On the 12th, TSI Holdings announced its consolidated financial results for the fiscal year ending February 2013. Sales increased 25.5% year-on-year to ¥185.512 billion, with an operating loss of ¥1.277 billion and ordinary profit of ¥989 million.
The operating loss widened due to prioritizing investments related to new store openings and cost restructuring. Despite a ¥2.75 billion gain on the sale of shares in affiliate Kate Spade Japan and a ¥6.48 billion extraordinary gain from the sale of fixed assets and securities, the company recorded a ¥4.625 billion extraordinary loss due to losses on the liquidation of affiliates and other factors, as well as a ¥3.96 billion corporate tax expense, resulting in a net loss of ¥1.779 billion.
Individual group company financial results showed that the Tokyo Style Group posted sales of ¥82.624 billion. The drastic reforms to the business structure, including the closure of three unprofitable branches, the closure of approximately 400 low-profit and inefficient sales areas, and the elimination of five unprofitable brands, bore fruit.
San-A International Group's sales were 102,859 million yen. Aggressive expansion into new commercial facilities with strong customer appeal, such as Tokyo Solamachi and Shibuya Hikarie, had a positive effect. The group's merger with a subsidiary operating an outlet mall also contributed to the increase in sales.
Going forward, TSI Holdings will formulate a medium-term management plan and aim to leverage the group's resources to realize synergy effects and build a new business portfolio. For the next fiscal year, the company forecasts sales of 180 billion yen, operating profit of 1.2 billion yen, and a net loss of 800 million yen.
The operating loss widened due to prioritizing investments related to new store openings and cost restructuring. Despite a ¥2.75 billion gain on the sale of shares in affiliate Kate Spade Japan and a ¥6.48 billion extraordinary gain from the sale of fixed assets and securities, the company recorded a ¥4.625 billion extraordinary loss due to losses on the liquidation of affiliates and other factors, as well as a ¥3.96 billion corporate tax expense, resulting in a net loss of ¥1.779 billion.
Individual group company financial results showed that the Tokyo Style Group posted sales of ¥82.624 billion. The drastic reforms to the business structure, including the closure of three unprofitable branches, the closure of approximately 400 low-profit and inefficient sales areas, and the elimination of five unprofitable brands, bore fruit.
San-A International Group's sales were 102,859 million yen. Aggressive expansion into new commercial facilities with strong customer appeal, such as Tokyo Solamachi and Shibuya Hikarie, had a positive effect. The group's merger with a subsidiary operating an outlet mall also contributed to the increase in sales.
Going forward, TSI Holdings will formulate a medium-term management plan and aim to leverage the group's resources to realize synergy effects and build a new business portfolio. For the next fiscal year, the company forecasts sales of 180 billion yen, operating profit of 1.2 billion yen, and a net loss of 800 million yen.
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