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Contents
1. MG2. 2010 2 2011 2
3. www sharedresearch jD Shared eseatche 48 64 R Shared Research Report At lt 7603 gt 4B LAST UPDATE 2015 10 09
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6. SR Inc PP SR Inc Shared Research inc 3 31 12 http www sharedresearch jp TEL 03 5834 8787 Email info sharedresearch jp Shared eSeafch 64 64 www sharedresearch jD
7. 2014 2 SC FY02 06 FYO2 07 FYO2 08 FYO2 09 FYO02 10 FYO02 11 FYO02 12 FYO02 13 FYO2 14 FYO2 15 184 472 214 072 232 838 247 646 248 130 227 781 211 831 204 076 198 683 195 596 YoY 16 0 8 8 6 4 0 2 8 2 7 0 3 7 2 6 1 6 1mz 271 268 246 229 197 186 191 189 185 184 YoY 1 2 8 0 7 2 13 8 5 6 2 6 0 8 2 4 0 6 2 512 2 934 3 088 3 162 2 973 2 637 2 074 1 887 1 876 1 875 YoY 16 8 5 2 2 4 6 0 11 3 21 4 9 0 0 6 0 1 1 19 911 19 541 18 581 17 913 16 462 16 083 19 503 20 487 19 589 19 174 YoY 1 9 4 9 3 6 8 1 2 3 21 3 5 0 4 4 2 1
8. www sharedresearch jD Shared ese atche 57 64 R Shared Research Report At lt 7603 gt 5B LAST UPDATE 2015 10 09 1980 3 1990 1009 1990 6 7 1 9
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17. 2 2015 2 3 2015 3 28 SC 43 45 480 2 2014 2 3 2
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62. SR 20 15 10 5 0 6 10 15 20 25 01 02 03 04 0Q1 02 03 0Q4 01 02 03 04 0Q1 02 03 04 0Q1 02 03 04 FY02 11 FY02 12 FYO02 13 FY02 14 FYU2 15 SR 2015 2 3 2015 1 9 26 447 0 9 12 463 2 89 47 1 12 392 3 9 70 900 Www sharedresearch jp sSharedd eSeafch 42 64 R Shared Research Report A 7603 gt 4B LAST UPDATE 2015 10 09 y 190 975 113 480 480 36 36 3 3 3 2013 2 1
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97. gt 4B LAST UPDATE 2015 10 09 FYO02 07 FY02 08 FY02 09 FY02 10 FY02 11 FY02 12 FY02 13 FY02 14 FY02 15 els 14 490 13 926 13 846 12 026 10 927 13 603 14 322 12 246 9 218 497 470 543 527 455 405 364 413 52 8 856 8 875 10 393 8 998 7 445 6 144 6 541 6 916 9 646 509 15 489 481 443 407 371 346 321 578 316 313 101 45 449 249 356 355 24 930 24 102 25 584 22 133 19 315 21 008 21 847 20 277 20 067 890 917 907 943 738 795 1 024 1 225 1 391 130 110 88 72 46 44 43 47 31 261 210 144 110 60 4 1 83 103 238 238 238 238 238 238 238 194 194 10 6 10 34 48 2 3 1 1 555 1 525 1 381 1 376 1 086 1 134 1 384 1 559 1 732 157 253 186 12 69 110 106 106 106 106 106 106 106 106 106 264 360 293 234 106 113 113 195 216 12 085 11 824 11 406 9 423 8185 7 526 8 001 7 737 7 576 37 015 35 927 36 991 31 557 27 501 28 534 29 849 28 015 27 644 14 551 14 211 14 387 11 904 9 484 8 709 8 111 7 729 8 421 2 865 1 620 2 017 1 896 2 448 2 292 2 565 1 662 1 456
