Superstore Operations

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Ito-Yokado

(Millions of yen)
	FY2012	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Revenues from operations	1,332,292	1,311,989	1,285,942	1,289,586	1,255,017	1,244,262	1,236,180	1,185,147	1,080,934	1,067,545	729,342
Net sales	1,302,923	1,280,615	1,253,296	1,255,608	1,219,252	1,213,613	1,205,751	1,154,374	1,053,284	1,038,664	654,251
Gross sales	-	-	-	-	-	-	-	-	-	-	1,039,102
Lifestyle^*1	-	-	-	-	-	317,460	310,796	285,985	238,816	219,985	217,398
Specialty stores^*1	-	-	-	-	-	13,484	13,213	13,488	13,592	11,791	13,455
Food^*1	-	-	-	-	-	550,399	538,778	516,120	517,101	506,270	488,764
Apparel	230,807	204,051	193,354	187,047	179,027	162,589	153,590	-	-	-	-
Household goods^*2	160,916	165,297	153,506	142,811	122,445	165,083	162,021	-	-	-	-
Food	623,571	608,343	592,913	601,672	585,457	553,670	547,175	-	-	-	-
Merchandise sales	1,015,295	977,692	939,774	931,531	886,930	881,343	862,788	815,594	769,510	738,046	719,618
Tenants	271,258	287,874	301,376	314,612	322,191	324,328	336,390	335,359	278,428	297,225	317,230
Other	16,369	15,048	12,145	9,464	10,130	7,940	6,573	3,420	5,345	3,392	2,252
Selling, general and administrative expenses	342,502	335,771	333,118	334,380	316,879	310,285	304,510	291,051	265,479	259,298	257,943
Operating income	9,009	11,236	1,859	(13,980)	52	3,077	4,708	6,522	7,781	1,620	408
Ordinary income	15,223	13,071	4,142	(13,405)	1,786	3,687	6,122	7,615	7,698	2,371	1,087
Net income	1,687	5,333	(6,881)	(23,923)	(13,797)	(5,821)	(7,840)	1,674	(3,705)	(11,201)	(15,203)
Capital expenditures	30,578	47,943	41,067	58,555	30,636	18,072	44,057	27,305	20,613	29,311	25,773
Depreciation and amortization^*3	15,937	10,014	11,137	13,125	13,654	12,606	12,191	13,254	12,594	13,318	15,402
Total assets	791,020	807,425	817,735	799,073	753,315	736,336	721,594	713,839	682,167	666,022	650,372
Net assets	599,857	608,444	606,327	581,223	544,808	539,608	530,367	529,737	512,489	507,849	492,632
EBITDA	24,946	21,250	12,997	(855)	13,707	15,683	16,899	19,776	20,375	14,939	15,810
ROA (%)	0.2	0.7	(0.8)	(3.0)	(1.8)	(0.8)	(1.1)	0.2	(0.5)	(1.7)	(2.3)
Existing store sales increase (decrease) (%)	(4.3)	(4.6)	(4.5)	0.2	(4.2)	(1.4)	(1.1)	(2.9)	(0.6)	(0.5)	(1.0)
Number of customers (%)	(5.2)	(4.3)	(5.7)	(0.1)	(4.4)	(1.7)	(1.1)	(3.5)	(6.9)	(0.3)	(1.2)
Average spending per customer (%)	1.0	(0.4)	1.3	0.4	0.3	0.3	0.0	0.7	6.7	(0.3)	0.1
Merchandise gross profit margin (%)	29.9	30.2	29.9	28.6	29.1	29.6	29.6	29.9	29.6	29.0	29.1
Number of stores	174	179	181	182	171	164	159	157	132	128	126
Openings	3	9	3	3	4	2	1	4	3	0	0
Closures	2	4	1	2	15	9	6	6	28	4	2
Total sales floor space (㎡)^*4	2,751,439	2,817,665	2,832,235	2,802,078	2,776,875	2,653,996	2,547,874	2,506,284	2,373,250	2,288,584	2,495,162
Directly managed sales floor space (㎡)^*4	1,642,954	1,639,943	1,630,246	1,590,958	1,508,282	1,490,522	1,420,357	1,355,959	1,230,268	1,162,773	1,105,108
Sales per square meter (¥ Thousand)^*5	613	597	572	585	564	575	584	591	602	622	641
Full-time employees (fiscal year-end)	8,672	8,289	8,029	7,790	7,654	7,663	7,443	7,238	6,477	6,024	5,635
Part-time employees^*6	29,116	31,491	31,245	32,106	27,540	27,750	26,690	24,275	22,319	20,059	18,619
Ratio of part-time employees (%)	77.4	78.6	79.3	80.0	79.9	78.0	77.9	76.7	76.6	76.3	76.3
Sales per employee (¥ Thousand)^*7	27,430	26,614	26,074	26,099	25,716	24,766	25,190	25,776	26,403	28,066	29,477

*1 From FY2019, the previous product-based sales classifications have been revised from apparel, household goods, and food to lifestyle, specialty stores, and food.
Figures for FY2017 and FY2018 have been calculated and displayed in the same manner.

