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    9983   JP3802300008


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Fast Retailing : Uniqlo owner Fast Retailing forecasts profit recovery as pandemic abates

10/14/2021 | 09:58am EST
FILE PHOTO: People wearing masks stand in a queue to enter Uniqlo's newly launched shop in Tokyo

TOKYO (Reuters) - Japan's Fast Retailing expects a continued recovery in sales and profits in the year to August 2022 as the pandemic abates, the owner of clothing brand Uniqlo said on Thursday.

The company said it expects operating profit to climb 8.4% to 270 billion yen ($2.4 billion) in fiscal 2021-22.

For the year ended in August, it reported 249 billion yen in operating profit, topping the 245.7 billion forecast in a Refinitiv poll of 13 analysts.

"Vaccinations are being carried out all over the world to control the spread of the disease, and the economy is growing in earnest," chief executive Tadashi Yanai told reporters.

Fast Retailing expects the pandemic will still drag on results in the first half of the fiscal year but will then recover in the second half as shopping habits return to normal.

The company said it expects some negative effects from production or logistic delays, problems that have plagued major clothiers and their global supply lines in recent months.

In September, Fast Retailing said The company said in late September that its clothing releases will be delayed due to COVID-19 lockdowns at partner factories in Vietnam some clothing releases would be delayed due to pandemic-related lockdowns at partner factories in Vietnam.

That followed crises in Myanmar and China that upset supply lines and created reputational challenges.

Fast Retailing halted operations at some partner facilities in Myanmar as a military coup led to social unrest and lockdowns. In China, the company and other foreign brands faced a customer backlash over criticisms of alleged human rights abuses in Xinjiang province.

Fast Retailing operates about 800 Uniqlo stores on the Chinese mainland, about the same number as in Japan.

Yanai said the company carried out regular inspections of production sites and had built up a team to improve monitoring of how it gets raw materials for its clothes.

"In the future, we will ensure a higher level of traceability of the materials we procure, including the farmers who produce the raw goods," Yanai said.

The company's shares have fallen 22% year to date, compared with a 4.1% advance in the benchmark Nikkei 225 index.

($1 = 113.4900 yen)

(Reporting by Rocky Swift in Tokyo; Editing by Tom Hogue and Mark Potter)

By Rocky Swift

ę Reuters 2021
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Analyst Recommendations on FAST RETAILING CO., LTD.
More recommendations
Sales 2022 2 260 B 19 927 M 19 927 M
Net income 2022 190 B 1 673 M 1 673 M
Net cash 2022 634 B 5 595 M 5 595 M
P/E ratio 2022 36,2x
Yield 2022 0,79%
Capitalization 6 859 B 60 666 M 60 485 M
EV / Sales 2022 2,75x
EV / Sales 2023 2,43x
Nbr of Employees 55 589
Free-Float 51,4%
Duration : Period :
Fast Retailing Co., Ltd. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends FAST RETAILING CO., LTD.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 67 140,00 JPY
Average target price 82 176,71 JPY
Spread / Average Target 22,4%
EPS Revisions
Managers and Directors
Tadashi Yanai Chairman, President & Group CEO
Takeshi Okazaki CFO, Director & Group Senior Executive Officer
Masaaki Shintaku Independent Outside Director
Toru Hambayashi Independent Outside Director
Nobumichi Hattori Independent Outside Director
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