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July 9, 2020updated 23 Dec 2021 4:53am

Fast Retailing 9M profit, sales slide on Covid impact

Uniqlo-owner Fast Retailing has booked a 42.9% fall in profits for the nine months to May with sales declining 15.2% year-on-year to JPY1.54trn (US$14.3bn).

By Hannah Abdulla

Uniqlo-owner Fast Retailing has booked a 42.9% fall in profits for the nine months to May with sales declining 15.2% year-on-year to JPY1.54trn (US$14.3bn).

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Net profit amounted to JPY90.6bn for the nine-month period to 31 May. It attributed the declines in profit and revenue “largely on the Covid-19 impact.”

By unit, Uniqlo Japan saw its sales for the nine months fall 14.6% to JPY598.8bn during the period. Operating profit declined 18.1% to JPY79.1bn.

It was a similar state of affairs at the international arm of Uniqlo where sales fell 17.9% to JPY673.5bn. Operating profit tumbled 58.5% to JPY51.8bn.

Conversely, sales were marginally up at Gu by 1.1% to JPY187.4m. Operating profit, however, slipped 22.2% to JPY20.4bn.

Sales at the Global Brands unit, meanwhile, fell 26.7% to JPY83.3bn. The segment posted an operating loss of JPY6bm, compared to an operating profit of JPY4.6bn in the first nine months of fiscal 2019.

Fast Retailing has now halved its profit expectation for the year, saying it expects an annual operating profit of JPY130bn. The company forecasts a 13.1% fall in consolidated revenues for the year to JPY1.99trn. Net profit is expected to be 47.7% lower year-on-year at JPY85bn.

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Free Report
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How can brands navigate the post-COVID-19 Apparel market?

In 2021, the Global Apparel market remained at 3% below pre-pandemic levels, with Europe and LATAM lagging behind. If they want to see full recovery, brands must look ahead. GlobalData is therefore offering this free report, Future of the Apparel Market Post Pandemic, to assist companies in adapting to the future market. This report explores the following topics:
  • Latest forecasts for the online apparel market out to 2025
  • How different regions and categories will perform, including which regions are lagging behind and which are performing at pre-pandemic levels
  • Which categories within the Apparel market are displaying resilience
  • Which brands are driving online spending
  • Impact of inflation on the Global Apparel market
  • What the biggest trends are that apparel businesses must adopt to succeed
Read our report on the Future of the Apparel Market Post Pandemic to gain valuable insights on how to best position your brand in a post-COVID-19 world.
by GlobalData
Enter your details here to receive your free Report.

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