マックハウス（7603）
Contents
1.2. MG GCA
3. SNS sSha
4. Old New Navy Store 700 350
5. SBS DIC
6. 2014 2 25 79 2013 8 31 09 2013 2 78 0 sShared 6Qesearch http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved amp w 7603 SR Research Report 20157179 2010 2000 1990 2010
7. PB NPB 1 4755 E MD NSC
8. 8 700 1 2 3 4 Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7603 SR Research Report 2015 1 9 FY02 14 FY02 15 FY02 14 FY02 15 FY02 14 FY02 15 HHHHH QD QD YoY OD Q2 Q2 YoY HH H1 Hl YoY HH HIHHHHH 2 844 2 599 8 6 245 2 397 2 269 5 3 128 5 241 4 868 7 19 373 HHHHHHH
9. 2013 5 TIR Weaknesses u amp 7603 SR Research Report 2015 179 PB
10. 120 150 3 a Shar ed Gesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e gt
11. 2011 6 50 2 8 2009 2 HHHHHHHHHHHHHH HH 70 000 66 300 63091 62 281 61975 62537 64 100 65120 65600 59 537 60 050 60 000 58 406 50 000 40 000 30 000 20 000 10 000 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011H HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH HH HHHHHHHHHHHHHHHH SRH HH Shared CSCdFT ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7603 SR Research Report 2015 1 9 2011 1 1 480 1 0 3 990
12. 2009H 2010 2011H 2012D 2013HH HHHHH HHHHHH HHHHHH 43 4 43 5 46 2 48 0 46 5 HHHHHHH 43 7 45 0 41 1 40 9 43 4 HHHHH 0 3 1 5 5 1 7 0 3 1 HHHHH 0 1 1 1 5 2 7 5 3 4 HHHH 5 9 5 09 4 7 6 4 1 5 HHHHHHHH HHH 197 186 191 189 185 HHHHHHHHHHHHHUH 16462 _ 16083 19503 20487 13 589 HHHHH HHHHHH 46 4 47 5 46 5 46 4 47 8 HHHHHHH 43 6 46 0 43 7 41 8 43 6 HHHHH 2 8 1 5 2 8 4 7 4 29 HHHHH 2 7 1 4 2 7 4 7 4 1 0 8 0 5 2 2 2 2 2 0 HHHHHHHH HHH 340 290 277 299 304 HHHHHHHHHHHHHUH lt 21928 21364 lt 21006 20 727 13 544 HHHHHHH HHHHHH 43 9 44 6 48 9 47 3 43 5 HHHHHHH 51 0 52 5 50 7 48 8 50 4 HHHHH 7 2 7 9 1 8 1 5 6 9 HHHHH 6 9 7 6 1 5 1 0 6 4 8 2 20 7 10 0 2 7 7 6 HHHHHHHH HHH 534 413 373 371 HHHHHHHHH HH 16 492 14 521 14 388 14 674 HH HHHHHHSRHHH HHHHHHHHHHHHHHHHHHIHHHHHHHHHHHHHHHHHHHHH HHHHHHHHH8HHHHHHHHHH2012H 8HHHHH2012HHHHHHHHHHHH HHHHHHHHHHHHHH
13. 2 10 100 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7603 SR Research Report 2015 179 1 2 12 200 1 1 500
14. NPB PB HHHH HH HH NB s Shar ed esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved HHLSRHHH 7603 SR Research Report 2015 1 9 NB NB NB 3 2 OEM
15. 4 5 9 7 47 9 1 89 36 7 6 2 49 9 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7603 SR Research Report 2015 1 9 2 9 39 1 5 0 SA RA RI Cool PB NPB 10 1 50 199 PB 32 19 NPB 18 0 48 29 0 3 2 7
16. 2011 SR Nn HHHHHHHHHHHHHH 14 000 12 778 12 895 12 092 12550 11 946 1 11 594 11480 10 000 8 000 6 000 4 000 2 000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011H HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH HH HHHHHHHHHHHHHSRH HH
17. J 2014 2 324 27 200 20
18. 2014 2 6 2014 2 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7603 SR Research Report 2015 1 9 DISCUS 2001 NPB 1 1973 3 000 4 000 2014 2 4 Mossimo DISCUS 2002 NPB 2 NPB
19. 2 1 4 2 2014 3 3 3 2014 2015 2 1
20. 4 1 2 SNS 3 4 9 Shared esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7603 SR Research Report 2015 179 20 26 21 55
21. T 3 59 PB Navy 360 Navy RUN DENIM SA RA RI Cool Navy 365 2014 3 2015 3 3
22. SR Tnc SR Tnc http www sharedresearch jp Email info sharedresearch jp 3 31 12 03 5834 8787 Shared GYesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved
23. 1 8227 1 9983 u 60 u
24. PB 50 55 NPB 50 OEM 50 NB 40 2013 2 NPB Lee Cooper Dickies CEDAR CREST DISCUS Mossimo SURPLUS NPB Lee Cooper 2012 9 1 9938 80 2013 2 6 000 NPB NPB
25. RR NE NON SNS 2011 1 49 9 502 5 6 852 1 3 2 4 700 2 0 8 950 Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7603 SR Research Report 2015 1 9 1 1 2012 2012 9 140
