RYOHIN KEIKAKU CO., LTD.

Transcription

Annual Report 2014
March 1, 2013 – February 28, 2014
Financial Highlights
2010/2
2011/2
2012/2
2013/2
2014/2
164,341
169,748
178,186
188,350
220,620
2 Operating profit (million yen)
14,134
13,900
15,438
18,351
20,916
2 Operating profit ratio (%)
8.6
8.2
8.7
9.8
9.5
3 Ordinary profit (million yen)
14,608
14,229
16,135
19,760
23,047
3 Ordinary profit ratio (%)
8.9
8.4
9.1
10.5
10.5
4 Net income (million yen)
7,506
7,859
8,850
10,970
17,096
4 Net income ratio (%)
4.6
4.6
5.0
5.8
7.8
2,718.43
2,871.02
3,055.61
3,488.03
4,071.86
270.31
285.86
330.35
409.45
644.60
5 Total assets (million yen)
99,381
97,481
102,293
119,360
140,229
5 Net assets (million yen)
77,066
78,502
83,528
96,050
111,015
5 Capital adequacy ratio (%)
76.0
78.9
80.0
78.3
76.9
6 Return on equity (ROE) (%)
10.3
10.3
11.1
12.5
17.0
7.8
8.0
8.9
9.9
13.2
2,331
2,595
2,734
3,069
4,101
1 Revenue from operations (million yen)
Net assets per share (yen)
Net income per share (yen)
Return on assets (ROA) (%)
Number of employees
1
Revenue from operations
2
Operating profit and
operating profit ratio
3
Ordinary profit and
ordinary profit ratio
Operating profit (left scale)
Ordinary profit (left scale)
(million yen)
(million yen)
(%)
(million yen)
250,000
25,000
15
25,000
15
200,000
20,000
12
20,000
12
150,000
15,000
9
15,000
9
100,000
10,000
6
10,000
6
50,000
5,000
3
5,000
3
0
0
0
0
’10/2
4
Operating profit ratio (right scale)
’11/2
’12/2
’13/2
’10/2
’14/2
Net income and
net income ratio
5
’11/2
’12/2
’13/2
’14/2
Net income (left scale)
Total assets (left scale)
6
(million yen)
10
150,000
100
25
16,000
8
120,000
80
20
12,000
6
90,000
60
15
8,000
4
60,000
40
10
4,000
2
30,000
20
5
0
0
0
0
0
’10/2
’11/2
’12/2
’13/2
’14/2
(%)
Capital adequacy ratio (right scale)
’10/2
’11/2
’12/2
1
’12/2
’13/2
’14/2
Net assets (left scale)
(%)
Net income ratio (right scale)
’11/2
Return on equity (ROE)
20,000
(million yen)
0
’10/2
Total assets, net assets and
capital adequacy ratio
(%)
Ordinary profit ratio (right scale)
’13/2
’14/2
(%)
’10/2
’11/2
’12/2
’13/2
’14/2
Message from the President
Annual Report 2014
2013.03.01–2014.02.28
As a store dedicated to providing lifestyle
products of beauty, art and taste, we will
continue offering our vision of a Pleasant Life
to our customers.
Masaaki Kanai
President and Representative Director
Continuing on with the mission we embarked on a year earlier as a specialty
retailer dedicated to delivering lifestyle products that exude beauty, art and taste,
in FY2013 we fortified initiatives in our domestic business, including “strategic
product item rollouts,” “cross department sales promotions among our Garment,
Household, and Food,” and “interior design coordination consultation events.” In
particular, we implemented a company-wide effort to tackle the reconstruction
of the housewares segment, which was an issue for us, and consequently saw
an improvement in segment performance. In our stores, we installed new display
fixtures, which improved sales floor presentation and made it easier for customers
to select products. Moreover, we are seeing benefits from our internal certification
system (interior design advisors, fashion advisors, etc.) as it has enhanced the
customer service capabilities of our staff by arming them technical expertise. Moving
forward, we aim to create a store environment that will facilitate a pleasant shopping
experience. In addition, we plan to improve our dialogue with customers via the
introduction of the “MUJI passport,” a new membership service that will closely link
us to customers.
Meanwhile, we posted a substantial growth in revenue from operations and
operating profit in our overseas business. In particular, the sharp growth at the
operations in China provided impetus for earnings performance in the overall
overseas business. In China, we accelerated the pace of store openings, creating
a network of 100 stores at the end of FY2013. Coupled with this, we also recorded
an improvement in our operating profit ratio. Elsewhere, we launched operations
in Australia, a new market, by opening our first store in Melbourne. In the United
States, we opened MUJI Hollywood, our flagship store in the region and which has
the largest sales floor space in the United States. The store is drawing in a huge
number of customers.
Our company will continue to offer to our customers a pleasant life with products
combining beauty, art and taste. Aiming to enhance the uniqueness of the MUJI
brand and become a sustainable global company, we will work harder to contribute
to society by offering goods and services trusted by our customers.
I would like to express my gratitude to our shareholders, and we look forward to
your continued support.
