Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited (the "Stock Exchange") take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
FAST RETAILING CO., LTD.
迅 銷 有 限 公 司
(Incorporated in Japan with limited liability)
(Stock Code:6288)
INTERIM RESULTS ANNOUNCEMENT
FOR THE SIX MONTHS ENDED 29 FEBRUARY 2024
AND
RESUMPTION OF TRADING
The board of directors (the "Board") of FAST RETAILING CO., LTD. (the "Parent" or "Company") is pleased to announce the consolidated results of the Company and its subsidiaries (collectively the "Group") for the six months ended 29 February 2024.
At the request of the Company, trading in its Hong Kong depositary receipts on the Stock Exchange was halted with effect from 1:00 p.m. on Thursday, 11 April 2024, pending the release of this announcement. An application will be made by the Company to the Stock Exchange for resumption of trading in the Hong Kong depositary receipts with effect from 9:00 a.m. on Friday, 12 April 2024.
(Amounts are rounded down to the nearest million yen unless otherwise stated)
1. CONSOLIDATED RESULTS
The consolidated financial results were prepared in accordance with International Financial Reporting Standards ("IFRS").
(1) Consolidated Operating Results (1 September 2023 to 29 February 2024)
(Percentages represent year-on-year changes)
Revenue | Operating profit | Profit before | Profit for | ||||||||
income taxes | the period | ||||||||||
Millions | % | Millions | % | Millions | % | Millions | % | ||||
of yen | of yen | of yen | of yen | ||||||||
Six months ended 29 February 2024 | 1,598,999 | 9.0 | 257,085 | 16.7 | 299,395 | 29.9 | 209,438 | 27.2 | |||
Six months ended 28 February 2023 | 1,467,350 | 20.4 | 220,263 | 16.4 | 230,499 | 8.4 | 164,631 | 6.6 | |||
Profit attributable to | Total comprehensive | Basic earnings | Diluted earnings | ||||||||
income for the | per share for the | per share for the | |||||||||
owners of the Parent | |||||||||||
period | period | period | |||||||||
Millions | % | Millions | % | Yen | Yen | ||||||
of yen | of yen | ||||||||||
Six months ended 29 February 2024 | 195,912 | 27.7 | 307,670 | 129.7 | 638.79 | 637.68 | |||||
Six months ended 28 February 2023 | 153,392 | 4.5 | 133,950 | (33.6) | 500.29 | 499.56 |
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(Note) Our common stock has been split on a 3-to-1 basis, effective 1 March 2023. Basic earnings per share for the period, and diluted earnings per share for the period have been calculated assuming this stock split was conducted at the beginning of the previous fiscal year.
(2) Consolidated Financial Position
Equity | Ratio of equity | Equity per | |||
attributable to | share | ||||
attributable | |||||
Total assets | Total equity | owners | attributable | ||
to owners | |||||
of the Parent | to owners | ||||
of the Parent | |||||
to total assets | of the Parent | ||||
Millions of | Millions of | Millions of | % | Yen | |
yen | yen | yen | |||
As at 29 February 2024 | 3,495,845 | 2,067,660 | 2,007,862 | 57.4 | 6,546.44 |
As at 31 August 2023 | 3,303,694 | 1,873,360 | 1,821,405 | 55.1 | 5,939.33 |
2. DIVIDENDS
Dividend per share | |||||||||||||
(Declaration date) | |||||||||||||
First quarter | Second quarter | Third quarter | Year end | Total | |||||||||
period end | period end | period end | |||||||||||
Yen | Yen | Yen | Yen | Yen | |||||||||
Year ended 31 August 2023 | - | 375.00 | - | 165.00 | - | ||||||||
Year ending 31 August 2024 | - | 175.00 | |||||||||||
Year ending 31 August 2024 | - | 175.00 | 350.00 | ||||||||||
(forecast) | |||||||||||||
(Note) 1. Revisions during this quarter of dividends forecast for fiscal year: Yes |
2. Our common stock has been split on a 3-to-1 basis, effective 1 March 2023.
The year-end dividend per share for the fiscal year ended 31 August 2023 is listed in the amount that takes the stock split into
consideration, and the total dividend per share is listed as "-". Assuming that the stock split was conducted at the beginning of the previous fiscal year, the dividend per share at the end of the second quarter of the fiscal year ended August 31, 2023 would be 125 yen and the total dividend would be 290 yen.
