Consolidated Financial Results

for the Fiscal Year Ended August 31, 2023

[Japanese GAAP]
October 13, 2023
Company name: Ryohin Keikaku Co., Ltd.
Stock exchange listing: Tokyo Stock Exchange
Code number: 7453
URL: https://www.ryohin-keikaku.jp/eng/
Representative: Nobuo Domae, President and Representative Director
Contact: Kenta Horiguchi, Executive Officer and General Manager of Corporate Planning Office
Phone: +81-3-3989-5972
Scheduled date of Ordinary General Meeting of Shareholders: November 23, 2023
Scheduled date of commencing dividend payments: November 24, 2023
Scheduled date of filing annual securities report: November 24, 2023
Availability of supplementary briefing materials on annual financial results: Yes
Schedule of financial results briefing session: Yes (for securities analysts)

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

1. Consolidated Financial Results for the Fiscal Year Ended August 31, 2023 (September 1, 2022 to August 31, 2023)
(1) Consolidated Operating Results (% indicates changes from the previous fiscal year.)
Net income attributable to owners
Operating revenue Operating profit Ordinary profit
of parent
Million yen % Million yen % Million yen % Million yen %
Fiscal year ended
581,412 17.2 33,137 1.1 36,156 (2.8) 22,052 (10.2)
August 31, 2023
Fiscal year ended
496,171 9.4 32,773 (22.8) 37,214 (18.0) 24,558 (27.6)
August 31, 2022
(Note) Comprehensive income: Fiscal year ended August 31, 2023: 32,368 million yen (-17.6%)
Fiscal year ended August 31, 2022: 39,285 million yen (4.5%)

Diluted Ratio of net income to Ratio of ordinary profit to Operating profit

Earnings per share
earnings per share equity (ROE) total assets (ROA) to operating revenue ratio
Yen Yen % % %
Fiscal year ended
83.51 83.33 8.7 8.5 5.7
August 31, 2023
Fiscal year ended
93.24 93.01 10.8 9.4 6.6
August 31, 2022
(Reference) Share of profit (loss) of entities accounted for using equity method: Fiscal year ended August 31, 2023: – million yen
Fiscal year ended August 31, 2022: – million yen

(2) Consolidated Financial Position

Total assets Net assets Equity ratio Net asset per share
Million yen Million yen % Yen
As of August 31, 2023 453,715 267,446 58.1 997.13
As of August 31, 2022 399,324 244,852 60.5 915.93
(Reference) Equity capital: As of August 31, 2023: 263,598 million yen
As of August 31, 2022: 241,555 million yen

(3) Consolidated Cash Flows

Cash flows from operating Cash flows from investing Cash flows from financing Cash and cash equivalents at end
activities activities activities of period
Million yen Million yen Million yen Million yen
Fiscal year ended
56,527 (22,106) (11,232) 115,184
August 31, 2023
Fiscal year ended
23,350 (16,683) (58,647) 90,231
August 31, 2022
2. Dividends
Annual dividends Dividends to
Payout ratio
End of 1st End of 2nd End of 3rd Total dividends net assets
Year-end Total (consolidated)
quarter quarter quarter (consolidated)
Yen Yen Yen Yen Yen Million yen % %
Fiscal year ended
－ 20.00 － 20.00 40.00 11,042 42.9 4.6
August 31, 2022
Fiscal year ended
－ 20.00 － 20.00 40.00 11,045 47.9 4.2
August 31, 2023
Fiscal year ending
August 31, 2024 － 20.00 － 20.00 40.00 32.0
(forecast)

3. Consolidated Financial Results Forecast for the Fiscal Year Ending August 31, 2024 (September 1, 2023 to August 31, 2024)
(% indicates changes from the previous fiscal year.)
Net income attributable to
Operating revenue Operating profit Ordinary profit Earnings per share
owners of parent
Million yen % Million yen % Million yen % Million yen % Yen
Full year 640,000 10.1 48,000 44.9 46,000 27.2 33,000 49.6 124.83

*Notes
(1) Changes in significant subsidiaries during the period under review
(Changes in specified subsidiaries resulting in changes in scope of consolidation): No
New: – (company name: – ), excluded – (company name: – )

(2) Changes in accounting policies, changes in accounting estimates and retrospective restatement
(i) Changes in accounting policies due to the revision of accounting standards: Yes
(ii) Changes in accounting policies other than (i) above: No
(iii) Changes in accounting estimates: No
(iv) Retrospective restatement: No

(3) Total number of issued shares (common stock)

(i) Total number of issued shares at the end of As of August 31, As of August 31,
280,780,000 shares 280,780,000 shares
the period (including treasury shares): 2023 2022
(ii) Total number of treasury shares at the end As of August 31, As of August 31,
16,421,638 shares 17,053,847 shares
of the period: 2023 2022
(iii) Average number of shares during the Fiscal year ended Fiscal year ended
264,077,589 shares 263,388,373 shares
period: August 31, 2023 August 31, 2022
(Note) See “Per share information” on page 17 of the Attached Materials for the number of shares based on which net asset per
share and earnings per share are calculated.

