Fast Retailing to expand its global presence
Fast Retailing to expand its global presence
The Japanese Fast Retailing presumes for global enlargement to meet to its group net profit?s drop. The parent company of Uniqlo said Thursday its group net profit in the September-February time fell by 24.7 percent to 41.67 billion yen on low inner sales of autumn and winter clothes at its Uniqlo casual apparel series.
Fast Retailing assured it will step up energies to expand its worldwide presence. It will open its third Uniqlo store in New York this fall, and will also open its first Thai Uniqlo store in Bangkok nearly the same time. Now, stores in a foreign country account for only about 15 percent of the company's total sales. As of the end of March, the company had a total of 156 overseas Uniqlo department stores in 10 countries and regions in Asia, Europe and the U.S. By comparison the company had 829 Uniqlo stores in Japan.
The group effective return fell 17.8 percent to 82.06 billion yen on group sales of 457.33 billion yen, down 2.9 percent. It said command for autumn clothes was sluggish due to lasting summer heat, while sales of winter clothes were fragile amid higher-than-usual temperatures in December.
For the industry year ending in August, Fast Retailing group revised upward its group net profit view to 60 billion yen, up from the prior prediction of 51 billion yen, on projected sales of 836 billion yen, down from an early forecast of 846 billion yen.
However, the operator of the Uniqlo group of clothes department stores on Thursday upgraded its profit outlook for the full business year ending August, showing flexibility in the face of concerns over slumping internal shopper sentiment after the March 11 earthquake.
But notwithstanding the fall, the end result was still much stronger than the company's early estimated Y30 billion in profits. Revenue declined 2.9 percent to Y457.33 billion from Y470.97 billion a year earlier, while operating profit declined 18 percent to Y82.06 billion from Y99.89 billion a year before.
Looking forward, the group anticipates better incomes at its stores abroad and cost reductions to help emphasize its bottom line. For the complete economic year ending August, the company revised upward its net profit forecast to Y60 billion from Y51 billion, citing a larger-than-expected contribution from its overseas business. The company also raised its operating profit prediction to Y121.5 billion from Y113.5 billion, but cut its revenue outlook to Y836 billion from Y846 billion.
The group for the short term closed 160 department stores in the quake-hit zones of northern Japan. Of these, 123 stores resumed operations within single week. Although 11 stores were still closed as of Thursday, the company expects six of them will restart operation rapidly.
Shares of Fast Retailing have fallen 12 percent since the quake, underperforming a 8.1 percent decline in the benchmark Nikkei average.
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