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Japan's Fast Retailing's revenue up 3.9% in 9 months of FY22

Published: 2022-07-15
The Fast Retailing Group’s revenue increased and profit rose significantly in the first nine months of fiscal 2022 (FY22) from September 1, 2021 to May 31, 2022, with consolidated revenue rising to ¥1.7651 trillion (+3.9 per cent yoy) and operating profit rising to ¥271.0 billion (+19.0 per cent yoy). It also recorded finance income net of costs of ¥78.1 billion.

“This was due to the recording of a ¥77.8 billion foreign-exchange gain on foreign-currency denominated assets and other items after the yen depreciated by approximately ¥18 over the period from a rate of 1 USD = 109.9 JPY at the start of the period to 1 USD = 128.2 JPY at the end of May 2022. As a result, profit before income taxes rose to ¥349.2 billion yen (+42.2 per cent yoy) and profit attributable to owners of the parent rose to ¥237.8 billion (+57.1 per cent yoy). The progressive depreciation of the yen did boost performance in yen terms, but, even if we strip out the foreign exchange effect, profit still reached a record high in the nine months ended 31 May 2022,” the company said in a press release.

Fast Retailing is advancing its LifeWear concept-the ultimate in everyday clothing, designed to make everyone's life better-to create apparel that not only emphasises quality, design, and price, but also meets the definition of "good clothing" from the standpoint of the environment, people, and society. The entire Fast Retailing Group, based on the LifeWear concept, will accelerate its transition to a new business model encompassing both sustainability and business growth. The six materialities are: creating new value through products and services; respecting human rights in our supply chain; respecting the environment; strengthening communities; supporting employee fulfillment and implementing good corporate governance.

“As a united group, we are strengthening 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. We are already pressing ahead with reforms that will enable us to offer more services that combine the strengths of our physical store and e-commerce network and unify inventory management,” the release added.

UNIQLO International reported large increases in both revenue and profit in the first nine months of fiscal 2022, with revenue rising to ¥841.2 billion (+13.7 per cent yoy) and operating profit increasing to ¥132.7 billion (+35.8 per cent yoy). While the depreciation of the Japanese yen boosted sales and operating profit in yen terms, the segment also achieved a record performance in local currency terms thanks primarily to significant revenue and profit increases from the South Asia, Southeast Asia and Oceania region and the North America and Europe (excluding Russia) regions. The Greater China region reported large declines in revenue and profit as the region was adversely impacted by restrictions on general movement put in place to address the spread of COVID-19 infections.

Fibre2Fashion News Desk (RR)



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