2
Policy Measures Progress
Reconstructing the Housewares Segment and Strengthening Product Marketability
– Plan to spur growth at existing stores mainly by reconstructing the Housewares Segment –
Results of directly managed existing store net sales comparison against previous year
Segment
First half
102.7 %
100.3 %
109.5 %
101.8 %
100.0 %
101.8 %
Clothing and sundries
Housewares
Food
Total directly managed existing stores
Number of customers
Sales per customer
Third quarter
Fourth quarter
104.9 %
103.9 %
125.3 %
105.7 %
103.1 %
102.5 %
104.1 %
105.8 %
115.9 %
105.9 %
100.6 %
105.2 %
Second half
Annual
104.5 %
104.9 %
120.0 %
105.8 %
101.8 %
104.0 %
103.6 %
102.5 %
114.9 %
103.8 %
100.9 %
102.9 %
• Sales of clothing and sundries have showed strong performance. Sales of housewares also trended upward moving in the second half.
• The number of per-customer purchases rose owing to an increase in sales of houseware accessories (stationery, H&B).
Per-customer sales continued to rise owing in part to a reduction in markdowns.
Results of cross-promotions
Promotion
Living with Hemp Fabric
MUJI to Go
Always a Good Price
Cotton, from Hand to Hand
Nature, Naturally, MUJI (wool)
Nature, Naturally, MUJI (X’mas)
Sales
% to plan
Share
3,490 million yen
1,930 million yen
1,700 million yen
3,310 million yen
3,300 million yen
5,550 million yen
105.3 %
107.5 %
108.7 %
117.6 %
97.6 %
130.5 %
18.2 %
17.5 %
16.7 %
16.3 %
16.8 %
30.2 %
Results for strategic products
Clothing and sundries
96.1 %
53.2 %
99.6 %
53.7 %
% to sales plan
1H 2013
Sales share
% to sales plan
2H 2013
Sales share
Housewares
93.7 %
44.2 %
99.7 %
47.3 %
Food
Total
107.7 %
45.6 %
122.3 %
44.8 %
95.7 %
47.6 %
101.2 %
49.4 %
Gross profit margin structure
Gross profit margin change -2.6% [Individual] (2013.3 to 2014.2 cumulative)
Main factors
Price reduction
factors
Currency factors
First half
- 0.4 %
+ 0.5 %
+ 0.2 %
- 0.8 %
- 1.9 %
- 1.5 %
Second half
FY2013
Converting overseas
Cost reductions, etc.
supplies into sales
- 1.4 %
- 1.1 %
- 1.2 %
+ 0.5 %
- 0.6 %
- 0.1 %
Total
- 2.1 %
- 3.1 %
- 2.6 %
[Continued strengthening of production location shift for clothing and household products]
• Inventory ratio from ASEAN in the 2H 2013: 20.3% (clothing: 30.6%; household: 11.1%)
[Expansion of direct sales ratio]
• Actual inventory ratio for 4Q 2013: 22.2% (clothing: 17.2%; household: 24.9%)
• In tandem with the shift in production regions, promote based on an overall assessment, including sales in China and preferential customs duties.
3
Annual Report 2014
2013.03.01–2014.02.28
Review sales floor reforms and marketing activities
– Spark growth at existing stores via review of sales floor reforms and marketing activities –
Store remodeling
1H 2013
• Tokyo Midtown
• Nagoya PARCO
• Kami Ooka Keikyu
• Ikebukuro Seibu
• Yurakucho
• Keihan Mall
• Setagaya Kinuta
• Aeon Mall Takasaki
[8 stores]
2H 2013
• Ofuna Lumine Wing
• Aeon Mall Kagoshima
• GranDuo Kamata
• Omiya Lumine
• Kitasenju Lumine
• Apita Inazawa
• Aeon Mall Fukuoka
• Shibuya Seibu
[8 stores]
Sales growth of around 2.2 billion yen reflecting benefits of remodeling
*annualized figure Directly managed stores overall; a rise in monthly sales per tsubo (3.3 square meters) of 4,000 yen,
equivalent to a rise in sales of 2.2%
Install new display fixtures
2012
Second half
2013
First half
(trial introduction)
83 stores
Clothing
Promotion table display fixture
–
Stationery
Table display fixture
–
H&B
Table display fixture
–
Living space
Scaffolding display fixture
(March)
Introduction benefits
Introduction benefits
(category sales)
(all stores)
Stores introducing the display fixtures
Sales per tsubo for
all directly managed stores that
introduced the display fixtures
Second half
–
up 6.3% YOY
80 stores
(September)
up 6.3% YOY
75 stores
(February)
up 10.1% YOY
75 stores
(February)
up 13.0% YOY
+1,000 yen,
sales +0.6%
Sales per tsubo for all stores that
introduced display fixtures
+3,000 yen,
equivalent to a sales increase of
1.9%
Examples of sales floor reforms
MUJI Shibuya Seibu
MUJI Tokyo Midtown
MUJI GranDuo Kamata
Building infrastructure to support the growth of overseas operations
– Speedily build a global supply chain management system –
IT and distribution for global SCM
• Status of global MD system adoption
FY2010
FY2012
FY2013
FY2014
June, China
November, Singapore
January, Middle East
May, Korea
February, the United States, Thailand
July, Europe
March, Malaysia
October, Hong Kong
May, Taiwan
November, Australia
• Operations at Shanghai and Shenzhen Global Distribution Centers (GDC)
July 2013 launch
Results for 2H 2013 • 2,004 items
35% of total items handled overseas
• 2,120 million yen 28.5% of total overseas supplies
Shanghai GDC : Cushions, towels, foaming bath ball, etc.