98. 4 643 3 941 4 242 4 279 4 381 3 792 4 290 4 190 4 361 3 781 98 3 8 142 8 285 49 0 16 630 17 105 16 653 16 630 YoY 2 8 3 1 14 6 9 6 5 6 3 8 1 1 2 1 0 5 0 3 0 4 1 4 0 1 7 8 2 6 0 1 49 5 46 7 47 8 42 6 48 4 45 6 47 2 44 1 47 8 46 3 47 1 48 1 47 5 46 5 46 3 47 5 3 938 3 877 4 110 4 040 4 277 4 026 4 089 4 059 4 109 3 736 97 3 7 845 8 065 48 99 16 030 15 965 16 451 16 030 YoY 0 7 1 1 0 4 3 4 8 6 3 8 0 5 0 5 3 9 7 2 5 5 2 9 2 6 0 9 3 0 2 6 42 0 45 9 46 3 40 2 47 2 48 5 45 0 42 7 45 1 45 8 45 4 46 8 45 8 43 4 45 8 45 8 704 64 132 240 103 232 199 132 252 45 135 0 297 220 49 5 600 1 140 202 600 YoY 13 3 73 0 84 3 71 0 85 4 50 8 45 0 144 7 197 0 58 0 82 3 197 0 7 5 0 8 1 5 2 4 1 1 2 8 2 2 1 4 2 8 0 6 1 7 1 3 1 7 3 1 0 6 1 7 747 88 140 276 164 203 229 157 290 69 156 1 359 230 57 9 620 1 251 347 620 YoY 12 9 67 2 84 1 69 1 78 0 63 6 43 1 76 8 78 7 56 9 72 3 78 7 8 0 1 0 1 6 2 7 1 8 2 4 2 5 1 7 3 2 0 8 2 1 1 3 1 8 3 4 1 0 1 8 428 20 32 69 45 224 66 10 48 17 1300 0 65 5 65 0 100 549 123 100 YoY 19 0 86 5 93 6 94 7 89 5 106 3 6 7 77 8 4 6 0 2 0 4 0 7 0 5 2 7 0 7 0
99. 132 633 2 064 2 715 1 140 533 1 18 0 60 7 1 650 250 470 2 440 3 030 40 466 2 112 2 902 1 251 97 6 349 4 18 9 58 7 35 760 650 1 260 1 550 2 895 2 102 1 895 2 470 549 96 0 64 6 SR 2012 2 1 5 2011 2 2014 2 Shared Kesearch 54 64 Www sharedresearch jp 7603 R Shared Research Report
100. FY02 13 FY02 14 FY02 15 PB NPB 40 0 50 9 57 6 55 0 55 0 59 0 1 3 4 1 10 2 12 0 12 0 11 0 38 7 46 8 47 4 43 0 43 0 48 0 NB 18 3 16 4 15 6 16 5 16 0 15 5 SMU 36 7 27 7 23 8 23 5 24 0 22 5 5 0 5 0 3 0 5 0 5 0 3 0 48 0 46 5 47 5 47 6 46 3 47 5 5 3ppt 4ppt SR FY02 08 FY02 09 FY02 10 FYO02 11 FY0O02 12 FY02 13 A 57 380 56 650 48 942 42 412 40 450 38 658 36 749 38 500 36 300 35 952 35 000 YoY 0 1 1 3 13 69 13 3 4 696 4 496 4 996 4 8 1 2 2 2 2 6 22 075 22 916 21371 19085 16 632 15 830 15 965 17 000 16 669 16 451 16 030 8 702 8 877 8 145 7 427 6 268 5 687 5 705 6 012 5 770 5 725 2 591 2 635 2 458 2 131 1 544 1 647 1 653 1 945 1 762 1 750 6 372 6 644 6 391 5 742 5 211 4 803 4 681 4 740 4 651 4 606 575 738 678 430 190 177 162 204 275 285 337 327 311 265 170 194 215 265 280 293 3 498 3 693 3 383 3 090 3 253 3 322 3 549 3 834 3 931 3 790 YoY 5 1 3 8 6 7 10 79 12 9 4 896 0 9 6 5 4 4 3 0 2 6 2 9
101. LAST UPDATE 2015 10 09 PB NPB NB OEM PB FY02 14 FY02 15 SMU 23 8 SMU 24 27 7 28 PB NPB 50 9 51 PB NPB 57 6 57 SR PB PB NPB NPB PB
102. 2011 2011 3 0 2010 2012 2013 10 5 0 6 10 15 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 SR
103. 4 3 2 0 0 7 3 8 2 8 3 9 7 0 3 1 1 7 3 4 835 416 39 739 550 830 2 902 1 251 700 1 380 YoY 25 8 76 6 77 6 34 1 99 5 37 4 56 9 44 0 10 3 4 7 22 02 3 9 3 0 4 1 7 5 3 4 1 9 3 6 448 101 179 369 245 375 2 470 549 190 620 YoY 33 7 94 4 265 3 45 3 271 3 30 3 77 8 65 4 12 9 48 2 45 0 47 1 48 0 48 8 46 3 48 0 46 5 47 6 47 5 PB 50 1 51 7 53 1 56 7 40 0 50 9 55 0 55 0 2 2 5 9 10 4 13 5 1 3 4 1 12 0 12 0 7 815 8 150 8 303 8 366 8 465 8 534 15 830 15 965 16 669 