3. CONSOLIDATED BUSINESS RESULTS PROJECTION FOR YEAR ENDING 31 AUGUST 2024 (1 SEPTEMBER 2023 TO 31 AUGUST 2024)
(% shows rate of increase/decrease from previous period)
Profit before | Profit attributable to | |||||||||
Revenue | Operating profit | owners of the | ||||||||
income taxes | ||||||||||
Parent | ||||||||||
Millions | % | Millions | % | Millions | % | Millions | % | |||
of yen | of yen | of yen | of yen | |||||||
Year ending 31 August 2024 | 3,030,000 | 9.5 | 450,000 | 18.1 | 500,000 | 14.2 | 320,000 | 8.0 | ||
Basic earnings | ||||||||||
per share | ||||||||||
attributable | ||||||||||
to owners | ||||||||||
of the Parent | ||||||||||
Yen | ||||||||||
Year ending 31 August 2024 | 1,043.39 |
(Note)1. Revisions during this quarter of previously disclosed consolidated business results projection for the year ending 31 August 2024: Yes.
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* Notes | ||||||
(1) Changes of principal subsidiaries in the period: | None | |||||
(2) Changes in accounting policies and changes in accounting estimates: | ||||||
(i) | Changes in accounting policies to conform with IFRS: | Yes | ||||
(ii) | Other changes in accounting policies: | None | ||||
(iii) | Changes in accounting estimates: | None | ||||
(3) Total number of issued shares (Common stock) | ||||||
(i) | Number of issued shares | As at 29 February | 318,220,968 | As at 31 August 2023 | 318,220,968 | |
(including treasury stock) | 2024 | Shares | shares | |||
(ii) | Number of treasury stock | As at 29 February | 11,510,097 | As at 31 August 2023 | 11,552,700 | |
2024 | Shares | Shares | ||||
Average number of issued | For the six months | 306,692,119 | For the six months | 306,605,049 | ||
(iii) | ended 29 February | ended 28 February | ||||
shares | Shares | Shares | ||||
2024 | 2023 | |||||
Our common stock has been split on a 3-to-1 basis, effective 1 March 2023. The number of issued shares at the end of the period, the number of treasury shares at the end of the period, and the average number of issued shares during the period have been calculated assuming this stock split was conducted at the beginning of the previous fiscal year.
- This interim results announcement is not subject to quarterly review procedures pursuant to the Financial Instruments and Exchange Act of Japan.
-
Explanation and other notes concerning proper use of the consolidated business results projection:
Statements made in these materials, such as those pertaining to future matters, including business projections, are based on information presently available to the Company and certain assumptions determined to be reasonable. Actual business results may vary materially depending on a variety of factors. For the background, assumptions and other matters regarding the business results projection, please refer to P.8 "(3) Qualitative Information Concerning Consolidated Business Results Projection".
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1. Business Results
- Results of Operations
The Fast Retailing Group reported an increase in revenue and a significant rise in profit in the first half of fiscal 2024, or the six months from 1 September 2023 to 29 February 2024, with consolidated revenue totaling 1.5989 trillion yen (+9.0% year-on-year) and operating profit rising to 257.0 billion yen (+16.7% year-on-year). This represented a new record consolidated performance fueled primarily by considerably higher first-half profits from UNIQLO operations in North America, Europe, and Southeast Asia and our GU operation, which are proving to be the key drivers of Group expansion. Fast Retailing's consolidated gross profit margin improved by 2.4 points year-on-year to 52.9%. The selling, general and administrative expense ratio increased by 1.5 points year-on-year to 37.2% due to a change in the practice followed through fiscal 2023 of recording year-end bonuses on a lump sum basis in August to recording year-end bonuses on a monthly basis from fiscal 2024 after defining our operational policy to align with the actual payment practice of year-end bonuses. If the impact is excluded, the ratio increased by 0.9 points. In addition, we recorded 42.3 billion yen under finance income net of costs, comprising 25.7 billion yen in net interest income and
- billion yen in translated foreign exchange gains on foreign-currency denominated assets. As a result, first-half profit before income taxes increased to 299.3 billion yen (+29.9% year-on-year) and profit attributable to owners of the Parent increased to
- billion yen (+27.7% year-on-year).