(Reference) Summary of Non-consolidated Financial Results

Non-consolidated Financial Results for the Fiscal Year Ended August 31, 2023 (September 1, 2022 to August 31, 2023)
(1) Non-consolidated Operating Results (% indicates changes from the previous fiscal year.)
Operating revenue Operating profit Ordinary profit Net income
Million yen % Million yen % Million yen % Million yen %
Fiscal year ended
422,039 15.1 13,543 2.2 29,362 23.9 22,379 25.1
August 31, 2023
Fiscal year ended
366,797 6.9 13,254 (58.4) 23,692 (54.3) 17,892 (54.5)
August 31, 2022

Earnings per share Diluted earnings per share

Yen Yen
Fiscal year ended
84.75 84.57
August 31, 2023
Fiscal year ended
67.93 67.76
August 31, 2022
 (2) Non-consolidated Financial Position
Total assets Net assets Equity ratio Net asset per share
Million yen Million yen % Yen
As of August 31, 2023 322,039 223,857 69.3 844.41
As of August 31, 2022 278,093 201,127 72.1 760.12
(Reference) Equity capital: As of August 31, 2023: 223,226 million yen
As of August 31, 2022: 200,462 Million yen

*These consolidated financial results are exempt from the audit procedure by certified public accountants or audit firms.

*Explanation of the proper use of financial results forecast and other special notes
Forward-looking statements in these materials are based on information available to the management at the time of preparation
of this report and on assumptions that management believes are reasonable, and actual business performance, etc. may differ
significantly due to various factors.
For the assumptions on which earnings forecasts are based and notes on the use of earnings forecasts, see 1. Overview of
Business Results, etc. (1) Overview of Business Results for Fiscal Year Under Review on page 2 of the Attached Materials.
○ Table of Contents of Attached Materials

1. Overview of Business Results, etc. ...................................................................................................................................... 2

(1) Overview of Business Results for Fiscal Year Under Review........................................................................................ 2
(2) Overview of Financial Conditions for Fiscal Year Under Review ................................................................................. 4
(3) Overview of Cash Flows for Fiscal Year Under Review ................................................................................................ 4
(4) Future Outlook ............................................................................................................................................................... 5
2. Basic Approach to the Selection of Accounting Standards .................................................................................................. 5
3. Consolidated Financial Statements ...................................................................................................................................... 6
(1) Consolidated Balance Sheets ......................................................................................................................................... 6
(2) Consolidated Statements of Income and Comprehensive Income.................................................................................. 8
Consolidated Statements of Income......................................................................................................................... 8
Consolidated Statements of Comprehensive Income ............................................................................................... 9
(3) Consolidated Statements of Changes in Net Assets ....................................................................................................... 10
(4) Consolidated Statements of Cash Flows ........................................................................................................................ 12
(5) Notes to Consolidated Financial Statements .................................................................................................................. 14
(Notes to going concern assumption) .......................................................................................................................... 14
(Changes in accounting policies) ................................................................................................................................. 14
(Segment information, etc.) ......................................................................................................................................... 14
(Per share information) ................................................................................................................................................ 17
(Important subsequent events) ..................................................................................................................................... 18

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1. Overview of Business Results, etc.
(1) Overview of Business Results for Fiscal Year Under Review
During the fiscal year under review (from September 1, 2022, to August 31, 2023), economic activities gradually normalized
following the relaxation of COVID-19 movement restrictions. At the same time, the economic outlook both in Japan and
overseas continued to be uncertain, given the global surge in resource prices and the downward swing in overseas economies
caused by monetary tightening. Further, consumers are becoming even more budget-conscious following a series of price hikes
of daily necessities resulting from the yen’s depreciation as well as rising raw material prices and energy costs.
Under such circumstances, the Ryohin Keikaku Group, in its second founding, has built its corporate identity to realize “Well-
being Life and Society.” We have developed merchandise, services, stores, and activities pursuing the ideal relationship between
humans, nature, and things and a spiritually rich human society. The group drove forward its business to fulfill the following
two missions.
Our first mission is to develop and provide daily necessities and services with genuine quality and ethical value, at appropriate
and affordable prices. The second mission is to have a positive impact on each region by operating stores that serve as
community centers, sharing concerns and values with local residents and collaborating with them to tackle local issues.

The Ryohin Keikaku Group’s operating results for the fiscal year ended August 31, 2023, are as follows.

Operating revenue 581,412 million yen (up 17.2% from a year ago)
Operating profit 33,137 million yen (up 1.1% from a year ago)
Ordinary profit 36,156 million yen (down 2.8% from a year ago)
Net income attributable to owners of parent 22,052 million yen (down 10.2% from a year ago)

Operating revenue rose owing to an increase in the number of stores as the Company opened new stores. While growth in
operating gross profit stagnated due to higher procurement prices caused by the rapid depreciation of the yen and the surging
raw materials costs, operating profit increased, slightly outperforming the result for a year ago.
The difference with the consolidated financial results forecast for full year was as follows: Operating revenue fell slightly
short of the forecast as existing store sales of Japan business struggled; profit of the Japan business improved following the
price revision implemented in January and February 2023, and the overseas business led by the mainland China business
continued to perform strongly. As a result, operating profit, ordinary profit, and net income attributable to owners of parent
exceeded the forecasts.
The number of MUJI stores (including licensed stores) in Japan and overseas increased by 116 to 1,188 as of August 31, 2023,
with 562 stores in Japan and 626 overseas. In Japan, the group enhanced its retail store network by opening 75 stores primarily
adjacent to local food supermarkets, while opening 65 stores overseas mainly in mainland China, Taiwan, and Thailand.

(Overview of business results by segment for the fiscal year under review)
Operating results by segment are as follows.