26. SR Inc Shared Researcn SR Inc SR Inc SR Inc SR Tnc
27. 2014 2014 1 1 480 50 ZARA H amp M SPA 2 000 Navy Lifestyle 2015 2 320
28. 2 SNS
29. 450 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w Shared1 7603 20 15 10 5 0 5 10 15 20 25 SR Research Report 2015 1 9 1H 2H 1H FY02 08 FY02 09 SR 2H 1H 2H 1H 2H 1H 2H 1H FY02 10 FY02 11 FY02 12 FY02 13 HHHHHH HHHHHHH HHHHH 2H 1H FY02 14 HHH 2H 1H FY02 15 2HH 48 0 46 39 10 20 0 5
30. 3 1 5 329 Navy Store 1 39 2015 2 5 2 000 329 486 68 7 1 3 SC 579 439 SC 10 10 1 5
31. 17 49 2005 9 1 0 45 MD 68 393 2006 500 SF_ 7603 SR Research Report 2015 1 9 yz Nicic 1 eS HHHHHHHHSRHHH 2000 2008
32. 15 16 64 2014 2 2009 2 57 0 2014 2 2007 3 1 1 1 2 2008 2 15 597 638 15 597 638 sShared 6Qesearch http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved Ss_ w 7603 SR Research Report 2015 1 9
33. 2010 2 2011 2 gt SadQeweami http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7603 SR Research Report 2015 1 9 10 2 11H2HH 12H2HH 13H2HH 14D200 91 86 94 101 95 4 0 4 2 3 9 3 6 3 9 24 24 26 26 26 153 153 138 139 140 21 22 24 24 25 HHHHHHHH 173 163 153 153 147 HHHHHHHHHHHHH 16 2 5 7 10 8 10 0 3 3 S R
34. 2 1 95 9 2 99 49 3 103 196 FY02 14 FYO2 15 FY02 14 FYO2 15 FY02 14 _FY02 15 QH QH Q2 Q3 HHHHHHH 2 844 2 599 8 6 245 2 397 2 269 5 3 128 2 687 2 768 3 0 81 HHHHHHH 1 774 1 740 1 9 34 1 898 1973 4 0 75 1 510 1 541 2 1 31 HHHHHHHHH 1 450 1 280 11 7 170 1 172 982 16 2 190 1 453 1 267 12 89 186 HHHHHHHHH 1 247 1 149 7 9 98 1 124 1 012 10 0 12 1 185 1155 2 596 30 985 1 016 3 1 31 662 711 7 4 49 1 092 1180 8 1 88 HHH 1 081 1 268 17 3 187 1 183 1 362 15 1 179 952 1 172 23 1 220 HH 9 383 9 056 3 5 327 8 438 8 308 1 5 130 8 878 9 083 2 3 205 SR esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7603 SR Research Report 2015 1 9 16 000 NT 180 14 000 1451 aa 141 8 9 1474 92 1438 148 8 160 12000 lt 33S 128 5 1528 ag 129 3 131 4 0 El 140 10 000 0
35. KLab TOKAI SR Inc
36. 90 80 1 9938 1 8058 1 9982 a Shar ed esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7603 SR Research Report 2015 179 NPB 6 2 3 30 40 10 30 40
37. 2009 MD PB NPB 2010 2012 2 amp 2014 10 2014 10 2 2015 2 2 2015 2 2 u 17 364 18 400 129 520 39 550 179 245 cm 0 ms OE mm we Shar od search http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved 7603 SR Research Report 2015 1 9 2015 2 u 36 300 38 500 600
38. 2 10 100 1 2 12 200 1 1 500 1 2 3 4 5
39. 5 145 97 2012 u u
40. 2001 12 2008 10 1996 2010 41 59 44 39 40 0 HHHHHHHHHH 300 000 250 000 Si 19960 41 1H 6 200 000 ae 150 000 100 000 50 000 1996 1998 2000 2002 2004 2006 2008 2010 SR 2010 2011 2011 3
41. pn HH HHIHHHIH HHHH HH HH ae acc Ws EE o 3 EE lt 3 6 8 8 16 5 12 2 HHH H H HHHHHH HH HHH 17 821 3 5 9 237 8 584 3 0 48 2 7 815 0 2 43 9 768 26 8 4 3 835 25 8 4 7 448 33 7 48 2 50 1 2 2 7 815 2 884 736 2 338 1 857 0 2 1 4 4 0 223 SR jesearch http Www sharedresearch jp 18 928 6 3 10 406 8 521 12 1 45 0 8 150 1 5 43 1 372 77 7 2 0 416 76 6 2 2 101 94 4 45 0 51 7 5 9 8 150 2 821 917 2 343 2 069 1 5 0 7 4 2 2 8 PB 17 364 18 936 18 400 2 6 0 0 9 190 9 841 8 173 9 096 4 8 6 7 47 1 48 0 8 303 8 366 6 2 2 7 47 8 44 2 129 729 96 0 0 7 3 8 39 739 77 6 0 2 3 9 179 369 265 3 47 1 48 0 53 1 56 7 10 4 13 5 8 303 8 366 2 859 2 9 1 SS 783 2 301 2 350 2 164 2 322 6 2 2 7 0 9 3 2 33 0 14 6 1 6 0 3 3 2 9 415 8 985 4 7 48 8 8 465 8 3 46 0 520 32 3 2 8 550 34 1 3 0 245 45 3 48 8 8 465 8 3 20 100 6 2