The Fast Retailing Group has been focusing on a number of areas as part of its endeavor to become a global No.1 brand that is essential to daily living and is trusted by all customers around the world. Those measures include (1) Further progressing the development of a digital consumer retailing industry, (2) Diversifying global earnings pillars, (3) Pursuing a business model in which the development of business contributes to sustainability, (4) Expanding the GU business segment, as well as Theory and other Global brands, and (5) Strengthening Human Capital. We aim to enhance our product development and branding and accelerate high-quality store openings at UNIQLO International in particular as the growth pillar of the Fast Retailing Group. We are also committed to creating LifeWear, simple and high-quality everyday clothing, in order to help build a sustainable society. Our aim is to create high-quality clothing that lasts a long time, clothing that exerts a lower impact on the planet and is made in healthy and safe working environments, and circular clothing that can be recycled or reused.
UNIQLO Japan
UNIQLO Japan reported a decline in revenue but a significant increase in profit in the first half of fiscal 2024, with revenue contracting to 485.1 billion yen (−2.0% year-on-year) and operating profit rising to 77.2 billion yen (+14.7% year-on-year). First- half same-store sales declined by 3.4% year-on-year. This was due to warmer-than-usual temperatures that stifled demand for Fall Winter ranges at the beginning of the season in September, October and then again during the bumper sales period of December, and due to our inability to compile a suitable product lineup for the warm winter weather or convey sufficient product-related information. The gross profit margin improved by a considerable 3.6 points year-on-year thanks primarily to an improvement in cost of sales. In the first half of fiscal 2023, cost of sales deteriorated following the sharp weakening in yen spot rates used for additional production orders. However, in the first half of fiscal 2024, greater control over orders reduced the amount of additional production, lessening the impact of spot exchange rates and greatly improving first-half cost of sales. The selling, general and administrative expense ratio increased by 1.3 points year-on-year due primarily to lower sales and higher personnel costs and depreciation and amortization ratios.
UNIQLO International
UNIQLO International reported significant increases in revenue and profit in the first half of fiscal 2024, with revenue rising to
883.9 billion yen (+17.0% year-on-year) and operating profit expanding to 150.9 billion yen (+23.0% year-on-year). UNIQLO operations in North America and Europe performed particularly well, with operational growth entering a virtuous cycle on the back of growing customer affinity toward LifeWear, an expanding customer base, and an accelerated opening of new stores.
Breaking down the UNIQLO International performance into individual regions and markets and viewing performance on a local currency basis, the Mainland China market reported a rise in revenue but a slight contraction in profit in the first half. However, if you exclude the impact caused by the changes in the timing of recording year-end bonuses, profit did actually increase slightly year-on-year.Same-store sales in the Mainland China market increased by approximately 20% year-on-year in the first quarter from September to November 2023 thanks to strong sales of Winter ranges, which resulted in an increase in same-store sales for the first half overall. In the second quarter from December 2023 to February 2024, same-store sales contracted slightly on the back of a general slowdown of consumer appetite and our own inability to offer ranges that matched demand in the face of warm winter weather and volatile temperatures. First-half revenue and profits from the Hong Kong market rose, while the Taiwan market generated higher revenue and a flat operating profit result. UNIQLO South Korea reported higher revenue and profit in the first half by successfully coinciding the launch of Winter ranges with the onset of colder weather. Revenue and profit rose
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considerably in the Southeast Asia, India & Australia region thanks to strong sales of Winter items and subsequent Spring Summer ranges, which were put on display earlier than usual in local stores. Meanwhile, UNIQLO North America and UNIQLO Europe both reported significant increases in first-half revenue and profit, with extremely strong performances being buoyed by continued growth in new customer bases and growing support for LifeWear among local customers.