17 000 2 884 2 821 2 859 2 911 5 687 5 705 5 770 6 012 736 917 979 783 1 647 1 653 1 762 1 945 2 338 2 343 2 301 2 350 4 803 4 681 4 651 4 740 1 857 2 069 2 164 2 322 3 693 3 926 4 486 4 303 YoY 0 2 1 5 6 2 2 7 8 3 4 7 4 8 0 9 4 4 6 5 1 4 0 7 0 9 3 2 9 3 0 3 1 1 5 4 4 0 4 2 33 0 14 6 6 7 0 4 6 6 17 7 2 3 2 8 1 6 0 3 7 8 2 5 0 6 1 3 3 6 8 8 16 5 12 2 2 3 6 3 14 3 9 6 SR www sharedresearch jD Shared eSeafCh 50 64 R Shared Research Report At lt 7603 gt 4B LAST UPDATE
104. 2014 2 43 4 12 7 13 09 17 5 2012 2 2014 2 Shared WSeseafcH 27 64 www sharedresearch jD R Shared Research Report gt 3B 7603 43 4 43 5 46 2 48 0 46 5 43 7 45 0 41 1 40 9 43 4 0 3 1 5 5 1 7 0 3 1 0 1 1 1 5 2 7 5 3 4 5 9 5 0 4 7 6 4 1 5 1m 197 186 191 189 185 1 16 462 16 083 19 503 20 487 19 589 46 4 47 5 46 5 46 4 47 8 43 6 46 0 43 7 41 8 43 6 2 8 1 5 2 8 4 7 4 2 2 7 1 4 2 7
105. 2015 2 20 40 1 2 1 15 2 14 2 17 821 18 928 36 749 17 364 18 588 35 952 348 17 364 18 936 36 300 18 400 20 100 38 500 YoY 3 5 6 3 4 9 2 6 1 8 2 2 2 6 0 0 1 2 3 2 6 2 4 8 9 237 10 406 19 643 9 190 9 190 9 841 19 031 9 415 10 785 20 200 8 584 8 521 17 105 8 173 8 173 9 096 17 269 8 985 9 315 18 300 YoY 3 0 12 1 7
106. FYO02 14 FYO02 15 FYO02 16 17 821 18 928 36 749 17 364 18 588 35 952 17 220 17 780 35 000 17 275 55 0 3 YoY 3 5 6 3 4 9 2 6 1 8 2 2 0 8 4 3 2 6 0 5 9 237 10 406 19 643 9 190 10 108 19 298 8 935 9 435 18 370 8 584 8 521 17 105 8 173 8 480 16 653 8 285 8 345 16 630 YoY 3 0 12 1 7 8 4 8 0 5 2 6 1 4 1 6 0 1 48 2 45 0 46 5 47 1 45 6 46 3 48 1 46 9 47 5 7 815 8 150 15 965 8 303 8 148 16 451 8 065 7 965 16 030 43 9 43 1 43 4 47 8 43 8 45 8 46 8 44 8 45 8 768 372 1 140 129 331 202 220 380 600 297 77 35 0 YoY 26 8 77 7 58 0 11 0 82 3 14 8 197 0 4 3 2 0 3 1 0 7 1 8 0 6 1 3 2 1 1 7 1 7 835 416 1 251 39 386 347 230 390 620 359 129 56 196 YoY 25 8 76 6 56 9 7 2 72 3 1 0 78 7 4 7 2 2 3 4 0 2 2 1 1 0 1 3 2 2 1 8 2 1 448 101 549 179 56 123 5 95 100 65 60 1200 0 YoY 33 7 94 4 77 8 44 6 69 6 SR 2015
107. 58 58 amp 59 60 61
108. JIN 4 _ DN 1 Tg 3 4 MHSS 3 4 150 10 www sharedresearch jD Shared eSeafch 15 64 R Shared Research Report At lt 7603 gt 2B LAST UPDATE 2015 10 09 2015 4 i 2 50
109. QN amp 6 000 g N QE EE 90 5 S 5 4 000 amp 0 60 2 000 30 0 Q1 Q2 03 Q4 Q1 0Q2 03 Q4 0Q1 Q2 03 Q4 QL Q2 03 Q4 QL Q2 03 Q4 Ql 0Q2 03 Q4 Ql Q2 Q3 04 FY02 10 FY02 11 FY02 12 FY02 13 FY02 14 FYO02 15 FY02 16 SR www sharedresearch jD Sharedd eSeafch 07 64 R Shared Research Report At lt 7603 gt 2B LAST UPDATE 2015 10 09 2016 2 8 9 2016 2 2016 2