Shenzhen GDC : Cleaning supply system, PP albums, soft-cloth boxes, etc.
4
Business Segment Overview 1
Status of stores, by region
Stores in Japan
Stores in Seiyu outlets
269
61
55
Total
385
Directly managed stores
Licensed stores
7
1
5
Hokkaido
39
(as of February 28, 2014)
12
9
Chubu
7
9
1
Tohoku
10
7
1
Chugoku
22
13
3
Kyushu / Okinawa
7
46
8
Shikoku
12
138
Kansai
4
24
Kanto
Licensed stores: Stores to which we sell products wholesale, except for Seiyu, FamilyMart and com KIOSK
U.S.A. 8
Stores outside Japan
Licensed stores
191
29
35
Total
255
Directly managed stores
Stores managed by affiliates
Europe 60
Breakdown of stores
outside Japan,
by region
Total
255
(as of February 28, 2014)
7
4
Sweden
Norway
Asia 187
8
U.S.A.
1
1
Ireland
Poland
11
12
United Kingdom France
9
7
2
10
6
12
29
Italy
Germany
Turkey
Thailand
Indonesia
South Korea
Taiwan
5
1
2
7
6
12
Spain
Portugal
Malaysia
Singapore
Philippines
Hong Kong
1
Licensed stores: Stores to which we sell products wholesale
Kuwait
Stores managed by affiliates (Taiwan)
* From January 6, 2014, MUJI TAIWAN CO., LTD. became a consolidated subsidiary (directly managed store)
5
1
1
100
UAE
Australia
China
Annual Report 2014
2013.03.01–2014.02.28
Directly
managed
business
in Japan
133,680 million yen ( up
Segment profit
11,771 million yen ( down
Revenue from
operations
7.4% YOY)
Percentage of
revenue from operations
60.6%
5.3% YOY)
Retail sales business at directly managed domestic stores
and online stores
Directly managed business in Japan saw strong growth with
directly managed net sales recording an increase of 6.7%
compared to the previous period and Web Business net sales
recording an increase of 13.9%.
Store openings and closures
Store openings and closures included 18 store openings and 11
store closures, resulting in the number of stores being 269.
Major products drove sales. This included denim jeans line,
including our new US cotton blend product, and the cotton
silk knit series in the clothing and sundries segment, aroma
diffusers and related essential oil series in the housewares
segment, and do-it-yourself confectionary kits for Valentine’s
Day in the food segment.
Revenue from
operations
Domestic
supply
business
Segment profit
MUJI Grand Front Osaka
MUJI Shibuya Seibu
27,425 million yen ( up 3.4% YOY)
2,185 million yen ( down 10.4% YOY)
Percentage of
12.4%
Wholesale business to domestic licensed companies
At our general supply destinations and our supply business to
Seiyu, in-store sales grew 3.2% YOY. Accordingly, our net sales
of supplies also grew from a year earlier.
Three store openings and four store closures for a total of 116 stores.
Trend in number of stores (FY2013)
(stores)
300
Number of
stores at end of
previous term
Openings
Closings
Total
Directly managed
business in Japan
262
18
11
269
Domestic supply
business
117
3
4
116
200
100
Directly managed business in Japan
Domestic supply business
0
2009
6
2010
2011
2012
2013
Business Segment Overview 2
Business in
European
region
Revenue from
operations
Segment profit
9,933 million yen (
250 million yen (
up 25.2% YOY)
up
Percentage of
4.5%
9.6% YOY)
Sales business in Europe
Sales trended solidly reflecting the bottoming out of the
macro-economy, which had continued to deteriorate mainly in
southern Europe. In addition, the weakness in the British pound
and the Euro, which has long squeezed our profits, made a
positive turnaround. This reduced our purchasing costs and
contributed to profit growth.
Number of stores at
end of previous term
Openings
Closings
Total
59
4
3
60
(stores)
90
Four store openings (of which, two were supply destinations) and
three store closures (of which, two were supply destinations) for a
total of 60 stores.
60
30
0
2009
Business in
Asian
region
Revenue from
operations
Segment profit
34,493 million yen (
3,808 million yen (
2010
2011
up 79.0% YOY)
2012
2013
Percentage of
15.6%
up 146.9% YOY)
Sales business in Asia
We substantially grew sales owing to fully stocked inventories of
popular items, including focus products. In addition to brisk sales
at existing stores, we also made smooth progress in carrying
out store openings and remodeling.
Moreover, in November 2013 we
opened our first store in Australia.
Of which, in China
Number of
stores at end of
previous term
Openings
Closings
Total
94
65
54
37
4
2
144
100
(stores)
150
Asian region overall
In addition to opening 45 new stores
and closing four stores, we acquired
nine stores in Thailand. Reflecting this,
we now have a total of 144 stores. In
China, which is the key of growth in our
overseas business, there were 37 store
openings and two store closure, bringing
the number of stores to 100 stores.
