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Fast Retailing posts increase in first half revenue and profit

By Prachi Singh

Apr 14, 2022

Business

Image: Uniqlo

Fast Retailing Group revenue of 1.2189 trillion yen, was up 1.3 percent in the first half of fiscal 2022, while operating profit of 189.2 billion yen increased 12.7 percent. Profit attributable to owners of the parent rose 38.7 percent to 146.8 billion yen.

Uniqlo Japan reported a drop of 10.2 percent in revenue to 442.5 billion yen and drop of 17.3 percent in operating profit to 80.9 billion yen. Same-store sales were down 9 percent compared to strong sales in the previous year. The company said this was due to lost sales opportunities resulting from shortages in some strong-selling winter ranges.

Uniqlo International generates strong revenue and profit

Uniqlo International revenue of 593.2 billion yen, increased 13.7 percent and operating profit of 100.3 billion yen, was up 49.7 percent. The group reported strong performances from S/SE Asia & Oceania and Europe regions on the back of strong revenue and profit gains. North America region reported a large increase in revenue and a move into the black.

The company said in a statement that demand in the Greater China region declined due restricted movement in the face of Covid-19, resulting in lower revenue and profit in the first half of fiscal 2022.

The operating profit generated by the North America and Europe regions constituted approximately 20 percent of the total for Uniqlo International.

GU segments posts drop in revenue and profit

GU segment revenue of 122.8 billion yen was down 7.4 percent and operating profit of 9.3 billion yen, dropped by 40.9 percent. The company added that sales of fall items struggled in the face of persistently warm weather. While sales of some winter items proved strong, delays in production and distribution resulted in lost sales opportunities.

Global Brands revenue of 58.9 billion yen rose 8.1 percent and operating profit moved into the black to 1 billion yen. The company’s Theory operation generated large increases in revenue and profit, while Comptoir des Cotonniers reported higher revenue and reduced operating loss.

The company forecasts fiscal 2022 consolidated revenue of 2.2000 trillion, up 3.1 percent and consolidated operating profit of 270 billion yen, up 8.4 percent. The company expects profit attributable to owners of the parent of 190 billion yen, an increase of 11.9 percent.

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