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9M sales at apparel marketer Fast Retailing soar 23.9%
Jul '15
In the nine months to May 31, 2015, sales soared 23.9 per cent year over year at Japanese apparel marketer retailer Fast Retailing Group, which has in its portfolio clothing brands like Uniqlo, etc.

In the period between September and May 2015, revenue at the garment marketer expanded 23.9 per cent from the same period of the previous fiscal to ¥1.3481 trillion.

“In the same period, operating profit surged 35.5 per cent over the nine months to May 2014 to ¥189.2 billion,” a Fast Retailing press release informed.

“All three business segments reported increases in both revenue and profit, with Uniqlo International reporting especially strong gains in both parameters,” the company said.

At the same time, both, profit before income taxes and profit attributable to owners of the parent increased by a greater margin than operating profit.

“This was due largely to the depreciation of the Japanese yen over the reporting period, which boosted the carrying amount of foreign-currency denominated assets, generating net finance income of ¥21.0 billion.

Procurement of some spring/summer items at spot exchange rates boosted the cost of sales, however, the SG&A to revenue ratio improved by 0.9 points.

For full fiscal 2015, Fast Retailing expects a record performance, with group revenue expected to reach ¥1.65 trillion, up 19.3 per cent year on year.

It also expects operating profit to amount to ¥200.0 billion, a massive jump of 53.4 per cent and profit before income taxes at ¥211.5 billion, again a rise of 56.1 per cent, all when compared with fiscal 2014.

It has also forecast that profit attributable to owners of the parent will reach ¥120.0 billion in fiscal 2015, a steep hike of 61.0 per cent over the previous fiscal.

This would generate earnings per share of ¥1,177.41 in the current fiscal and expects to pay an annual dividend of ¥350 per share, divided equally into interim and year-end dividends of ¥175 each.

The Fast Retailing Group also expects that its global store network will expand by 229 outlets to 2,982 stores by the end of the fiscal or August 2015.

The figure includes 840 Uniqlo Japan direct-run and franchise stores, 801 Uniqlo International stores and 1,341 Global Brands stores. (AR)

Fibre2Fashion News Desk - India

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