110. 16 632 41 1 2 064 5 1 49 16 24 2 113 5 296 596 1 516 25 0 1 895 4 7 7603 LAST UPDATE 2015 10 09 38 658 11 807 7 471 10 521 8 856 4 496 1 5 6 296 4 296 6 99 20 112 18 545 0 8 48 0 15 830 40 9 2 715 31 596 7 0 187 17 25 145 2 902 37 496 596 47 2 949 16 296 2 470 30 3 6 4 36 749 11 233 7 079 9 998 8 437 4 9 4 996 5 296 5 096 4 796 19 643 17 105 896 46 5 15 965 43 4 1 140 58 0 3 1 111 17 24 70 1 251 56 9 3 4 125 1 126 51 2 549 896 1 596 35 952 10 703 6 958 8 932 9 355 2 296 4 796 1 796 10 79 10 9 19 298 16 653 2 6 46 3 16 451 45 8 202 82 396 0 69 146 15 21 110 347 72 39 1 0 284 63 296 8 123 0 3 FY02 05 FY02 06 FY02 07 FY02 08 FY02 09 FY02 10 FY02 11 FY02 12 FY02 13 FY02 14 FY02 15 FY02 16 35 000 2 696 600 197 0 1 7 620 78 7 1 8 100 0 3 10 2 11 2 12 2 13 2 14 2 54 360 44 790 37 000 38 900 39 000 48 942 42 411 40 449 38 658 36 749 10 0 5 3 9 3 0 6 5 8 1 440 120 326 2 300 2 900
111. 236 6 059 6 371 6 644 6 391 5 742 5 210 4 803 4 681 4 630 YoY 15 7 5 2 4 3 3 8 10 2 9 3 7 8 2 5 1 1 1 11 940 12 215 12 264 12 102 11 526 10 824 10 410 10 027 9 772 9 626 YoY 2 3 0 4 1 3 4 8 6 1 3 8 3 7 2 5 1 5 SR 2014 2 1 80 100 2013 2 100 www sharedresearch jD Shared eseatche 22 64 R Shared Research Report At lt 7603 gt 3B LAST UPDATE 2015 10 09 10 15 3 lt 6 3 J
112. 4 19 1 3 2014 1 10 10 SC 31 25 2014 2 482 6 19 482 44 214 4696 268 159 7 57 1 0 3 16 5 0 3 46 8 2 5 11 4 58 0 12 5 56 9 5 5 77 8 a Ne 56 3 4 5
113. 5 8 ASEAN 1 1 2014 2 4 196 2013 2 2015 2 129 9 PB NPB OEM 5 2014 2 PB 50 55 2014 2 90
114. 8 9 7 8 1 2 1 4 1 6 0 2 5 5 0 Sh 16 4 9 7 2 2 1 7 14 5 8 2 10 7 12 2 8 2 9 9 2 7 3 7 2 5 5 9 12 67 12 9 11 9 9 0 7 0 8 8 10 4 12 3 3 8 4 0 2 9 8 8 2 1 7 5 0 6 1 3 1 8 2 6 0 7 1 9 1 1 0 7 15 4 1 6 16 8 2 9 1 6 4 7 Shared 8 13 2 0 0 NY 12 1 0 2 8 1 6 7 6 6 5 1 8 0 6 1 2 4 1 7 1 33 1 2 0 1 1 1 17 0 13 4 3 2 9 17 6 6 1 12 2 17 3 11 3 6 7 7 5 5 1 13 3 7 3 7 5 0 3 6 3 O20 21 9 0 8 8 0 1 11 2 10 8 0 3 16 8 11 4 6 1 0 9 9 6 4 0 9 12 6 13 4 9 3 11 0 1 9 14 3 11 8 2 9 4 0 0 6 3 3 11 6 16 2 15 2 5 3 3 8 8 5 6 79 12 9 4 14 2 19 2 5 1 11 2 13 1 1 5 3 49 7 1 6 4 5 7 3 1 4 8 1 4 8 9 15 5 6 5 13 2 12 6 3 2 11 7 12 6 4 2 12 4 14 6 1 0 0 8 2 3 3 9 6 0 14 2 6 5 7 9 11 6 2 9 2 1 3 0 0 2 8 6 2 8 0 1 9 4 0 5 0 3 0 7 2 3 11 6 5 6 8 8 5 8 2 6 0 2 eSseafcHh 11 26 2 17 3 10 6 8 0 1 6 6 6 1 2 NO 10 3 8 4 1 1 7 3 9 0 970 0 8 03 3 25 9 16 2 11 6 12 0 5 9 6 5 3 1 11 8 9 8 4 9 2 5 X71 rd 190 776 576 1
115. At lt 7603 gt 2B LAST UPDATE 2015 10 09 2017 2 2017 2 3696 10 0 5 2018 2 30 2015 2 2016 2 www sharedresearch jD Shared eSeafCh 12 64 R Shared Research Report At lt 7603 gt 2B LAST UPDATE 2015 10 09
116. 10 1 2016 2 2016 2 2016 2 2 2016 2 se p PP MD
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122. NB 1 2014 2014 1 1 480 50 ZARA H amp M SPA 2 000 Navy Lifestyle
