Fast Retailing Group’s net profit attributable to company owners for fiscal 2020 was 90.3 billion yen, a year-on-year decrease of 44.4%.
Uniqlo’s parent company, Fast Retailing Group, has cut its profit in fiscal year 2020, but is expected to “turn over” in fiscal year 2021.
The Fast Retailing Group today announced its full-year results for fiscal year 2020 as of the end of August. The net profit attributable to the owners of the company was 90.3 billion yen, down 44.4% year-on-year ; Revenue was 2.01 trillion yen, down 12.3% year-on-year.
Fast Retailing Group stated that due to the epidemic,stores around the world have been Businesses have been temporarily closed one after another, and customers have also reduced their outings, resulting in a drop in traffic.
Year-to-date price changes of Uniqlo, source: Yahoo Finance
However, Fast Retailing predicts that the company will “turn over” in 2021. It expects that the impact of the epidemic in the second half of fiscal year 2021 will subside. As a result, net profit for the 2021 fiscal year increased by 82.6% year-on-year to 165 billion yen, and revenue increased by 9.5% year-on-year to 2.2 trillion yen.
Fast Retailing’s share price has rebounded since March of this year. At the close of trading on Thursday, the share price of the stock was reported to 70,420 yen, a record high, and the stock has far surpassed Bloomberg The analyst’s average target price (64941.67 yen). Zara’s parent company InditexThe current stock price is still down 17.14% from the beginning of the year,< span style="letter-spacing: 0px;">has not recovered from the epidemic.
Analysts said that Fast Retailing’s focus is in Asia, and Asia is currently relatively weakly affected by the epidemic. In addition, Fast Retailing’s clothing brands are moderately priced, which is suitable Basic clothing for home office.
Fast Retailing predicts that by the end of August 2021, the company’s stores will expand to 3,725, including UNIQLO stores in Japan (including special Xu business stores) and 813 overseas There are 1,558 Uniqlo stores, 445 GU stores and 909 global brand branch stores.
In contrast, HM Group previously stated that it plans to close its 250 stores in 2021, equivalent to about 5% of the total number of stores, and it has closed 50 stores this year.
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