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Fast Retailing posts H1 FY20 revenues of ¥1,208 billion

07 May '20
2 min read
Pic: Fast Retailing/ J Brand
Pic: Fast Retailing/ J Brand

Fast Retailing, a Japan based manufacturer and retailer company, reported 4.7 per cent decrease in its revenues to ¥1,208 billion (Japanese Yen) in the half-year period (H1) FY20 ended on February 29, 2020 compared to ¥1,267 billion in same period prior year. Operating profit for six months period were ¥136.7 billion compared to ¥172.9 billion in H1 FY19.
 
Gross profit in H1 FY20 were ¥576.7 billion (H1 FY19: ¥606.7 billion). Selling, general and administrative expenses reported loss of ¥438.7 billion.
 
The company reported that this weaker performance was caused due to reductions in revenue and profit at Uniqlo International segment (South Korea, Mainland China, Hong Kong and Taiwan), which were adversely impacted by Covid-19 and other factors. 
 
Uniqlo Japan reported 5.7 per cent decrease in revenue to ¥463.5 billion. However, operating profit rose 5.7 per cent to ¥71.6 billion. Same-store sales (including e-commerce sales) declined 4.6 per cent after the warmer winter weather stifled sales of core Winter items. While e-commerce sales grew 8.3 per cent totalled ¥ 52.5 billion, the rate of online sales growth slowed for the same reasons as for our physical stores.
 
Uniqlo International reported 6.7 per cent decline in revenue to ¥ 541.2 billion and operating profit fell 39.8 per cent to ¥53.2 billion. This was reportedly due to considerable reductions in revenue and profit at Uniqlo South Korea and Uniqlo Greater China, which were both adversely impacted by the outbreak of Covid-19 and other factors. 
 
GU segment reported 12.9 per cent jump in revenue to ¥132.2 billion and operating profit grew 12 per cent to ¥15.8 billion. Same-store sales increased thanks to strong sales of on-target mass fashion trend items such as knitted cardigans and matching knitwear top and bottom sets along with lightweight outerwear hit products that adapted successfully to the warm winter weather. 
 
Global Brands revenue dropped 9.8 per cent to ¥70.1 billion. Operating profit decreased 76.3 per cent to ¥0.7 billion. Theory fashion label reported decrease in both revenue and profit after sales of Winter items struggled during the warmer winter weather. Revenue of company’s Japan-based PLST brand came in flat as warmer winter weather dampened sales of Winter-season clothing.

Fibre2Fashion News Desk (JL)

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