123. 13 3 4 6 4 4 4 9 2 2 2 6 24 906 24 674 21 238 18 452 18 696 18 545 17 105 16 653 YoY 1 6 0 1 14 6 13 1 1 3 0 8 7 8 2 6 43 4 43 9 43 4 43 5 46 2 48 0 46 5 46 3 2 831 1 958 133 634 2 064 2 715 1 140 202 600 YoY 34 2 30 8 31 5 58 0 82 3 197 0 4 9 3 5 5 1 7 0 3 1 0 6 1 7 3 006 2 197 40 466 2 113 2 902 1 251 347 620 YoY 31 8 26 9 98 2 37 4 56 9 72 3 78 7 5 2 3 9 0 1 5 2 7 5 3 4 1 0 1 8 1 339 788 2 895 2 103 1 895 2 470 549 123 100 YOY 27 9 41 2 30 3 77 6 122 4 181 3 2 3 1 4 4 7 6 4 1 5 0 3 0 3 0 15 598 15 598 15 598 15 598 15 598 15 598 15 598 15 598 EPS 85 9 50 5 185 7 134 9 121 6 160 9 35 8 8 1 6 5 EPS 160 8 35 8 DPS 40 30 20 10 40 40 40 40 BPS 1 168 1 178 953 798 909 1 056 1 041 994 EL CL 13 920 13 846 12 026 10 927 13 603 14 322 12 246 9 218 24 102 25 584 22 133 19 315 21 008 21 847 20 277 20 067 1 525 1 381 1 376 1 086 1 134 1 384 1 559 1 732 9 938 9 731 7 812 6 993 6 277 6 503 360 293 234 106 113 113 195 216 35 927 36 991 31 557 27 501
124. 2 30 1 13 0 80 0 75 0 55 0 51 SR 1 4 9 10 www sharedresearch jD Shared eSeafch 60 64 R Shared Research Report At lt 7603 gt 5B LAST UPDATE 2015 10 09 1954 1988 2004 2007 2009 IR T R
125. 2014 2 16 6496 2014 2 15 Www sharedresearch jp sSharedd eSeafch 55 64 R Shared Research Report At lt 7603 gt 4B LAST UPDATE 2015 10 09 2009 2 DD 5 57 0 2014 2 2007 3 1 1 1 2 2008 2 15 597 638
126. 2015 2 36 300 38 500 600 1 300 700 1 380 190 620 VV VY 2 1 036 www sharedresearch jD Shared eseatche 59 64 R Shared Research Report At lt 7603 gt 5B LAST UPDATE 2015 10 09 6
127. 4 7 4 1 0 8 0 5 2 2 2 2 2 0 1 m 340 290 277 299 304 1 21 928 21 364 21 006 20 727 19 544 43 9 44 6 48 9 47 3 43 5 51 0 52 5 50 7 48 8 50 4 7 2 7 9 1 8 1 5 6 9 6 9 7 6 1 5 1 0 6 4 8 2 20 7 10 0 2 7 7 6 1 m 534 413 373 371 1 16 492 14 521 14 388 14 674 SR LAST UPDATE 2015 10 09 8 2012 8 2012 1m 2 2014 2
128. 03 04 FY02 10 FYOZ 1 FYO02 12 FY02 13 FY02 14 FYO02 15 L__ FTKGdEi SR 20 26 21 55
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130. 2014 2 12 2014 2 2014 2 36 650 37 300 980 1 890 1 070 2 030 430 1 100 650 3 91 8 69 5 2015 2 10 60 20 INTERTRUST TRUSTEES CAYMAN LIMITED SOLEL Y IN ITS CAPAOCITY AS TRUSTEE OF JAPAN UP 29 5 35 3 66
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132. 36 O01 QQ2 03 0Q4 0Q1 0Q2 03 Q4 0Q1 02 0 Q4 Ql 02 03 Q4 QM QZ2 03 0Q4 0O1 Q2 Q3 04 FY02 10 FY02 11 FY02 12 FY02 13 FY02 14 FY02 15 SR 2015 2 2015 2 2 2 www sharedresearch jD Shared eseatche 39 64 R Shared Research Report At lt 7603 gt 4B LAST UPDATE 2015 10 09
133. 445 8 227 19 2 22 0 10 0 23 1 17 3 28 284 21 733 21 696 43 596 18 035 3 698 25 1 496 14 109 3 685 27 6 7 4 232 3 452 46 2 1 857 28 1 3 7 57 335 20 872 10 000 17 139 9 324 14 6 7 1 13 0 27 596 13 396 32 019 25 316 16 5 44 2 21 012 36 696 4 304 16 4 596 103 38 59 4 406 19 6 7 7 54 3 652 49 1 1 858 0 1 3 2 57 380 19 543 10 008 17 681 10 147 0 1 6 49 0 1 3 2 8 896 32 474 24 906 1 696 43 4 22 075 38 5 2 831 34 296 4 996 176 34 41 101 3 006 31 896 5 29 387 2 619 48 8 1 339 27 9 2 396 56 650 17 915 10 240 17 505 10 988 1 396 