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Home / Knowledge / News / Apparel/Garments / FY17 9M operating profit rises 23.9% at Fast Retailing
FY17 9M operating profit rises 23.9% at Fast Retailing
17
Jul '17
For the first nine months of 2017 from September 1, 2016 to May 31, 2017, the operating profit of Fast Retailing Group totalled to ¥180.6 billion, up 23.9 per cent year-on-year. With ¥1,477.9 billion, the company's consolidated revenue also went up 3.0 per cent year-on-year. The Group’s medium-term vision is to become world’s number one apparel retailer.

The consolidated gross profit margin of Future Retailing Group improved 0.7 point year-on-year, and the selling, general and administrative expense ratio improved by 0.7 point as it scaled up cost-cutting efforts from the previous year. It also recorded a foreign exchange gain of ¥13.3 billion after the spot foreign exchange rate at the end of May closed below the spot rate at the start of the business term. This helped to increase the carrying amount of long-term foreign-currency denominated assets in yen terms.

Now, Fast Retailing Group, parent company of Uniqlo brand, is focusing on making its online shopping experience more convenient with the launch of its new mobile shopping site in March 2017. Fast Retailing Group is also focusing on expanding Uniqlo International and its low-priced GU casual fashion brand. The aim is to increase Uniqlo store numbers in each country where it will operate, and open global flagship stores and large-format stores in major cities around the world to help consolidate Uniqlo’s position as a key global brand.

The company intends to integrate sustainability in its management strategy and will formulate a medium-term plan by August this year. (RR)

Fibre2Fashion News Desk – India


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