Slide 1: Financial Results Briefing for the Fiscal Year Ending March 2025
Goldwin Inc. Financial Results Briefing for the Fiscal Year Ending March 2025 May 14, 2025 ©2025 Goldwin Inc.
Slide 2: Table of contents
Table of contents I. Results for the fiscal year ending March 2025 P. 3 ~ P.16 II. Full-year forecast for fiscal year ending March 2026 P.17 ~ P.22 III. Progress status of medium-term management plan P.23 ~ P.46 ©2025 Goldwin Inc. 1
Slide 3: Key Message: Basic policy of PLAY EARTH 2030 in response to climate change
Key Message Basic policy of PLAY EARTH 2030 in response to climate change PLAY EARTH 2030 is a long-term vision that aims to transform into a structure that continues to be chosen by customers. By responding to climate change, we aim to achieve high ROE management by rebuilding our business foun
Slide 4: I. Results for the fiscal year ending March 2025
I. Results for the fiscal year ending March 2025 ~ Brand value backed by functionality remains unchanged. Progress is being made in "reconstructing the business foundation" with regard to gross profit margins, inventory management, etc. ~ ©2025 Goldwin Inc. 3
Slide 5: Overview of the fiscal year ending March 2025
Overview of the fiscal year ending March 2025. Sales are progressing in line with plans Profitability was supported by Costs are being managed efficiently and both domestically and internationally, maintaining gross profit margin and within expectations, while also making supported by inbound touris
Slide 6: Summary of financial results for the fiscal year ending March 2025
Summary of financial results for the fiscal year ending March 2025 Sales generally remained in line with plan. Profit level remains steady excluding temporary costs FY25.3 Fiscal year end FY24.3 May 14, 2024 March 25, 2025 May 14, 2025 Year-on-year Year-on-year Results excluding Left Year-on- Item R
Slide 7: Performance trends by business segment
Performance trends by business segment Continued growth in each business segment, with fashion steadily capturing inbound demand, increasing 7.3% year- on-year Sales by business segment (Million yen) Performance Lifestyle Fashion Results 40,049 80,550 11,706 Initial outlook Results Year-on-year Year
Slide 8: Inbound sales ratio
Inbound sales ratio Inbound demand continued to be strong from the 4th quarter onward. Inbound sales ratio at directly managed stores was 25.5% for the full year (17.3% for the previous year) Inbound sales composition ratio (directly managed stores) Inbound sales year-on-year change (directly manage
Slide 9: Monthly sales trends for the fiscal year ending March 2025
Monthly sales trends for the fiscal year ending March 2025 Sales were steady after peaking in December, and even exceeded the previous year's sales for the full year, but sales in March were due to product launches in line with sales trends for spring items. Year-on-year sales change Sales vs plan (
Slide 10: Self-managed sales ratio and number of directly managed stores
Self-managed sales ratio and number of directly managed stores In the FY25.3, we will carry out structural restructuring in the athletic area. In the FY26.3, we plan to have a 175-store structure with 15 new stores, mainly 10 Goldwin stores. Self-managed sales ratio and number of directly managed st
Slide 11: Quarterly trends in EC sales
Quarterly trends in EC sales EC sales in FY25.3 were 108% compared to the previous quarter, and 114% compared to the same period last year in the 4th quarter. Promote the influx of new customers by launching EC-only products (Million yen) 1Q 2Q 3Q 4Q EC sales ratio 25,000 15% 13.1% 12.4% 20,000 10%
Slide 12: Gross Profit Margin Initiatives
Gross Profit Margin Initiatives Gross profit margin for the FY25.3 was 52.1%. Although it is a decrease of 0.8 points compared to the previous term, we aim to achieve 52.7% of the response in the fourth quarter for the term ending March 2026. 58% The beginning of the period is March Results for FY23
Slide 13: Graph of factors contributing to changes in SG&A expenses
Graph of factors contributing to changes in selling, general and administrative expenses SG&A expenses for FY25.3 were 47 billion yen. If temporary costs of J-ESOP and head office relocation costs of 3.5 billion yen are excluded, the total amount will be 43.5 billion yen. Results(100 Million yen) 50
Slide 14: Changes in SG&A expenses compared to the same period last year
Changes in selling, general and administrative expenses compared to the same period last year Unused expenditures of 4.4 billion yen compared to the initial plan. Initial plan increase Difference Results Results Results Item name from previous fiscal (compared to initial Initial Plan Progress and Po
Slide 15: Changes in inventory balance
Changes in inventory balance In FY25.3, inventory balance temporarily increased to around 120% compared to the previous quarter due to the impact of the warm winter, but by the end of March it had reached 106%. Quarterly inventory balance (Million yen) Inventory Inventory year-on-year 25,000 150% 11
Slide 16: Changes in inventory balance compared to the same period last year and plan
(Non-consolidated) Changes in inventory balance compared to the same period last year and compared to the plan Inventories for FY25.3 temporarily increased by 122% compared to the previous fiscal year, but it was largely controlled compared to the plan, and the end of the period was within the plan.
