Don Quijote Co., Ltd. Don Quijote ド イト 株 式 会 社 (USA) Co., Ltd
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We do it all for our customers 株式会社長崎屋 総合小売業 Don Quijote Co., Ltd. Don Quijote ド イト 株 式 会 社 (USA) Co., Ltd. Operation of discount stores that sell electrical DIY用品を 中 心 とした appliances, daily commodities, foods, watches, 米国ハワイ州における 小売事業 fashion merchandise, sporting goods, leisure 総 合 ディス カ ウント equipment, DIY products and others ストア 事 業 ア クリー ティブ 日本商業施設 Don Quijote (USA) Nagasakiya Co., LTD. Doit Co., Ltd. 株式会社 Co., Ltd. General merchandise Retailing business 株式会社 store operation emphasizing DIY goods 売掛債権の早 期買取を行う Discount retail chain 金 融 サービス及び支払業務の 商業施設の建設・管理・ in the U.S.A. ア ウト ソ ー シ ン グ サ ー ビ ス 株式会社ドン・キホーテ 運 営 、テ ナ ン ト 賃 貸 事業 家電製品、日用雑貨品、食品、 時計・フ ァ ッ シ ョ ン 用 品 、ス ポ ー ツ・レジャー用品 及びDIY用品等の販売を行う ビッグコンビニエンス&ディスカウントストア Accretive Co., Ltd. REALIT Co., Ltd. Japan Commercial Financial services to quickly acquire Marketing business Establishment Co., Ltd. client accounts receivable, and outsourcing services to manage clients’ Leasing space management payment processing operations Rental business operation 株式会社 株式 会 社 リア リット ドンキ情報館 マー ケ ティン グ 事 業 携帯電話機器販売業 Donki Johokan Sun Assort Co., Ltd. D-ONE Co., Ltd. Co., Ltd. Casualty insurance agency services Real estate business 株式会社 and services related to the sale サンア ソート 株 式 会 社 ディワン Cellular phone sales business (subscription) of life insurance policies 損害保険の代理業務 不動産開発業 生命保険の募集に ※As of June 30, 2012 関する業 務 Disclaimer Regarding Forward-Looking Statements Forward-looking content in this annual report is based on various assumptions and is not a guarantee of future performance or the realization of stated strategies. Profile Since the first Don Quijote store opened in 1989, Don Quijote Co., Ltd., has adhered to a company principle of“valuing the customer as our utmost priority” in developing business activities—primarily a network of stores under a comprehensive discount format emphasizing variety. We have attracted enormous support from customers for an innovative perspective on retailing that meets their needs with a rich assortment of merchandise and remarkably low prices and then transforms the typically routine chore of shopping into an entertaining experience through presentations that utilize “compression displays” and handwritten POP (point-of-purchase) cards. Also of note, general discount MEGA Don Quijote stores catering to family- oriented lifestyles as well as Doit home centers have drawn favorable market attention and established a solid market presence. "Jonetsu Kakaku" private brand products have also caught the eye of discerning customers looking for a good price and quality, and we continue to deliver a steady stream of high-value-added products through an emphasis on“fun” in the characteristic style of the Don Quijote Group. In fiscal 2012, ended June 30, 2012, market conditions remained challenging as the lingering consequences of the Great East Japan Earthquake dampened consumer interest in spending. Nevertheless, as a format innovator putting the principle of“valuing the customer as our utmost priority” into practice, we demonstrated a tenacious ability to respond to changes and were rewarded with higher revenues and operating income for the 23rd consecutive year. But even more impressive was achieving consolidated net sales of ¥540.3 billion and securing growth as a comprehensive retailing group with 242 stores. We will continue to pursue our CV (convenience) + D (discounts) + A (amusement) store concept and maximize our one-of-a-kind“consumable-time” format, which gives customers the opportunity to truly enjoy their shopping experience whenever they visit one of our stores. Contents 01 Profile 16 Business Model 02 The Don Quijote Group: Stages in 17 Special Feature: The Don Quijote Group Development Store-Opening Strategy 04 Consolidated Financial Highlights 20 Store Development 05 Dear Fellow Shareholders and Investors 22 History of the Don Quijote Group and 08 Marketing Strategy Its Standing in the Industry 10 Store Operations 24 Corporate Governance 12 PB Development 27 Financial Section 14 Delegation of Authority 55 Corporate Information 1 The Don Quijote Group: Jan. 2011 Brought Fidec Corporation (now Accretive Stages in Development Co., Ltd.) into the Group as a consolidated subsidiary, which is involved in financial services and outsourcing services Established in 1980, Don Quijote has been in business for 32 years, building a strong group of companies that enjoy the Jul. 2011 support of huge customer bases. Opened first essence Oct. 2009 store, a small store suited Guided by our “valuing the customer as our utmost priority” principle, we have grown through a repeated process of to a small shopping Launched private brand district, in Kawaguchi, trial and error to find the right approaches to delight customers and meet