Fast Retailing (TSE: 9983) 1H19 Results: Revenues Up, but Company Lowers Profit Outlook for Second Half

Executive Summary

• Fast Retailing reported 1H19 revenues of ¥3 trillion ($11.4 billion), up 6.8%, and operating profit of ¥172.9 billion ($1.6 billion), up 1.4%. The company reported diluted EPS of ¥1,115.7 ($10.1), up 9.5% from the year-ago period.
• By banner, revenues at Uniqlo Japan declined 0.5%; Uniqlo International revenues were up 14.3%; GU brand posted ¥1 billion ($1.1 billion) in revenue, up 10.7%. Global Brands (Theory, PLST, Comptoir Des Cotonniers, Princess Tam.Team, J Brand) revenues down 0.9%.
• The company expects to report a 2H19 operating profit of ¥260 billion ($2.3 billion), versus its previous guidance of ¥270 billion.