(i) Japan Business

Operating revenue from the Japan business during the fiscal year under review totaled 342,829 million yen (up 11.3% from
a year earlier), and segment profit came to 8,534 million yen (down 44.1%), resulting in revenue increase and profit decline.
Operating revenue increased thanks to contributions from strengthened new store openings in residential areas, while growth
in sales of existing stores were sluggish. Meanwhile, operating profit of the business declined as growth in operating gross
profit stagnated due to the depreciation of the yen and high raw material prices, and personnel expenses as well as expenses
for opening stores, merchandise marketing communications, etc. increased. Under these circumstances, operating gross profit
improved after the price revision of some products implemented in January and February 2023, and the segment profit
returned to positive growth from the third quarter.

(ii) East Asia Business

Operating revenue from the East Asia business during the fiscal year under review totaled 171,630 million yen (up 23.3%
from a year earlier) and segment profit came to 31,386 million yen (up 41.7%), resulting in increases in both revenue and
profit.
The business in mainland China posted increases in revenue and profit with sales being led by household goods, among
which locally developed products are increasing, as resumption of economic activities progressed after January 2023. Further,
the business in Taiwan, Hong Kong, and South Korea also recorded increases in both revenue and profit.

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(iii) Asia East / South & Oceania Business
Operating revenue from the Asia East / South & Oceania business during the fiscal year under review totaled 31,470 million
yen (up 42.9% from a year earlier) and segment profit came to 4,160 million yen (up 68.1%), resulting in significant increases
in both revenue and profit.
Sales in Southeast Asian countries, such as Thailand and Malaysia, performed strongly and revenue and profit of the segment
increased, as products for the ASEAN region, uniquely developed to suit the local cultures and climates, were well received
by local customers in the current fiscal year.

(iv) Europe & Americas Business

Operating revenue from the Europe & Americas business during the fiscal year under review totaled 35,482 million yen (up
32.3% from a year earlier) and segment profit came to 3,834 million yen (segment loss of 856 million yen a year earlier).
Sales in both North America and Europe grew, and the segment posted profit for full year, turning around from a loss in the
previous fiscal year. In particular, the business in North America performed strongly due to enhanced store operation
capabilities.

[ESG initiatives]
Under the principle “To contribute to society and people,” which has not changed since its founding, the Ryohin Keikaku
Group aims to become a front runner of ESG management in the second founding and implements initiatives to contribute to
the creation of an ecological and sustainable society with resource-recycling through our products, services, and activities led
by locally-rooted stores.

- ESG in merchandise
The Ryohin Keikaku Group, taking into account the future of our daily lives and merchandise, promotes the development
of recyclable products and products that use sustainable materials as alternatives to plastic. As part of the efforts, the Company
introduced storage supplies using Manila hemp from the end of May. The stem of Manila hemp has overlapping leaf sheaths
rolled together, and can be divided into three types based on the color and features of the fiber, which differ depending on
the layer. The Company developed storage supplies leveraging the differences in features of these three types of fiber and is
offering products that utilize resources without wasting them.

- ESG in business activities

The Company opened Muji Base Kamogawa in Kamogawa, Chiba Prefecture, on August 1 as a base for people to enjoy a
life with MUJI products that is locally rooted by utilizing idle assets such as vacant houses in Japan. MUJI was involved in
the planning and design upon renovating an old folk house built more than 100 years ago. The Ryohin Keikaku Group plans
to open MUJI Bases in various parts of Japan as a local base where visitors can spend their time as if it were their own home
in an unfamiliar land, blend in with the lifestyle unique to the region, and learn the wisdom of everyday life.

- ESG through localization activities

The Company established regional business units in September 2021 to work on regional issues together with residents and
has been striving to develop products unique to the specific region to revitalize it in cooperation with local businesses and
administration. The Yokohama Business Unit developed Milk Harbor Tanzawa Oyama-cha sweets made using ample
Tanzawa Oyama-cha tea leaves, in collaboration with Chakumi Co., Ltd., which works on restoration of tea fields in
Kanagawa Prefecture, and Ariake Co., Ltd., which manufactures and sells popular Yokohama sweets. The Company sold the
products at selected stores in the Kanagawa area and through its online store Shokoku Ryohin on June 9. The Chiba Business
Unit, as part of the Chibabio Processed Food Development Project being pursued in collaboration with Chiba Prefecture
Organization Liaison Committee which promotes organic vegetables in Chiba Prefecture and Ishii Food Co., Ltd., jointly
developed “Pasta Sauce with MARUKAJIRICHIBA Organic Cherry Tomatoes” and “MARUKAJIRICHIBA Organic Brown
Rice Risotto with Organic Cherry Tomatoes and Organic Carrots,” and has started selling the products in selected stores in
Chiba Prefecture on August 17.

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(2) Overview of Financial Conditions for Fiscal Year Under Review
As of August 31, 2023, total assets of the Ryohin Keikaku Group stood at 453,715 million yen, up 54,390 million yen from
the end of the previous fiscal year. This was primarily due to a 24,875 million yen increase in cash and deposits, a 3,875 million
yen increase in merchandise, a 3,474 million yen increase in other current assets, a 10,547 million yen increase in property,
plant and equipment, and a 12,708 million yen increase in investments and other assets.
Liabilities totaled 186,268 million yen, up 31,796 million yen from the end of the previous fiscal year. This was due primarily
to a 10,873 million yen increase in short-term loans payable, a 2,554 million yen increase in accrued expenses, a 6,964 million
yen increase in income taxes payable, an 8,756 million yen increase in lease liabilities, and a 2,082 million yen increase in
deferred tax liabilities.
Net assets came to 267,446 million yen, up 22,594 million yen from the end of the previous fiscal year. This was primarily
due to a 11,006 million yen increase in retained earnings, and a 11,693 million yen increase in deferred gains or losses on
hedges.
As a result, consolidated shareholders’ equity ratio came to 58.1% compared with 60.5% at the end of the previous fiscal year.

