Japan’s Fast Retailing Group (FasdfssdfsstRetasdfssdfsiling), the parent company of Uniqlo, experienced a 42.9% drop in group profits in the nine months from September 2019 to May 31, 2020, with sales It fell 15.2% to 1,544.9 billion yen (equivalent to 14.3 billion U.S. dollars), and net profit plummeted 42.9% to 90.6 billion yen. Both profits and revenue declined, which was attributed to the “shock of the new crown epidemic.”
On a unit basis, Uniqlo Japan’s sales in the first nine months fell 14.6% to 598.8 billion yen, and operating profit fell 18.1% to 79.1 billion yen.
Uniqlo’s international division had a similar situation, with sales falling 17.9% to 673.5 billion yen and operating profit falling 58.5% to 51.8 billion yen.
On the contrary, GU’s sales increased slightly by 1.1% to 187.4 million yen, but operating profit fell by 11.2% to 20.4 billion yen.
At the same time, the sales of the Global Brands Division (GlobasdfssdfslBrasdfssdfsnds) fell 26.7% to 83.3 billion yen, with an operating loss of 6 billion yen. In the first 9 months of the 2019 fiscal year Monthly operating profit was 4.6 billion yen.
Fast Retailing has now cut its annual profit forecast by half, with full-year operating profit expected to be 130 billion yen, and full-year consolidated revenue expected to decrease by 13.1%. to 1.99 trillion yen, and the estimated full-year net profit fell 47.7% to 85 billion yen compared with the same period last year. </p