8 396 2 396 1 096 8 396 31 776 24 874 0 1 43 9 22 916 40 5 1 958 30 8 3 596 239 36 33 170 2 197 26 996 3 9 506 1 691 53 496 788 41 296 1 4 48 942 15 115 9 248 14 560 10 017 13 6 15 6 9 7 16 896 8 896 27 703 21 238 14 69 43 496 21 371 43 796 133 0 3 173 29 32 112 40 98 2 0 1 1 461 1 421 103 796 2 895 2020 42 412 12 359 8 235 12 119 9 697 13 3 18 2 11 0 16 896 3 296 23 959 18 452 13 1 43 596 19 085 45 09 634 1 596 167 19 27 121 466 04 1 437 1 902 10 596 24103 SUC 40 450 11 990 7 961 10 980 9 516 4 696 3 096 3 396 9 496 1 996 21 753 18 696 1 396 46 2
134. 8 4 8 4 8 6 7 1 0 4 7 9 3 7 0 48 2 45 0 46 5 47 1 47 1 48 0 47 6 48 8 46 3 47 5 7 815 8 150 15 965 8 303 8 303 8 366 16 669 8 465 8 535 17 000 43 9 43 1 43 4 47 8 47 8 44 2 45 9 46 0 42 5 44 2 768 372 1 140 129 355 226 374 129 729 600 520 780 1 300 YoY 26 8 77 7 58 0 4 6 80 2 96 0 47 4 32 3 109 7 14 0 4 3 2 0 3 1 0 7 1 9 0 6 0 7 3 8 1 7 2 8 3 9 3 4 835 416 1 251 39 410 371 329 39 739 700 550 830 1 380 YoY 25 8 76 6 56 9 1 4 70 3 77 6 44 0 34 1 99 5 10 3 4 7 2 2 3 4 0 2 2 2 1 0 0 2 3 9 1 9 3 0 4 1 3 6 448 101 549 179 71 108 298 179 369 190 245 375 620 YoY 33 7 94 4 77 8 29 7 265 3 65 4 45 3 271 3 12 9 SR 2014 10 2 2015 2 2 2015 2 2 17 364 18 400 129 520 y 39 550 179 245
135. OO 15 3 20 20 25 25 01 Q2 03 Q4 0 Q2 0 QQ 02 0 0Q04 0 2 03 Q4 01 Q2 0Q3 04 QM QZ2 0Q3 Q4 FY02 10 FY02 11 FY02 12 FY02 13 FY02 14 FY02 15 me SR 2005 9 68 2009 2 FY02 06 FYO2 07 FYO2 08 FYO2 09 FYO2 10 FYO2 11 FYO2 12 FYO2 13 FYO2 14 FYO2 15 32 31 34 32 32 33 31 31 32 30 54 59 63 61 60 59 57 57 58 58 144 150 154 172 161 148 127 123 124 118 75 76 80 81 77 71 68 68 69 71 65 70 72 78 77 76 Al 69 68 71 57 59 65 60 58 56 58 60 59 62 65 69 78 75 74 72 70 71 73 484 508 531 567 542 519 482 476 482 480 SR 2012 2 2013 2 100 3 3W 50 70
136. gt 510 927 N 476 5 462 5 a JP 10 10 19 15 20 20 25 Ql1 Q2 Q3 i 0 Q3 0 03 2 0 03 3 03 i Q3 a 03 04 FY02 10 a SR 1 2 3 JA
137. oo ex 395 D 40 2 000 0 275 279 5 199 82 252 148 a 232 2 000 802 62 36 1 02 0 3 Q4 0Q1 02 0 3 Q4 01 QQ2 03 Q4 01 02 QQ3 04 01 Q2 03 QA Ql 0Q2 03 0Q4 Ql Q2 Q3 Q4 FY02 10 FY02 11 FY02 12 FY02 13 FY02 1 4 FYO2 15 FY02 16 SR 2016 2 1 1 2016 2 1 Q1 NNIGI 1 1 2 3
138. sharedresearch jD Shared ese atche 31 64 R Shared Research Report At lt 7603 gt 3B LAST UPDATE 2015 10 09 7 000 5 5 6 YoY 2 6 600 1 2 6 400 0 6 200 2 6 000 4 5 800 6 5 600 8 5 400 10 5 200 12 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 SR 2011 1 1 480 1 0 3 990
139. 0 4000 MAC HEAT 2015 2 Navy Store PB NPB www sharedresearch jD Shared ese atche 20 64 R Shared Research Report A 7603 gt 3B LAST UPDATE 2015 10 09 HOIH 5 Navy Niavy EDAR CREST gt SR 3 4 2014 2
140. 02 0Q3 Q4 OL Q2 0Q3 04 Ul Q2 Q3 Q4 0Q1 Q2Z 0Q3 04 Q1 UZ US 04 Q1 02 03 U4 FYO02 10 FY02 11 FY02 12 FY02 13 FY02 14 FY02 15 FY02 16 SR 2016 2 2015 3 1 2 50 1 500 0Q1 1 500 02