42. 2014 2 672 400 1 100 1 2 s Shared GYesearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared 7603 SR Research Report 2015 179 HHH 10 20 0 11 2H 12 2H 13 2H 0 14 2H Oho HI HH HH HHHHH 21 238 18 452 18 696 18 545 17 105 HHHHHH 43 49 43 5 46 2 48 0 46 5 HHHH 132 633 2 064 2 715 1 140 HHHHH 5 1 7 0 3 1 EBITDA 179 368 2 231 2 909 1 355 EBITDAHHHH 0 4 5 59 7 5 3 7 HHHTHHHH 4 7 6 4 1 5 HHHH HHHHHH HHHH 8 4 7 1 6 8 8 5 1 9 OOOOOOO OOD 19 4 16 9 14 2 16 3 3 4 HHHHHH 1 4 1 4 1 4 1 3 1 3 HHHHH 2 9 2 9 3 2 3 2 2 9 HHHHHH 153 153 138 139 140 HHHHHHHH 2 379 1 584 2 160 1 206 400 HHHH 160 4 161 9 191 0 204 6 215 9 HHHH 94 49 99 1 131 0 141 0 138 5 HHHHHHHCF HHHH 0 08 0 07 0 24 0 14 0 08 HHHH 81 0 87 8 95 9 88 5 76 7 HHHHHHHCF HHHH 0 1 0 1 0 2 0 1 0 1 HHHHH HHH HH 16 6 11 10 3 HHHHHH 1 072
43. 10 6 0 3 68 7 6 1 51 8 6 8 76 3 4 49 59 6 7 7 9 11 PB NPB 9 51 6 PB 34 19 NPB 17 5 PB MAC HEAT 3 14 18 20 PB 3 3 59 1 39
44. PB NPB OEM 5 2014 2 PB 50 55 2014 2 90 60 ASEAN 20 30 2014 2 30 20 SPA 2001
45. NPB 2014 2 18 Dickies 4 000 5 000 3 000 4 000 5 000 6 000 1922 2012 9 2014 2 21 CEDAR CREST 1 8185
46. 10 15 3 6 3 al Shared esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7603 SR Research Report 2015 1 9 5 PB NPB 5 8 ASEAN 1 1 2014 2 4 196 2013 2 2015 2 129 9
47. HHHHHHHHHHHH HH g HHHHHHHHHH Navy HHHHHH HHHHH HHHHH HHHHHHHSRHHH s Shared Giesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7603 SR Research Report 2015 1 9 HHHHHHHHHHHHHH Dickies HHHHH ES CEDAR CREST HHH Mo HH HHHHHHSRHHH 3 4 2014 2 MAC HEAT MAC HEAT 2013 2 T
48. 100 1 3 3 m http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7603 SR Research Report 2015 1 9 50 70 2014 2 SC 09 2 10H2HH 11H2HH 12H2HH 13H2HH 14 2H 567 542 519 482 476 482 451 447 429 423 426 415 SRI
49. s Shared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7603 SR Research Report 2015 179 2015 2 1 2014 7 8 9 056 3 59 _4 381 5 69 48 4 4 277 8 6 103 85 3 1 196 164 77 9 1 89 45 89 4 0 59 486 486 18 14 85 3 103
50. PB NPB NB OEM MDHHHH PO14H 2HHH HH HHHHHSRHHH Shar ed esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7603 SR Research Report 20157179 PB NPB PB
51. NB PB RUN DENIM 2 2013 2 1 RUN DENIM 2014 2 3 20 1 2 25
52. 482 2014 2 44 214 46 268 RSC 1 3 5 m CSC NSC 10 20 SC 10 260 RSC
53. 18 936 0 09 48 09 729 96 19 369 265 2 SR 6
54. s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w Shared 7603 SR Research Report 2015 1 9 Old New Navy Store 700 350
55. sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7603 SR Research Report 2015 1 9 20 2 SC 18 14 1 486 15 13 1 6 22 21 7 8 1 70 809
56. 1 2 3 4 5 NB PB RUN DENIM 2 2013 2 1 RUN DENIM 2014 2 3 20 1 2 25
57. 450 20 15 10 5 0 5 10 15 20 25 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H FY02 08 FY02 09 FY02 10 FY02 11 FY02 12 FY02 13 FY02 14 FY02 15 HIHHHHH t DOOD Oo SR 48 09 46 39 PB 109 209 0 5 esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared1 7603 SR Research Report 2015 1 9
58. Shared Gewearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved gt 7603 SR Research Report 2015 1 9 SR 6
59. s Shared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7603 SR Research Report 2015 1 9 HHHHH HH HH HHIHHHH HH HH HH HH HH 17 821 18 928 36 749 17 364 18 936 36 300 18 400 20 100 38 500 YoY SO EV RO A 0 0 1 2 3 2 6 2 4 8 HH 9 237 10 406 19 643 9 190 9 841 19 031 9 415 10 785 20 200 8 584 8 521 17 105 8 173 9 096 17 269 8 985 9 315 18 300 YoY 3 0 12 1 7 8 4 8 6 7 1 0 4 7 9 3 7 0 HHHHHH 48 2 45 0 46 5 47 1 48 0 47 6 48 8 46 3 47 5 HHHH 7 815 8 150 15 965 8 303 8 366 16 669 8 465 8 535 17 000 HHHHHH 43 9 43 1 43 4 47 8 44 2 45 9 46 0 42 5 44 2 768 372 1 140 129 729 600 520 780 1 300 YoY 26 8 77 7 58 0 96 0 47 4 32 3 109 7 14 0 HHHH 4 3 2 0 3 1 0 7 3 8 1 7 2 8 3 9 3 4 835 416 1 251 39 739 700 550 830 1 380 YoY SO TAO EN 77 6 44 0 34 1 99 5 10 3 HHHHH 4 7 2 2 3 4 0 2 3 9 1 9 3 0 4 1 3 6 448 101 549 179 369 190 245 375 620 YoY 33 7 94 4 77 8 265 3 65 4 45 3 271 3 12 9 SR
