		244,281	49.9%	223,303	47.5%	- 20,977
	Notes and accounts payable - trade	47,367	9.7%	31,425	6.7%	- 15,941
	Interest-bearing liabilities		109,414	22.3%	115,319	24.6%	+ 5,905
	Other		87,499	17.9%	76,558	16.3%	- 10,941
	Net assets		245,411	50.1%	246,427	52.5%	+ 1,016
	Treasury shares		-30	0.0%	-889	-0.2%	- 858
	Other		232,526	47.5%	234,442	49.9%	+ 1,916
	Non-controlling interests		12,915	2.6%	12,874	2.7%	- 41
	*Change in the number of issued shares
				FY2020 (Mar-Feb)		FY2021 1Q
	Total number of issued shares at the beginning of the period		71,665,200		71,665,200
		at the end of the period (A)		71,665,200		71,665,200
	Treasury shares, etc.	at the beginning of the period		7,346		8,106
		at the end of the period (B)		8,106		208,190
		(Acquired during the period)		760		200,084
		(Cancelled during the period)		0		0
	A－B				71,657,094		71,457,010
	(Average during the period)				71,657,606		71,607,042
4. Consolidated Statements of Cash Flows				(Unit: millions of yen)

	FY2020	FY2021
	1Q (Mar-May)	1Q (Mar-May)
Cash flows from operating activities	+ 5,858	- 14,445
Profit before income taxes	+ 4,899	+ 7,619
Non-cash loss/gain (depreciation, etc.)	+ 3,990	+ 4,300
Increase/decrease in claims and obligations related to operating activities	- 710	- 20,069
Income taxes and interest income	- 4,794	- 7,535
Other	+ 2,474	+ 1,239
Cash flows from investing activities	- 3,602	- 5,333
Capital investment related	- 3,864	- 5,277
Other	+ 261	- 55
Cash flows from financing activities	+ 2,606	+ 1,925
Interest-bearing liabilities related	+ 5,506	+ 5,905
Other	- 2,900	- 3,979
Increase/decrease in cash and cash equivalents	+ 4,862	- 17,853

FY2020

Full Term (Mar-Feb)

+ 48,320 + 34,852 + 18,311 + 6,045 - 9,543 - 1,345

- 6,633 - 13,921 + 7,287

- 25,361 - 19,536 - 5,825

+ 16,324

Non-Consolidated

5. IZUMI CO., LTD.: Income Statement and Other Financial Information

1) Statement of Income							(Unit: millions of yen)
	FY2020		FY2021			FY2020
	1Q (Mar-May)		1Q (Mar-May)			Full Term (Mar-Feb)

	Amount	% of Sales	Amount	% of Sales		YoY	Amount	% of Sales
Operating revenue	137,679	-	154,005	-		111.9%	634,583	-
Net sales	129,987	100.0%	146,306	100.0%		112.6%	603,041	100.0%
Gross profit	26,234	20.2%	27,974	19.1%		106.6%	117,561	19.5%
Operating revenue	7,691	5.9%	7,699	5.3%		100.1%	31,541	5.2%
Real estate lease revenue	2,036	1.6%	2,034	1.4%		99.9%	8,148	1.4%

Distribution center revenue	2,259	1.7%	2,254	1.5%		99.8%	9,517	1.6%
Store lease joint management	2,253	1.7%	2,143	1.5%		95.1%	8,851	1.5%
expense revenue

Other	1,141	0.9%	1,266	0.9%		111.0%	5,024	0.8%
Operating gross profit	33,925	26.1%	35,673	24.4%		105.2%	149,102	24.7%
Selling, general and	29,153	22.4%	29,301	20.0%		100.5%	119,973	19.9%
administrative expenses

Personnel expenses	11,806	9.1%	12,178	8.3%		103.2%	48,025	8.0%

Depreciation	3,219	2.5%	3,137	2.1%		97.5%	13,132	2.2%
Rental expenses	2,479	1.9%	2,453	1.7%		98.9%	9,751	1.6%
Store management expenses	2,443	1.9%	2,522	1.7%		103.2%	10,135	1.7%
Utilities expenses	1,333	1.0%	1,219	0.8%		91.4%	5,824	1.0%

