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Fast Retailing's quarterly net income up
13
Jan '12
Fast Retailing Co Ltd releases results summary for the three months to November 2011. In the first quarter of fiscal 2012, or the three months to November 2011, Fast Retailing generated consolidated sales of ¥ 272.6bln (up 8.6% year on year), operating income of ¥ 48.4bln (down 2.8%), ordinary income of ¥ 48.4bln (up 0.5%) and net income of ¥ 31.1bln (up 37.2%).

Breaking the income figures down into operational segments, operating income at UNIQLO Japan contracted 10.3% year on year in the first quarter, while UNIQLO International and Global Brands both generated year-on-year gains in operating income of 13.3% and 35.2% respectively.

A respite in the strengthening of the yen reduced their foreign exchange losses considerably compared to the previous year and this, in turn, helped generate a year-on-year gain in consolidated ordinary income. In addition, net income rose significantly compared to the previous year when company accounted extra-ordinary losses of ¥ 9.6bln related to changes in accounting practices.

At UNIQLO Japan, operating income levels fell year on year as the gross profit margin dipped lower and same-store sales contracted 4.0% due to the September heat wave and persistent warm temperatures in October through November. On the other hand, performance continued to expand favorably at UNIQLO International.

UNIQLO International has successfully strengthened its operational base by expanding store networks particularly in the Asian nations of China, Hong Kong, South Korea, Singapore, Taiwan, Malaysia, and Thailand, and also through the opening of successful global flagship stores on New York Fifth Avenue, in Taipei and in Seoul. Within the company Global Brands segment, the Theory women's fashion label maintained a strong performance in both the U.S. and Japan. In addition, low-priced g.u. casualwear brand generated significant gains in profit on the back of multiple new store openings and a rise in same-store sales in excess of 20% year on year.

In terms of company consolidated forecasts for the full business year to end August 2012, a downward revision to their estimates for performance at UNIQLO Japan means that the company is now forecasting consolidated sales will rise 14.2% year on year to ¥ 937.0bln, operating income will rise 12.1% to ¥ 130.5bln, ordinary income will rise 17.2% to ¥ 125.5bln and net income will rise 28.8% to ¥ 70.0bln.

Thanks to the lull in the strengthening of the yen, the company has revised down its initial estimated foreign exchange loss for fiscal 2012 by ¥ 3.0bln. For the fiscal year 2012, company expects earnings per share of 687.49 yen, and so company is planning to pay an annual dividend per share of 230 yen, including an interim dividend of 115 yen.

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Fast Retailing Co Ltd

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