Slide 17: Changes in sales loss rate
Changes in sales loss rate By thoroughly managing order flow, we calculate the appropriate order quantity, and the sales loss rate has remained stable at 1.4%. Trends in quarterly sales loss rate 5% 2.4% 1.8% 1.5% 1.5% 1.4% 1.4% 4% 3% 2% 1% 0% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
Slide 18: Initiatives of YOUNGONE OUTDOOR Corporation (YOC) in Korea
Initiatives of YOUNGONE OUTDOOR Corporation (YOC) in Korea Sales exceeded 1 trillion won (approximately 100 billion yen). Expected to remain steady in the FY25.12 YOUNGONE OUTDOOR Corporation（YOC） 2024 2025年 May. Jun. Jul. Aug. Sep. Oct. Nov. Dec. Feb. Mar. Apr. Jan. 1Q 2Q 3Q 4Q Goldwin Sales are st
Slide 19: Balance sheet for the fiscal year ending March 2025
Balance sheet for the fiscal year ending March 2025 Equity ratio 73.2%.Build a solid financial foundation Consolidated balance sheet (Million yen) Current assets Current Liabilities Fixed asset Fixed liability Net worth 37,391 35,866 2,282 34,082 83,832 4,940 93,438 30,386 69,184 4,378 55,486 5,287
Slide 20: II. Outlook for the fiscal year ending March 2026
II. Outlook for the fiscal year ending March 2026 ~ A growth trajectory with profitability and efficiency, continuing to thoroughly control expenses during the period ~ ©2025 Goldwin Inc. 19
Slide 21: Summary of financial results for the fiscal year ending March 2026
Summary of financial results for the fiscal year ending March 2026 FY26.3 was the final year of the previous medium-term management plan. Although sales will be lower than planned due to the discontinuation of 4 brands, each profit margin is expected to be maintained. (Million yen) Fiscal year end F
Slide 22: Earnings forecast by business segment
Earnings forecast by business segment Further improve quality in the performance area and develop new customer bases in lifestyle and fashion. Sales by business segment (Million yen) Performance Lifestyle Fashion Other Outlook 42,800 83,500 14,200 Year-on-year 106.9% 103.7% 121.3% Sales composition
Slide 23: Competitive advantage that enables expansion of business areas
Competitive advantage that enables expansion of business areas Chain of growth led by expansion through 3 business areas and 4 competitive strengths Ripple effects by business segment 4 forces that enable sustainable spread Performance Lifestyle Fashion Material Functional design development ability
Slide 24: Assumptions for gross profit margin
Assumptions for gross profit margin For FY26.3, the gross profit margin is expected to improve by 0.6pt for the full year. Stable costs and mitigation of the impact of the strong yen in the first half, and improvements in pricing policy and inventory accuracy contributed in the second half Assumptio
Slide 25: Factors contributing to changes in SG&A expenses (Outlook for FY26.3)
Graph of factors contributing to changes in selling, general and administrative expenses SG&A expenses are expected to increase by 4.6 billion yen, excluding temporary costs. The main reason is the increase in personnel costs to strengthen sales capabilities. Initial outlook(100 Million yen) 500 Bus
Slide 26: Quarterly trends in temporary costs related to J-ESOP and future outlook
Quarterly trends in temporary costs related to J-ESOP and future outlook Assuming a system design in which no temporary costs will occur in the fiscal year FY26.3 J-ESOP expense burden by quarter（100 Million yen） 1Q Result 2Q Result 3Q Result 4Q Result Total FY24.3 0 6 6 6 18 FY25.3 6 6 6 12 30 FY26
Slide 27: Factors causing increase in SG&A expenses for FY26.3
Factors causing increase in selling, general and administrative expenses for FY26.3 Expected to increase by 4.6 billion yen from the previous fiscal year after deducting temporary costs.Business activity expenses are scheduled to be used to improve brand value and build business infrastructure. FY26
Slide 28: III. Progress status of medium-term management plan
III. Progress status of medium-term management plan ～The North Face and Goldwin are progressing in line with the Five-Year Medium-Term Management Plan～ ©2025 Goldwin Inc. 27
Slide 29: Overall picture of PLAY EARTH 2030