*2 From FY2017, Seven Bi no Garden Co., Ltd. was absorbed through a merger and its figures are reflected.

*3 From FY2013, Ito-Yokado changed the method for calculating the depreciation of property and equipment to the straight-line method from the previously used declining-balance method.

*4 The method of calculating sales floor space was changed in FY2022.

*5 Sales per square meter = Merchandise sales ÷ Weighted average floor space

*6 Part-time employees are counted by adjusting their working hours to a 163-hour working month.

*7 Sales per employee = Merchandise sales ÷ Average number of employees (including part-time employees)

Note : “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), etc. have been applied from FY2022. Net sales based on the previous accounting standard restated as “Gross sales.”
Gross revenues from operations (revenues from operations under the previous accounting method) was 1,069,501 million yen.

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Ito-Yokado

Revenues from operations and Operating income

Net income and ROA

Breakdown of sales by merchandise category

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Ito-YokadoTrend in sales breakdown by region

(Billions of yen)
	FY2012	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Hokkaido	71.7	67.2	64.6	65.5	64.6	64.8	65.5	60.3	51.6	49.5	47.7
Tohoku	55.8	45.8	51.5	50.1	47.2	48.3	45.9	45.4	41.9	38.7	39.2
Kanto	945.2	939.4	914.7	925.8	902.8	916.6	902.2	876.0	805.2	794.9	795.0
Chubu	96.0	93.9	91.7	85.5	82.9	76.9	91.0	87.3	77.6	76.1	72.8
Kinki	116.4	115.8	113.1	111.9	106.0	98.5	92.5	85.0	76.8	79.3	84.1
Chugoku	17.6	18.2	17.4	16.4	15.5	8.1	8.4	-	-	-	-
Total	1,302.9	1,280.6	1,253.2	1,255.6	1,219.2	1,213.6	1,205.7	1,154.3	1,053.2	1,038.6	1,039.1

Trend in the number of stores

(Stores)
By region	FY2012	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Hokkaido	12	11	11	11	11	11	10	9	8	7	6
Tohoku	10	10	10	10	10	10	10	10	9	9	9
Kanto	121	127	130	131	125	120	118	118	96	95	94
Chubu	17	17	16	16	14	14	14	13	12	10	10
Kinki	11	11	11	11	10	8	7	7	7	7	7
Chugoku	3	3	3	3	1	1	-	-	-	-	-
Total	174	179	181	182	171	164	159	157	132	128	126

By total sales floor space	FY2012	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
16,000 ㎡-	68	72	72	71	70	63	61	59	58	58	70
10,000-15,999 ㎡	50	47	46	47	43	46	45	45	39	33	20
5,000-9,999 ㎡	36	34	35	34	30	27	25	23	19	21	18
Under 5,000 ㎡	20	26	28	30	28	28	28	30	16	16	18
Total	174	179	181	182	171	164	159	157	132	128	126

By store age	FY2012	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
30 years-	56	58	60	60	54	53	52	50	44	42	42
20 years-	24	22	24	27	27	28	35	39	40	39	39
10 years-	51	52	55	55	51	48	38	34	31	32	31
5 years-	20	18	16	17	14	15	22	21	9	9	9
1 year-	20	20	23	20	21	18	11	9	5	6	5
Under 1 year	3	9	3	3	4	2	1	4	3	0	0
Total	174	179	181	182	171	164	159	157	132	128	126

By format	FY2012	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Superstores	139	137	136	136	127	121	116	112	104	99	97
Shopping centers	13	16	17	17	18	19	19	19	19	20	20
Food specialty stores	22	26	28	29	26	24	24	26	9	9	9
Total	174	179	181	182	171	164	159	157	132	128	126

