The Fast Retailing Group, a Japanese multinational retail holding company, has reported a record high performance in fiscal 2022, or the twelve months from September 1, 2021 to August 31, 2022, with revenue rising to ¥2.3011 trillion (+7.9 per cent year-on-year) and operating profit expanding considerably to ¥297.3 billion (+19.4 per cent year-on-year).

Sales recovered steadily in all markets in which the company operates due to a steady recovery in demand for clothing now that the COVID-19 pandemic is being brought under control, as well as continued efforts to strengthen global branding for LifeWear ultimate everyday wear and its ability to mount an agile response to changes in production and distribution environments, the company said in a press release.

The company also recorded ¥116.2 billion in finance income net of costs, mainly comprising a ¥114.3 billion foreign exchange gain on foreign-currency denominated assets after the yen exchange rate against the US dollar weakened by approximately ¥29 over the fiscal year to the period end rate of ¥138.7. As a result, profit before income taxes increased to ¥413.5 billion (+55.6 per cent year-on-year) and profit attributable to owners of the parent expanded to ¥273.3 billion (+60.9 per cent year-on-year) in the twelve months to August 31, 2022. Furthermore, profit still reached a record level even after stripping out the foreign currency impact.

In fiscal 2022, the Global Brands segment reported an increase in revenue to ¥123.1 billion (+13.8 per cent year-on-year) and an operating loss of ¥0.7 billion (compared to an operating loss of ¥1.6 billion in the previous fiscal year). Its Theory operation reported significant increases in revenue and profit thanks to a recovery in performance in both the United States and Japan. The label was able to successfully expand its customer base by offering comfortable, highly finished lightweight clothing and strategically expanding products with revised price lines.

In fiscal 2023, the Fast Retailing Group expects to achieve consolidated revenue of ¥2.6500 trillion (+15.2 per cent year-on-year), operating profit of ¥350 billion (+17.7 per cent year-on-year), profit before income taxes of ¥350 billion (−15.4 per cent year-on-year) and profit attributable to owners of the parent of ¥230. billion (−15.9 per cent year-on-year).

Fibre2Fashion News Desk (RR)

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