China
MUJI Shanghai World Trade Plaza iapm (China)
100
50
0
MUJI DaJiang (Taiwan)
2009
7
2010
2011
2012
2013
Annual Report 2014
2013.03.01–2014.02.28
Business in
other
regions
Revenue from
operations
Segment profit
2,389 million yen (
82 million yen (
up 85.6% YOY)
up
Percentage of
1.1%
6.1% YOY)
Sales business in regions other than Europe and Asia
In the USA, from November 2012 we began expanding the
area of our business operations on the West Coast. In light of
this, we improved our brand recognition in the United States
and sales have trended briskly.
Number of stores at
end of previous term
Openings
Closings
Total
5
3
–
8
(stores)
9
Three openings for a total of 8 stores.
6
3
0
MUJI Chadstone (Australia)
Other
business
MUJI Hollywood (the United States)
Revenue from
operations
Segment profit
2009
12,697 million yen (
3,697 million yen (
2010
up 43.9% YOY)
up 113.6% YOY)
Overseas Supply Business, Beverage Business,
MUJI Campsite Operation, Housing Sales Business
Store openings and closures for licensed stores in countries in the Asia region included
five openings and one closure. The previously discussed business transfer of nine stores in
Thailand was conducted with a consolidated subsidiary, thereby bringing our total for licensed
stores to 43.
In the beverage business, we opened three new stores bringing the total count to 18 stores.
8
2011
2012
2013
Percentage of
5.8%
Corporate Governance
1. Basic Policy on Corporate Governance
We aim to establish good relationships with all stakeholders (shareholders, customers, employees, society and client
companies), to differentiate ourselves from other companies and win an overwhelming presence and the trust of customers to
enhance our corporate value. We have therefore been making improvements in manufacturing, sales, and customer service in
order to enhance our reputation and strengthen the “MUJI (Mujirushi Ryohin)” brand image.
We will demonstrate our reliability by improving our business performance, engaging in proactive IR activities, making fair
and transparent disclosures, and increasing returns to shareholders. In our relationships with employees, we will provide a
vector for our staff members to make efforts to achieve our company’s goals and establish an open and stimulating corporate
culture so that employees can realize their full potential. Our organizational management processes ensure constant selfreflection and self-discipline, based on the lessons learned from a spate of corporate scandals seen in recent years.
2. Current status of Corporate Governance System for final decision-making, and of
Managerial Organization for execution of decisions and supervision
1) Currently, taking into account the size of our company, its organizational status and staff mobility, the Board consists of
six directors within the company (six directors doubling as operating officers) and three directors outside the company,
who were appointed as independent directors in accordance with rules stipulated by the Tokyo Stock Exchange and who
report to the TSE. The supervisory functions and managerial responsibility of the Board of Directors are clearly stipulated,
and we also promote delegation of authority, including reviews of the board system and decision-making systems as
appropriate, in order to accelerate the implementation of processes.
2) Our company has adopted an audit system. Currently, the Board of Auditors consists of four members (including one
full-time auditing officer), all of whom are outside corporate auditors. Three of the four members were appointed as
independent directors in accordance with rules stipulated by the Tokyo Stock Exchange and these members report to
the TSE. The Board of Auditors audits the directors’ execution of their duties by attending Board meetings and checking
important documents. In addition, the Board of Auditors regularly liaises with the Audit Department, which conducts
internal audits, and with the accounting auditor, who conducts accountancy services.
3) The Payment Advisory Board (consisting of three directors outside the company (including one chairperson) and two
directors within the company) advises the Board of Directors on the payment of directors. The Nomination Advisory Board
(consisting of three directors outside the company (including one chairperson) and two directors within the company)
advises the Board of Directors on the nomination of directors.
4) The Audit Department (currently consisting of six members) conducts internal audits. The Department performs audits
to determine whether business operations are being appropriately performed in accordance with our store management
manual and Work Standard Sheets (MUJIGRAM) by our headquarters, as well as to determine whether problems have
been solved. The audit results are reported to our representative directors on a weekly basis, as well as to our Board of
Directors every half-term.
5) Accounting audits of our company are conducted by a team consisting of two certified public accountants with KPMG
AZSA LLC, seven assistant certified public accountants, and eleven other members. Thus an environment for fair auditing
is established. The team of certified public accountants with KPMG AZSA LLC consists of Mr. Akihiro Ohtani (with two
years of continuous auditing service) and Mr. Takushi Miyashita (with four years of continuous auditing service).