Note: Number of stores at fiscal year-end

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York-Benimaru

(Millions of yen)
	FY2012	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Revenues from operations	363,862	380,869	396,930	412,977	426,172	437,197	445,297	446,843	477,633	478,144	469,994
Net sales	358,061	374,781	390,492	406,223	418,729	429,064	437,201	438,637	469,057	469,415	458,991
Gross sales	-	-	-	-	-	-	-	-	-	-	477,377
Fresh food	114,914	123,054	132,110	139,489	145,105	149,910	153,597	154,442	169,112	167,111	167,563
Processed food	86,219	89,761	92,181	95,761	98,819	101,977	104,950	106,140	114,288	114,763	116,252
Daily food	68,660	71,510	73,843	77,433	81,101	84,097	86,551	87,235	94,955	95,394	97,652
Delicatessen	-	-	-	-	-	-	-	-	-	-	58,235
Food total	269,794	284,326	298,136	312,683	325,026	335,985	345,100	347,818	378,356	377,269	439,703
Apparel	17,642	17,597	16,614	15,887	14,967	13,531	12,761	11,747	10,751	10,314	10,156
Household goods	19,383	20,339	20,694	20,398	20,296	19,993	19,270	19,005	19,885	18,500	18,062
Merchandise sales	306,820	322,263	335,445	348,970	360,290	369,510	377,132	378,571	408,993	406,085	467,922
Tenants	51,240	52,518	55,047	57,253	58,439	59,553	60,069	60,066	60,064	63,330	9,455
Selling, general and administrative expenses	78,649	80,969	84,796	88,784	92,185	94,713	98,337	99,932	106,007	105,044	126,357
Operating income	11,854	12,714	12,820	13,324	14,054	14,070	12,801	13,100	16,548	14,704	18,013
Ordinary income	14,003	14,467	14,018	14,529	15,344	15,301	13,973	14,308	17,707	15,953	18,421
Net income	7,731	9,306	7,792	8,969	8,982	9,350	7,672	6,712	7,845	9,055	45,278
Capital expenditures	9,779	10,700	14,120	10,642	12,330	13,452	10,328	13,148	17,056	17,437	17,425
Depreciation and amortization^*1	5,161	3,167	3,569	3,931	4,519	5,148	5,675	5,883	6,259	7,297	9,466
Total assets^*2	156,212	168,013	182,267	184,894	177,983	184,302	183,481	190,090	199,509	201,144	247,713
Net assets	123,766	131,800	140,118	141,435	136,514	140,016	140,769	141,422	143,447	147,122	186,606
EBITDA	17,015	15,882	16,389	17,255	18,573	19,218	18,476	18,984	22,808	22,001	27,480
ROA (%)	5.0	5.7	4.4	4.9	5.0	5.2	4.2	3.6	4.0	4.5	20.2
Existing store sales increase (decrease) (%)	0.0	0.1	0.2	1.2	0.5	(0.4)	(1.0)	(1.2)	5.0	(0.4)	(0.8)
Number of customers (%)	0.9	0.7	(0.1)	1.5	0.8	0.0	(0.9)	(2.3)	(3.3)	(1.0)	(2.2)
Average spending per customer (%)	(1.0)	(0.6)	0.2	(0.3)	(0.3)	(0.5)	(0.2)	1.1	8.5	0.6	1.4
Merchandise gross profit margin (%)	26.0	25.6	25.6	25.7	25.8	25.7	25.8	26.1	26.4	25.8	30.3
Number of stores	184	193	200	205	213	220	225	232	235	237	246
Openings	11	11	8	6	9	11	7	8	5	5	11
Closures	3	2	1	1	1	4	2	1	2	3	2
Total sales floor space (㎡)	590,698	606,812	628,639	640,667	656,950	675,128	682,795	697,646	703,029	709,077	722,244
Directly managed sales floor space (㎡)	450,581	469,142	485,123	494,201	505,269	519,177	525,508	534,926	541,036	544,925	595,516
Sales per square meter (¥ Thousand)^*3	716	721	721	727	733	735	727	721	764	752	783
Full-time employees (fiscal year-end)	2,494	2,538	2,614	2,660	2,685	2,697	2,747	2,766	2,810	2,866	3,142
Part-time employees^*4	10,395	10,729	10,984	11,168	11,353	11,903	11,953	11,811	12,178	12,166	16,005
Ratio of part-time employees (%)	80.3	80.6	80.6	80.5	80.6	81.2	81.0	80.8	81.2	80.9	83.4
Sales per employee (¥ Thousand)^*5	23,714	24,232	24,607	25,156	25,581	25,208	25,566	25,888	27,255	26,989	23,923

*1 From FY2013, York-Benimaru changed the method for calculating the depreciation of property and equipment to the straight-line method from the previously used declining-balance method.

*2 “Partial Amendments to Accounting Standard for Tax Effect Accounting” (ASBJ Statement No. 28, February 16, 2018) has been applied to total assets from FY2019 and reflected retroactively in the figures for FY2018.

*3 Sales per square meter = Merchandise sales ÷ Weighted average floor space (excluding floor space of the stores which have been temporarily closed)

*4 Part-time employees are counted by adjusting their working hours to a 163-hour working month.

*5 Sales per employee = Merchandise sales ÷ Average number of employees (including part-time employees)

Notes 1: “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), etc. have been applied from FY2022. Net sales under the previous accounting method are shown as “Gross sales.”
Gross revenues from operations (revenues from operations under the previous accounting method) was 485,402 million yen.
2: On March 1, 2022, York-Benimaru merged with Life Foods, which formerly produced and sold delicatessen mainly in York-Benimaru stores.