Overall picture of PLAY EARTH 2030 PLAY EARTH 2030 A period of change towards becoming a 100-year company Products Products Products Experiences Goldwin500 THE NORTH FACE Brand Business Experience Business Growing response in Results for CAGR4% Prompt for Athletic brand selection Alpine Tour Service
Slide 30: Progress status of medium-term management plan
Progress status of medium-term management plan “Stability and challenge” through The “brand of choice” in the Transition to a phase of brand portfolio“Two-axis premium sports market is “selection and concentration” development” of THE NORTH FACE and Goldwin brand growing starting with China THE NO
Slide 31: Future information disclosure policy in line with the medium-term plan
(Already published) Future information disclosure policy in line with the five-year medium-term management plan Disclosure Cycle Disclosure 2Q、4Q Apparel and gear sales disclosure 1. THE NORTH FACE 4Q Disclosure of sales for kids/baby, shoes, etc. 4Q Disclosure of sales forecast for next fiscal year
Slide 32: THE NORTH FACE's growth potential
THE NORTH FACE’s growth potential THE NORTH FACE sales trends FY24.3 FY25.3 FY26.3E First time to exceed 100 billion yen (Million yen) (100 Million yen) Compared Compared since import sales began in 1978 Results Results to previous Results to previous (FY25.3) 120,000 period period apparel 755 807 1
Slide 33: THE NORTH FACE brand awareness survey
THE NORTH FACE brand awareness survey While maintaining high awareness and purchase intent, there are issues with purchase results and the level of continued purchases. Going forward, we plan to strengthen product development and rebuild customer contact points. past 3 years Purchase intention Recog
Slide 34: THE NORTH FACE kids market analysis and priority measures
THE NORTH FACE Environmental analysis of the kids market and priority measures THE NORTH FACE Kids is a category that maximizes the brand's LTV based on "family trust" rather than a "children's clothing business." Performance trends and environmental awareness Background of THE NORTH FACE’s efforts
Slide 35: THE NORTH FACE growth potential of the footwear category
THE NORTH FACE Growth potential of the footwear category The footwear business is expected to become the second growth axis as a strategic category that involves experience design and profit structure reform. The latest model of “VECTIV” will be on sale from March. VECTIV is the core product respons
Slide 36: THE NORTH FACE women's market analysis and priority measures
THE NORTH FACE Environmental analysis of the women's market and priority measures The Japanese outdoor women's market has a large untapped potential, and we will make it a pillar of medium- to long-term growth through a three-pronged strategy of products, channels, and marketing. 3 “Shares” to expan
Slide 37: Overall picture of Goldwin500 project
Overall picture of Goldwin500 project Goldwin500 roadmap (Million yen) 60,000 Net sale Operating profit margin 25% Compared to 50,000 50,000 FY25.3 FY26.3E previous 20% period 21% 40,000 4.4 billion 6.4 billion 15% Net sale 145.5% 30,000 yen yen Operating ▲8 billion ▲11 billion 10% - 20,000 20,000 p
Slide 38: Reactivation of inbound demand in China's premium sports market
Reactivation of inbound demand in China's premium sports market Rather than viewing the Chinese market simply as a destination for local expansion, we position it as a “starting market” that generates expansion and circulation of brand value. Circulation model starting Development according to the P
Slide 39: Environmental awareness of the Goldwin brand and first year results of Goldwin500
Environmental awareness of the Goldwin brand and results of the first year of “Goldwin500” Goldwin500 is steadily progressing through brand development that combines functional beauty and aesthetics for the urban premium demographic. Changes in the environment and expectations for brands Results of
Slide 40: Goldwin brand store opening plans in each region
Goldwin brand store opening plans in each region The store opening plan is currently progressing as planned. No. of stores in current 2025 2026 2027 2033 5/23 Aug. Sep. Oct. Shinsai Kyoto Sapporo Fukuoka bashi Japan 6 stores 15 Jun. (under consideration) Maruno Aoyama uchi Jun. Aug. Shanghai Shenzhe
Slide 41: Goldwin Nanjing opens on April 19, 2025