60. 1990 1997 2009 u U u 2014 2 367 1 504 2014 2 u 41 2 U 15 9 5 082 1997 3 100 UA IR 2 w es e 1 sShared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights
61. 10 10 SC 31 25 2014 2 482 6 19 482 4496 214 469 268 159 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 3 4 5
62. 1 4912 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7603 SR Research Report 2015 1 9 T HHHHH 600 50 531 2 19 500 lt 50 482 400 9 300 200 MM 52 50 48 37 27 31 1 5 EE We 25 C24 4 SN 3 So 0 EK NN RA RG 2 Wy Y YY YY OMODOOOOOSRD OO DODD HH 2014 2 482 2005 9 68 2009 2 2013 2 2014 2 123 68 69 58 70 476 HHHHHHHSRHHH 124 69 68 60 71 482 2012 2 2013 2
63. 4 1 2 SNS 3 4 9 20 26 21 55 2
64. 6 0 6 0 2015 2 2014 1 10 109 3 9 11 12 SC 12 7 3 486 3 0 31 32 24 23 119 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7603 SR Research Report 2015 1 9 4 12 8 59
65. 2013 2 2013 2 387 4 4 0 5 2 6 4 6 3 3 4 49 4 196 21 27 476 6 0 69 1 7 6 2 4 2 6 9 Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights
66. CSC NSC 5 6 3 1 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7603 SR Research Report 2015 1 9 HHHHHHHHHHLP014H 2HHH mHOOOOOD HHHHHHH HHHHHHH HHHHH WWHHH ad HHHHHHHSRHHH 3 6 4 T 3 3
67. HHHHHHHHHHH 0 2 UD20 2200 13D200 14D200 HHHH HH HH HH HH HH HHHHHHHHHHHHHHH 1258 902 2 698 1 563 817 HHHHHHHHHHHHHHH 2 107 223 941 736 352 FCF 1 1 151 679 1 757 827 1 169 668 414 281 602 904 HHHHHHHHHHHHH 311 265 167 194 215 HHHH 34 38 78 426 564 HHHHHH 0 1 072 795 576 954 806 HH FCF NI AHB C 3 690 2 670 2 560 1 284 606 S R
68. Navy 2014 2014 2 2014 2 2 2013 10 10 2014 2 2 2014 2 2 178 2 3 59 48 2 0 3 7 7 26 7 8 4 25 8 4 5 33 7 2013 10 9 17 821 18 350 768 1 160 835 1 230 448 620 1 cm Cm i a 3 49 4 69 1 29
69. 4 9 4 8 3 9 1 0 et i 21 7 4 5 90 6 4 9 70 8 5 39 100 0 5 0 84 4 4 7 PB NPB 8 519 PB 349 NPB 16 Navy Store 46 5 1 5 PB 2014 2 4 1 1 3 2014 1
70. PB NPB 52 5 3 5 8 6 339 150 23 2 2 832 149 14 150 16 000 145 1
71. 1 2 2 3 3 4
72. 1 160 835 1 230 448 620 a es cos 2014 2 u 37 300 39 000 u 1 890 2 900 u 2 030 3 030 u 1 100 1 550 2 0 4 3 4 0 3 0 69 HHHHHHH 60 20 Japan UpHHHHHHHHHHHHH 6 68 HHHHHHHH 5 36 HHHHHHHHHH 3 66 HHHHHHH 1 749 HHHHHHHHHH 1 11 Goldrren Sachs Intermational 0 81 HHHHHHHHHHH 0 75 HHHHHH 0 73 0 62 HH HHHHHHHSRH HH
73. B VMD VMD NPB SPA 2012 9 15 2012 9 29 VMD MD HHHHHHHHH SRHHH 2014 2 1 80 100 2013 2 100
74. NSC MD 1980 10 20 2000 2000 POS MD MD 2009 MD
75. http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7603 SR Research Report 2015 1 9 HHHHH 10 2 1200 12H2HH 13H2HH 14H2HH 12 026 10 927 13 603 14 322 12 246 527 455 405 364 413 8 998 7 445 6 144 6 541 6 916 481 443 407 371 346 101 45 449 249 356 HHHHHH 22 133 19 315 21 008 21 847 20 277 943 738 795 1 024 1 225 72 46 44 43 47 110 60 54 71 83 238 238 238 238 194 10 6 3 1 HHHHHHHH 1 376 1 086 1 134 1 384 1 559 127 7 7 89 106 106 106 106 106 HHHHHHHH 234 106 113 113 195 HHHHHH 9 423 8 185 7 526 8 001 7 737 HHHH 31 557 27 501 28 534 29 849
76. 4 7603 SR Research Report 20157179 2014 2 3 2013 1 10 2014 2 3 2014 2 3 267 0 5 9 48 0 0 7 9 0 52 3 9 8 51 49 4 8 59 19 5 89 5 9 0 19 1 2 2
77. 7603 SR Research Report 2015 1 9 1980 3 1990 1009 1990 6 7 1 9 17 10 20 1991 100 1992 15 10 200 1996 1999 2000
78. SC 17 12 2 481 4 2 4 2 2 9 6 29 10 3 69 11 12 2014 3 3 3 2014 2 1 2013 7 10 2014 2 1 2014 2
79. 1 m 2 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w a Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7603 SR Research Report 2015 1 9 2014 2 1 19 589 1 1 8 09 2 10 2HH 11H2HH 12H2HH 13 2HH 3 159 2 954 2 583 2 074 1 874 HHHHHHH 2 439 2 266 1 986 1 544 1 411 HIHHHHHHHHH 77 2 76 7 76 9 74 4 75 3 HHHHHHHSRHHH Strengths u 1 000
