Japanese firm Fast Retailing records revenue of ¥627.3 billion in Q1

19 Jan '22

2 min read

Pic: Fast Retailing

In the first quarter of fiscal 2022, Fast Retailing’s consolidated revenue totalled ¥627.3 billion, up 1.2 per cent year-on-year, while operating profit totalled ¥119.4 billion yen, up 5.6 per cent year-on-year. The consolidated gross profit margin for the first quarter of 2022 improved to 54 per cent and the SGA expense ratio increased to 35.5 per cent.

“This result can be attributed primarily to strong performances and large increases in both revenue and profit at UNIQLO operations in South Asia, Southeast Asia & Oceania (Southeast Asia, Australia, and India), North America, and Europe. Meanwhile, our UNIQLO operations in Japan and the Greater China region (Mainland China market, Hong Kong market, and Taiwan market) and our GU business segment all reported declines in first-quarter revenue and profit,” Fast Retailing said in a press release.

In addition, under finance income net of costs, the company recorded a ¥14.8 billion foreign exchange gain on foreign-currency denominated financial assets and other items due to depreciation in yen exchange rates over the quarter. As a result, first-quarter profit before income taxes rose to ¥134.2 billion, an increase of 25.2 per cent year-on-year) and profit attributable to owners of the parent increased to ¥93.5 billion, rose by 33.0 per cent year-on-year). Due to the growing diversification of our global earnings pillars, Fast Retailing has achieved a record first-quarter consolidated performance in the first quarter of fiscal 2022.

“As a united group, we are determined to strengthen initiatives designed to expand our business operations and promote sustainability as part of our quest to become a global No.1 brand. We work hard to ensure our LifeWear ultimate everyday clothing is produced in working environments that are healthy, safe, and environment conscious, and strive to help solve a variety of social issues. We are currently channeling our efforts into expanding our e-commerce, UNIQLO International, and GU businesses as key pillars of operational growth. With regards to e-commerce, we are accelerating the building of a framework that will promote our main business by melding online and physical stores so we can offer as many of the products and information that customers want, whenever they want them,” the release added.

Fibre2Fashion News Desk (RR)

More FAST RETAILING CO LTD News... More Retail News - Japan...