GU
The GU business segment reported higher revenue and a significant increase in profit in the first half of fiscal 2024, with revenue rising to 159.5 billion yen (+9.6% year-on-year) and operating profit totaling 15.3 billion yen (+17.5% year-on-year). Thanks to efforts to prepare ample volumes of products that captured mass fashion trends and to strengthen sales, GU generated strong sales of Heavy Weight Sweat Shirts, Heat Padded outerwear, Cargo Pants, Wide Jeans, and other products, contributing to an increase in first-halfsame-store sales. Furthermore, the GU operating profit margin improved by 0.6 points year-on-year as improvements in production efficiency and other factors helped improve cost of sales and the gross profit margin.
Global Brands
The Global Brands segment reported a decline in revenue to 69.4 billion (−1.2% year-on-year) in the first half of fiscal 2024 and an operating loss of 1.7 billion yen (compared with a profit of 0.1 billion yen in the first half of fiscal 2023). While our Theory brand generated higher revenue thanks to strong sales in Japan and Asia, profit declined on the back of higher personnel costs resulting from salary increases and a rise in the selling, general and administrative expense ratio. Our PLST brand reported a decline in revenue as efforts to reform business operations resulted in an approximate 60% reduction in store numbers. The brand also reported a slight operating loss of similar level to the previous year. Finally, our France-based Comptoir des Cotonniers brand reported a decline in revenue as structural reforms reduced the store network by approximately 10% compared with the previous year and shortages of key Winter ranges made it difficult to attract customers. The first-half operating loss reported by Comptoir des Cotonniers was similar to that of the previous year.
Sustainability
Fast Retailing is advancing its LifeWear concept-the ultimate in everyday clothing, designed to make everyone's life better-to create apparel that emphasizes being environmentally friendly, protecting human rights and contributing to society, in addition to quality, design and price.
We have identified six priority areas (materialities) for our sustainability activities. The main company activities during the second- quarter consolidated accounting period are as follows.
- Creating new value through products and sales: UNIQLO is promoting its "RE.UNIQLO" initiative that contributes to a recycling-based society by creating ways in which clothes can continue to be utilized, as part of its REDUCE, REUSE, RECYCLE activities. For REDUCE, as of the end of February 2024, RE.UNIQLO Studio, which offers clothing repair, remaking and upcycling services, has been rolled out to 42 stores across 19 countries and regions, and there are plans to expand it to more than 50 stores globally by the end of December 2024. For REUSE, following on the UNIQLO Harajuku store in October 2023, which was well received by many customers, we are conducting the second round of trials of the UNIQLO Pre-Owned Clothes Project at UNIQLO's Setagaya Chitosedai store from March 2024, with plans to also run this at UNIQLO's Tenjin store from April.
- Respecting human rights and labor environment in the supply chain: We are also continually strengthening our efforts to improve transparency and traceability and respect human rights and labor environments. In recognition of these efforts, in 2023 we were ranked fourth out of 65 apparel companies worldwide and ranked first in the Asia-Pacific region by KnowTheChain, a benchmark that evaluates companies' efforts to address the risks of forced labor in their supply chains. We were recognized in particular for our signing of the International Accord for Health and Safety in the Textile and Garment Industry and the Pakistan Accord, both of which are legally binding agreements aimed at protecting the health and safety of textile and garment industry workers. In addition, we were recognized for our efforts to protect the human rights of migrant workers.
