Ryohin Keikaku 7453

良品計画

Recent Updates

2021-12-02

Releases monthly sales data (Domestic)

2021-11-26

FY08/21 report update

2021-11-26

Full-year FY08/21 report update

Get in touch

4-26-3, Higashi-Ikebukuro, Toshima-ku, Tokyo, Japan 170-8424

https://ryohin-keikaku.jp/

03-3989-4403

Summary

A global specialty retailer selling household goods, apparel and fashion items, and food under a single brand: MUJI (Mujirushi Ryohin). The bulk of sales come from Japan and increasingly, China.

Multiline RetailSpecialty RetailFood & Staples Retailing

Key dates

2014-05-09

Coverage initiation

Full Report

2021-12-02

Full-year FY08/21 flash update

2021-10-14

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Executive summary

Retail chain store operator selling apparel, household goods, and food under the Mujirushi Ryohin and MUJI brand names. Well known for simple designs that eschew excessive ornamentation and processing. Mujirushi Ryohin started out in 1980 a private label brand established by Seiyu, a large general merchandise store; in 1989 the brand was spun off from Seiyu and established as a separate company under the name Ryohin Keikaku. Ryohin Keikaku products are founded on three core principles: selection of materials, process streamlining, and simplification of packaging. It has loyal, repeat customers that value products that are low priced, simple, natural, anonymous, and conserve resources.

As of end-FY08/21, the company had 1,002 stores in operation worldwide, of which 456 were in Japan. The company’s 546 stores overseas are spread out across East Asia (mainly China), Europe, North America, Southwest Asia and Oceania, the Middle East, and other regions. Japan accounts for 65.5% of consolidated operating revenue, East Asia 27.7%, Europe and Americas 3.9%, and Southwest Asia and Oceania 3.0%. While its domestic business continues to grow, the more rapid growth outside Japan means the proportion of consolidated operating revenue coming from overseas is rising steadily.

By merchandise category, apparel (including apparel, accessories, shoes, and handbags) accounted for 37.4% of sales, household goods (including cosmetics, furniture, and linens) 46.8%, food (including retort foods and snack food) 12.1%, and other products 3.7% (FY08/21).

Trends and outlook

For FY08/21, Ryohin Keikaku reported consolidated operating revenue of JPY453.7bn (+13.0% YoY), operating profit of JPY42.4bn (+154.8% YoY), recurring profit of JPY45.4bn (+163.7% YoY), and net income attributable to owners of the parent of JPY33.9bn (versus loss of JPY6.9bn in FY08/20). Both operating revenue and profit increased YoY on the back of brisk sales at the Domestic business and improved performance at the Overseas business. Operating revenue beat the pre-pandemic figure for FY08/19, and so did all levels of profit. Net income attributable to owners of the parent reached a record high.

Ryohin Keikaku’s FY08/22 forecast calls for operating revenue of JPY480.0bn (+5.8% YoY), operating profit of JPY45.0bn (+6.0% YoY), and net income attributable to owners of the parent of JPY32.0bn (-5.6% YoY). In short, the company expects YoY increases in both operating revenue and operating profit, on the back of efforts to broaden the customer base centered on price revisions, and new store openings mainly in Japan and mainland China. It expects net income attributable to owners of the parent to decrease YoY, attributable mainly to one-time profit posted in the prior period, including gains from forgiveness of lease surrender obligations in the US business (JPY3.1bn). At the Domestic business, the company sees both operating revenue and profit increasing YoY on new store openings as well as higher sales at existing stores and online. At the Overseas business, too, the company anticipates some recovery from COVID-19 effects.

The company announced next medium-term business plan in April 2021. In terms of quantitative targets, under its next medium-term plan the company targets FY08/24 consolidated sales of JPY700bn (JPY450bn from Japan, JPY250bn from overseas) and operating profit of JPY75bn for an operating profit margin of 11% with targets for ROA and ROE of 15% or better. Long term, the company targets FY08/30 consolidated sales of JPY3.0tn and operating profit of JPY450bn, representing an operating profit margin of 15% with targets for ROA and ROE of 15% or higher.

Looking out to FY08/30, the company has set its sights on making its products and stores an essential part of everyday life for consumers and becoming an active part of local communities, contributing to both community building and problem solving. By region, the medium-term plan calls for focusing the bulk of its resources on its operations in Japan and Mainland China, where it looks to grow earnings while at the same time laying the groundwork for a new business model centered around individually managed stores to meet the needs of local communities. In Southeast Asia and Oceania, plans call for price cuts and a broader lineup of everyday goods; in terms of store strategy, plans call for steadily increasing the size of stores in the region through a combination of new store openings and the remodeling/replacement of existing stores. In India, Europe, and North America, the main focus during the period covered by the medium-term plan will be business restructuring.

