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Fiscal 2015 revenue soars 21.6% at Fast Retailing
09
Oct '15
Consolidated revenue at Japanese apparel marketer Fast Retailing, which has the Uniqlo apparel brand in its portfolio, soared 21.6 per cent year on year for the fiscal ended August 31, 2015.

As per a Fast Retailing press release, consolidated revenue totaled ¥1.6817 trillion, a surge of 21.6 per cent over the previous fiscal, while its operating profit reached ¥164.4 billion, up 26.1 per cent.

The apparel marketer reported ¥16.1 billion impairment losses relating to the J Brand premium denim label, software, and property, plant and equipment of UNIQLO USA LLC stores under operating profit.

It also includes a ¥1.8 billion loss on the retirement of property, plant and equipment relating to the refurbishment of global flagship stores in London and Shanghai.

Profit before income taxes for the reporting fiscal stood at ¥117.3 billion, up a massive 48.0 per cent year over year and profit attributable to owners of the parent totaled ¥110.0 billion, a steep rise of 47.6 per cent.

According to Fast Retailing, the depreciation of the Japanese yen boosted the carrying amount of foreign-currency denominated assets.

“This generated a considerable increase in net finance income, from ¥5.0 billion in fiscal 2014 to ¥16.2 billion in fiscal 2015,” it said.

The Uniqlo International division proved the strongest among its three business segments, and the key driver of group growth in fiscal 2015.

Operating profit generated by Uniqlo operations outside of Japan expanded 31.6 per cent from a fiscal ago period to ¥43.3 billion.

Meanwhile, the Uniqlo Japan division too reported a steady rise in profit, with operating profit growing 10.3 per cent year on year to ¥117.2 billion.

The Global Brands segment reported an operating profit of ¥14.4 billion for the fiscal under review with its GU brand generating an impressive 174.9 per cent increase in operating profit at ¥16.4 billion.

Fast Retailing added that the Group's medium-term vision is to become the world's number one apparel manufacturer and retailer.

And to achieve this target, it has focused its efforts on expanding Uniqlo International operations by continuing to open new stores in each country where it operates.

It is also opening global flagship stores in major cities around the world, to boost awareness and visibility of the Uniqlo brand and strengthen global operational base.

“We also actively promote our GU brand by accelerating stores opening in Japan and launched the label in the Chinese market,” the company informed.

For fiscal 2016, the company estimates revenue to rise 13.0 per cent, operating profit to drive up 21.6 per cent and profit attributable to owners of the parent by a slower 4.5 per cent, all over fiscal 2015.

The Group forecast that it will expand its total global store network to 3,173 stores by the end of next fiscal and will have 846 Uniqlo Japan stores, 958 Uniqlo International stores and 1,369 stores for the Global Brands segment. (AR)

Fibre2Fashion News Desk – India

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