9
Annual Report 2014
2013.03.01–2014.02.28
[Diagram]
Shareholders’ Meeting
Appointment/Dismissal
Audit
Directors
Six directors within the company
Three directors outside the company
Audit
Board of Auditors
Accounting Auditor
Four corporate auditors within the company
(including one full-time auditing officer)
Audit
Advice
Appointment/
Dismissal
Supervision
Report
Payment Advisory Board
Nomination Advisory Board
Two directors within the company
Two directors within the company
Report
Accounting audit
Representative
Directors
Work Standardization
Committee
Report
Compliance & Risk
Management Committee
(
person responsible general manager of
for overall internal = general affairs and
control
personnel
)
Management
Committee
Audit
Department
Internal audit
Helpline
Sales Meeting
[Committees]
Merchandise Strategy
Committee
• Management Strategy Committee
• Personnel Committee
• Personnel Training Committee
• Advertisement Strategy Committee
• Quality Improvement Committee
• Safety and Health Committee
• Overseas 400 Committee
• Store Opening Planning Committee
Advisory Board
Operating
Officers
Consultation
Head of Each Department
(person responsible for internal control)
Each Group Company
Employees
(As of June 1, 2014)
10
Environmental Activities
Creating a Pleasant Life
Ryohin Keikaku contributes to society through our business activities
In 1980, Ryohin Keikaku launched the MUJI brand under the catchphrase “Lower priced for a reason.” MUJI was created to
promote low price and high value products, based on the in-house development experience of Seiyu GK, the umbrella group of
Ryohin Keikaku. The basic principle of MUJI merchandise development is to create products that are fundamental, practical and
really necessary in daily life, and to ensure efficient and minimal manufacturing processes. Based on this concept, we constantly
review our materials and designs, streamline time and labor in the manufacturing process, and simplify our packaging. For many
years our simple, elegant and functional products have earned the respect and appreciation of our customers.
Over 30 years has passed since the birth of MUJI, and we are still applying and developing our basic principles, responding to
our customers, and ensuring the MUJI brand means pleasant (well-designed, well-made and environmentally-friendly) products
and services; in this way we will offer the opportunity of a Pleasant Life (harmony with our neighbors and our planet) to people
throughout the world. Ryohin Keikaku believes that through our business activities we are able to satisfy our customers, offer
simplicity, harmony and beauty, and contribute to the greater community.
As a company that promotes a Pleasant Life we proclaim and implement three promises for corporate operation, three
viewpoints for product development—the fundamentals of business operation—and three criteria for manufacturing.
Three Promises for Corporate Operation
(excerpt from Vision of “ryohin (good product),” Corporate Philosophy)
1. Take the challenges of global growth and development through fair and transparent
business activities, and rise to these challenges.
2. Inquire into and offer new value and attractiveness of good products from the
viewpoints of people. From the customers’ viewpoints, seek and offer new value
and appeal.
3. To all age groups and various communities (customers, growers, manufacturers,
etc.) connected with Ryohin Keikaku, offer the vision of a sustainable Pleasant Life.
Three Criteria for Product Development
1. Problem solving through design
2. Examination of materials and processes
3. Simplification of packaging
Three Viewpoints for Manufacturing
1. Ryohin Standards (Quality Standards)
2. Ryohin Keikaku Environment, Labor and Safety Management (The Code of Conduct
for Business Partners)
3. Major materials not used or controlled
11
Annual Report 2014
2013.03.01–2014.02.28
Company initiatives
to create a Pleasant Life
Conservation
of Natural
Resources
Safety &
Security
Waste
Elimination
Company Creating a
Pleasant Life
Respect &
Harmony
Global
Warming
12
Corporate Information
Company name
Location
4-26-3 Higashi-Ikebukuro, Toshima-ku, Tokyo, 170-8424
Establishment
June 1989 (registration: May 1979)
Capital
¥6,766,250,000
Accounts
settlement date
Last day of February every year
Major business
Operation of exclusive MUJI stores / product planning / development / production / wholesale / retail
Management
Chairman and
Representative Director
Tadamitsu Matsui
President and
Representative Director
Masaaki Kanai
Senior Managing Director
Satoru Matsuzaki
Managing Director
Takashi Kato
Managing Director
Takashi Komori
Director
Kei Suzuki
Director
Hisashi Sakamaki
Director
Isao Endo
Director
Toshiaki Ito
Corporate Auditor
Hitoshi Matsui
Corporate Auditor
Masaru Hattori
Corporate Auditor
Michio Shibuya
Corporate Auditor
Kuniaki Hara
Senior Executive Officer
Junichi Tokue
Executive Officer
Hiroto Oki
Executive Officer
Tetsuo Kameya
Executive Officer
Mitsuru Tanaka
Executive Officer
Yumiko Hagiwara
Executive Officer
Satoshi Okazaki
Advisor
Kazuko Koike
Advisor
Takashi Sugimoto
Advisor
Kenya Hara
Advisor
Naoto Fukasawa
Advisory Board
13
(As of May 21, 2014)
(As of February 28, 2014)
History
Annual Report 2014
2013.03.01–2014.02.28
MUJI was established in December 1980 as a private brand of The Seiyu, Ltd. with 40 products, and has grown into a brand
with more than 7,000 products today. Ryohin Keikaku Co., Ltd. was established as an independent company from The Seiyu,
Ltd. in 1989. As a manufacturer/retailer, it plans, develops, manufactures, distributes and sells the MUJI brand for all aspects of
life, including clothing, household articles and food products.
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
MUJI established as a private brand of The Seiyu, Ltd. (household articles: 9, food products: 31).