Strengths and weaknesses

Shared Research believes the company’s key strengths are 1) its unique brand, 2) its strong potential as a global retailer, and 3) management that is strong on execution. Major weaknesses include 1) a lack of internal manufacturing capabilities and limited ability to control the production costs of many of the items its sells, 2) a lack of a strong online presence and online retail strategy, and 3) inventory management. (See the “Strengths and weaknesses” section for details.)

Key financial data

Income statement		FY02/13	FY02/14	FY02/15	FY02/16	FY02/17	FY02/18	FY02/19	FY02/20	FY08/20	FY08/21	FY08/22
(JPYmn)		Cons.	Cons.	Cons.	Cons.	Cons.	Cons.	Cons.	Cons.	Cons.	Cons.	Est.
Operating revenue		188,350	220,620	260,254	307,532	333,281	379,551	409,697	438,713	179,392	453,689	480,000
	YoY	5.7%	17.1%	18.0%	18.2%	8.4%	13.9%	7.9%	7.1%	-17.1%	-	5.8%
Sales		187,693	220,029	259,655	307,199	332,581	378,801	408,848	437,775	178,933	452,335	-
	YoY	5.7%	17.2%	18.0%	18.3%	8.3%	13.9%	7.9%	7.1%	-17.2%	-	-
Gross profit		86,719	101,074	122,232	150,118	165,160	191,070	210,531	216,691	83,234	220,980	-
	YoY	7.1%	16.6%	20.9%	22.8%	10.0%	15.7%	10.2%	2.9%	-24.3%	-	-
	Gross profit margin	46.2%	45.9%	47.1%	48.9%	49.7%	50.4%	51.5%	49.5%	46.5%	48.9%	-
Operating gross profit		87,376	101,665	122,831	150,451	165,861	191,819	211,380	217,628	83,694	222,334	-
	YoY	7.1%	16.4%	20.8%	22.5%	10.2%	15.7%	10.2%	3.0%	-24.2%	-	-
	Operating GPM	46.6%	46.2%	47.3%	49.0%	49.9%	50.6%	51.7%	49.7%	46.8%	49.2%	-
Operating profit		18,351	20,916	23,846	34,439	38,278	45,286	44,743	36,380	872	42,447	45,000
	YoY	18.9%	14.0%	14.0%	44.4%	11.1%	18.3%	-1.2%	-18.7%	-95.8%	-	6.0%
	Operating profit margin	9.8%	9.5%	9.2%	11.2%	11.5%	12.0%	10.9%	8.3%	0.5%	9.4%	9.4%
Recurring profit		19,760	23,047	26,602	32,700	38,582	45,985	45,861	36,377	563	45,369	45,000
	YoY	22.5%	16.6%	15.4%	22.9%	18.0%	19.2%	-0.3%	-20.7%	-97.1%	-	-0.8%
	Recurring profit margin	10.5%	10.5%	10.2%	10.6%	11.6%	12.1%	11.2%	8.3%	0.3%	10.0%	9.4%
Net income		10,970	17,096	16,623	21,718	25,831	30,113	33,845	23,253	-16,917	33,903	32,000
	YoY	24.0%	55.8%	-2.8%	30.7%	18.9%	16.6%	12.4%	-31.3%	-	-	-5.6%
	Net margin	5.8%	7.8%	6.4%	7.1%	7.8%	7.9%	8.3%	5.3%	-9.5%	7.5%	6.7%
Per-share data (split-adjusted; JPY)
Shares issued (year-end; '000)		280,780	280,780	280,780	280,780	280,780	280,780	280,780	280,780	280,780	280,780	-
EPS		40.9	64.5	62.8	81.8	97.5	114.7	128.9	88.5	-64.3	128.9	121.7
EPS (fully diluted)		40.8	64.2	62.5	81.6	97.2	114.4	128.6	88.3	-	128.6	-
Dividend per share		11.0	15.5	19.0	24.6	29.3	34.5	38.7	36.4	5.0	40.0	40.0
Book value per share		348.8	407.2	472.4	524.8	579.2	647.7	725.8	775.8	684.9	806.8	-
Balance sheet (JPYmn)
	Cash and cash equivalents	31,586	25,226	33,044	43,692	38,555	50,875	55,444	38,814	92,308	135,752
Total current assets		72,556	77,290	106,316	119,547	131,435	149,329	170,206	171,279	224,005	269,047
Tangible fixed assets		14,236	22,178	35,252	37,712	38,613	41,225	46,167	82,463	67,810	67,060
Investments and other assets		28,454	28,376	31,807	29,817	31,128	33,558	27,222	28,439	27,921	27,770
Intangible assets		4,113	12,383	13,570	13,841	13,528	14,200	16,479	24,330	24,180	29,479
Total assets		119,360	140,229	186,947	200,919	214,705	238,313	260,075	306,512	343,918	393,357
	Accounts payable	10,155	12,752	21,562	17,382	19,096	20,172	20,724	28,133	19,507	25,541
	Short-term debt	407	190	5,005	7,215	10,887	477	1,222	4,200	4,482	71,711
Total current liabilities		22,685	26,865	42,404	44,625	50,699	49,843	53,574	63,048	55,923	141,716
	Long-term debt	-	1,150	11,692	7,913	-	1,614	557	873	71,963	5,000
Total fixed liabilities		625	2,349	15,872	13,120	6,987	14,043	11,312	34,971	105,001	36,770
Total liabilities		23,310	29,214	58,276	57,746	57,686	63,886	64,886	98,019	160,925	178,486
Total net assets		96,050	111,015	128,670	143,173	157,018	174,426	195,189	208,492	182,992	214,871
Total interest-bearing debt		407	1,340	16,697	15,128	10,887	2,091	1,779	5,073	76,445	76,711
Cash flow statement (JPYmn)
Cash flows from operating activities		13,176	15,117	14,619	26,133	19,742	46,982	23,680	24,452	-1,758	61,447
Cash flows from investing activities		-4,945	-17,842	-22,193	-8,647	-9,856	-14,290	-5,492	-31,435	-4,239	-13,538
Cash flows from financing activities		-2,540	-5,385	11,377	-6,520	-14,361	-21,759	-9,505	-11,467	63,722	-15,162
Financial ratios
ROA (RP-based)		18.0%	17.8%	16.3%	16.9%	18.6%	20.3%	18.4%	12.8%	0.2%	12.3%
ROE		12.5%	17.0%	14.3%	16.4%	17.7%	18.6%	18.8%	11.8%	-8.1%	17.3%
Equity ratio		78.3%	76.9%	67.0%	69.4%	71.3%	71.3%	73.3%	66.6%	52.4%	53.9%