80. 392 4 09 26 1 76 59 14 20 40 24 99 s Shared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7603 HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH leSearch http www sharedresearchjjp Copyright C 2013 Shared Research Inc All Rights Reserved SR Research Report 2015 1 9 oooh 10 2 11H2HH 15 2H HH OOO Oh HIHH 3 001 2 318 HH 20 0 22 8 HIH 12 114 10 041 HH 145 17 19 HIH 9 248 8 235 HH 97 110 HHHIH 14 560 12 119 HH 16 8 16 8 HH 10 017 9 697 HH 88 32 HH 48 942 42 411 38 500 OO 136 13 3 48 HHHH 27 703 23 959 HH 21 238 18 452 HHH 14 6 13 1 HHH 434 43 5 HHH 21 371 19 085 HH 43 7 45 0 oh 132 633 1 300 1lH 3 140 9 34 HHH 533 582 HHH 360 415 HHH 40 466 1 380 982 103 01 36 HHH 71 36 HH 1 532 1 473 HHH 1 474 200 Oh 2 895 2 102 620 129 DD 55 55ss 58b WW1 1t1twt I4 476 64 15 6 16 HHHHHHSRIHHH 7603 SR Resea
81. 50 4 15 5 30 6 RUN DENIM s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w SR 7603 FY02 14 QH 2 844 1 774 1 450 1 247 985 1 081 9 383 FY02 15 QD 2 599 1 740 1 280 1 149 1 016 1 268 9 056 YoY 8 6 1 9 11 7 7 9 3 1 17 3 3 5 NN SR Research Report 2015 1 9 245 34 170 98 187 327 1 1 29 10 2015 2 129
82. Navy Navy s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7603 SR Research Report 20157179 PB NPB 12 500 PB 319 NPB 19 NPB 6 5 PB 1 2 1 6 09 1 3 49 5 0 4 1 6 SC 12
83. 2015 2 3 2015 2 3 2015 1 5 2014 12 2014 12 1 2014 11 2014 11 4 2014 10 2014 10 27 2015 2 2 3 amp lt Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved EP Shared1 7603 SR Research Report HHHHHH EH 4 5 6 ZI 8 9 10 11 12H TI 2 FY02 09 OO 3 3 13 7 7 0 11 9 6 1 6 7 1 0 8 8 1 5 12 0 9 2 14 9 HH 2 2 12 8 9 3 11 3 3 9 9 6 2 6 8 5 10 3 10 2 14 3 HH 5 6 1 1 2 5 0 7 2 3 3 1 1 6 0 3 1 4 1 9 1 1 0 7 FY02 10 18 2 11 0 9 6 18 6 11 49 13 2 17 6
84. 2 486 7 30 20 5 MD MD 39 4 0 7 7 0 13 3 7 5 12 9 4 3 19 09 6 2 9
85. 1 300 700 1 380 190 620 EC 2 1 036 2014 2 2014 2 12 2014 2 2014 2 u 36 650 37 300 980 1 890 1 070 2 0
86. H HH HHI HHHH HHHH HH HH HH HH HH HHHH HHH 17 821 18 928 17 364 18 936 18 400 20 100 38 658 36 749 36 300 38 500 YoY 3 5 6 3 2 6 0 0 3 2 6 2 4 4 4 9 1 2 4 8 HHHH 9 237 10 406 9 190 9 841 9 415 10 786 20 112 19 643 19 031 20 200 HHHHH 8 584 8 521 8 173 9 096 8 985 9 314 18 545 17 105 17 269 18 300 YoY 3 0 12 1 4 8 6 7 4 7 9 3 0 8 7 8 1 0 7 0 HHHHHH 48 2 45 0 47 1 48 0 48 8 46 3 48 0 46 5 47 6 47 5 HHH 7 815 8 150 8 303 8 366 8 465 8 534 15 830 15 965 16 669 17 000 YoY 0 2 1 5 6 2 2 7 8 3 4 7 4 8 0 9 4 4 6 5 HHHHHH 43 9 43 1 47 8 44 2 46 0 42 5 40 9 43 4 45 9 44 2 HHHH 768 372 129 729 520 780 2 715 1 140 600 1 300 YoY 26 8 77 7 96 0 32 3 109 7 31 5 58 0 47 4 14 0 HHHHH 4 3 2 0 0 7 3 8 2 8 3 9 7 0 3 1 1 7 3 4 HHHH 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 HHHHH 4 7 2 2 0 2 3 9 3 0 4 1 7 5 3 4 1 9 3 6 HHHHH 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 HHHHHH 48 2 45 0 47 1 48 0 48 8 46 3 48 0 46 5 47 6 47 5 PBH H 50 1 51 7 53 1 56 7 40 0 50 9 55 0 55 0 HHHHHHHHH 2 2 5 9 10 4 13 5 1 3 4 1 12 0 12 0 HHH 7 815 8 150 8 303 8 366 8 465 8 534 15 830 15 965 16 669 17 000 HHH 2 884 2 821 2 859 2 911 5 687 5 705 5 770 6 012
87. Shared Yesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 7603 SR Research Report 2015 179 2000 2008 2009 MD PB NPB 2011 NB 1
88. Navy 2016 2 2017 2 2015 2 2016 2 2017 2H 38 500 39 800 41 500 HHHHH 18 300 19 104 20 128 HHHHH 17 000 17 604 18 127 HHHH 1 300 1 500 2 000 30 30 30 OO 30 20 20 HH HHHHHSRHHH 1 Shared esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7603 SR Research Report 2015 1 9 4 000 2 000 7 000
89. SA RA RI Cool Navyy 04 Navy Fuwarica di Fiore 3
90. 1 4 9 10 7603 SR Research Report 2015 1 9 1954 1988 2004 2007 2009 IR I R 2013 5 1934 1957 1976
91. 2 3 2015 1 9 26 447 0 99 12 463 2 8 47 196 12 392 3 9 70 900 190 975 113 480 480 36 36 0 9 esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All R