Life Foods

(Millions of yen)
	FY2012	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Net sales	38,509	39,894	42,487	44,603	45,913	46,739	47,285	47,320	47,902	50,601	-
Selling, general and administrative expenses	14,823	15,438	16,383	17,388	17,965	18,673	19,217	19,344	19,610	20,934	-
Operating income	3,704	3,823	4,204	4,422	4,704	4,028	3,923	3,786	3,957	4,095	-
Ordinary income	3,763	3,870	4,253	4,468	4,739	4,054	3,977	3,834	3,995	4,131	-
Net income	2,193	2,407	2,526	2,801	3,237	2,657	2,596	2,528	2,570	760	-
Total assets^*	27,688	27,928	30,309	32,188	34,504	36,211	37,538	39,656	41,957	41,903	-
Net assets	21,493	22,523	24,265	26,293	28,628	30,396	32,209	33,990	35,769	35,690	-

* “Partial Amendments to Accounting Standard for Tax Effect Accounting” (ASBJ Statement No. 28, February 16, 2018) has been applied to total assets from FY2019 and reflected retroactively in the figures for FY2018.

York-Benimaru (including results from Life Foods)

(Millions of yen)
	FY2012	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Operating income	15,558	16,539	17,025	17,747	18,760	18,098	16,724	16,887	20,506	18,800	-

Note: The above results are management figures.

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York (Former York Mart)

(Millions of yen)
	FY2012	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Revenues from operations	122,672	129,306	133,138	141,242	142,864	144,829	146,142	144,102	183,703	190,651	182,471
Net sales	121,640	128,214	132,067	140,145	141,649	143,610	144,975	142,936	182,219	188,961	179,737
Selling, general and administrative expenses	33,653	34,740	36,095	38,313	38,801	39,936	40,549	41,163	50,282	52,946	52,426
Operating income	2,007	2,891	2,445	2,511	2,211	1,551	1,603	684	3,253	1,473	(396)
Ordinary income	2,075	2,945	2,525	2,540	2,231	1,532	1,622	671	3,290	1,521	(356)
Net income	1,032	1,701	1,247	1,611	963	251	(746)	(1,036)	963	(288)	(2,364)
Capital expenditures	4,919	2,627	4,534	4,911	2,562	3,313	2,390	3,090	4,864	4,881	4,313
Depreciation and amortization^*1	1,954	1,219	1,332	1,717	1,938	2,006	1,995	2,062	2,315	2,506	2,645
Total assets	41,410	41,991	45,555	48,494	47,321	47,660	47,009	47,133	67,998	72,717	73,073
Net assets	26,249	27,412	27,662	28,705	27,871	27,654	26,813	25,757	43,700	48,973	46,531
EBITDA	3,961	4,110	3,778	4,229	4,149	3,557	3,599	2,747	5,569	3,979	2,249
ROA (%)	2.6	4.1	2.9	3.4	2.0	0.5	(1.6)	(2.2)	1.4	(0.4)	(3.2)
Existing store sales increase (decrease) (%)	(4.9)	(0.2)	0.6	1.8	(1.6)	(0.5)	(1.2)	(2.2)	6.7	(3.4)	(3.1)
Merchandise gross profit margin (%)	28.8	28.9	28.8	28.8	28.6	28.6	29.0	29.2	29.1	28.7	28.5
Number of stores	71	74	76	76	78	78	79	78	100	101	103
Openings	5	3	2	4	2	1	2	2	23	1	2
Closures	2	0	0	4	0	1	1	3	1	0	0
Total sales floor space (㎡)	116,042	121,115	124,223	126,639	129,000	128,194	126,782	126,621	157,114	159,299	162,593
Sales per square meter (¥ Thousand)^*2	1,108	1,118	1,130	1,158	1,149	1,154	1,145	1,128	1,227	1,197	1,135
Full-time employees (fiscal year-end)	1,325	1,191	1,227	1,245	1,255	1,307	1,314	1,320	1,606	1,652	1,648
Part-time employees^*3	4,018	4,206	4,367	4,715	4,524	4,494	4,840	4,583	4,505	5,172	4,899
Sales per employee (¥ Thousand)^*4	22,007	21,949	22,367	22,723	23,024	23,203	23,472	23,193	25,106	25,580	27,458

*1 From FY2013, York Mart changed the method for calculating the depreciation of property and equipment to the straight-line method from the previously used declining-balance method.

*2 Sales per square meter = Merchandise sales ÷ Weighted average floor space

*3 Part-time employees are counted by adjusting their working hours to a 163-hour working month.

*4 Sales per employee = Net sales ÷ Average number of employees (including part-time employees)

Note : "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020), etc. have been applied from FY2022.