Source: Shared Research based on company data
Note: The company conducted a 10-for-1 stock split with an effective date of September 1, 2019. Per-share data has been retroactively adjusted to reflect the impact of this split. FY08/20 and FY08/21 figures are compared to the same 12-month period the previous year.

Recent updates

Releases monthly sales data (Domestic)

2021-12-02

On December 2, 2021, Ryohin Keikaku Co., Ltd. announced monthly sales data (Domestic) for November 2021.

Monthly trends and results

Domestic
FY08/22		Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Q1	Q2	Q3	Q4	FY
Directly managed comparable stores + Online store
Sales		-5.2%	-9.6%	0.1%
	Apparel items	-13.1%	-21.0%	-6.6%
	Household goods	1.7%	0.8%	4.6%
	Food	-13.0%	-10.4%	3.6%
Customer count		0.7%	1.1%	3.1%
Customer spend		-5.9%	-10.7%	-2.9%
Directly managed stores total + Online store
Sales		2.0%	-1.6%	8.6%
	Apparel items	-7.1%	-14.4%	0.7%
	Household goods	8.3%	8.6%	12.5%
	Food	-3.3%	1.5%	16.7%
Customer count		8.4%	10.3%	12.6%
Customer spend		-5.9%	-10.8%	-3.6%
East Asia
FY08/22		Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Q1	Q2	Q3	Q4	FY
Directly managed comparable stores + Online store
	Sales	-10.5%	-5.9%
	Customer count	0.0%	1.7%
	Customer spend	-10.4%	-7.5%
Directly managed stores total + Online store
	Sales	-5.6%	-0.5%
	Customer count	5.4%	7.6%
	Customer spend	-10.4%	-7.5%
Europe and the Americas
FY08/22		Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Q1	Q2	Q3	Q4	FY
Directly managed comparable stores + Online store
	Sales	-	-
	Customer count	-	-
	Customer spend	-	-
Directly managed stores total + Online store
	Sales	20.2%	31.7%
	Customer count	19.6%	26.7%
	Customer spend	0.5%	4.0%
East Asia, Oceania
FY08/22		Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Q1	Q2	Q3	Q4	FY
Directly managed comparable stores + Online store
	Sales	-	-
	Customer count	-	-
	Customer spend	-	-
Directly managed stores total + Online store
	Sales	-2.1%	35.0%
	Customer count	-8.0%	27.3%
	Customer spend	6.3%	6.1%

Source: Shared Research based on company data
Note: Figures may differ from company materials due to differences in rounding methods.
Note: Comparable stores are considered those open for at least two years.
Note: Licensed stores are wholesale client firms other than FamilyMart and com KIOSK stores.
Note: Directly managed comparable stores are stores in operation for the full September 2019–August 2020 period. Stores closed for 30 or more days are excluded.

FY08/21 report update

2021-11-26

On November 26, 2021, Shared Research updated the report following interviews with Ryohin Keikaku Co., Ltd.

Releases monthly sales data (overseas)

2021-11-10

Ryohin Keikaku Co., Ltd. announced monthly sales data (Overseas) for October 2021.