(3) Overview of Cash Flows for Fiscal Year Under Review

Consolidated cash and cash equivalents (hereinafter referred to as the “Funds”) at the end of the fiscal year under review were
115,184 million yen, an increase of 24,952 million yen from the end of the previous fiscal year as a result of operating activities,
investing activities including new store opening, and financial activities.

[Cash flows from operating activities]

Net Funds provided by operating activities were 56,527 million yen (23,350 million yen of inflow a year earlier).
This mainly reflected the 33,767 million yen in net income before income taxes, and 19,535 million yen in depreciation.

[Cash flows from investing activities]

Net Funds used in investing activities were 22,106 million yen (16,683 million yen of outflow a year earlier).
This is primarily a result of 16,570 million yen in purchase of property, plant and equipment including stores, 3,076 million
yen in payment of leasehold deposits for store opening, and 6,728 million yen in purchase of intangible assets such as software
investment.

[Cash flows from financing activities]

Net Funds used in financing activities were 11,232 million yen (58,647 million yen of outflow a year earlier).
This was primarily due to a 10,653 million yen net increase in short-term loans payable, 10,933 million yen in repayments
of lease liabilities, and 11,040 million yen in dividends paid.

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 (Reference) Trends of key cash flow indicators
Fiscal year ended Fiscal year ended Fiscal year ended Fiscal year ended Fiscal year ended
February 29, 2020 August 31, 2020 August 31, 2021 August 31, 2022 August 31, 2023

Year-end Year-end Year-end Year-end Year-end

Shareholders’ equity ratio

66.6 52.4 53.9 60.5 58.1
(%)
Shareholders’ equity ratio at
126.8 127.0 157.7 85.9 109.5
market value (%)
Cash flow to interest-bearing
1.54 － 1.79 3.27 1.69
debt ratio (years)
Interest coverage ratio
27.3 － 44.0 17.3 34.4
(times)

Shareholders’ equity ratio = Shareholders’ equity / Total assets

Shareholders’ equity ratio at market value = Market capitalization / Total assets
Cash flow to interest-bearing debt ratio = Interest-bearing debts / Cash flows
Interest coverage ratio = Cash flows / Interest payments
(Notes) 1. All indicators are calculated based on consolidated financial statements.
2. Market capitalization is calculated by multiplying the closing share price at the end of the period by total number
of issued shares at the end of the period (net of treasury shares).
3. The amount of cash flows is that of cash flows from operating activities.
4. Interest-bearing debts refer to all liabilities bearing interest and reported on the consolidated balance sheet. The
amount of interest payments is the amount of interest expenses presented in the consolidated statement of cash
flows.
5. The cash flow to interest-bearing debt ratio and interest coverage ratio for the fiscal year ended August 31, 2020,
are omitted, as operating cash flows were negative.

(4) Future Outlook

As for the future outlook, although economic activities are expected to normalize after the COVID-19 pandemic, economic
outlook is likely to remain uncertain due to global financial instability and rising prices.
Under such circumstances, the Ryohin Keikaku Group, as a retailer contributing globally to the realization of “Well-being Life
and Society,” will strive for the best product development, procurement, and store expansion through the support and
participation of the local communities. At the same time, as it has been doing since its inception in 1980, the group will continue
to manufacture products with a focus on true quality and reviewed through the “selection of materials,” the “streamlining
processes,” and the “simplification of packaging” as well as refine its ESG view point. As the vision for 2030, the group declared
to contribute to the day-to-day fundamental through individual stores and promote localization, and to the resolution of local
issues and the local development by living together with the local communities. To this end, the group will promote independent
management of stores and co-owned management, offer pleasant online experience, and become a leader in ESG management.

The outlook of the business performance of the Ryohin Keikaku Group for the next fiscal year is as follows.

- Outlook of business performance for the fiscal year ending August 31, 2024
Operating revenue 640,000 million yen
Operating profit 48,000 million yen
Ordinary profit 46,000 million yen
Net income attributable to owners of parent 33,000 million yen

2. Basic Approach to the Selection of Accounting Standards

The Ryohin Keikaku Group prepares its consolidated financial statements based on the Japanese standards to ensure comparability
of consolidated financial statements over time and comparability with other businesses.

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3. Consolidated Financial Statements
(1) Consolidated Balance Sheets
(million yen)

As of August 31, 2022 As of August 31, 2023

Assets
Current assets
Cash and deposits 90,162 115,038
Notes and accounts receivable - trade 10,268 12,323
Merchandise 129,202 133,078
Work in process 297 139
Supplies 59 79
Accounts receivable - other 15,829 12,894
Others 16,405 19,880
Allowance for doubtful accounts (20) (20)
Total current assets 262,206 293,412
Non-current assets
Property, plant and equipment
Buildings and structures 70,646 79,388
Accumulated depreciation (41,415) (46,873)
Buildings and structures, net 29,230 32,514
Machinery, equipment and vehicles 5,285 5,607
Accumulated depreciation (3,784) (4,286)
Machinery, equipment and vehicles, net 1,500 1,321
Tools, furniture and fixtures 27,938 31,456
Accumulated depreciation (19,711) (22,532)
Tools, furniture and fixtures, net 8,227 8,924
Land 1,558 1,558
Leased assets 76 94
Accumulated depreciation (34) (41)
Leased assets, net 41 52
Right-of-use assets 57,886 72,537
Accumulated depreciation (26,908) (35,109)
Right-of-use assets, net 30,978 37,428
Construction in progress 1,545 1,831
Total property, plant and equipment 73,082 83,630
Intangible assets
Goodwill 1,767 759
Software 25,686 26,885
Others 2,173 1,910
Total intangible assets 29,627 29,555
Investments and other assets
Investment securities 4,573 1,713
Deferred tax assets 2,884 2,774
Leasehold and guarantee deposits 21,442 23,846
Others 5,604 18,873
Allowance for doubtful accounts (98) (92)
Total investments and other assets 34,407 47,116
Total non-current assets 137,118 160,302
Total assets 399,324 453,715

