Sat. Apr 20th, 2024

Fast Retailing Co., Ltd. reported that in the fiscal year ending in August 2016, consolidated sales increased by 6.2% over the previous fiscal year to 1,786.4 billion yen, while operating profits dropped 22.6% to 127.2 billion yen, and net profits fell 56.3% to 48 billion yen.

Fast Retailing recorded a 94.3% year-on-year rebound in profits in the second half from March to August, thanks to a nascent recovery in sales at UNIQLO Japan and UNIQLO International and concerted cost-cutting efforts in the second half, but these were not enough to cover the slump in the first half.

UNIQLO Japan posted sales of 799.8 billion yen (up 2.5%) and operating profits of 102.4 billion (down 12.6%). Factors increasing sales are a 0.9% increase in same store sales and a 30.1% increase in E-commerce business.

UNIQLO International achieved sales of 655.4 billion yen (up 8.6%), but operating profits declined by 13.7% to 37.4 billion yen.

As for FY2017, Fast Retailing expects sales of 1,850 billion yen, operating profits of 175 billion yen and net profits of 100 billion yen.

By daisen