Monthly trends and results

Domestic
FY08/22		Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Q1	Q2	Q3	Q4	FY
Directly managed comparable stores + Online store
Sales		-5.2%	-9.6%
	Apparel items	-13.1%	-21.0%
	Household goods	1.7%	0.8%
	Food	-13.0%	-10.4%
Customer count		0.7%	1.1%
Customer spend		-5.9%	-10.7%
Directly managed stores total + Online store
Sales		2.0%	-1.6%
	Apparel items	-7.1%	-14.4%
	Household goods	8.3%	8.6%
	Food	-3.3%	1.5%
Customer count		8.4%	10.3%
Customer spend		-5.9%	-10.8%
East Asia
FY08/22		Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Q1	Q2	Q3	Q4	FY
Directly managed comparable stores + Online store
	Sales	-10.5%	-5.9%
	Customer count	0.0%	1.7%
	Customer spend	-10.4%	-7.5%
Directly managed stores total + Online store
	Sales	-5.6%	-0.5%
	Customer count	5.4%	7.6%
	Customer spend	-10.4%	-7.5%
Europe and the Americas
FY08/22		Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Q1	Q2	Q3	Q4	FY
Directly managed comparable stores + Online store
	Sales	-	-
	Customer count	-	-
	Customer spend	-	-
Directly managed stores total + Online store
	Sales	20.2%	31.7%
	Customer count	19.6%	26.7%
	Customer spend	0.5%	4.0%
Southeast Asia, Oceania
FY08/22		Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Q1	Q2	Q3	Q4	FY
Directly managed comparable stores + Online store
	Sales	-	-
	Customer count	-	-
	Customer spend	-	-
Directly managed stores total + Online store
	Sales	-2.1%	35.0%
	Customer count	-8.0%	27.3%
	Customer spend	6.3%	6.1%