their needs. “Jonetsu Kakaku” Saitama Prefecture Going forward, we will continue to create shopping environments that enable as many people as possible to enjoy the Jul. 2009 (“passionate price”) Oct. 2008 convenience, discounts and amusement that the Don Quijote Group is known for. This emphasis will underpin further growth. Absorbed BIG1 CO., Converted discount store LTD. in a merger operator BIG1 CO., LTD. into a consolidated subsidiary (Consolidated, (Consolidated, 100 million yen) Net sales (left axis) Operating income (right axis) Number of stores Apr. 2008 100 million yen) Net sales Operating income 5,000 Oct. 2007 Opened first MEGA Don 300 Quijote in Atsugi, Converted GMS operator Kanagawa Nagasakiya Co., LTD. into a consolidated subsidiary Jan. 2007 Dec. 2001 Converted DIY products store operator Doit Co., Ltd. into a consolidated Opened first Don Quijote store 4,000 subsidiary 240 in Fukuoka-shi, Fukuoka, as first step in nationwide chain expansion Feb. 2006 Jun. 2001 Converted Don Quijote (USA) Co., Ltd. into a consolidated subsidiary to Opened first Picasso operate stores in Hawaii, U.S.A. small-scale discount store in Yokohama, Kanagawa 3,000 180 Jul. 2000 Apr. 2002 Stock listed on the First 242 Opened first PAW Section of the Tokyo Stock 228 Exchange multi-business commercial 223 220 complex in Kawasaki, 218 Kanagawa 2,000 Jun. 1998 120 Mar. 1989 Stock listed on the Second Section of the 161 Opened first Don Quijote store in Tokyo Stock Exchange Fuchu, Tokyo Dec. 1996 126 Stock registered for trading on the OTC 107 market 93 1,000 60 70 53 33 27 10 19 7 1 1 1 1 1 2 2 6 0 0 6/1989 6/1990 6/1991 6/1992 6/1993 6/1994 6/1995 6/1996 6/1997 6/1998 6/1999 6/2000 6/2001 6/2002 6/2003 6/2004 6/2005 6/2006 6/2007 6/2008 6/2009 6/2010 6/2011 6/2012 2 Don Quijote Co., Ltd. Annual Report 2012 Jan. 2011 Brought Fidec Corporation (now Accretive Co., Ltd.) into the Group as a consolidated subsidiary, which is involved in financial services and outsourcing services Jul. 2011 Opened first essence Oct. 2009 store, a small store suited to a small shopping Launched private brand district, in Kawaguchi, “Jonetsu Kakaku” Saitama Prefecture Jul. 2009 (“passionate price”) Oct. 2008 Absorbed BIG1 CO., Converted discount store LTD. in a merger operator BIG1 CO., LTD. into a consolidated subsidiary (Consolidated, (Consolidated, 100 million yen) Net sales (left axis) Operating income (right axis) Number of stores Apr. 2008 100 million yen) Net sales Operating income 5,000 Oct. 2007 Opened first MEGA Don 300 Quijote in Atsugi, Converted GMS operator Kanagawa Nagasakiya Co., LTD. into a consolidated subsidiary Jan. 2007 Dec. 2001 Converted DIY products store operator Doit Co., Ltd. into a consolidated Opened first Don Quijote store 4,000 subsidiary 240 in Fukuoka-shi, Fukuoka, as first step in nationwide chain expansion Feb. 2006 Jun. 2001 Converted Don Quijote (USA) Co., Ltd. into a consolidated subsidiary to Opened first Picasso operate stores in Hawaii, U.S.A. small-scale discount store in Yokohama, Kanagawa 3,000 180 Jul. 2000 Apr. 2002 Stock listed on the First 242 Opened first PAW Section of the Tokyo Stock 228 Exchange multi-business commercial 223 220 complex in Kawasaki, 218 Kanagawa 2,000 Jun. 1998 120 Mar. 1989 Stock listed on the Second Section of the 161 Opened first Don Quijote store in Tokyo Stock Exchange Fuchu, Tokyo Dec. 1996 126 Stock registered for trading on the OTC 107 market 93 1,000 60 70 53 33 27 10 19 7 1 1 1 1 1 2 2 6 0 0 6/1989 6/1990 6/1991 6/1992 6/1993 6/1994 6/1995 6/1996 6/1997 6/1998 6/1999 6/2000 6/2001 6/2002 6/2003 6/2004 6/2005 6/2006 6/2007 6/2008 6/2009 6/2010 6/2011 6/2012 3 Consolidated Financial Highlights Net sales Operating income Ordinary income (Millions of yen) (Millions of yen) (Millions of yen) 29,320 29,283 600,000 30,000 30,000 540,255 507,661 25,336 480,856 487,571 25,138 404,924 21,067 21,109 400,000 20,000 20,000 17,172 17,204 15,981 15,989 200,000 10,000 10,000 0 0 0 ’0 8 ’0 9 ’1 0 ’1 1 ’1 2 ’0 8 ’0 9 ’1 0 ’1 1 ’1 2 ’0 8 ’0 9 ’1 0 ’1 1 ’1 2 Net income Free cash flow*1 Net income per share (Millions of yen) 19,845 (Millions of yen) （Yen） 20,000 30,000 29,548 300 26,100 257.47 23,623 15,000 19,913 12,663 20,000 200 18,139 167.82 10,238 10,000 9,303 147.35 8,554 130.78 123.69 10,000 100 5,000 0 0 0 ’0 8 ’0 9 ’1 0 ’1 1 ’1 2 ’0 8 ’0 9 ’1 0 ’1 1 ’1 2 ’0 8 ’0 9 ’1 0 ’1 1 ’1 2 Shareholders’ equity per share Annual dividends per share Number of stores*2 （Yen） （Yen） (Stores) 242 2,000 1,856.45 40 250 228 223 218 220 1,604.65 31 1,460.81 200 1,500 30 28 1,284.15 25 1,200.46 23 22 150 1,000 20 100 500 10 50 0 0 0 ’0 8 ’0 9 ’1 0 ’1 1 ’1 2 ’0 8 ’0 9 ’1 0 ’1 1 ’1 2 ’0 8 ’0 9 ’1 0 ’1 1 ’1 2 *1 Free cash flow = net income after taxes + depreciation and amortization + extraordinary loss – cash dividends *2 Please refer to pages 20 and 21 for a breakdown of the number of stores.