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    9983   JP3802300008

FAST RETAILING CO., LTD.

(9983)
  Report
End-of-day quote. End-of-day quote Japan Exchange - 09/24
77100 JPY   +1.50%
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Fast Retailing : Uniqlo owner trims profit forecast on new COVID-19 curbs

07/15/2021 | 04:47am EDT
Women walk past a store of Fast Retailing's fashion chain Uniqlo in Beijing

TOKYO (Reuters) - Japan's Fast Retailing, owner of clothing brand Uniqlo, trimmed its profit outlook for the year, saying additional government restrictions in Japan and other markets to contain fresh COVID-19 infections has slowed customer traffic in stores.

Last week, Japan, where the company operates some 800 Uniqlo stores, declared a fourth coronavirus state of emergency in Tokyo, just two weeks before the Olympic Games are due to begin.

"With the declaration of a state of emergency again, it is expected that customers' willingness to go out and shop will be more restrained," Chief Financial Officer Takeshi Okazaki told reporters in Tokyo. "We expect that trend will continue for the time being, so we have revised our business forecast to reflect this."

Fast Retailing said on Thursday it now expects operating profit for the fiscal year ending August to rise 64% year-over-year to 245 billion yen ($2.23 billion), versus a previous estimate of 255 billion yen.

Profit rose to 227.9 billion yen in the nine months ended May from 134.4 billion yen in the year-earlier period that was hit hard by the coronavirus crisis.

The interim results were bolstered by strong sales of masks, lounge wear and other goods that befitted the stay-at-home lifestyle of the pandemic.

The company has been among the more resilient retailers during the COVID-19 pandemic, as Uniqlo's focus on China and Japan helped it escape the worst of the downturn in the United States and Europe.

But the company had to deal with crises in Myanmar and China that upset supply lines and created reputational challenges.

Earlier this year, it was forced to halt operations at some partner facilities in Myanmar, where a military coup has led to social unrest.

In China, the company and other foreign brands are facing customer backlash over criticisms of alleged human rights abuses in Xinjiang province. Fast Retailing operates about 800 Uniqlo stores on the mainland.

Chief executive Tadashi Yanai has declined to comment on Xinjiang issues, saying his company remains politically neutral.

The company lost an appeal with United States Customs in May after a clothing shipment was impounded because of suspected violations of a ban on Xinjiang cotton.

Earlier this month, a media report said Fast Retailing was among four retailers being investigated by French prosecutors for suspected concealing of human rights abuses in China. The company said there was no forced labour in its supply chain.

CFO Okazaki reiterated that the company wasn't aware of any problems in its supply chain and that it would cooperate with any probe from authorities.

(Reporting by Rocky Swift in Tokyo; Editing by Sayantani Ghosh, Jacqueline Wong and Kim Coghill)

By Rocky Swift


ę Reuters 2021
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Analyst Recommendations on FAST RETAILING CO., LTD.
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Financials
Sales 2021 2 182 B 19 664 M 19 664 M
Net income 2021 165 B 1 487 M 1 487 M
Net cash 2021 546 B 4 919 M 4 919 M
P/E ratio 2021 47,8x
Yield 2021 0,64%
Capitalization 7 874 B 71 125 M 70 970 M
EV / Sales 2021 3,36x
EV / Sales 2022 2,98x
Nbr of Employees 57 727
Free-Float 51,4%
Chart FAST RETAILING CO., LTD.
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Fast Retailing Co., Ltd. Technical Analysis Chart | MarketScreener
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Technical analysis trends FAST RETAILING CO., LTD.
Short TermMid-TermLong Term
TrendsBullishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 14
Last Close Price 77 100,00 JPY
Average target price 85 657,14 JPY
Spread / Average Target 11,1%
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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