Japanese firm Fast Retailing's revenue surges 20.2% in FY23

13 Oct '23

2 min read

Pic: March Marcho / Shutterstock.com

Insights

Japanese company Fast Retailing reported a 20.2 per cent revenue increase to 2.77 trillion yen for FY23.
While operating profit rose by 28.2 per cent, growth rates for other key metrics like pre-tax profit and profit for the year slowed compared to FY22.
Total comprehensive income declined by 23 per cent.
Diluted earnings per share was 964.48 yen.

Japanese multinational retail holding firm Fast Retailing, the parent company of Uniqlo, has reported revenues of 2.77 trillion yen (approximately 18.50 billion) for fiscal 2023 (FY23), ended August 31, 2023, marking a 20.2 per cent increase from the previous year's 2.30 trillion yen. Operating profit also rose to 381.09 billion yen, showing a growth rate of 28.2 per cent, up from 297.33 billion yen in fiscal 2022.

Profit before income tax stood at 437.92 billion yen, a 5.9 per cent increase year-on-year (YoY). However, this is a much slower pace compared to last year's 55.6 per cent growth, the company said in a press release.

Profit for the year followed suit, reaching 315.17 billion yen, a 10.7 per cent increase compared to last year's 284.75 billion yen. This growth rate is slower than the 62.1 per cent growth witnessed in fiscal 2022.

Profit attributable to owners of the parent company amounted to 296.23 billion yen, an 8.4 per cent increase year-on-year. This marks a significant deceleration compared to the 60.9 per cent growth seen last year.

Total comprehensive income for the year, however, experienced a decline, falling by 23 per cent to reach 443.92 billion yen. This contrasts sharply with the massive 158.5 per cent growth recorded in the previous year.

The basic earnings per share (EPS) came in at 966.09 yen, a notable increase from last year’s 891.77 yen. Diluted earnings per share also showed a similar pattern, increasing to 964.48 yen from 890.43 yen in the previous year.

Fibre2Fashion News Desk (DP)

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