Summary of Financial Results

FY25/8 Highlights: The continued success of enhanced product development and promotion strategy led to results that significantly exceeded the initial forecast.

• Operating revenue rose 18.6% YoY to 784.6 billion yen, as LFL store sales were strong and the number of stores in Japan and overseas increased.
• Gross profit margin improved by 0.5pp YoY to 51.4% reflecting product cost reduction through strengthening in-house production management system and operations, and reduction of discount rate in the overseas business.
• SG&A ratio improved by 0.4pp to 41.9% mainly owing to sales growth in Japan.
• Operating profit rose 31.5% YoY to 73.8 billion yen and OP margin was 9.4% partly due to positive impact from foreign exchange rates.
• Net income attributable to owners of parent came to 50.8 billion yen including a decline in tax expense due to the reorganizational restructuring in European business in FY24/8 (approx. 4.0 billion yen).

Segment Results for FY25/8 (12 months)

Japan: Full-year LFL store sales posted double-digit growth YoY, resulting in significant increases in both revenue and profit.

• Operating revenue increased to 470.1 billion yen (+20.9% YoY), and operating profit rose to 52.1 billion yen (+ 31.2% YoY), resulting in higher sales and profits. Although growth in gross profit margin was sluggish due to promotion of inventory reduction, operating profit margin improved 0.9pp to 11.1% as SG&A ratio declined resulting from sales growth.
• Full-year LFL store + EC sales were 113.5% YoY as the sales of MUJI Week had a strong impact. All of Apparel, Household goods, and Food had double-digit growth.
• Among Household goods, Health & Beauty and Houseware (daily supplies) were strong. The share of Health & Beauty to overall sales increased by 5pp to 22% compared with 2 years ago and its sales exceeded 100 billion yen. The share of Houseware also expanded 2pp to 7% compared with 2 years ago.
• The number of customers grew owing to new customers and return of dormant customers in addition to existing customers, and the frequency of store visits by customers also rose. New and dormant customers return account for about 20% of total.

East Asia: LFL store + EC sales increased, resulting in significant increases in both revenue and profit.

• Operating revenue increased to 222.2 billion yen (+14.2% YoY), and operating profit rose to 42.7 billion yen (+20.4% YoY). Operating profit margin improved by 1.0pp to 19.3% due to increase in gross profit margin resulting from improvement in COGS ratio.
• In mainland China, LFL store + EC sales had double-digit growth YoY, posting significant increases in both revenue and profit. Operating profit margin also rose thanks to contributions from improvement in COGS ratio and lower discount rate.
• In Taiwan, while sales of Apparel were sluggish, both revenue and profit rose as gross profit margin improved thanks to lower discount rate.
• In South Korea, sales of Household goods and Food were strong and LFL store + EC sales had double-digit growth. Both revenue and profit grew significantly on a local accounting basis, though profit slightly declined in yen terms due to the impact of foreign exchange rates.
• Revenue and profit increased in Hong Kong. Sales are on a recovery track from H2 reflecting the impact of price revision and refurbishment of stores.

Southeast Asia and Oceania: Both revenue and profit increased, partly due to the positive impact from foreign exchange.

• Operating revenue increased to 50.1 billion yen (+28.0% YoY), and operating profit rose to 5.5 billion yen (+21.4% YoY). On a local accounting basis, profit declined 0.6pp to 11.1% due to upfront expenses related to opening of new stores and increase in the number of employees.
• LFL store + EC sales for full year exceeded YoY. Sales are improving in various countries as we enhanced the product line by launching skincare products, which have strong sales in Japan.
• In Thailand, sales of Apparel were sluggish, resulting in LFL store + EC sales falling short YoY. However, a gradual recovery began in Q4.
• LFL store + EC sales rose YoY in Singapore as we lowered prices to reduce inventory from the past fiscal year.
• In Malaysia and Vietnam, the number of new stores increased and LFL store + EC sales remained strong.

Europe and North America: Revenue and profit increased in Europe and North America as LFL store + EC sales posted double-digit growth.

• Operating revenue increased to 42.1 billion yen (+7.9% YoY), and operating profit rose to 6.9 billion yen (+25.7% YoY). Despite a decrease in the number of stores due to the closure of unprofitable stores, LFL store + EC sales had double-digit growth YoY, both revenue and profit increased. Operating profit margin rose to 16.4%, partly due to the positive impact from foreign exchange.
• In Europe, both revenue and profit rose as LFL store + EC sales posted double-digit growth YoY. Profitability improved as we continued to close unprofitable stores in the current fiscal year and as structural reforms took effect. ECʼs growth rate is especially remarkable as the integration of EC platforms in Europe expanded the delivery areas and enhanced the product lineup.
• In North America, revenue and profit increased as LFL store + EC sales had double-digit growth YoY. LFL store sales grew as sales of Apparel, for which we secured sufficient inventory, were strong. Closure of unprofitable stores in Canada in the previous fiscal year also contributed to profit improvement.