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- Consideration for the environment: We have set ourselves the goal of reducing greenhouse gas emissions at our stores and offices by 90% by the fiscal period ending August 2030 compared to FY2019, and by 20% in our supply chains. We are strengthening our efforts to introduce renewable energy within the company and to resolve factory-specific issues together with UNIQLO and GU's main factories, while at the same time ensuring continuous information disclosures. In recognition of our climate change efforts and disclosures, for the second consecutive year we have been recognized in 2023 as an "A-List" company in the Climate Change program by international non-profit organization CDP. In addition, we were also awarded the highest rank of "Supplier Engagement Leader" in the Supplier Engagement Rating, which evaluates how effectively companies work with their suppliers on climate change issues.
- Community co-existence and mutual support: In response to requests from local authorities, NPOs, NGOs and other aid organizations, we are providing emergency assistance to the victims of the January 1, 2024 Noto Peninsula earthquake. We have donated a total of 88,000 UNIQLO and GU products (as of the end of February 2024) to cities such as Wajima, Nanao, Suzu, Noto and Hakusan in Ishikawa Prefecture through local authorities, NPOs, NGOs and other aid organizations. In addition, we have donated a total of JPY 100 million to ADRA Japan, a certified NPO involved in emergency relief in disaster areas, certified NPO Peace Winds Japan, and Save the Children Japan.
UNIQLO is also promoting the PEACE FOR ALL initiative, in which graphic T-shirts designed by celebrities who agree with our desire to take action for world peace are sold worldwide at UNIQLO stores and online, with all profits (equivalent to 20% of the sale price per shirt) donated to three humanitarian aid organizations with which we have formed a partnership. Donations are used to support activities that help those affected by poverty, discrimination, violence, conflict, and war. Since the start of the initiative in June 2022, 38 groups of celebrities have participated, with donations totaling JPY 970 million by the end of January 2024. - Supporting employee fulfillment: We are implementing various initiatives to promote diversity in four priority areas of gender, Global One Team, disabilities and LGBTQ+, including the introduction of systems and training programs to support relevant parties. The Human Rights Committee in the first half of 2024 discussed reports and measures to address the issues improving the ratio of women in managerial positions and reducing the gender pay gap going forward. Based on the committee's discussions, women's human resources development meetings were held in January and February 2024, in which there were discussions around development plans and skills development for female management candidates. In addition, with the revised Act for Eliminating Discrimination against Persons with Disabilities coming into force in Japan in April 2024, companies will have to provide reasonable accommodations for persons with disabilities. In February 2024, we conducted training for UNIQLO and GU sales employees to deepen their understanding of disabilities and to encourage their consideration for customers and employees.
- Implementing good corporate governance: To enable rapid and transparent management, we have a number of committees engaged in open and active discussions. The Human Rights Committee reported on the current status and issues raised via Fast Retailing's employee hotline and the Fast Retailing hotline for factory employees, and discussed ways of improving the system. The committee also reported on the results of the annual human rights survey conducted in Japan and discussed measures to be taken, and also discussed policies for monitoring the working environments at factories. The Nomination and Remuneration Advisory Committee discussed the requirements, nomination policy and appointment proposals for corporate auditor candidates, in addition to discussing the remuneration for internal directors.
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- Financial Positions and Cash Flows Information
- Financial Positions
Total assets as at 29 February 2024 were 3.4958 trillion yen, which was an increase of 192.1 billion yen relative to the end of the preceding fiscal year. The principal factors were an increase of 162.5 billion yen in cash and cash equivalents, a decrease of 46.9 billion yen in other current financial assets, a decrease of 34.8 billion yen in inventories, an increase of 26.2 billion yen in derivative financial assets, a decrease of 21.1 billion yen in income taxes receivables, an increase of 7.8 billion yen in property, plant and equipment, an increase of 8.9 billion yen in right-of-use assets and an increase of 83.3 billion yen in non-current financial assets.
Total liabilities as at 29 February 2024 were 1.4281 trillion yen, which was a decrease of 2.1 billion yen relative to the end of the preceding fiscal year. The principal factors were a decrease of 28.1 billion yen in trade and other payables, an increase of 22.1 billion yen in other current financial liabilities, an increase of 2.7 billion yen in current tax liabilities and an increase of 1.1 billion yen in provisions.
