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Uniqlo owner Fast Retailing's FY21 profit almost doubles to ¥170 bn
18 Oct 21 2 min read
As business at Uniqlo recovered from the COVID-19 impact, the Japanese firm Fast Retailing posted 6.2 per cent revenue growth to ¥2,132.9 billion (Japanese Yen) in FY21 ended on August 31, 2021, over the prior fiscal. Operating profit for the year shot up 66.7 per cent to ¥249.0 billion (FY20: ¥149.3 billion), while profit attributable to the company during FY21 expanded 88.0 per cent to ¥169.8 billion (¥90.3 billion).
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Sales from Uniqlo Japan increased 4.4 per cent to ¥842.6 billion (¥806.8 billion) due to strong sales in the first half. While Uniqlo International recorded 10.2 per cent sales jump to ¥930.1 billion (¥843.9 billion) backed by improved sales in China, North America, Europe and also 20 per cent increase in e-commerce sales. However, South Asia, Southeast Asia and Oceania reported a decline in revenue with COVID-19 exerting a persistently large adverse impact on performance throughout the year, according to the Japanese manufacturer.
Furthermore, solid sales of chef’s pants and other items led GU brand sales to moderately grow 1.4 per cent to ¥249.4 billion. The company stated that GU suffered lost sales opportunities caused by shortages of strong-selling items, and produced some products that did not fully grasp the prevailing fashion trend. On the other hand, Global Brands sales slipped 1.3 per cent to ¥108.2 billion with Theory operation revealing improvement in sales.
Gross profit for FY21 surged 10.1 per cent to ¥1,073.9 billion (¥975.8 billion), while business profit ¥818.4 billion (¥170.0 billion). In its outlook for upcoming fiscal, the retail giant said that it expects to achieve revenue of ¥2.2 trillion, up 3.1 per cent YoY, with operating profit rising 8.4 per cent to ¥270.0 billion YoY.
Fibre2Fashion News Desk (JL)
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