Number of Stores: 1,412（Japan 683/Overseas 729）increased 107 stores YoY.

• In Japan, the number of stores increased 60 to 683 as we opened new stores mainly in suburbs. MUJI Aeon Mall Kashihara, the largest MUJI store in the world opened in March, also has been performing well.
• Overseas, the number of stores increased 47 to 729 as we opened new stores mainly in East Asia and Southeast Asia.
• In mainland China, we promoted scrap and build and the number of stores increased 24 to 422. Sales per store improved as we opened stores with larger store space while closing stores with low sales.
• In Southeast Asia, we opened new stores mainly in Malaysia and Vietnam and the number of stores rose 19 to 124. We opened new stores mainly at shopping malls.
• In Europe and North America, we completed closure of unprofitable stores. We will resume opening new stores in FY26/8.

FY26/8 Full year plan: Both revenue and profit are expecting increase, with operating revenue and profits projected to reach record highs for the third consecutive year.

• Operating revenue is expected to grow by 9.6% YoY to 860.0 billion yen driven by the growth in LFL store sales and opening of new stores.
• Gross profit margin is expected to improve due to contributions from improvement in COGS ratio through in-house production, and controlled discounting, even as the impact from foreign exchange diminishes.
• SG&A ratio is expected to increase primarily due to increase in IT related cost.
• Operating profit is expected to increase by 7.0% YoY to 79.0 billion yen. Although the operating profit margin declined to 9.2% compared to the previous fiscal year, it showed an underlying improvement when excluding foreign exchange.
• Net income attributable to owners of parent is expected to be 53.0 billion yen despite the tax benefits associated the reorganization of the European business recorded in FY25/8 have phased out.
• FY26/8 forecast for LFL stores + EC is 102% YoY in Japan, 104% in East Asia (mainland China 104%), 103% in Southeast Asia and Oceania and 106% in Europe and North America.
• As of the end of August 2026, the total number of store is 1,508, 723 in Japan and 785 overseas. In Japan, store openings will be carefully selected to strengthen profitability, while overseas expansion will focus on East Asia. Store openings in North America will also resume.

Shareholder Returns: Dividend increase is planned for 2 consecutive fiscal years, FY2025 and FY2026

• In FY25/8, the annual dividend per share is expected to be 50 yen (including a year-end dividend of 28 yen), an increase of 6 yen from the previous forecast and 10 yen higher than the previous fiscal year.
• A two for one stock split was implemented on September 1.
• For FY26/8, the annual dividend per share after the stock split is projected to be 28 yen, an increase of 3 yen. On a pre-split basis, this represents a 6 yen increase to 56 yen.

Updated 3 year rolling plan: Expecting operating revenue 1 trillion yen, operating profit 100 billion yen, with OP margin 10% in FY28/8.

（Business strategy）

1. We are driving forward the vision of Taking on the Challenge of Global Growth, promoting successful business outcomes achieved in each country across the world.
2. At the same time, we will launch a company-wide initiative to improve operational efficiency. Our target is to reach a 10% operating profit margin in FY28/8, followed by continued efforts to raise profitability to 12%.
3. Japan and East Asia will continue to focus on stable revenue and profit generation. Europe and North America, and Southeast Asia will grow into next profit drivers through enhancement of brand recognition centered on flagship stores and aggressive investment plans.

• Operating revenue is expected to exceed 1 trillion yen in FY28/8, driven by the strategy “Taking on the Challenge of Global Growth”.
• We aim to strengthen profitability, resulting in over 100 billion yen operating profit and an operating margin of 10% in FY28/8.
• 3 years CAGR is projected at 11.2% for operating revenue and 13.5% for operating profit.
• By the end of FY28/8, the total number of stores is expected to reach 1,750, with annual net increase of 45 stores in Japan and 70 in overseas (including 25 in mainland China).
• Annual sales growth for LFL stores + EC is assumed at an average of 104% (Japan 102%, mainland China 104%).
• ROE 15.9% and ROA 14.8% in FY28/8, reflecting continued improvements in capital efficiency.

8 Growth Drivers: Update toward FY28/8