Trends and outlook

Quarterly trends and results

Cumulative			FY02/20				FY08/20		FY08/21				FY08/21
(JPYmn)			Q1	Q1–Q2	Q1–Q3	Q1–Q4	Q1	Q1–Q2	Q1	Q1–Q2	Q1–Q3	Q1–Q4	% of Est.	Est.
Operating revenue			112,328	216,451	328,203	438,713	78,753	179,392	114,960	228,353	345,049	453,689	93.0%	487,600
	Sales		112,124	215,978	327,516	437,775	78,509	178,933	114,637	227,748	344,025	452,335		486,600
		YoY	5.5%	7.6%	7.9%	7.1%	-30.0%	-17.2%	2.8%	2.7%	14.6%	12.9%		21.4%
	Gross profit		56,203	109,925	164,102	216,691	36,616	83,234	57,138	112,034	168,961	220,980	90.3%	244,700
		YoY	5.4%	6.9%	5.2%	2.9%	-34.9%	-24.3%	5.5%	4.9%	17.8%	16.3%		28.8%
		GPM (% of sales)	50.1%	50.9%	50.1%	49.5%	46.6%	46.5%	49.8%	49.2%	49.1%	48.9%		50.3%
Operating gross profit			56,408	110,398	164,789	217,628	36,860	83,694	57,461	112,640	169,985	222,334	90.5%	245,700
		YoY	5.4%	6.9%	5.2%	3.0%	-34.7%	-24.2%	5.6%	5.0%	18.0%	16.5%		28.7%
		Operating GPM	50.2%	51.0%	50.2%	49.6%	46.8%	46.7%	50.0%	49.3%	49.3%	49.0%		50.4%
SG&A expenses			46,053	89,802	134,989	181,248	39,760	82,821	44,307	89,247	134,787	179,887	91.5%	196,500
		YoY	14.5%	12.6%	10.8%	8.8%	-13.7%	-7.8%	-1.9%	-2.4%	2.7%	3.2%		12.8%
		SG&A ratio	41.0%	41.5%	41.1%	41.3%	50.5%	46.2%	38.5%	39.1%	39.1%	39.6%		40.3%
Operating profit			10,354	20,596	29,820	36,380	-2,899	872	13,154	23,393	35,197	42,447	86.3%	49,200
		YoY	-22.3%	-12.6%	-14.5%	-18.7%	-	-95.8%	42.6%	48.2%	173.2%	154.8%		195.4%
		Operating profit margin	9.2%	9.5%	9.1%	8.3%	-3.7%	0.5%	11.5%	10.3%	10.2%	9.4%		10.1%
Recurring profit			9,603	19,735	30,174	36,377	-3,665	563	13,478	25,399	38,378	45,369	91.1%	49,800
		YoY	-28.6%	-16.1%	-15.5%	-20.7%	-	-97.1%	29.1%	52.6%	195.8%	163.7%		189.5%
		Recurring profit margin	8.6%	9.1%	9.2%	8.3%	-4.7%	0.3%	11.8%	11.2%	11.2%	10.0%		10.2%
Net income			6,594	13,270	20,503	23,253	-4,116	-16,917	12,248	20,373	29,125	33,903	97.4%	34,800
		YoY	-30.9%	-26.7%	-32.4%	-31.3%	-	-	69.3%	104.1%	396.5%	-		-
		Net margin	5.9%	6.1%	6.3%	5.3%	-5.2%	-9.5%	10.7%	8.9%	8.5%	7.5%		7.2%
Quarterly			FY02/20				FY08/20		FY08/21
(JPYmn)			Q1	Q2	Q3	Q4	Q1	Q2	Q1	Q2	Q3	Q4
Operating revenue			112,328	104,122	111,752	110,509	78,753	100,639	114,960	113,392	116,697	108,640
	Sales		112,124	103,853	111,538	110,258	78,509	100,423	114,637	113,110	116,278	108,310
		YoY	5.5%	9.9%	8.6%	4.7%	-30.0%	-3.3%	2.8%	2.6%	48.1%	7.9%
	Gross profit		56,203	53,721	54,177	52,588	36,616	46,617	57,138	54,896	56,927	52,019
		YoY	5.4%	8.5%	1.9%	-3.6%	-34.9%	-13.2%	5.5%	4.4%	55.5%	11.6%
		GPM (% of sales)	50.1%	51.7%	48.6%	47.7%	46.6%	46.4%	49.8%	48.5%	49.0%	48.0%
Operating gross profit			56,408	53,990	54,391	52,839	36,860	46,833	57,461	55,179	57,345	52,349
		YoY	5.4%	8.5%	1.9%	-3.4%	-34.7%	-13.3%	5.6%	4.4%	55.6%	11.8%
		Operating GPM	50.2%	51.9%	48.7%	47.8%	46.8%	46.5%	50.0%	48.7%	49.1%	48.2%
SG&A expenses			46,053	43,748	45,167	46,278	39,760	43,061	44,307	44,939	45,541	45,100
		YoY	14.5%	10.7%	7.3%	3.2%	-13.7%	-1.6%	-1.9%	-2.9%	14.5%	4.7%
		SG&A ratio	41.1%	42.1%	40.5%	42.0%	50.6%	42.9%	38.6%	39.7%	39.2%	41.6%
Operating profit			10,354	10,242	9,223	6,560	-2,899	3,772	13,154	10,239	11,804	7,250
		YoY	-22.3%	0.0%	-18.4%	-33.6%	-	-63.2%	42.6%	56.1%	-	92.2%
		Operating profit margin	9.2%	9.9%	8.3%	5.9%	-3.7%	3.8%	11.5%	9.1%	10.2%	6.7%
Recurring profit			9,603	10,132	10,439	6,202	-3,665	4,228	13,478	11,920	12,980	6,991
		YoY	-28.6%	0.5%	-14.4%	-38.8%	-	-58.3%	29.1%	92.2%	-	65.4%
		Recurring profit margin	8.6%	9.8%	9.4%	5.6%	-4.7%	4.2%	11.8%	10.5%	11.2%	6.5%
Net income			6,594	6,676	7,233	2,749	-4,116	-12,800	12,248	8,124	8,753	4,778
		YoY	-30.9%	-22.0%	-40.7%	-22.3%	-	-	69.3%	195.5%	-	-
		Net margin	5.9%	6.4%	6.5%	2.5%	-5.2%	-12.7%	10.7%	7.2%	7.5%	4.4%

Source: Shared Research based on company data
Note: Figures may differ from company materials due to differences in rounding methods.
Note: YoY changes for Q1 through Q4 FY08/21 are comparisons with Q3, Q4 of FY02/20 and Q1, Q2 of FY08/20, respectively.

