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Consolidated Financial Statements

Last update: April 10, 2025

Consolidated Financial Statements

(1) Consolidated balance sheets

(Millions of yen)
  February 29, 2024
Amount 		February 28, 2025
Amount
ASSETS
Current assets  3,035,666 2,823,782
  Cash and bank deposits 1,558,738 1,368,663
Notes and accounts receivable - trade, and contract assets 464,159 441,630
Trade accounts receivable - financial services 100,645 111,029
Merchandise and finished goods 283,349 312,739
Work in process 79 46
Raw materials and supplies 2,444 3,002
Prepaid expenses 90,576 94,707
ATM-related temporary payments 99,351 118,172
Other 447,812 388,696
Allowance for doubtful accounts (11,491) (14,905)
Non-current assets  7,555,469 8,561,745
  Property and equipment  4,362,500 4,981,298
  Buildings and structures, net 1,606,839 1,749,166
Furniture, fixtures and equipment, net 493,756 538,598
Vehicles, net 21,783 23,300
Land 1,096,630 1,172,559
Lease assets, net 2,970 1,641
Right-of-use assets, net 985,657 1,289,807
Construction in progress 154,862 206,223
Intangible assets 2,356,578 2,711,382
  Goodwill 1,928,916 2,264,441
Software 302,767 295,814
Other 124,895 151,125
Investments and other assets 836,390 869,065
  Investments in securities 277,526 321,086
Long-term loans receivable  14,488 14,295
Long-term leasehold deposits 278,642 264,136
Net defined benefit asset 116,852 126,974
Deferred tax assets 92,015 75,058
Other 59,297 69,189
Allowance for doubtful accounts  (2,432) (1,675)
Deferred assets  981 582
  Business commencement expenses 193 －
Bond issuance cost 788 582
TOTAL ASSETS 10,592,117 11,386,111
(Millions of yen)
  February 29, 2024
Amount 		February 28, 2025
Amount
LIABILITIES
Current liabilities  3,073,252 3,316,615
  Notes and accounts payable, trade 528,155 519,497
Short-term loans 84,882 172,497
Current portion of bonds 334,039 210,000
Current portion of long-term loans 138,530 290,128
Income taxes payable 18,389 36,003
Accrued expenses 264,862 282,395
Contract liabilities 188,890 178,031
Deposits received 140,845 146,967
ATM-related temporary advances 60,880 73,388
Lease obligations 132,392 180,624
Allowance for Loss on transfer of subsidiary － 18,235
Allowance for restructuring expenses 15,989 2,626
Allowance for sales promotion expenses 773 815
Allowance for bonuses to employees 13,870 14,249
Allowance for bonuses to Directors and Audit & Supervisory Board Members 496 501
Deposits received in banking business 803,763 813,388
Call money 40,000 100,000
Other 306,490 277,264
Non-current liabilities 3,618,240 3,852,050
  Bonds 1,356,585 1,244,036
Long-term loans 824,616 778,068
Deferred tax liabilities 220,658 239,401
Allowance for retirement benefits to Directors and Audit & Supervisory Board Members 459 439
Allowance for stock payments 4,707 4,947
Net defined benefit liability 16,323 16,313
Deposits received from tenants and franchised stores 45,025 44,178
Lease obligations 931,759 1,223,438
Asset retirement obligations 163,328 235,024
Other 54,776 66,201
TOTAL LIABILITIES 6,691,492 7,168,665
NET ASSETS
Shareholders' equity 3,036,059 3,048,517
  Common stock 50,000 50,000
Capital surplus 351,851 293,455
Retained earnings 2,650,575 2,722,170
Treasury stock, at cost (16,368) (17,108)
Total accumulated other comprehensive income 680,464 981,693
  Unrealized gains (losses) on available-for-sale securities, net of taxes 46,116 51,770
Unrealized gains (losses) on hedging derivatives, net of taxes 4,823 5,035
Foreign currency translation adjustments 608,057 901,059
Remeasurements of defined benefit plans 21,466 23,827
Subscription rights to shares  60 80
Non-controlling interests  184,041 187,154
TOTAL NET ASSETS 3,900,624 4,217,445
TOTAL LIABILITIES AND NET ASSETS  10,592,117 11,386,111