Started selling clothes.
Started wholesaling to partner stores.
Opened the first directly managed store, “MUJI Aoyama” (103 sq m).
Opened outlets inside large Seiyu stores.
Established MUJI Business Department.
Started overseas production and procurement (comprehensive production in overseas countries).
Accumulated know-how of overseas production and procurement including factory direct orders
and original distribution channels.
Developed materials globally.
Established RYOHIN KEIKAKU CO., LTD. (capital: 100 million yen).
MUJI business transferred from The Seiyu, Ltd.
Opened the first overseas store in London (a partnership with Liberty & Co.).
Mujirushi Ryohin Shimokitazawa
Started Blue MUJI for products with further enhanced quality.
Established RK TRUCKS CO., LTD.; opened large one-floor store, “MUJI Lalaport.”
Established RYOHIN KEIKAKU EUROPE LTD.; opened Niigata Logistics Center.
Opened first store in Singapore (closed down in 1998); opened “MUJI Tsunan Campsite;”
Company shares registered on the over-the-counter market.
Increased capital to ¥6,766.25 million; opened Fukuoka Logistics Center.
Listed on the second section of the Tokyo Stock Exchange; opened Kobe Logistics Center and
Urayasu Logistics Center.
Started com KIOSK business (operated by JR East Retail Net Co., Ltd.).
Promoted to listing on the first section of the Tokyo Stock Exchange; established MUJI.net Co., Ltd.
Opened MUJI (HONG KONG) CO., LTD.; opened MUJI Yurakucho and MUJI Namba stores.
Opened first store in Korea; started living space project Mujirushi Ryohin no Ie.
2005
Opened first store on Chinese mainland (Shanghai) and first store in Germany.
2006
Established MUJI Global Sourcing Private Limited in Singapore; opened first store in Spain; took
over the business of IDÉE CO., LTD.
2007
Established subsidiary MUJI EUROPE HOLDINGS LIMITED to oversee European operations;
opened MUJI Tokyo Midtown and first U.S.A. directly managed store.
2008
Opened MUJI to GO Hong Kong International Airport; opened U.S.A. flagship store MUJI Times
Square; opened MUJI Shinjuku.
2012
2013
MUJI Yurakucho
Opened first store in Ireland.
Opened first store in Taiwan; opened MUJI Tsumagoi Campground; opened Mujirushi Ryohin no
Ie Yurakucho; opened first store in Italy.
2011
MUJI Times Square
Obtained ISO9001 certification.
2004
2009
2010
Forty debut items
Found MUJI Aoyama
Relocated and updated MUJI Ikebukuro Seibu; opened first store in Indonesia.
Opened first store in Poland; 30th anniversary of MUJI; opened first store in Portugal.
Opened Café&Meal MUJI Minami Aoyama; updated Mujirushi Ryohin Yurakucho and MUJI Canal
City Hakata; established MUJI (MALAYSIA) SDN. BHD.; opened Found MUJI Aoyama.
Opened first store in Malaysia; established MUJI Retail (Thailand) Co., Ltd.
Opened first store in Kuwait; opened MUJI Grand Front Osaka; opened first store in Australia.
14
MUJI Grand Front Osaka
Group Companies
RK TRUCKS CO., LTD.
Address
MUJI (SINGAPORE) PRIVATE LTD.
: Toshima-ku, Tokyo
Address
Establishment : March 1993
Primary business : Distribution
MUJI HOUSE CO., LTD.
Address
Establishment
MUJI (MALAYSIA) SDN. BHD.
: Toshima-ku, Tokyo
: May 2000
Address
Establishment
Primary business : Retailing of living space project
IDÉE CO., LTD.
MUJI Korea Co., Ltd.
: Toshima-ku, Tokyo
Address
Establishment : August 2006
Primary business : Planning, manufacturing and retailing
Establishment
MUJI EUROPE HOLDINGS LIMITED
Establishment
MUJI (SHANGHAI) CO., LTD.
: London, U.K.
: January 2007
Address
Establishment
Primary business : Oversight of European region
RYOHIN KEIKAKU EUROPE LTD.
Establishment
MUJI TAIWAN CO., LTD.
: London, U.K.
: March 1994
Address
Establishment
Primary business : Retailing of MUJI products
MUJI Retail (Thailand) Co., Ltd.
: Paris, France
Address
Establishment : April 1998
MUJI RETAIL (AUSTRALIA) PTY LTD
: Milan, Italy
: September 2004
Address
Establishment
Address
Establishment
MUJI Global Sourcing Private Limited
: Düsseldorf, Germany
: July 2005
: April 2006
MGS (SHANGHAI) TRADING CO., LTD.
Address
: New York, U.S.A.
: October 2006
Establishment
: Shanghai, China
: October 2009
Primary business : Product development, procurement
and wholesale in China
MUJI (HONG KONG) CO., LTD.
Establishment
: Singapore
Establishment
procurement, import and export
MUJI U.S.A. LIMITED
Address
Address
Primary business : Product development,
Address
Establishment
: Melbourne, Australia
: March 2013
MUJI Deutschland GmbH
Establishment
: Bangkok, Thailand
Establishment : November 2012
MUJI ITALIA S.p.A.