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 (million yen)

As of August 31, 2022 As of August 31, 2023

Liabilities
Current liabilities
Accounts payable - trade 36,462 35,157
Short-term loans payable 3,902 14,775
Current portion of long-term loans payable 2,232 22,545
Accounts payable - other 11,475 11,711
Accrued expenses 6,725 9,279
Income taxes payable 1,447 8,412
Provision for bonuses 1,336 2,028
Lease liabilities 10,003 12,343
Provision for bonuses for directors (and other
78 205
officers)
Others 5,259 7,010
Total current liabilities 78,923 123,470
Non-current liabilities
Long-term loans payable 31,906 11,171
Deferred tax liabilities 6,379 8,462
Provision for retirement benefits for directors (and
29 31
other officers)
Provision for share awards 545 1,131
Lease liabilities 28,406 34,822
Others 8,281 7,178
Total non-current liabilities 75,548 62,798
Total liabilities 154,472 186,268
Net assets
Shareholders’ equity
Share capital 6,766 6,766
Capital surplus 29,586 29,620
Retained earnings 219,534 230,541
Treasury shares (31,082) (29,920)
Total shareholders’ equity 224,805 237,008
Accumulated other comprehensive income
Valuation difference on available-for-sale securities 2,309 849
Deferred gains or losses on hedges 7,577 19,270
Foreign currency translation adjustment 6,863 6,470
Total accumulated other comprehensive income 16,750 26,590
Share acquisition rights 664 631
Non-controlling interests 2,632 3,216
Total net assets 244,852 267,446
Total liabilities and net assets 399,324 453,715

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(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income
(million yen)
Fiscal year ended Fiscal year ended
August 31, 2022 August 31, 2023
(from September 1, 2021 (from September 1, 2022
to August 31, 2022) to August 31, 2023)
Operating revenue 496,171 581,412
Operating costs 261,814 309,862
Operating gross profit 234,356 271,549
Selling, general and administrative expenses 201,582 238,412
Operating profit 32,773 33,137
Non-operating income
Interest income 187 382
Dividend income 134 126
Sponsorship money income 134 105
Subsidy income 1,030 164
Foreign exchange gains 3,912 3,428
Reversal of allowance for doubtful accounts 4 4
Others 663 959
Total non-operating income 6,067 5,169
Non-operating expenses
Interest expenses 1,352 1,663
Others 274 487
Total non-operating expenses 1,626 2,150
Ordinary profit 37,214 36,156
Extraordinary income
Gain on sale of investment securities 25 2,960
Gain on sale of non-current assets 2 72
Gain on changes in lease terms 196 11
Others － 1
Total extraordinary income 224 3,047
Extraordinary losses
Impairment losses 2,240 4,904
Loss on retirement of non-current assets 1,990 332
Others 3 199
Total extraordinary losses 4,234 5,436
Net income before income taxes 33,204 33,767
Income taxes - current 5,664 13,666
Income taxes - deferred 2,761 (2,225)
Total income taxes 8,426 11,441
Net income 24,778 22,326
Profit attributable to non-controlling interests 220 274
Net income attributable to owners of parent 24,558 22,052

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 Consolidated Statements of Comprehensive Income
(million yen)
Fiscal year ended Fiscal year ended
August 31, 2022 August 31, 2023
(from September 1, 2021 (from September 1,2022
to August 31, 2022) to August 31, 2023)
Net income 24,778 22,326
Other comprehensive income
Valuation difference on available-for-sale securities (16) (1,460)
Deferred gains or losses on hedges 7,091 11,693
Foreign currency translation adjustment 7,431 (190)
Total other comprehensive income 14,506 10,042
Comprehensive income 39,285 32,368
(Breakdown)
Comprehensive income attributable to owners of
38,821 31,892
parent
Comprehensive income attributable to non-controlling
464 476
interests

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 (3) Consolidated Statements of Changes in Net Assets
Fiscal year ended August 31, 2022 (from September 1, 2021 to August 31, 2022)
(million yen)
Shareholders’ equity
Total shareholders’
Share capital Capital surplus Retained earnings Treasury shares
equity
Balance at the beginning of
6,766 27,922 205,995 (30,973) 209,709
period
Changes during period

Dividends of surplus (11,018) (11,018)

Net income attributable to

24,558 24,558
owners of parent

Purchase of treasury shares (2,550) (2,550)

Disposal of treasury shares 1,679 2,442 4,121

Decrease by share-based
(15) (15)
payment transaction
Changes in items other than
shareholders' equity, net