By segment				FY02/20				FY08/20		FY08/21				FY08/21
Quarterly (JPYmn)				Q1	Q2	Q3	Q4	Q1	Q2	Q1	Q2	Q3	Q4	% of Est.	Est.
Operating revenue				112,328	104,122	111,752	110,509	78,753	100,639	114,960	113,392	116,697	108,640	93.0%	487,600
	YoY			5.5%	9.9%	8.6%	4.8%	-29.9%	-3.3%	2.9%	2.6%	48.2%	8.0%		21.4%
	Domestic			72,141	61,791	73,117	62,784	51,829	70,598	74,106	73,056	79,443	70,393	97.9%	303,300
		YoY		4.8%	10.7%	13.6%	9.6%	-28.2%	14.3%	1.4%	16.4%	53.3%	-0.3%		17.4%
		Comparable-store revenue growth		1.5%	5.8%	8.5%	3.6%	-39.3%	7.6%	-1.8%	19.5%	14.1%	-8.5%		-
	Overseas			40,186	42,329	38,634	47,724	26,921	30,040	40,854	40,336	37,253	38,248	85.0%	184,300
		YoY		6.6%	8.7%	0.1%	-1.0%	-33.0%	-29.0%	5.7%	-15.5%	38.4%	27.3%		28.6%
		Comparable-store sales YoY		-1.2%	1.6%	-3.9%	4.9%	-38.6%	-36.2%	1.9%	17.4%	13.7%	-1.2%		-
		East Asia		30,821	31,813	27,695	34,371	19,514	25,880	33,048	32,516	30,015	30,004	90.3%	139,000
			YoY	5.7%	8.1%	-2.2%	-3.0%	-36.7%	-18.6%	19.3%	-5.4%	53.8%	15.9%		29.4%
			Comparable-store sales YoY	-3.6%	0.3%	-5.8%	-8.0%	-42.6%	-25.1%	0.9%	17.7%	11.2%	-1.7%		-
		Europe and the Americas		5,880	6,616	7,216	8,917	4,114	2,471	4,526	3,745	3,576	5,771	71.3%	24,700
			YoY	18.4%	20.0%	15.9%	14.5%	-30.0%	-62.7%	-37.3%	-58.0%	-13.1%	133.5%		8.7%
			Comparable-store sales YoY	2.9%	8.4%	2.9%	1.6%	-35.8%	-72.7%	-	-	-	-		-
		Southwest Asia, and Oceania		3,485	3,899	3,723	4,434	3,292	1,688	3,279	4,074	3,664	2,472	65.5%	20,600
			YoY	-2.2%	-2.6%	-7.9%	-10.9%	-5.5%	-56.7%	-11.9%	-8.1%	11.3%	46.4%		56.8%
			Comparable-store sales YoY	10.0%	1.7%	-0.7%	-1.5%	-11.2%	-56.9%	-	-	-	-		-
	Other			-	1	-	-	2	-	-	-	-	-		-
Operating profit				10,354	10,242	9,223	6,560	-2,899	3,772	13,154	10,239	11,804	7,250	86.3%	49,200
	YoY			-22.3%	0.0%	-18.4%	-33.6%	-	-63.2%	42.6%	56.1%	-	92.2%		195.4%
	Operating profit margin			9.2%	9.8%	8.3%	5.9%	-3.7%	3.7%	11.4%	9.0%	10.1%	6.7%		10.1%
	Domestic			7,001	4,570	6,520	909	-990	4,964	8,302	6,973	8,436	4,817	101.2%	28,200
		YoY		-21.2%	-18.0%	-8.3%	-74.1%	-	8.6%	27.3%	667.1%	-	-3.0%		147.3%
		Operating profit margin		9.7%	7.4%	8.9%	1.4%	-1.9%	7.0%	11.2%	9.5%	10.6%	6.8%		9.3%
	Overseas			3,194	5,302	2,527	5,582	-1,944	-1,382	4,646	3,229	3,350	2,392	64.2%	21,200
		YoY		-23.6%	16.1%	-38.3%	-11.8%	-	-	83.9%	-42.2%	-	-		343.2%
		Operating profit margin		7.9%	12.5%	6.5%	11.7%	-7.2%	-4.6%	11.4%	8.0%	9.0%	6.3%		11.5%
		East Asia		4,683	7,152	3,884	7,247	1,441	4,548	6,423	5,721	5,670	5,163	86.4%	26,600
			YoY	6.5%	49.2%	-6.3%	11.9%	-69.2%	-36.4%	65.4%	-21.1%	293.5%	13.5%		55.4%
			Operating profit margin	15.2%	22.5%	14.0%	21.1%	7.4%	17.6%	19.4%	17.6%	18.9%	17.2%		19.1%
		Europe and the Americas		-557	-41	-584	194	-1,991	-3,346	-574	-1,146	-835	448	-	-2,200
			YoY	-	-	-	-	-	-	-	-	-	-		-
			Operating profit margin	-9.5%	-0.6%	-8.1%	2.2%	-48.4%	-135.4%	-12.7%	-30.6%	-23.4%	7.8%		-8.9%
		Southwest Asia, and Oceania		281	292	226	351	-103	-293	479	409	239	-323	35.0%	2,300
			YoY	410.9%	160.7%	43.9%	85.7%	-	-	111.9%	16.5%	-	-		1,170.7%
			Operating profit margin	8.1%	7.5%	6.1%	7.9%	-3.1%	-17.4%	14.6%	10.0%	6.5%	-13.1%		11.2%
		Unrealized gains, global SG&A expenses		-1,212	-2,100	-999	-2,211	-1,291	-2,291	-1,682	-1,755	-1,724	-2,896	-	-5,500
			YoY	-	-	-	-	-	-	-	-	-	-		-
	Other			155	189	144	57	69	119	45	31	-76	37		-
	Adjustments			2	179	31	10	-34	71	158	4	-162	2		-

Source: Shared Research based on company data
Notes: Figures may differ from company materials due to differences in rounding methods.
Starting in Q1 FY08/20, the overseas wholesale business (handles export sales to licensed stores overseas) was moved from under the Southwest Asia, and Oceania business to the company’s Domestic business.
Starting in Q1 FY08/20, the breakdown of the Overseas business has been changed to include East Asia; Europe and the Americas; Southwest Asia, and Oceania; and Unrealized gains, global SG&A expenses. FY02/20 figures in the table above have been retroactively adjusted.
Note: YoY changes for Q1 through Q4 FY08/21 are comparisons with Q3, Q4 of FY02/20 and Q1, Q2 of FY08/20, respectively.