(2) Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income

(Millions of yen)
  Year Ended
February 29, 2024
Amount 		Year Ended
February 28, 2025
Amount
Revenues from operations 11,471,753 11,972,762
  Net sales 9,850,470 10,342,323
Cost of sales 8,060,919 8,485,841
Gross profit on sales 1,789,551 1,856,482
  Operating revenues 1,621,283 1,630,439
Gross profit from operations 3,410,834 3,486,921
  Selling, general and administrative expenses 2,876,585 3,065,929
Advertising and decoration expenses 103,036 93,224
Salaries and wages 699,665 723,719
Provision for bonuses to employees 14,769 14,276
Pension expenses 13,833 12,765
Legal welfare expenses 82,957 88,532
Land and building rent 450,944 480,095
Depreciation and amortization 388,036 422,032
Utility expenses 183,411 192,189
Store maintenance and repair expenses 164,886 182,536
Other 775,044 856,557
Operating income 534,248 420,991
Non-operating income 23,487 25,705
  Interest income 12,186 10,372
Dividend income 1,533 1,876
Equity in earnings of affiliates 3,711 －
Gain on valuation of investment securities 146 7,632
Other 5,910 5,823
Non-operating expenses 50,649 72,110
  Interest expenses 22,060 40,841
Interest on bonds 21,059 20,541
Equity in losses of affiliates － 450
Other 7,529 10,277
Ordinary income 507,086 374,586
(Millions of yen)
  Year Ended
February 29, 2024
Amount 		Year Ended
February 28, 2025
Amount
Special gains 15,912 115,706
  Gain on sales of property and equipment 11,027 91,933
Gain on sales of property and equipment related to restructuring － 3,118
Gain on sales of investments in securities 2,867 11,807
Insurance income 492 4,623
Other 1,525 4,223
Special losses 245,991 220,941
  Loss on disposals of property and equipment 15,590 23,165
Impairment loss 43,010 98,260
Loss on business of subsidiaries and associates － 46,416
Restructuring expenses 28,858 25,605
Loss on transfer of subsidiary 4,866 4,782
Loss on transfer of department store 129,618 －
Other 24,047 22,711
Income before income taxes 277,007 269,351
Total Income taxes 41,803 86,331
  Income taxes - current  63,116 80,171
Income taxes - deferred (21,313) 6,160
Net income 235,203 183,020
Net income attributable to non-controlling interests 10,580 9,952
Net income attributable to owners of parent 224,623 173,068

(4) Consolidated statements of cash flows

(Millions of yen)
  Year Ended
February 29, 2024
Amount  		Year Ended
February 28, 2025
Amount
Cash flows from operating activities
  Income before income taxes 277,007 269,351
Depreciation and amortization 400,789 436,593
Impairment loss 57,079 143,993
Amortization of goodwill 119,912 138,209
Increase (decrease) in allowance for bonuses to employees 472 766
Increase in net defined benefit asset (8,195) (9,806)
Interest and dividends income (13,719) (12,249)
Interest expenses and interest on bonds 43,120 61,382
Equity in losses (earnings) of affiliates (3,711) 450
Insurance income (492) (4,623)
Gain on sales of property and equipment (11,027) (95,052)
Loss on disposals of property and equipment 15,590 24,744
Loss on transfer of subsidiary 4,866 4,782
Loss on transfer of department store 129,618 －
Loss (gain) on sales of investments in securities (2,867) (11,723)
Decrease (increase) in notes and accounts receivable, trade (50,033) 48,376
Decrease (increase) in trade accounts receivable, financial services (7,155) (10,383)
Decrease (increase) in inventories (5,984) 7,911
Increase (decrease) in notes and accounts payable, trade 5,587 (73,035)
Increase (decrease) in deposits received (23,689) 6,197
Net increase (decrease) in bonds in banking business (40,000) (15,000)
Net increase (decrease) in deposits received in banking business (6,376) 9,625
Net decrease (increase) in call loan in banking business 23,000 －
Net increase (decrease) in call money in banking business (70,000) 60,000
Net decrease (increase) in ATM-related temporary accounts 2,626 (5,937)
Other (66,580) (26,729)
Subtotal 769,836 947,843
Interest and dividends received 12,646 11,399
Interest paid (41,920) (57,962)
Insurance income received 1,090 7,910
Income taxes paid (87,527) (51,628)
Income taxes refund 18,889 18,896
Net cash provided by operating activities 673,015 876,458
(Millions of yen)
  Year Ended
February 29, 2024
Amount 		Year Ended
February 28, 2025
Amount
Cash flows from investing activities
  Acquisition of property and equipment (337,439) (430,866)
Proceeds from sales of property and equipment 24,317 130,005
Acquisition of intangible assets (120,202) (108,151)
Payment for purchase of investments in securities (44,240) (64,402)
Proceeds from sales of investments in securities 29,973 43,208
Payment for purchase of shares in subsidiaries resulting in change in scope of consolidation (776) (166,657)
Proceeds from sales of shares in subsidiaries resulting in change in scope of consolidation 36,036 2,603
Payment for sales of shares in subsidiaries resulting in change in scope of consolidation (2,687) (22,573)
Payment for long-term leasehold deposits (17,026) (8,847)
Refund of long-term leasehold deposits 18,046 25,645
Proceeds from deposits from tenants 2,093 3,715
Refund of deposits from tenants (1,872) (3,368)
Payment for acquisition of business (2,187) (109,675)
Payment for time deposits (7,302) (7,104)
Proceeds from withdrawal of time deposits 5,522 5,036
Other (14,064) (20,929)
Net cash used in investing activities (431,809) (732,363)
Cash flows from financing activities
  Net increase (decrease) in short-term loans 12,821 82,447
Proceeds from long-term debts 52,700 201,945
Repayment of long-term debts (150,246) (146,693)
Proceeds from issuance of bonds 220,000 －
Payment for redemption of bonds (325,837) (341,302)
Proceeds from share issuance to non-controlling shareholders 2,988 619
Purchase of treasury stock (52,393) (59,643)
Dividends paid (106,092) (101,408)
Dividends paid to non-controlling interests (7,533) (7,620)
Payment for changes in ownership interests in subsidiaries that do not result in change in scope of consolidation (2,062) (367)
Other (21,409) (20,625)
Net cash used in financing activities (377,065) (392,648)
Effect of exchange rate changes on cash and cash equivalents 23,566 35,879
Net increase (decrease) in cash and cash equivalents (112,293) (212,673)
Cash and cash equivalents at beginning of period 1,674,787 1,562,493
Cash and cash equivalents at end of period 1,562,493 1,349,820