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FY16 net profit at Fast Retailing dives 56.3%
17
Oct '16
Net profit at Japanese apparel marketer Fast Retailing dived 56.3 per cent year over year to ¥48 billion in the fiscal ended August 31, 2016. Reasons for the steep fall in net profit include; a foreign exchange loss of ¥11.0 billion in fiscal 2016; a ¥13.8 billion impairment loss at its J Brand denim brand and ¥9.3 billion in impairment losses.

However, consolidated revenue increased 6.2 per cent from a fiscal ago period to ¥1.7864 trillion in fiscal 2016.

Although fiscal 2016 operating profit touched ¥127.2 billion, down 22.6 per cent, the Japanese company experienced a significant 94.3 per cent year on year growth in operating profit in the second half of the fiscal.

According to Fast Retailing, the growth in operating profit was achieved in the second half of the fiscal, due to a recovery in sales at Uniqlo Japan and Uniqlo International, which also includes a concerted cost cutting drive. (AR)

Fibre2Fashion News Desk – India

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