Total changes during period － 1,664 13,539 (108) 15,095

Balance at the end of period 6,766 29,586 219,534 (31,082) 224,805

Accumulated other comprehensive income

Total Share
Valuation Foreign Non-controlling
accumulated acquisition Total net assets
difference on Deferred gains or currency interests
other rights
available-for- losses on hedges translation
comprehensive
sale securities adjustment
income
Balance at the beginning of
2,325 485 (324) 2,487 605 2,068 214,871
period
Changes during period

Dividends of surplus (11,018)

Net income attributable to

24,558
owners of parent

Purchase of treasury shares (2,550)

Disposal of treasury shares 4,121

Decrease by share-based
(15)
payment transaction
Changes in items other than
(16) 7,091 7,187 14,262 59 563 14,885
shareholders' equity, net

Total changes during period (16) 7,091 7,187 14,262 59 563 29,981

Balance at the end of period 2,309 7,577 6,863 16,750 664 2,632 244,852

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 Fiscal year ended August 31, 2023 (from September 1, 2022 to August 31, 2023)
(million yen)
Shareholders’ equity
Total shareholders’
Share capital Capital surplus Retained earnings Treasury shares
equity
Balance at the beginning of
6,766 29,586 219,534 (31,082) 224,805
period
Changes during period

Dividends of surplus (11,045) (11,045)

Net income attributable to

22,052 22,052
owners of parent

Purchase of treasury shares (0) (0)

Disposal of treasury shares 33 1,162 1,195

Decrease by share-based
－
payment transaction
Changes in items other than
shareholders' equity, net

Total changes during period － 33 11,006 1,162 12,202

Balance at the end of period 6,766 29,620 230,541 (29,920) 237,008

Accumulated other comprehensive income

Total Share
Valuation Foreign Non-controlling
accumulated acquisition Total net assets
difference on Deferred gains or currency interests
other rights
available-for- losses on hedges translation
comprehensive
sale securities adjustment
income
Balance at the beginning of
2,309 7,577 6,863 16,750 664 2,632 244,852
period
Changes during period

Dividends of surplus (11,045)

Net income attributable to

22,052
owners of parent

Purchase of treasury shares (0)

Disposal of treasury shares 1,195

Decrease by share-based
－
payment transaction
Changes in items other than
(1,460) 11,693 (392) 9,840 (33) 584 10,391
shareholders' equity, net

Total changes during period (1,460) 11,693 (392) 9,840 (33) 584 22,594

Balance at the end of period 849 19,270 6,470 26,590 631 3,216 267,446

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(4) Consolidated Statements of Cash Flows
(million yen)
Fiscal year ended Fiscal year ended
August 31, 2022 August 31, 2023
(from September 1, 2021 (from September 1, 2022
to August 31, 2022) to August 31, 2023)
Cash flows from operating activities
Net income before income taxes 33,204 33,767
Depreciation 17,596 19,535
Amortization of software investment, etc. 4,738 5,532
Amortization of goodwill 952 1,003
Increase (decrease) in allowance for doubtful accounts (2) (5)
Increase (decrease) in provision for bonuses for
11 127
directors (and other officers)
Increase (decrease) in provision for retirement benefits
(44) 2
for directors (and other officers)
Interest and dividend income (321) (508)
Interest expenses 1,352 1,663
Foreign exchange losses (gains) (3,318) (1,342)
Loss (gain) on sale of investment securities (25) (2,960)
Loss on retirement of non-current assets 1,990 332
Impairment losses 2,240 4,904
Decrease (increase) in trade receivables (837) (1,941)
Decrease (increase) in inventories (14,253) (2,047)
Increase (decrease) in trade payables 6,708 (3,495)
Decrease (increase) in other assets (3,469) 676
Increase (decrease) in other liabilities (1,067) 5,369
Share acquisition rights 61 67
Others (903) 515
Subtotal 44,613 61,194
Interest and dividends received 321 508
Interest paid (1,350) (1,642)
Income taxes paid (20,233) (3,533)
Cash flows from operating activities 23,350 56,527
Cash flows from investing activities
Payments into time deposits 0 (7)
Proceeds from withdrawal of time deposits 795 －
Purchase of property, plant and equipment (8,030) (16,570)
Payments of leasehold interests in land of stores and
(1,796) (3,076)
leasehold deposits
Proceeds from collection of store leasehold deposits 498 1,302
Purchase of intangible assets (7,853) (6,728)
Proceeds from sale of investment securities 158 3,716
Others (455) (742)
Cash flows from investing activities (16,683) (22,106)

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 (million yen)
Fiscal year ended Fiscal year ended
August 31, 2022 August 31, 2023
(from September 1, 2021 (from September 1, 2022
to August 31, 2022) to August 31, 2023)
Cash flows from financing activities
Net increase (decrease) in short-term loans payable (1,103) 10,653
Proceeds from long-term borrowings 27,551 －
Repayments of long-term loans payable (65,644) (735)
Repayments of lease liabilities (9,593) (10,933)
Proceeds from share issuance to non-controlling
99 263
shareholders
Proceeds from sale of treasury shares 1,072 714
Dividends paid (11,029) (11,040)
Others 0 (155)
Cash flows from financing activities (58,647) (11,232)
Effect of exchange rate change on cash and cash
7,192 1,764
equivalents
Net increase (decrease) in cash and cash equivalents (44,787) 24,952
Cash and cash equivalents at beginning of period 135,019 90,231
Cash and cash equivalents at end of period 90,231 115,184

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(5) Notes to Consolidated Financial Statements
(Notes to going concern assumption)
Not applicable

(Changes in accounting policies)

(Adoption of U.S. GAAP ASU No. 2016-02, Leases)
The Group’s foreign consolidated subsidiaries following U.S. GAAP have adopted ASU 2016-02, Leases from the end of
the fiscal year under review. Accordingly, in principle, all lease transactions by the lessee are recognized as assets and
liabilities. In adopting the said standard, the cumulative effect of adopting it is recognized at the date of initial adoption as a
transitional measure.
As a result, right-of-use assets, net in property, plant and equipment increased by 3,505 million yen, lease liabilities under
current liabilities rose by 1,041 million yen, and lease liabilities in non-current liabilities climbed by 3,682 million yen in the
consolidated balance sheet for the fiscal year under review.