Advertising expenses	2,257	1.7%	1,951	1.3%		86.5%	8,108	1.3%
Other	5,614	4.3%	5,838	4.0%		104.0%	24,996	4.1%
Operating profit	4,772	3.7%	6,372	4.4%		133.5%	29,128	4.8%
Non-operating income	577	0.4%	365	0.2%		63.2%	1,571	0.3%
Interest and dividend income	132	0.1%	128	0.1%		96.6%	335	0.1%
Non-operating expenses	453	0.3%	241	0.2%		53.3%	1,280	0.2%

Interest expenses	194	0.1%	162	0.1%		83.6%	727	0.1%
Ordinary profit	4,896	3.8%	6,495	4.4%		132.7%	29,420	4.9%
Extraordinary income	517	0.4%	11	0.0%		2.2%	579	0.1%
Extraordinary losses	2,026	1.6%	425	0.3%		21.0%	4,455	0.7%

Profit before income taxes	3,387	2.6%	6,081	4.2%		179.5%	25,544	4.2%
Profit	2,385	1.8%	4,165	2.8%		174.7%	17,461	2.9%
2) Sales Information
	FY2020		FY2021			FY2020
	1Q (Mar-May)	1Q (Mar-May)			Full Term (Mar-Feb)
	Amount	% of Total	Amount	% of Total		YoY	Amount	% of Total
(By Product)
Lifestyle	19,282	14.8%	21,908	15.0%		113.6%	89,854	14.9%
Foods	54,342	41.8%	53,606	36.6%		98.6%	231,751	38.4%
Directly managed stores total	73,625	56.6%	75,514	51.6%		102.6%	321,606	53.3%
Tenants	39,374	30.3%	53,515	36.6%		135.9%	208,863	34.6%
X-SELL Department	1,821	1.4%	2,262	1.5%		124.2%	11,706	1.9%
Product supply, etc.	15,166	11.7%	15,013	10.3%		99.0%	60,866	10.1%
Total	129,987	100.0%	146,306	100.0%		112.6%	603,041	100.0%
(By Region)
Chugoku	56,243	43.3%	61,156	41.8%		108.7%	252,960	41.9%
Kyushu	46,038	35.4%	54,219	37.1%		117.8%	224,469	37.2%
Other	27,705	21.3%	30,930	21.1%		111.6%	125,611	20.8%
Total	129,987	100.0%	146,306	100.0%		112.6%	603,041	100.0%

*From March 2021, the Company implemented organizational changes, such as combining and reorganizing the Clothing Department and the Household Goods Department, and making them the Lifestyle Division.

Accordingly, results for FY2020 1Q and FY2020 Full Term have been adjusted to figures after these organizational changes.

				Non-Consolidated

3) YoY Sales at		FY2020	FY2021	FY2020
Existing Stores		1Q (Mar-May)	1Q (Mar-May)	Full Term (Mar-Feb)
(Excluding X-SELL	Lifestyle	61.4%	117.7%	77.6%
Department)	Foods	100.6%	99.9%	101.3%
	Directly managed stores total	86.6%	104.5%	93.5%
	Tenants	61.8%	136.9%	84.2%
	Total	76.4%	115.9%	89.7%
	Chugoku	82.5%	110.4%	93.0%
	Kyushu	71.7%	119.2%	87.2%
	Number of customers	83.3%	105.4%	89.4%
	Average spent per customer	103.9%	99.2%	104.5%
	Average spent per item	91.1%	105.9%	97.4%
	Number of purchases	114.1%	93.6%	107.3%

Accordingly, results for FY2020 1Q and FY2020 Full Term have been adjusted to figures after these organizational changes.

4) Gross Profit Ratio		FY2020	FY2021	FY2020
		1Q (Mar-May)	1Q (Mar-May)	Full Term (Mar-Feb)
	Lifestyle	35.0%	35.7%	35.6%
	Foods	27.2%	27.9%	27.7%
	Directly managed stores total	29.2%	30.2%	29.9%
	Tenants	10.5%	8.4%	8.6%
	X-SELL Department	26.7%	27.9%	25.8%
	Product supply, etc.	0.5%	0.4%	0.5%
	Total	20.2%	19.1%	19.5%
	(Loss rate)
	Lifestyle	6.2%	7.1%	6.3%
	Foods	2.7%	2.5%	2.5%
	Directly managed stores total	3.6%	3.8%	3.5%
	(Inventory turnover in days)
	Lifestyle	104.2	77.9	79.3
	Foods	10.1	9.8	9.2
	Directly managed stores total	34.4	29.5	28.5

Accordingly, results for FY2020 1Q and FY2020 Full Term have been adjusted to figures after these organizational changes.