92. HHHHHHH 161 36 DPS 30 20 10 40 40 40 BPS 953 798 909 1056 1041 HHHHH HHIH HHHHH 12 026 10 927 13 603 14 322 12 246 HHHHHH 22 133 19 315 21 008 21 847 20 277 HHHHHH 1376 1 086 1 134 1 384 1 559 HHHHHHHHH 7 812 6 993 6 277 6 503 0 HHHHHH 234 106 113 113 195 HHHH 31 557 27 501 28 534 29 849 28 015 HHH 11 904 9 484 8 709 8 111 7 729 HHHHHHH 0 0 0 0 0 HHHHHH 13 800 11 932 11 001 10 676 9 391 HHHHHHH 0 0 0 0 0 HHHHHH 2 902 3 129 3 354 2 979 2 642 HHHH 16 703 15 062 14 355 13 656 12 033 HHHHH 14 854 12 439 14 178 16 182 15 974 HIHHHHIHHHHHHHH 0 0 0 0 0 i HHHHHHUHHHHHHHHH 1 258 902 2 698 1 563 817 HHHHHHHHHHHHHHH 107 223 941 736 352 HIHHHHHHHHHHHHHH 668 414 281 602 904 OO HHHHHHHROAH 8 4 7 1 6 8 8 5 1 9 HHHHHHHHROE 19 4 16 9 6 14 2 16 3 3 4 HHHHHH 47 1 45 2 49 7 54 2 57 0 SR 3 ROA eSsearch http Www sharedresearch jp E Copyright C 2013 Shared Research Inc All Rights Reserved 7603 SR Research Report 2015 1 9 2015 1 9
93. 2 6 8 4 6 4 6 6 3 7 3 4 3 7 1 5 4 8 2 2 7 79 3 5 2 4 6 4 4 3 1 9 1 7 2 0 3 7 1 4 0 7 1 2 0 19 3 0 0 2 2 1 FY02 10 15 4 7 6 5 0 16 4 9 7 11 6 16 2 15 2 25 9 12 6 11 9 11 9 13 0 0 9 5 8 2 2 1 7 5 3 3 8 8 5 16 2 2 3 1 0 3 3 HH 2 9 6 8 10 2 14 5 8 2 6 7 12 9 7 4 11 6 10 5 11 0 8 9 FY02 11 18 8 17 3 14 6 10 7 12 2 14 2 19 2 5 1 12 0 17 5 10 9 3 1 11 8 13 3 10 8 8 2 8 9 11 2 13 1 1 5 5 9 16 6 12 0 5 5 7 9 4 5 4 2 2 7 3 7 3 4 7 1 6 4 6 5 1 1 1 3 2 6 FY02 12 HH 21 4 1 4 11 3 2 5 5 9 5 7 3 1 4 8 3 1 3 6 6 1 5 5 HH 24 2 4 2 16 7 12 8 12 9 11 4 8 9 15 5 11 8 0 9 10 5 7 3 HH 3 6 5 9 6 5 11 9 8 0 6 5 13 2 12 6 9 8 4 5 4 9 1 9 FY02713 HH 17 0 1 4 6 2 7 0 8 8 3 2 11 7 12 6 4 9 5 3 7 9 6 9 9 0 5 4 9 2 10 4 12 3 4 2 12 49 14 6 2 5 9 0 11 0 12 4 7 4 4 2 3 3 3 8 4 0 1 0 0 8 2 3 7 7 4 0 3 4 6 3 FY02 14 4 9 11 8 2 5 2 9 8 8 3 9 6 0 14 2 9 1 8 2 0 9 9 2 HE 2 5 12 9 2 9 2 1 7 5 6 5 7 9 11 6 5 7 6 5 6 9 15 9 OO 2 4 1 3 0 5 0 8 1 3 2 9 2 1 3 0 3 5 1 8 5 6 5 8 FY02 15 3 3 5 8 1 4 1 8 2 6 0 2 8 6 2 8 1 4 1 5 0
94. 20 5 7 13 196 21 79 1 7448 20 1 8 16 49 21 89 20 15 SR Mar 08 Mar 09 Mar 10 Mar 11 Mar 12 Mar 13 Mar 14 HHHHHHSRHHH HHHHHHHHHHHHHH SR 2015 2 2014 2 482 23 25 2 17 15 2 2016 2 2
95. 21 371 19 085 16 632 15 830 15 965 OO IHSRHHH 2011 2 2010 eSsearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7603 SR Research Report 20157179 1 7445 1 7448 PB NPB 2014 2 46 5 47 8 2014 2 43 4 12 7 13 09 17 59 2012 2 2014 2
96. 47 19 48 2 48 8 1 1 1 7 PB 50 0 53 196 32 9 243 979 82 2 64 53 8 49 18 936 0 09 48 09 729 96 19 369 265 2
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98. 15 Navy Store s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w Shared 7603 SR Research Report 2015 1 9 DOOMOOOOOOSRDOD OD Navy Store amp 2014 4 20 20 15 15 18 7 0 59 esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7603 SR Research Report 2015 1 9 PB 2017 2 48 5 2014 2 46 59 PB 2014 2 50 99 2017 2 559 2014 2 4 19
99. 9 0 47 4 12 9 67 2 84 1 69 1 78 0 63 6 84 8 44 0 HHHHH 8 8 3 1 8 9 8 7 8 0 1 0 1 6 2 7 1 8 2 5 5 2 1 9 HHHH 528 148 499 1 295 428 20 32 69 45 224 66 303 59 5 190 YoY 8 1 38 6 11 5 19 0 86 5 93 6 94 7 89 5 106 3 339 1 65 4 HHHHH 5 4 1 7 5 0 12 6 4 6 0 2 0 4 0 7 0 5 0 7 3 1 0 5 HHH 479 477 483 476 486 481 486 482 486 480 482 482 482 HH 6 3 11 1 12 5 12 2 18 5 13 17 30 HH 9 5 5 8 2 10 7 6 14 11 11 19 30 SR FY02 15 4 3 1 3 5 3 2 6 8 7 1 4 12 2 1 2015
100. HHHHHHHHHHHHHHHH HH 120 000 102 760 102 848 100 000 89 230 90 502 80 000 60 000 40 000 20 000 0 2006 2007 2008 2009 2010 2011 2012 HH HHHHHHHHHHHHH SRHHH 2010 2012 2013 gt SadQeweami http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved sy 7603 SR Research Report 2015 1 9 HHHHHHHHHHHHH 10 0 0 0 10 0 20 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 HH HHHHHHHHHHHHHSRH HH HHH HHH HHH HHH 10
