Fast Retailing Reports Sharp Decreases in Sales and Profits

The Fast Retailing Group reported sharp decreases in their consolidated net sales and profits during the first nine months of fiscal 2020 from September 1, 2019 to May 31, 2020.

Net sales fell 15.2% year-on-year to 1,544.9 billion yen, and operating profits dropped 46.4% to 132.3 billion yen. Net profits declined by 42.9% to 90.6 billion yen.

The weak performance was caused primarily by the impact of COVID-19, which forced the group to either temporarily close or introduce shorter opening hours for many of their stores.

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