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TSI Holdings Co Ltd to Sell Vietnam-based Operation of Subsidiary; Announces Early-retirement Program of Subsidiary; Expects Extraordinary Losses and Amends Full-year Consolidated Outlook for FY 2013


Wednesday, 14 Nov 2012 02:30am EST 

TSI Holdings Co Ltd announced that it has decided to sell Vietnam-based operation TOKYO STYLE VIETNAM HUE CO.,LTD. of its subsidiary Tokyo Style Co. Ltd., on February 28, 2013. TOKYO STYLE VIETNAM HUE is engaged in processing of apparel products. As a result, the Company expects the extraordinary loss of approximately JPY 660 million caused by sale of assets, for the fiscal year ending February 28, 2013. The Company also announced that there is an early-retirement program offered by its subsidiary Tokyo Style Co. Ltd., to employees in non-marketing positions as of October 31, 2012, during the period from December 3, 2012 to January 11, 2013. The Company expects approximately 90 employees to take up the offer, who will be provided retirement pay, additional benefits and outplacement support, with a retirement date of February 28, 2013. As a result, the Company expects the extraordinary loss of approximately JPY 600 million caused by retirement payment, for the fiscal year ending February 28, 2013. The Company has reaffirmed its full-year consolidated outlook for revenue of JPY 188,000 million, operating profit (loss) of JPY (500 million), ordinary profit of JPY 0 million, and lowered its full-year consolidated outlook for net profit (loss) from JPY (1,600 million) to JPY (1,960 million), and earnings (loss) per share from JPY (13.82) to JPY (16.93), for the same fiscal year. This is mainly due to the extraordinary losses for sale of assets and retirement payment. 

Company Quote

739.0
28.0 +3.94%
24 Jul 2014