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Earnings · Forecast · Retail · Uniqlo
Fast Retailing Group reported a 6.8 percent rise in first-half revenues to 1.2676 trillion yen and a 1.4 percent increase in operating profit to 172.9 billion yen, yet revised down its full-year FY2019 forecasts for both business and operating profit by 10 billion yen each.
The company's profit attributable to owners of the parent grew 9.5 percent to 114 billion yen (1.03 billion dollars). Uniqlo Japan's revenue declined 0.5 percent and operating profit fell 23.7 percent due to a warm winter, though online sales surged 30.3 percent.
Conversely, Uniqlo International saw revenues jump 14.3 percent to 580 billion yen (5.22 billion dollars) and operating profit improve 9.6 percent, driven by strong performance in Greater China, Southeast Asia & Oceania, and Uniqlo USA turning a profit. GU also posted robust growth, with revenues up 10.7 percent and operating profit soaring 54.3 percent.
Despite the forecast revision, Fast Retailing still expects to achieve a record full-year performance, projecting consolidated revenue of 2.3000 trillion yen and operating profit of 260 billion yen for FY19.