SG&A expenses and inventories

SG&A expenses				FY02/20				FY08/20		FY08/21
Quarterly (JPYmn)				Q1	Q2	Q3	Q4	Q1	Q2	Q1	Q2	Q3	Q4
SG&A expenses				46,053	43,748	45,167	46,278	39,760	43,061	44,307	44,939	45,541	45,100
	YoY			14.5%	10.7%	7.3%	3.2%	-13.7%	-1.6%	-1.9%	-2.9%	14.5%	4.7%
	% of sales			41.1%	42.1%	40.5%	42.0%	50.6%	42.9%	38.6%	39.7%	39.2%	41.6%
		Advertising		2,014	1,651	1,716	2,269	1,230	1,872	1,438	1,753	1,664	1,690
			YoY	24.9%	25.6%	-1.8%	-1.4%	-38.9%	13.4%	-16.2%	-22.7%	35.3%	-9.7%
			% of sales	1.8%	1.6%	1.5%	2.1%	1.6%	1.9%	1.3%	1.5%	1.4%	1.6%
		Logistics		5,729	4,905	5,354	5,400	5,533	5,648	6,951	6,626	6,887	6,212
			YoY	25.9%	25.5%	17.4%	11.9%	-3.4%	15.1%	29.8%	22.7%	24.5%	10.0%
			% of sales	5.1%	4.7%	4.8%	4.9%	7.0%	5.6%	6.1%	5.9%	5.9%	5.7%
		Personnel		15,345	15,322	15,294	15,415	13,726	13,981	13,312	13,798	13,923	14,175
			YoY	12.8%	8.0%	5.6%	0.9%	-10.6%	-8.8%	-13.0%	-10.5%	1.4%	1.4%
			% of sales	13.7%	14.8%	13.7%	14.0%	17.5%	13.9%	11.6%	12.2%	12.0%	13.1%
		Rents		9,604	8,550	10,054	9,047	6,314	7,316	8,825	8,478	8,725	8,263
			YoY	-4.4%	-10.6%	-1.7%	-16.4%	-34.3%	-14.4%	-12.2%	-6.3%	38.2%	12.9%
			% of sales	8.6%	8.2%	9.0%	8.2%	8.0%	7.3%	7.7%	7.5%	7.5%	7.6%
		Depreciation and goodwill amortization		4,147	4,399	4,568	5,314	5,415	5,354	4,708	5,004	5,031	5,073
			YoY	63.6%	66.7%	66.1%	90.5%	30.6%	21.7%	3.1%	-5.8%	-7.1%	-5.2%
			% of sales	3.7%	4.2%	4.1%	4.8%	6.9%	5.3%	4.1%	4.4%	4.3%	4.7%
		Other		9,212	8,918	8,178	8,830	7,538	8,887	9,070	9,279	9,307	9,690
			YoY	17.2%	12.8%	-1.5%	0.3%	-18.2%	-0.3%	10.9%	5.1%	23.5%	9.0%
			% of sales	8.2%	8.6%	7.3%	8.0%	9.6%	8.8%	7.9%	8.2%	8.0%	8.9%

Inventories, forex				FY02/20				FY08/20		FY08/21
Quarterly (JPYmn)				Q1	Q2	Q3	Q4	Q1	Q2	Q1	Q2	Q3	Q4
Inventories				95,955	99,877	110,524	105,415	112,731	105,285	101,076	98,235	102,477	106,460
	YoY			33.6%	32.2%	27.3%	19.4%	17.5%	5.4%	-8.5%	-6.8%	-9.1%	1.1%
	Days in inventory			150.3	178.2	167.4	170.8	237.6	184.9	163.7	156.2	154.3	169.3
USD/JPY forex (quarter-end)				111.0	107.8	107.9	109.6	108.8	107.7	104.2	106.6	109.7	109.9
	QoQ			-0.0%	-2.9%	0.1%	1.5%	-0.7%	-1.0%	-3.3%	2.3%	2.9%	0.1%
CNY/JPY forex (quarter-end)				16.47	15.69	15.13	15.67	15.31	15.23	15.83	16.46	17.25	17.00
	QoQ			1.9%	-4.7%	-3.6%	3.6%	-2.3%	-0.5%	4.0%	4.0%	4.8%	-1.4%

Source: Shared Research based on company data
Notes: Figures may differ from company materials due to differences in rounding methods.
Percentages of YoY change for FY08/21 have been measured using comparisons with figures recorded from September 1, 2019 (start of Q3 FY02/20) through February 29, 2020 (end of Q2 FY08/20).