141. 1 0 5 0 2 0 4 0 0 0 3 1 5 0 3 0 3 486 481 486 482 486 480 482 480 470 462 462 450 482 480 450 12 5 12 2 18 5 13 7 5 100 0 5 5 50 0 10 31 43 7 2 10 7 6 14 Nl 9 8 92 0 23 25 57 5 40 25 45 36 4 618 4 295 4 197 5 203 4 339 4 242 4 309 4 771 4 308 4 049 8 357 18 313 17 661 2 844 2 397 2 687 3 306 2 599 2 269 2 768 3 067 2 606 2 146 4 752 11 234 10 703 1774 1898 1 510 1897 1740 1973 1541 1704 1702 1 903 3 605 7 079 6 958 2 698 2 296 2 638 2 366 2 429 1 994 2 422 2 087 2 263 1 865 4 128 9 998 8 932 1 450 1 172 1 453 1 184 1 280 982 1 267 1 037 1 136 843 1 979 5 259 4 566 1 247 1 124 1 185 1 183 1 149 1 012 1 155 1 050 1 127 1 022 2 149 4 739 4 366 2 066 1 846 2 043 2 482 2 284 2 073 2 352 2 646 2 542 2 245 4 787 8 437 9 355 985 662 1 092 904 1 016 711 1 180 885 1 005 720 1 725 3 643 3 792 1 081 1 183 952 1579 1 268 1 362 1172 1 761 1 537 1525 3 062 4 795 5 563 YoY 2 8 3 5 11 2 2 7 6 0 1 2 2 7 8 3 0 7 4 5 2 6 5 0 3 6 0 6 2 5 12 9 3 8 8 6 5 3 3 0 7 2 0 3 5 4 2 4 4 9 4 7 7 8 4 7 8 0 0 8 1 9 4 0 2 1 10 2 2 2 3 5 2 9 5 2 1 7 2 6 3 1 7 1 6 9 10 0 13 2 8 2 11 8 6 8 6 5 6 7 5 0 10 7
142. 11 7 16 2 12 8 12 4 11 3 14 206 12 5 13 2 7 9 10 0 2 5 11 2 1 9 1 0 0 6 7 9 6 3 3 5 12 5 3 2 10 6 12 3 15 1 6 6 11 3 8 3 9 9 4 7 10 9 3 1 7 4 8 1 2 1 1 1 1 3 0 1 4 1 17 3 15 1 23 1 11 5 21 2 12 0 16 4 16 0 3 6 3 4 10 3 2 4 3 5 1 5 2 3 5 4 0 7 1 8 1 8 0 8 2 6 4 9 2 2 2 6 4 9 4 2 8 3 2 2 0 6 1 0 0 0 6 3 0 2 4 1 0 5 3 9 2 0 1 5 0 8 2 2 4 5 2 9 0 6 2 3 0 9 0 9 2 4 2 2 HO6 OU26 3 3 3 5 10 4 2 0 4 1 0 6 3 1 5 0 4 7 2 3 2 3 4 8 1 8 4 7 4 4 8 6 2 4 2 0 0 9 0 2 7 2 3 4 0 8 3 6 3 9 2 6 1 5 1 0 1 9 4 3 2 2 0 3 3 2 2 3 1 3 3 1 1 2 1 0 0 8 7 497 6 221 8 392 6 916 8 329 7 209 9 641 9 646 11 491 10 673 10 673 6 916 9 646 135 139 144 121 149 157 160 166 203 231 125 157 SR 1 G 5 3 2
143. 268 RSC 1 3 5 CSC NSC 10 20 SC 10 260 RSC CSC NSC
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145. 33 0 3 178 0 4 5 9 0 1 19 4 1 4 2 9 153 2 379 160 4 94 4 8 3 81 0 7 5 16 2 1 072 18 452 43 5 634 1 5 369 5 0 1 6 16 9 1 4 2 9 153 1 584 161 9 99 1 7 0 87 8 6 0 5 7 795 18 696 46 2 2 064 5 1 2 231 5 5 4 7 7 5 14 2 1 4 3 2 138 2 160 191 0 131 0 23 5 95 996 18 8 10 8 576 18 545 48 0 2 715 7 0 2 909 7 5 6 4 9 9 16 3 1 3 22 139 1 206 204 6 141 0 14 4 69 5 11 4 10 0 954 17 105 46 5 1 140 3 1 1 355 3 7 1 5 4 3 3 4 1 3 2 9 140 400 215 9 138 5 8 1 76 7 6 8 3 3 806 1 752 203 2 101 9 17 9 60 5 13 9 9 U 2 152 2010 2 CM 100 2012 2 3 2015 2
