Fast Retailing (TSE: 9983) FY19 Results: Strong Year Driven by Uniqlo in Greater China

Executive Summary

• Fast Retailing reported FY19 revenues of ¥2.29 trillion ($48.1 billion), up 7.5%, and operating profit of ¥275.0 billion ($2.55 billion), up 9.1% from ¥225 billion ($2.09 billion) in the year-ago period.
• By banner, revenues at Uniqlo Japan increased 0.9%; Uniqlo International revenues were up 14.5%; GU brand’s revenue was up 12.7%. Global Brands (Theory, Comptoir des Cotonniers, Princess tam.tam) revenues were down 2.9%.
• For FY20, Fast Retailing forecasts revenues of ¥2.4 trillion ($50.4 billion) 4.8% higher than this year’s actual of ¥2.29 trillion, and operating profit of ¥280 billion ($2.59 billion), 1.8% higher than the FY19 actual of ¥275 billion.