Domestic business

Domestic				FY02/20				FY08/20		FY08/21
(JPYmn)				Q1	Q2	Q3	Q4	Q1	Q2	Q1	Q2	Q3	Q4
Operating revenue				72,141	61,791	73,117	62,784	51,829	70,598	74,106	73,056	79,443	70,393
	YoY			4.8%	10.7%	13.6%	9.6%	-28.2%	14.3%	1.4%	16.4%	53.3%	-0.3%
	Directly managed comparable-store sales YoY			1.5%	5.8%	8.5%	3.6%	-39.3%	7.7%	-1.8%	19.5%	14.1%	22.2%
		Apparel items		3.3%	8.9%	5.6%	3.5%	-57.7%	-3.2%	-5.3%	-1.2%	30.4%	-15.9%
		Household goods		-1.7%	2.4%	7.3%	-0.7%	-30.4%	10.2%	-9.5%	26.3%	2.0%	-10.3%
		Food		13.9%	12.2%	30.8%	26.5%	-10.6%	41.8%	55.7%	51.3%	42.8%	20.1%
		Customer count		8.4%	11.3%	16.8%	15.1%	-35.6%	14.2%	9.2%	17.0%	29.8%	26.0%
		Customer spend		-6.4%	-4.9%	-7.1%	-1.0%	-5.7%	-5.6%	-10.1%	2.1%	-12.1%	-17.4%
Operating profit				7,001	4,570	6,520	909	-990	4,964	8,302	6,973	8,436	4,817
	YoY			-21.2%	-18.0%	-8.3%	-74.1%	-	8.6%	27.3%	667.1%	-	-3.0%
	Operating profit margin			9.7%	7.4%	8.9%	1.4%	-1.9%	7.0%	11.2%	9.5%	10.6%	6.8%
MUJI directly managed store count				359	359	362	361	360	363	366	367	376	380
	Openings			11	2	4	1	4	3	6	2	9	4
	Closures			-	-2	-1	-2	-5	-	-3	-1	-	-
	Floor space (period end; sqm)			290,835	291,710	304,440	305,162	313,191	321,714	334,170	338,469	356,322	363,257
		YoY		11.0%	10.8%	12.2%	12.8%	7.7%	10.3%	9.8%	10.9%	13.8%	12.9%
		Floor space per store		810	813	841	845	870	886	913	922	948	956
			YoY	5.1%	5.2%	7.8%	8.7%	7.4%	9.1%	8.6%	9.1%	8.9%	7.9%
	Floor space (period average)			282,601	286,529	290,557	293,733	309,867	314,385	325,791	338,469	347,774	342,978
		YoY		9.2%	10.0%	10.7%	11.0%	9.6%	9.7%	12.1%	15.2%	12.2%	11.5%
		Inventory per sqm (JPY'000)		53.4	52.5	52.7	52.5	49.6	46.1	47.5	49.6	48.9	47.9
			YoY	-0.1%	-2.8%	-3.0%	-3.7%	-7.2%	-12.2%	-9.8%	-5.6%	-1.4%	-5.2%
Personnel				9,277	9,195	9,454	9,402	8,590	9,419	8,301	8,488	8,719	9,430
	YoY			11.8%	8.2%	8.9%	4.5%	-7.4%	2.4%	-12.2%	-9.7%	1.5%	0.1%
	Employees + part-timers			9,621	9,646	9,687	9,713	9,152	9,182	9,404	9,574	9,270	9,378
		Employees		2,305	2,319	2,310	2,285	2,461	2,446	2,419	2,359	2,350	2,343
		Part-timers (eight-hour equivalent)		7,316	7,327	7,377	7,428	6,691	6,736	6,985	7,215	6,920	7,035
	Personnel expenses per head (JPY'000)			964	951	968	960	939	1,022	883	871	1,007	972
		YoY		4.4%	4.0%	-0.2%	2.2%	-2.7%	7.5%	-8.8%	-9.3%	7.2%	-4.9%

Source: Shared Research based on company data
Notes: Starting in Q1 FY08/20, the overseas wholesale business (handles export sales to licensed stores overseas) was moved from under the Southwest Asia and Oceania business to the company’s Domestic business. Figures for FY02/20 have been retroactively adjusted to reflect this change.
Percentages of YoY change for FY08/21 have been measured using comparisons with figures recorded from September 1, 2019 (start of Q3 FY02/20) through February 29, 2020 (end of Q2 FY08/20).
Starting in FY08/21, same-store sales figures will reflect sales at existing directly managed stores plus online sales.

Comparable-store sales

Source: Shared Research based on company data
Note: Starting FY08/21 (September 2020), same-store sales figures will reflect sales at existing directly managed stores plus online sales.

Number of directly managed stores and sales floor space

Source: Shared Research based on company data

Left: Domestic wholesale sales, right: wholesale sales to general customers