5) Average Number of		FY2020	FY2021		FY2020
Employees during the		1Q (Mar-May)	1Q (Mar-May)		Full Term (Mar-Feb)
Period	Full employees	3,013	2,956		2,968
	Semi-full employees (8-hour equivalent)	6,030	5,710		5,971
	Part-time employees (8-hour equivalent)	3,753	3,514		3,973
	Total	12,796	12,180		12,912
	(% of Total)
	Full employees	23.5%	24.3%		23.0%
	Semi-full employees (8-hour equivalent)	47.1%	46.9%		46.2%
	Part-time employees (8-hour equivalent)	29.3%	28.9%		30.8%
	Total	100.0%	100.0%		100.0%
	(Indicators: Directly managed stores and X-SELL Department)
	Net sales per employee	5,896 thousand yen	6,386 thousand yen		25,815 thousand yen
	Gross profit per employee	1,721 thousand yen	1,922 thousand yen		7,683 thousand yen
	Personnel expenses per employee	923 thousand yen	1,000 thousand yen		3,720 thousand yen
	Personnel expenses/sales ratio	15.6%	15.7%		14.4%
	Personnel expenses/gross profit ratio	53.6%	52.0%		48.4%
	*Number of full employees at the end of period: 3,006 in FY2020 1Q; 2,942 in FY2021 1Q; 2,907 in FY2020 Full Term

					Non-Consolidated
6) Stores and Capital
	As of May 31, 2020	As of May 31, 2021		As of Feb. 28, 2021
Investment	New stores	0	0		0
	(X-SELLstand-alone type stores)	0	0		0
	Stores closed	0	1		2
	Number of stores at the end of the period	111	108		109
	(X-SELLstand-alone type stores)	9	7		7
	Sales floor area at the end of period	1,148,952㎡	1,125,408㎡		1,128,780㎡
	Capital investment (construction basis)	1,238 million yen	1,751 million yen		5,023 million yen
	Capital investment (payment basis)	3,381 million yen	2,075 million yen		8,797 million yen

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Izumi Co. Ltd. published this content on 21 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2021 02:02:02 UTC.

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Izumi Co., Ltd. Provides Consolidated Earnings Guidance for the Six Months Ending August 31, 2023 and Year Ending February 29, 2024	23-07-14	CI
Izumi Co., Ltd. Provides Dividend Guidance for the Year Ending February 29, 2024	23-04-17	CI
Izumi Co., Ltd. Announces Dividend for the the Year Ended February 28, 2023, Payable on May 25, 2023; Provides Dividend Guidance for the Second Quarter of the Year Ending February 29, 2024	23-04-17	CI
Izumi Co., Ltd. Provides Consolidated Earnings Guidance for the Six Months Ending August 31, 2022 and for the Year Ending February 29, 2023	23-04-17	CI
Izumi Co., Ltd. Reports Earnings Results for the Full Year Ended February 28, 2023	23-04-11	CI
Australian shares close at three-week high; cenbank move in focus	23-04-03	RE
Maxell Signs Capital, Business Partnership Agreement with Denkyo	23-03-01	MT

	1st Jan change	Capi.
IZUMI CO., LTD.	-8.32%	1.52B
WESFARMERS LIMITED	+11.54%	48.62B
EL PUERTO DE LIVERPOOL, S.A.B. DE C.V.	+13.45%	11.95B
ZHEJIANG CHINA COMMODITIES CITY GROUP CO., LTD.	+7.65%	5.96B
CENTRAL RETAIL CORPORATION	-21.95%	5.28B
RYOHIN KEIKAKU CO., LTD.	+6.74%	4.15B
WOOLWORTHS HOLDINGS LIMITED	-16.76%	2.97B
BERLI JUCKER	-10.00%	2.47B
MAGAZINE LUIZA S.A.	-43.10%	1.75B
LOTTE SHOPPING CO., LTD.	-12.13%	1.37B

Izumi Co., Ltd.

Equities

8273

JP3138400001

Department Stores

Izumi : Support Documentation about the Consolidated Financial Results for the First Quarter of the Year Ending February 28, 2022 (FY2021)

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Sector Other Department Stores