Address
: Taipei, Taiwan
: August 2003
RYOHIN KEIKAKU FRANCE S.A.S.
Address
: Shanghai, China
: May 2005
business
Address
: Seoul, South Korea
: December 2004
of furniture, interior goods, etc.
Address
: Kuala Lumpur, Malaysia
: October 2011
Mujirushi Ryohin no Ie products
Address
: Singapore
Establishment : January 2003
: Hong Kong, China
: March 2001
15
Consolidated financial statements
16
Consolidated balance sheets
(Unit: Million yen)
Previous consolidated fiscal year
(February 28, 2013)
Current consolidated fiscal year
(February 28, 2014)
Assets
Current assets
Cash on hand and in banks
21,563
25,206
6,092
6,965
Marketable securities
10,023
20
Products
27,106
36,602
74
232
Notes and accounts receivable
Work in process
Supplies
14
14
758
957
Accounts receivable – other
5,168
4,933
Other items
1,758
2,366
Deferred tax assets
Allowance for doubtful accounts
(4)
Total current assets
72,556
(7)
77,290
Fixed assets
Tangible fixed assets
Buildings and structures
Accumulated depreciation
Buildings and structures (net value)
Machinery, equipment and vehicles
Machinery, equipment and vehicles (net value)
Equipment
Equipment (net value)
Land
Lease assets
Lease assets (net value)
Construction in progress
Total tangible fixed assets
21,272
25,338
(12,601)
(13,945)
8,671
11,392
1,917
2,105
(1,209)
(1,434)
708
671
10,222
12,391
(7,570)
(8,429)
2,652
3,962
1,324
1,350
39
46
(34)
(42)
5
4
874
4,797
14,236
22,178
36
7,619
Intangible fixed assets
Goodwill
Other
4,077
4,764
Total intangible fixed assets
4,113
12,383
12,047
12,183
975
145
15,230
15,595
Investment and other assets
Investment securities
Deferred tax assets
Lease and guarantee deposits
Other
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets
17
366
609
(164)
(155)
28,454
28,376
46,804
62,939
119,360
140,229
Annual Report 2014
2013.03.01–2014.02.28
(Unit: Million yen)
(February 28, 2013)
(February 28, 2014)
Liabilities
Current liabilities
Accounts payable
10,155
Short-term loans payable
12,752
407
190
Accrued expenses
4,124
4,803
Income taxes payable
4,446
4,017
243
635
Reserve for directors’ bonuses
73
74
Provision for sales returns
46
64
Provision for point card certificates
—
39
Reserve for bonuses
Reserve for loss on closing of stores
19
32
3,168
4,254
22,685
26,865
—
1,150
109
109
50
46
Other
465
1,044
Total long-term liabilities
625
2,349
23,310
29,214
Other
Total current liabilities
Long-term liabilities
Long-term loans payable
Reserve for directors’ retirement benefits
Reserve for loss on non-cancelable lease contracts
Total liabilities
Net assets
Shareholders’ equity
Capital stock
6,766
6,766
Capital surplus
10,116
10,825
Earned surplus
80,207
93,845
Treasury stock
(3,927)
Total shareholders’ equity
93,163
103,858
(7,578)
1,192
1,641
Valuation and translation adjustments
Valuation difference on available-for-sale securities
Translation adjustment
Total valuation and translation adjustments
Stock acquisition rights
Minority interests
Total net assets
Total liabilities and net assets
18
(870)
2,291
322
3,933
310
345
2,254
2,876
96,050
111,015
119,360
140,229
Consolidated income statements
(Unit: Million yen)
(March 1, 2012 – February 28, 2013)
(March 1, 2013 – February 28, 2014)
Net sales
187,693
220,029
Cost of sales
100,974
118,955
Gross profit
86,719
101,074
Operating revenue
Operating profit before S.G.A.
