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H1FY15 operating profit zooms 40% at Fast Retailing
14
Apr '15
In the six months to February 2015, revenue surged 24.2 per cent, while operating profit zoomed 40.2 per cent, both from a year ago periods, at Japanese apparel marketer Fast Retailing.

Fast Retailing which owns the Uniqlo brand, said its revenue rose 24.2 per cent year on year to ¥949.6 billion and operating profit expanded 40.2 per cent to ¥150.0 billion.

According to a Fast Retailing press release, all three business segments reported increases in both revenue and profit, with Uniqlo International especially reporting strong gains.

Profit before income taxes and profit attributable to owners of the parent both increased by a greater margin than consolidated operating profit.

“This was due largely to the depreciation of the Japanese yen, which boosted the appraisal value of foreign-currency denominated assets, generating net finance income of ¥13.5 billion,” it said.

At Uniqlo Japan, same-store sales grew 8.4 per cent from a year ago period from strong sales of core winter ranges such as Heattech, Ultra Light Down, sweatshirts and sweatpants.

“This strong sales trend reduced the need for discounting and in turn, boosted the gross profit margin, and resulted in a higher than expected rise in operating profit,” the apparel marketer noted.

Uniqlo International reported higher than expected increases in revenue and profit, with China, Hong Kong, Taiwan and South Korea reporting especially large gains.

The Global Brand segment too as expected, posted rising revenue and profit in the first half driven by its low-priced GU casualwear brand.

Strong sales of skirts, knitwear items and winter outerwear, and favourable sales of items in its new "GU Basic" category both helped boost first-half sales at existing GU stores.

For fiscal 2015, Fast Retailing projects group revenue at ¥1.65 trillion, up 19.3 per cent year on year and operating profit at ¥200.0 billion, also up a massive 53.4 per cent.

It expects profit before income taxes to amount to ¥211.5 billion, once again a steep gain of 56.1 per cent and profit attributable to owners of the parent at ¥120.0 billion, also higher at 61.0 per cent. (AR)

Fibre2fashion News Desk - India


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