101. 1 774 1740 1 9 34 1 898 1973 4 0 75 3 672 3 713 1 1 41 HHHHHHHH 1 450 1 280 11 7 170 1 172 982 16 2 190 2 622 2 262 13 7 360 HHHHHHHH 1 247 1149 7 9 98 1 124 1 012 10 0 112 2 371 2 161 8 9 210 HH 985 1 016 3 1 31 662 711 7 4 49 1 647 1 727 4 9 80 HIH 1 081 1 268 17 3 187 1 183 1 362 15 1 179 2 264 2 630 16 2 366 HH 9 383 9 056 3 5 327 8 438 8 308 1 5 130 17 821 17 364 2 6 457 SR 16 000 180 157 0 14 000 145 1 147 4 143 8 148 8 160 138 8 141 8 137 7 135 1 139 2 12 000 D3 122 8 Er Eee i 140 Sa 120 10 000 8 _ a a a a 100 8 000 Q NN 6 000 9 EE 8 60 4 000 G DN 8 0 2 000 20 0 Q1 Q2 Q3 Q4 0Q1 Q2 QQ Q4 Q1 0Q2 Q3 Q4 Q1 Q2 0Q3 Q4 Q1 Q2 0Q3 Q4 Q1 0Q2 FY02 10 FY02 11 FY02 12 FY02 13 FY02 14 FY02 15 me HH HHHH HHHHHHH 1 2
102. 5 000 10 000 2014 2 9 SURPLUS 1970 2013 2 2014 2 3 PB Navy 3 000 4 000 MAC HEAT 2015 2 Navy Store s Shared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7603 SR Research Report 2015 1 9 PB NPB
103. 795 576 954 806 HHHHHHHHHSRHHH HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH 2010 2 CM 100 2012 2 3 2015 2 IIINIIIIIIIIIEII 10 2 11H2HH 12H2HH 13H2HH 14H2HH OO EN EN HH EN HH HHHHH HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH HH 8 145 7427 6 268 5 688 5 705 HHHHH 2 458 2 131 1 536 1 648 1 653 HHHHHH 6 391 5 742 5 210 4 804 4 681 HHHH 678 430 190 178 162 HHHHH 311 265 167 187 215 HH 3 388 3090 3261 3 325 3 549
104. 8 1 4 0 3 0 7 1 9 0 1 9 4 0 5 5 9 1 8 2 5 4 5 1 7 1 1 0 7 0 3 0 7 2 3 4 8 0 3 SR leSearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 20157179 Shared 7603 SR Research Report 2015 1 9 en ee e oo el e i HHHHH Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 HHH HHHH HHH 9 730 8 733 9 901 10 294 9 383 8 438 8 878 10 050 9 056 8 308 9 083 9 853 72 9 36 300 YoY 1 6 6 7 5 8 6 4 3 6 3 4 10 3 2 4 3 5 1 5 2 3 2 0 1 2 HHHHH 4 777 4 069 4 966 4 733 4 643 3 941 4 242 4 279 4 381 3 792 4 290 4 806 72 29 17 269 YoY 4 1 3 8 1 9 1 8 2 8 3 1 14 6 9 6 5 6 3 8 1 1 12 3 1 0 HHHHHH 49 1 46 6 50 2 46 0 49 5 46 7 47 8 42 6 48 4 45 6 47 2 48 8 47 6 HHH 3 964 3 833 4 126 3 907 3 938 3 877 4 110 4 040 4 277 4 026 4 089 4 277 74 3 16 669 YoY 5 0 3 7 3 5 7 1 0 7 1 1 0 4 3 4 8 6 3 8 0 5 5 9 4 4 HHHHH 40 7 43 9 41 7 38 0 42 0 45 9 46 3 40 2 47 2 48 5 45 0 43 4 45 9 HHHH 812 237 839 827 704 64 132 240 103 232 199 530 11 7 600 YoY 95 0 4 0 6 9 34 3 13 3 73 0 84 3 71 0 85 4 50 8 120 8 47 4 HHHH 8 3 2 7 8 5 8 0 7 5 0 8 1 5 2 4 1 1 2 2 5 4 1 7 Oo 858 268 883 893 747 88 140 276 164 203 229 510 27 1 700 YoY 105 4 3 6
105. 95 NB 9 SC 2012 10 3 amp 2015 2 Navy Store gt SadQeweami http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7603 SR Research Report 2015 179 2 amp
106. HHHHH 736 917 979 783 1 647 1 653 1 762 1945 HHHHHH 2 338 2 343 2 301 2 350 4 803 4681 4 651 4 740 HH 1 857 2 069 2 164 2 322 3 693 3 926 4486 4303 YoY 0 2 1 5 6 2 2 7 8 3 4 7 4 8 0 9 4 4 6 5 HHH 1 4 0 7 0 9 3 2 9 3 0 3 1 1 5 4 HHHHH 4 0 4 2 33 0 14 6 6 7 0 4 6 6 17 7 HHHHHH 2 3 2 8 1 6 0 3 7 8 2 5 0 6 1 3 HHH 3 6 8 8 16 5 12 2 2 3 6 3 14 3 9 6 SR 9 9 9 0 8 8 0 19 1 7445 20 5 7 13 196 21 7 1 7448 20 1 8 16 49 21 89 20 15 SR 20 15 10 5 0 5 10 15 20 25 Mar 08 Mar 09 Mar 10 Mar 11 M