(Segment information, etc.)

[Segment information]
1. Overview of reportable segments
The reportable segments of the Ryohin Keikaku Group are defined as components of the group regarding which separate
financial information is available that is evaluated regularly by the board of directors in deciding how to allocate management
resources and in assessing performance.
The group formulates its strategy and conducts business activities with the MUJI business as its main business and the Japan
business, East Asia business, Asia East / South & Oceania business, and Europe & Americas business as its main reportable
segments.
The businesses categorized into each reportable segment are as follows.
The Japan business: Sales of merchandise at stores and via internet in Japan, procurement logistics in Japan, etc.
The East Asia business: Sales of merchandise and restaurant business in East Asia
The Asia East / South & Oceania business: Sales of merchandise and restaurant business in Southeast Asia and Oceania
The Europe & Americas business: Sales of merchandise and restaurant business in Europe and Americas

2. Calculation method for operating revenue, profit or loss, assets, and other items by reportable segment
Methods of accounting for reportable business segments are largely similar to those stated in “Important Matters Serving as
the Basis for Preparation of Consolidated Financial Statements.” The segment profits are the figures based on operating profit.
Inter-segment operating revenue and transfers are based on prevailing market prices.

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 3. Information regarding operating revenue, profit or loss, assets, and other items by reportable segment and disaggregated
revenue information
Fiscal year ended August 31, 2022 (from September 1, 2021 to August 31, 2022)
(million yen)
Amount
Reporting segments
recorded in
Asia East / Others Adjustments consolidated
Europe &
Japan East Asia South & (Note 1) (Note 2) financial
Americas Total
Business Business Oceania statements
Business
Business (Note 3)
Operating revenue
Net sales of
merchandise and 306,147 138,905 21,952 26,686 493,692 － － 493,692
finished goods
Operating revenue 1,966 321 63 127 2,479 － － 2,479
Revenue from
contracts with 308,114 139,227 22,016 26,813 496,171 － － 496,171
customers
Net sales from
308,114 139,227 22,016 26,813 496,171 － － 496,171
external customers
(1) Operating
revenue from 308,114 139,227 22,016 26,813 496,171 － － 496,171
external customers
(2) Inter-segment
operating revenue 0 4 － － 4 472 (477) －
or transfers
Total 308,114 139,231 22,016 26,813 496,176 472 (477) 496,171

Segment profit (loss) 15,273 22,154 2,475 (856) 39,047 65 (6,338) 32,773

Segment assets 89,697 110,346 25,894 27,808 253,747 3,818 141,758 399,324

Other items

Depreciation 7,534 8,139 2,736 2,712 21,123 18 1,193 22,334

Increase in
property, plant and
equipment and 6,018 8,418 3,885 1,945 20,269 5 8,042 28,317
intangible assets
(Note 4)
(Notes) 1. “Other” represents business segments that do not fall under the reporting segments and it includes the global procurement
business.
2. The content of the adjustments is as follows.
(1) The adjustments of the segment loss of 6,338 million yen include an elimination in inter-segment transactions of 27
million yen, an elimination of unrealized income on inventories of 2,227 million yen, and corporate expenses of
minus 8,594 million yen that have not been distributed to each reporting segment. Corporate expenses are mainly
general and administrative expenses that are not attributable to reporting segments.
(2) The 141,758 million yen adjustment of the segment assets include corporate assets of 142,146 million yen and inter-
segment elimination of minus 388 million yen.
*Corporate assets are mainly surplus funds for management (cash and deposits) at the parent company and non-current
assets not distributed to each segment.
3. Segment profit (loss) is adjusted with operating profit reported on the consolidated statement of income.
4. Increases in property, plant and equipment and intangible assets include increases in leasehold and guarantee deposits
as well as right-of-use assets.

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 Fiscal year ended August 31, 2023 (from September 1, 2022 to August 31, 2023)
(million yen)
Amount
Reporting segments
recorded in
Asia East / Others Adjustments consolidated
Europe &
Japan East Asia South & (Note 1) (Note 2) financial
Americas Total
Business Business Oceania statements
Business
Business (Note 3)
Operating revenue
Net sales of
merchandise and 339,434 171,232 31,388 35,423 577,479 － － 577,479
finished goods
Operating revenue 3,394 398 81 58 3,933 － － 3,933
Revenue from
contracts with 342,829 171,630 31,470 35,482 581,412 － － 581,412
customers
Net sales from
342,829 171,630 31,470 35,482 581,412 － － 581,412
external customers
(1) Operating
revenue from 342,829 171,630 31,470 35,482 581,412 － － 581,412
external customers
(2) Inter-segment
operating revenue － 4 － － 4 507 (511) －
or transfers
Total 342,829 171,635 31,470 35,482 581,416 507 (511) 581,412
Segment profit
8,534 31,386 4,160 3,834 47,915 21 (14,799) 33,137
(loss)
Segment assets 98,906 122,363 32,124 32,462 285,856 2,036 165,822 453,715