657
590
87,376
101,665
3,670
3,261
Selling, general and administrative expenses
Advertising expenses
Distribution and transportation expenses
Employees’ salaries and bonuses
Provision of reserve for directors’ bonuses
Leasehold and office rents
Depreciation
Provision for point card certificates
7,438
8,664
18,963
22,099
73
60
19,630
22,597
3,186
4,179
—
39
Other
16,061
19,847
Total selling, general and administrative expenses
69,024
80,749
18,351
20,916
Operating profit
Non-operating income
Interest income
29
55
Dividends income
289
313
Foreign exchange gains
739
813
Co-sponsor fee
Equity in earnings of affiliates
Other
Total non-operating income
43
68
145
424
179
506
1,427
2,182
Non-operating expenses
Interest expenses
8
20
Commission for purchase of treasury shares
—
23
Other
10
6
Total non-operating expenses
18
50
19,760
23,047
Settlement received
—
186
Gain on step acquisitions
—
3,540
Total extraordinary income
—
3,727
Ordinary profit
Extraordinary income
19
Annual Report 2014
2013.03.01–2014.02.28
(Unit: Million yen)
(March 1, 2012 – February 28, 2013)
(March 1, 2013 – February 28, 2014)
Extraordinary losses
Impairment loss
Loss on retirement of fixed assets
Loss on valuation of investment securities
34
356
296
308
1,379
—
Provision of reserve for loss on closing of stores
16
19
Settlement package
—
88
Others
14
—
1,740
772
18,019
26,003
7,455
8,089
Total extraordinary losses
Income before income taxes
Income taxes – current
Income taxes – deferred
(535)
Total income taxes
Income before minority interests
Minority interests in income
Net income
20
705
6,920
8,794
11,099
17,208
128
111
10,970
17,096
Consolidated statements of changes in net assets
(Unit: Million yen)
Shareholders’ equity
Capital stock
Balance at beginning of
current term
Capital surplus
6,766
Retained earnings
10,116
Total shareholders’
equity
Treasury stock
80,207
(3,927)
93,163
Changes of items
during term
Dividends
from surplus
(3,458)
(3,458)
Net income
17,096
17,096
Purchase of
treasury stock
(4,149)
Disposal of
treasury stock
708
498
(4,149)
1,207
Net changes of items
other than shareholders’
equity (net value)
Total changes of items
during term
Balance at end of term
6,766
708
13,637
(3,650)
10,695
10,825
93,845
(7,578)
103,858
Valuation and translation adjustments
Valuation
difference on
available-for-sale
securities
Balance at beginning of
current term
1,192
Translation
adjustment
Total valuation
and translation
adjustments
(870)
322
Stock
acquisition
rights
310
Minority
interests
2,254
Total
net assets
96,050
Changes of items
during term
Dividends
from surplus
(3,458)
Net income
17,096
Purchase of
treasury stock
(4,149)
Disposal of
treasury stock
1,207
Net changes of items
other than shareholders’
equity (net value)
448
3,162
3,611
35
622
4,269
Total changes of items
during term
448
3,162
3,611
35
622
14,964
Balance at end of term
1,641
2,291
3,933
345
2,876
111,015
21
Consolidated cash flow statements 1
Annual Report 2014
2013.03.01–2014.02.28
(Unit: Million yen)
(March 1, 2012 – February 28, 2013)
(March 1, 2013 – February 28, 2014)
Net cash provided by operating activities
Income before income taxes
18,019
26,003
2,675
3,530
Depreciation of software
665
804
Amortization of goodwill
1
14
(14)
(6)
Depreciation
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in reserve for directors’ bonuses
Increase (decrease) in reserve for retirement benefits and directors’ retirement benefits
Increase (decrease) in reserve for loss on closing of stores
Increase (decrease) in reserve for loss on non-cancelable lease contracts
Increase (decrease) in reserve for sales returns
Interest and dividends income
Interest expenses
1
(4)
(6)
—
(133)
13
(41)
(4)
46
18
(319)
(369)
8
20
Foreign exchange losses (gains)
(201)
(156)
Equity in (earnings) losses of affiliates
(145)
(424)
Loss (gain) on step acquisitions
—
Loss on retirement of fixed assets
Impairment loss
Loss (gain) on valuation of investment securities
311
34
356
1,379
Decrease (increase) in notes and accounts receivable-trade
(627)
Decrease (increase) in inventories
(3,540)
296
(4,182)
—
1,178
(5,271)
Increase (decrease) in notes and accounts payable-trade
431
487
Decrease (increase) in other assets
805
(307)
Increase (decrease) in other liabilities
316
641
55
65
Stock acquisition rights
Other
Subtotal
Interest and dividend income received
Interest expenses paid
13
1
19,082
23,364
393
466
(8)
(23)
Income tax paid
(6,290)
(8,690)
Net cash provided by operating activities
13,176
15,117
Net cash used in investment activities
Payments into time deposits
(21)
Proceeds from withdrawal of time deposits
43
(179)
126
Purchase of property, plant and equipment
(3,856)
(10,474)
Leasehold right on stores and lease deposits
(962)
(1,275)
868
1,111
(986)
(1,346)
Proceeds from collection of lease deposits for stores
Purchase of intangible fixed assets
Purchase of shares of subsidiaries and associates
—
(609)
Purchase of newly consolidated subsidiaries
—
(4,917)
Other
Net cash used in investment activities
22
(32)
(277)
(4,945)
(17,842)
Consolidated cash flow statements 2
(Unit: Million yen)
(March 1, 2012 – February 28, 2013)
(March 1, 2013 – February 28, 2014)
Net cash used in financing activities
Increase (decrease) in short-term loans payable
287
Proceeds from long-term loans payable
—
Repayments of lease obligations
(3)
Proceeds from stock issuance to minority shareholders
122
Proceeds from sales of treasury stock
0
Purchase of treasury shares
—
(280)
1,150
(0)
230
0
(3,026)
Cash dividends paid
(2,947)
(3,458)
Net cash used in financing activities
(2,540)
(5,385)
Effect of exchange rate change on cash and cash equivalents
849
1,714
Increase (decrease) in cash and cash equivalents
6,539
(6,396)
Cash and cash equivalents, beginning of period
24,858
31,397
Cash and cash equivalents, end of period
31,397
25,001
23
MEMO
MEMO

RYOHIN KEIKAKU CO., LTD.

Transcription

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