Goldwin Nanjing opens on April 19, 2025 Strengthening penetration into China's premium market - Goldwin Nanjing opens next-generation model of urban customer contact points Opened first overseas directly managed store “Goldwin San Francisco” Nov. 2019 (USA) Opened the first directly managed store in
Slide 42: Goldwin Korea's initiatives
Goldwin Korea’s initiatives Preparing to open flagship store within 2025 S25 Pop-up stores open at Shinsegae Department Store Gangnam and Hyundai Department Store Pangyo Preparing to open the 1st flagship store within 2025 Shinsegae Department Store Gangnam Hyundai Department Store Pangyo ©2025
Slide 43: Maintaining and improving high ROE management system
Sustainability in business Maintaining and improving high ROE management system ROE Expand sales Improving sales efficiency Optimization of capital structure Improving self- Improving Control of Control of Reduced sales Shareholder Improved driver managed sales overseas sales Cost control inventory
Slide 44: Cash allocation focuses on brand growth investment
Cash allocation focuses on brand growth investment Creation of operating cash flow 120 billion yen to 130 billion yen over 5 periods 24.4 billion yen for FY25.3 Investment Growth investment Business infrastructure ESG investment Shareholder return policy investment 30%～35% 20%～25% 10%～15% 30%～40%
Slide 45: Shareholder return policy
Shareholder return policy FY26.3 is expected to be the 15th consecutive year of dividend increase. The dividend balance will shift from 25:75 in FY25.3 to 50:50 in FY26.3, and to a year-round dividend structure commemorative Yen 一株当たり配当資金（期末） Dividend funds per share (end of period) 記念配当 dividend DO
Slide 46: Key points of financial results for the fiscal year ending March 2025
Key points of financial results for the fiscal year ending March 2025 In response to uncertainties such as climate change and inbound demand, we Leveraging the strength of a have achieved stable profitability through flexible adjustment of product “actual demand business introduction and shipping
Slide 47: (Reference) IR schedule for the fiscal year ending March 2026
(Reference) IR schedule for the fiscal year ending March 2026 Starting from the fiscal year ending March 2026, we will also hold financial results briefings (online) in the first and third quarters.The third quarter assumes IR Day. Scheduled Event format Speaker date 1Q Scheduled for General Plannin
Slide 48: (Reference) IR activity initiatives in 2024
(Reference) IR activity initiatives in 2024 Content Our correspondent 2024 results How to hold Ordinary general meeting of All directors, all auditors 1 time (June) Held at Toyama main store shareholders President Watanabe, Executive Managing Director Shirasaki, 2 times Held online and in a hybrid f
Slide 49: (Reference) Quarterly performance trends
(Reference) Quarterly performance trends (Million yen) 1Q 2Q 3Q 4Q Full year Fiscal year FY23.3 FY24.3 FY25.3 FY23.3 FY24.3 FY25.3 FY23.3 FY24.3 FY25.3 FY23.3 FY24.3 FY25.3 FY23.3 FY24.3 FY25.3 end Net sale 21,099 23,150 24,601 24,210 27,946 28,766 41,437 43,736 43,466 28,306 32,075 35,472 115,052 1
Slide 50: (Reference) Summary of the 4Q of the fiscal year ending March 2025
(Reference) Summary of the 4Q of the fiscal year ending March 2025 Sales increased by double digits compared to the previous year. Operating income and net income increased year on year after absorbing temporary costs. (Million yen) Compared FY23.3 FY24.3 FY25.3 to previous period 110.6% compared to
Slide 51: (Reference) Subsidiary Alpine Tour Service and the experience business
(Reference) Subsidiaryof Alpine Tour Service as an initiative for “Experience Business” Accelerate the promotion of the experience business and provide Goldwin's unique "customer experience value" that is linked to goods and experience. Significance of subsidiary and position within portfolio Direct
Slide 52: (Reference) PLAY EARTH 2030 FY2024 results and future goals
（Reference) PLAY EARTH 2030 FY2024 results and future goals for important environmental issues FY2024 plan FY2024 results FY2025 target FY2030 target FY2050 target Important environmental issues Promoting initiatives with suppliers and consumers in addition to our own activities Promotion of green R