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113. 16 8 26 2 11 8 11 7 10 9 16 7 5 4 0 8 5 6 4 4 7 8 6 1 11 4 17 3 2 3 1 4 2 9 1 8 5 8 8 9 13 8 7 3 5 9 12 2 6 1 10 8 9 8 10 4 8 3 FY02 11 17 5 15 39 11 9 8 3 10 1 12 1 17 3 0 9 8 0 13 7 6 3 1 5 8 5 11 8 8 2 6 3 7 3 9 59 11 3 5 9 1 6 12 9 7 7 1 2 9 9 4 0 4 1 2 2 3 1 2 8 6 7 6 4 6 6 0 9 1 6 2 8 FY02 12 HH 18 1 7 4 6 7 1 99 1 4 1 6 7 5 0 9 1 2 7 5 2 1 0 9 21 0 1 4 12 49 9 0 8 8 7 6 5 1 12 6 8 3 2 7 7 1 3 3 HH 3 6 5 9 6 5 11 9 8 1 6 5 13 3 13 4 10 3 4 7 5 3 2 4 FY02713 HH 23 2 3 8 1 3 2 2 4 0 1 8 7 3 9 3 8 4 3 2 5 8 5 3 14 3 0 6 4 7 6 1 8 0 0 69 7 5 11 0 1 1 6 7 8 7 10 8 7 7 4 4 3 6 4 2 4 4 1 2 0 3 1 9 7 3 3 7 3 2 6 2 FY02 14 5 8 11 4 2 8 2 9 8 9 4 1 6 3 14 3 9 0 8 5 1 8 10 5 3 3 12 6 3 2 2 2 7 8 7 1 8 2 11 8 5 9 7 2 7 9 17 8 2 4 1 4 0 4 0 7 1 2 3 3 2 1 2 9 3 3 1 4 5 7 6 2 FY02 15 4 5 6 7 1 3 1 2 1 4 1 2 9 0 4 0 0 8 0 5 2 7 3 1 0 3 0 9 1 6 0 1 8 8 0 6 6 3 1 9 HH 1 8 3 8 1 0 0 2 0 2 1 1 0 1 3 3 5 9 1 4 HHHHH 3 4 5H 6 ZI 8 9 10 11 12H 1 2 FY02709 HH 10 9 8 4 2 0 5 4 0 1 0 1 5 5 3 4 7 99 6 4
114. 28 015 IH 11 904 9 484 8 709 8 111 7 729 1 896 2 448 2 292 2 565 1 662 HHHHHH 13 800 11 932 11 001 10 676 9 391 1 516 1 538 1 486 1 379 1 438 1 386 1 591 1 868 1 600 1 204 2 902 3 129 3 354 2 979 2 642 0 0 0 0 0 HHHH 16 703 15 062 14 355 13 656 12 033 1 617 1 617 1 617 1 617 1 617 5 299 5 299 5 299 5 299 5 299 179 5 527 7 266 9 428 9 209 5 5 5 163 152 HIHHI 14 854 12 439 14 178 16 182 15 974 2 379 1 584 2 160 1 206 400 0 0 0 0 0 12 026 10 927 13 603 14 322 12 246 SRI 449 6 Shared1 leSearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7603 SR Research Report 2015 1 9 18 2014 2 PB 50 25 2014 2
115. 30 430 1 100 CC 650 3 91 8 69 59 2013 10 2013 10 9 2014 2 2 2014 2 2014 2 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w gt SadQeweami http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7603 SR Research Report 2015 1 9 17 821 18 350 768
116. 6 2017 2 169 2014 1 10 10 55 12 1 3 496 2014 2 2 0 e Shar ed esear ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7603 SR Research Report 20157179 2014 2 2014 4 10 2014 2 0 3 16 39 16 99 27 79 2014 2 367 5
117. a 120 100 8 000 8 8 80 6 000 9 BR s lt Mg 4 000 3 9 9 0 2 000 20 0 Q1 Q2 Q3 Q4 Q1 0Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q4 Q1 Q2 0Q3 Q4 i Q3 04 FY02 10 FY02 11 FY02 12 Py0213 FY02 14 FY02 me HHHH HHHHHHHH SR 2015 2 2014 10 3 17 364 2 6 8 173 4 8 47 196 8 303 6 2 129 768 39 835 179 448 480 480 23 25 2015 2
118. ar 12 Mar 13 Mar 14 HHHHHHSRHHH HHHHHHHHHHHHHH SR esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7603 SR Research Report 2015 1 9 2015 2 2014 2 482 23 25 2 17 15 2 2016 2 2014 6 SHOE PLAZA 400 150 2014 9
119. i 5 RN RN 6 19 i 24 25 ER CE A NN 25 BEENUE SSESe32SCCEBSRSSC RSS SERPBE CS2SESRBREe 3 40 3 44 Mi 48 48 ME PR 54 UP PH 56 SRR 58 60 Pe ee OPe ESSBES2sESee 60 61 63 Kw NRN NN 64 64 EN 64 1 64 25 0 PP 65 CE SC a OE fant a 65 BDP SS 66 a T sShared Wesearch http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved J Shared 7603 SR Research Report 2015 179 HHHHH 10 2 11H2H 12H2H 13H2HH 142HH 15H2HH II EH HOOD HHH 48 942 42 411 40 449 38 658 36 749 36 300 HHL 136 133 46 44 49 12 HHHHH 21 238 18 452 18 696 18 545 17 105 HHL 146 131 13 08 78 HHHHHH 434 435 462 480 465 HHHH 132 633 2064 2 715 1140 600 HHL 6 315 580 474 HHIHH 51 70 31 17 HHHH 40 466 2 112 2 902 1251 700 HHL 982 374 569 440 HHIHH 01 52 75 34 19 HHHHH 2 895 2 102 1 895 2 470 549 190 HHL gt 303 778 654 HHHH 5 47 64 15 05 HHHHHHHH moo 15 598 15 598 15 598 15 598 15 598 EPS 186 135 122 161 36 12 EPS
120. ights Reserved 7603 SR Research Report 2015 1 9 2014 11 300 Navy Store 2014 11 4 2014 12 1 SC 36 36 3 482 4 PB Navy 360 Navy RUN DENIM
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123. sual lt Shared Yesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 7603 SR Research Report 2015 179 166 0011 1 7 7 03 3316 1911 1990 6 1 1999 2 10 HP http www mac house Co jD company 2 IR IR TIR http www mac house cO jD ir IR lt Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 7603 SR Research Report 2015 1 9 SR
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