Other items

Depreciation 8,648 9,014 3,348 2,604 23,615 23 1,429 25,068

Increase in
property, plant
and equipment 10,999 13,671 5,405 6,869 36,945 104 7,092 44,142
and intangible
assets (Note 4)
(Notes) 1. “Other” represents business segments that do not fall under the reporting segments and it includes the global procurement
business.
2. The content of the adjustments is as follows.
(1) The adjustments of the segment loss of 14,799 million yen include an elimination in inter-segment transactions of 22
million yen, an elimination of unrealized income on inventories of minus 5,134 million yen, and corporate expenses
of minus 9,686 million yen that have not been distributed to each reporting segment. Corporate expenses are mainly
general and administrative expenses that are not attributable to reporting segments.
(2) The 165,822 million yen adjustment of the segment assets include corporate assets of 171,383 million yen and inter-
segment elimination of minus 5,560 million yen.
*Corporate assets are mainly surplus funds for management (cash and deposits) at the parent company and non-current
assets not distributed to each segment.
3. Segment profit (loss) is adjusted with operating profit reported on the consolidated statement of income.
4. Increases in property, plant and equipment and intangible assets include increases in leasehold and guarantee deposits
as well as right-of-use assets.

4. Matters regarding changes to reporting segments, etc.

Not applicable

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 (Per share information)
Fiscal year ended Fiscal year ended
August 31, 2022 August 31, 2023
Item
(from September 1, 2021 (from September 1, 2022
to August 31, 2022) to August 31, 2023)
Net asset per share (yen) 915.93 997.13

Earnings per share (yen) 93.24 83.51

Diluted earnings per share (yen) 93.01 83.33

Note 1. Earnings per share and diluted earnings per share were calculated based on the figures below.
Fiscal year ended Fiscal year ended
August 31, 2022 August 31, 2023
(from September 1, 2021 (from September 1, 2022
to August 31, 2022) to August 31, 2023)
Earnings per share
Net income attributable to owners of parent
24,558 22,052
(million yen)
Profit not attributable to common shareholders
－ －
(million yen)
Net income attributable to owners of parent related
24,558 22,052
to common stock (million yen)
Average number of shares during the period (1,000
263,388 264,077
shares)
Diluted earnings per share
Adjustments to net income attributable to owners
of parent － －
(million yen)
Increase in number of shares in common stock
651 567
(1,000 shares)
(Of which, share acquisition rights) (651) (567)
Outline of dilutive shares not included in calculation Compensatory stock options by Compensatory stock options by
of diluted earnings per share due to absence of resolution of the Board of resolution of the Board of
dilutive effects Directors meeting held on Directors meeting held on
December 22, 2021 December 22, 2021
Number of share acquisition Number of share acquisition
rights: 4,745 rights: 4,745
(Shares in common stock: (Shares in common stock:
474,500 shares) 474,500 shares)

Compensatory stock options by

resolution of the Board of
Directors meeting held on
October 13, 2022
Number of share acquisition
rights: 873
(Shares in common stock:
87,300 shares)

(Notes) 1. Shares in the Company held by financial institutions are included in the treasury shares to be deducted from the
calculation of the average number of shares in common stock during the period in accordance with the Employee
Stock Ownership Plan (J-ESOP), the Ryohin Keikaku Employee Stock Holding Exclusive Trust (E-Ship Trust), and
the Stock Incentive Compensation System for Executives and Employees of Overseas Group Companies. The Stock
Incentive Compensation System for Executives and Employees of Overseas Group Companies ended on January 31,

- 17 -
 2022 and the treasury shares remaining the trust at the time of termination is utilized as J-ESOP.
2. In the fiscal year ended August 31, 2022, the average number of shares in the Company held as the said funds, etc.
include 11,640 thousand shares in the Company held by Mizuho Trust & Banking Co., Ltd. and Sumitomo Mitsui
Trust Bank, Limited as J-ESOP, and 738 thousand shares in the Company held by The Nomura Trust and Banking
Co. Ltd. as E-Ship Trust.
3. In the fiscal year ended August 31, 2023, the average number of shares in the Company held as the said funds, etc.
include 11,568 thousand shares in the Company held by Mizuho Trust & Banking Co., Ltd. and Sumitomo Mitsui
Trust Bank, Limited as J-ESOP, and 513 thousand shares in the Company held by The Nomura Trust and Banking
Co. Ltd. as E-Ship Trust.

2. Net assets per share were calculated based on the figures below.

Fiscal year ended August 31, 2022 Fiscal year ended August 31, 2023

Total amount of net assets (million yen) 244,852 267,446

Amount to be deducted from the total amount of net
assets 3,296 3,847
(million yen)
(Of which, share acquisition rights [million yen]) (664) (631)

(Of which, non-controlling interests [million yen]) (2,632) (3,216)

Net assets related to common stock at end of period
241,555 263,598
(million yen)
Number of shares in common stock at end of period
used for calculation of net assets per share (1,000
263,726 264,358
shares)

(Note) The treasury shares to be deducted from the calculation of the number of shares in common stock at end of period used for
calculation of net assets per share for the fiscal year ended August 31, 2023 include 11,566 thousand shares in the Company
held by Mizuho Trust & Banking Co., Ltd. and Sumitomo Mitsui Trust Bank as J-ESOP as well as 267 thousand shares in
the Company held by The Nomura Trust and Banking Co. Ltd. as E-Ship Trust.

(Important subsequent events)

Not applicable

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