MARUI CO., LTD.

CONSOLIDATED STATEMENTS OF INCOME
Marui Co., Ltd. and Its Consolidated Subsidiaries
Eight months ended September 30, 2003, and years ended January 31, 2003 and 2002
Thousands of
U.S. dollars
Millions of yen (Note 3)
2003/9 2003/1 2002/1 2003/9
Operating revenues:
Merchandise sales............................................................................ ¥273,608 ¥443,933 ¥443,358 $2,464,937
Finance charges earned on installment sales .................................. 1,417 2,348 2,509 12,766
Interest income on consumer loans ................................................ 36,558 53,500 46,324 329,351
Other revenues................................................................................ 41,825 59,086 59,373 376,802
Total operating revenues .......................................................... 353,408 558,867 551,564 3,183,856
Operating expenses:
Cost of goods sold........................................................................... 226,966 356,558 353,252 2,044,739
Selling, general and administrative expenses.................................. 110,433 167,992 165,383 994,892
Total operating expenses .......................................................... 337,399 524,550 518,635 3,039,631
Operating income .............................................................................. 16,009 34,317 32,929 144,225
Non-operating income (expenses):
Interest income ............................................................................... 300 416 436 2,703
Interest expenses............................................................................. (1,221) (2,533) (1,900) (11,000)
Other, net ........................................................................................ 1,326 1,738 1,594 11,946
Total non-operating income (expenses)................................... 405 (379) 130 3,649
Ordinary income................................................................................ 16,414 33,938 33,059 147,874
Special gains (losses):
Gain on sale of property and equipment......................................... 623 15 3,568 5,613
Gain on sale of investments in securities........................................ – – 17 –
Gain on winding up of the non-contributory defined
benefit pension plan (Notes 2 and 10) ......................................... 28,564 – – 257,333
Loss on disposal of property and equipment .................................. (2,038) (2,682) (3,240) (18,361)
Loss on sale of investments in securities ........................................ – (48) (399) –
Loss on devaluation of property and equipment ............................ (14,024) – – (126,342)
Loss on devaluation of investments in securities............................ (40) (145) (984) (360)
Loss on devaluation of investment in an affiliated company.......... – (100) – –
Loss on devaluation of golf memberships....................................... – – (26) –
Loss on the net transition obligation of severance and
retirement benefits for employees (Note 2) .................................. – – (5,395) –
Loss on partial termination of lump-sum severance and
retirement benefits for employees and privately held
pension plan (Notes 2 and 10) ..................................................... (396) – – (3,568)
Special termination benefits paid to employees (Note 10) ............. (14,901) – – (134,243)
Other, net ........................................................................................ (1,038) – – (9,351)
Total special losses ................................................................... (3,250) (2,960) (6,459) (29,279)
Income before income taxes and minority interests ........................ 13,164 30,978 26,600 118,595
Income taxes (Note 11):
Current............................................................................................ 1,720 17,143 16,133 15,495
Deferred........................................................................................... 4,833 (3,915) (4,610) 43,541
Total income taxes.................................................................... 6,553 13,228 11,523 59,036
Minority interests .............................................................................. (457) (130) (167) (4,118)
Net income......................................................................................... ¥ 6,154 ¥ 17,620 ¥ 14,910 $ 55,441
U.S. dollars
Yen (Note 3)
Net income per share:
Basic ................................................................................................ ¥17 ¥48 ¥40 $0.15
Diluted ............................................................................................ 17 45 38 0.15
Cash dividends per share applicable to the year ............................. 15 22 22 0.14
See accompanying notes to consolidated financial statements.
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