146. 4 5 9 4 8 12 11 8 0 9 6 13 7 12 9 0 9 7 5 0 4 7 3 2 ON 3 7 8 5 7 2 1 4 0 5 1 9 1 4 12 6 2 3 10 5 17 5 16 6 1 3 6 0 9 4 5 5 36 9 0 4 0 8 2 6S 6 NL 18 0 3 1 11 7 1 4 10 4 6 3 7 7 1 6 2 19 7 1 5 3 5 9 8 7 3 2 1 6 7 9 59 6 9 276 10 8 1 7 11 9 1 0 11 0 10 9 12 0 1 3 6 1 10 5 4 9 7 9 11 0 3 4 0 9 6 9 IO 9 4 5 0 1 10 9 2 9 8 3 1 5 1 2 2 8 0 9 3 2 4 5 3 10 8 6 2 10 5 17 8 6 2 8 7 12 3 4 1 11 9 0 0 3 1 D0 2 6 eR 7 3 1 9 6 9 12 4 6 3 9 2 15 9 ss 8 3 10 5 2 5 05 64 R Shared Research Report At lt 7603 gt 2B LAST UPDATE 2015 10 09 FYO2 14 FY02 15 FYO2 16 FYO02 16 FYO2 16 FY02 14 FYO02 15 FY02 16 Ql e Q3 Q4 Ql er2 ez Corl ejl ey2 9 383 8 438 8 878 10 050 9 056 8 308 9 083 9 505 9 115 8 160 100 3 17 275 17 220 49 4 35 000 36 749 35 952 35 000 YoY 3 6 3 4 10 3 2 4 3 5 1 5 2 3 5 4 0 7 1 8 0 5 0 8 2 6 4 99 2 2 2 6
147. 6 2 3 30 40 10 30 40 PB NPB 1 4755 E
148. 69 921 146 350 150 000 107 542 a 91 662 75 058 59 671 3 47 013 50 000 39 791 39 263 21 723 18 640 14 629 36 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 8 000 7 360 7 000 6 000 5 000 4 000 3 000 2 000 ire i 1 067 903 801 RE 1 000 in 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 SR 12 000 10 276 10 285 9 828 10 000 971 957 W 9 061 8 923 9 050 BMN 3 054 890 895 896 316 921 8 000 3 6 000 4 000 2 000 2 810 2 814 2 2 492 2 423 2 470 2 519 2 548 2 448 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 SR Www sharedresearch jp eshat eSeafch 30 64 R Shared Research Report At 4 7603 gt 3B LAST UPDATE 2015 10 09 2010
149. 8 658 36 749 38 500 39 800 41 500 35 952 35 000 33 800 33 100 YoY 4 4 4 9 4 8 3 4 4 3 2 2 6 2 6 3 4 6 18 545 17 105 18 300 19 104 20 128 16 653 16 630 16 220 15 880 YoY 0 8 7 8 7 0 4 4 5 496 2 6 0 1 0 0 48 0 46 5 47 5 48 0 48 5 46 3 47 5 48 0 48 0 15 830 15 965 17 000 17 604 18 127 16 451 16 030 15 420 14 880 YoY 4 8 0 9 6 5 3 6 3 0 3 0 2 6 3 8 2520 2 15 1 140 1 300 1 500 2 000 202 600 800 1 000 YoY 31 5 58 0 14 0 15 496 33 3 82 39 197 0 33 3 25 0 7 0 3 1 3 4 3 8 4 8 0 6 1 7 2 4 3 0 476 482 482 492 502 480 450 430 410 21 31 30 30 30 43 10 10 10 4 25 0 20 20 45 40 aS0 30 SR 2016 2 2016 2
150. 922 2012 9 DISCUS 2001 NPB 1 1973 3 000 4 000 Mossimo DISCUS 2002 NPB 2 NPB 5 000 10 000 Navy 3 00
151. B 50 55 NPB 50 SMU 50 NB 40 2013 2 www sharedresearch jD Shared eseatche 19 64 R Shared Research Report A 7603 gt 3B LAST UPDATE 2015 10 09 EE 1 I J PB Navy PB Navy Rh esmso A NB 0 OEM SR Dickies 4 000 5 000 3 000 4 000 5 000 6 000 1
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153. LAST UPDATE 2015 10 09 7603 Research Report by Shared Research Inc sr_inquiries sharedresearch jD R Shared Research Report SAA 7603 LAST UPDATE 2015 10 09 3 4 4 5 mmm 5 6 6
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156. eafCh 49 64 R Shared Research Report At lt 7603 gt 4B LAST UPDATE 2015 10 09 450 20 15 10 2 5 a ed 0 lt MT 5 gae Du 10 se a 15 20 25 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H FY02 08 FY02 09 FY02 10 FY02 11 FY02 12 FY02 13 FY02 14 FY02 15 SR 48 0 46 396 PB
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