Fast Retailing profit grows 12.7% to ¥189.2b in H1 2022

The company also projected an 8.4% growth in 2022.

Fast Retailing, which operates brands such as UNIQLO, GU and Theory, reported a consolidated operating profit ¥189.2b in the first half of the year, representing a 12.7% growth.

It also saw its revenue climb by 1.3% to ¥1.21t over the same period. The company attributed this to strong performances of its UNIQLO operations in South Asia, Southeast Asia and Oceania, North America, and Europe.

For the full year 2022, Fast Retailing revised up its projections to a growth of 8.4% to ¥270b in profit and 3.1% to ¥2.2t in revenue.

“This upward revision was fueled by the depreciation in the Japanese yen and incorporates a net finance income of ¥23.2b based on an assumed year-end exchange rate similar to the end February rate of US$1 = ¥115.6,” the company said.

Moreover, Fast Retailing expects UNIQLO International to continue generating revenue growth through the second half of its fiscal year from March to August.

As for its operating profit, the company sees it will remain steady as persisting restrictions in China offsets strong performances projected in its North America, Europe, and South Asia, Southeast Asia and Oceania markets.

“Breaking down the UNIQLO International estimates by geographical location, we expect full-year revenue from the Greater China region will decline and operating profit will drop sharply due to COVID-19 restrictions and other factors,” it said.

Fast Retailing expected its South Asia, Southeast Asia and Oceania market to record a double-digit growth in revenue and profit in 2022, whilst it sees the United Kingdom and European Union bloc to generate a large rise in revenue.