Total net assets as at 29 February 2024 were 2.0676 trillion yen, which was an increase of 194.3 billion yen relative to the end of the preceding fiscal year. The principal factors were an increase of 145.3 billion yen in retained earnings, an increase of 40.5 billion yen in other components of equity and an increase of 7.8 billion yen in non-controlling interests.
(ii) Cash Flows Information
Cash and cash equivalents as at 29 February 2024 had increased by 162.5 billion yen from the end of the preceding fiscal year, to 1.0658 trillion yen.
(Operating Cash Flows)
Net cash generated by operating activities for the six months ended 29 February 2024 was 322.3 billion yen (177.4 billion yen was generated during the six months ended 28 February 2023). The principal factors were cash inflow from profit before tax for
299.3 billion yen and depreciation and amortization for 99.7 billion yen, and cash outflow from decrease in trade and other payables for 31.0 billion yen and taxes paid for 90.7 billion yen.
(Investing Cash Flows)
Net cash used in investing activities for the six months ended 29 February 2024 was 54.1 billion yen (472.7 billion yen was used during the six months ended 28 February 2023). The principal factors were 30.1 billion yen in payments for acquisition of property, plant and equipment and 15.6 billion yen in payments from acquisition of intangible assets.
(Financing Cash Flows)
Net cash used in financing activities for the six months ended 29 February 2024 was 131.4 billion yen (159.7 billion yen was used during the six months ended 28 February 2023). The principal factors were 50.5 billion yen in dividend payments and 73.9 billion yen in repayments of lease liabilities.
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-
Qualitative Information Concerning Consolidated Business Results Projection
Regarding our business results projection for the year ending 31 August 2024, we have revised up our forecasts as follows to reflect the higher-than-expectedfirst-half performance. The following table compares our latest full-year business results projection with the previous estimates announced in the "First Quarterly Results Announcement for the Three Months Ended 30 November 2023" released on 11 January 2024.
(Full financial year) | |||||
Profit attributable | Basic earnings per | ||||
Profit before | share attributable | ||||
Revenue | Operating profit | to owners of the | |||
income taxes | to owners of the | ||||
Parent | |||||
Parent | |||||
Millions of yen | Millions of yen | Millions of yen | Millions of yen | Yen | |
Previous forecast (A) | 3,050,000 | 450,000 | 480,000 | 310,000 | 1,010.99 |
New forecast (B) | 3,030,000 | 450,000 | 500,000 | 320,000 | 1,043.39 |
Difference (B-A) | (20,000) | 0 | 20,000 | 10,000 | - |
Change (%) | (0.7) % | 0.0% | 4.2% | 3.2% | - |
Previous results | 2,766,557 | 381,090 | 437,918 | 296,229 | 966.09 |
(Note) Revisions during this quarter of previously disclosed consolidated business results projection for the year ending 31 August 2024: Yes
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2. Interim Condensed Consolidated Financial Statements and Accompanying Material Notes
- Interim Condensed Consolidated Statement of Financial Position
(Millions of yen) | |||
Notes | As at 31 August 2023 | As at 29 February 2024 | |
ASSETS | |||
Current assets | |||
Cash and cash equivalents | 903,280 | 1,065,864 | |
Trade and other receivables | 66,831 | 66,635 | |
Other financial assets | 576,194 | 529,265 | |
Inventories | 449,254 | 414,432 | |
Derivative financial assets | 132,101 | 152,011 | |
Income taxes receivable | 23,660 | 2,490 | |
Other assets | 25,372 | 27,279 | |
Total current assets | 2,176,695 | 2,257,979 | |
Non-current assets | |||
Property, plant and equipment | 221,877 | 229,710 | |
Right-of-use assets | 389,183 | 398,176 | |
Goodwill | 8,092 | 8,092 | |
Intangible assets | 87,300 | 91,954 | |
Financial assets | 240,363 | 323,728 | |
Investments in associates accounted for using | 18,974 | 19,601 | |
the equity method | |||
Deferred tax assets | 38,208 | 39,525 | |
Derivative financial assets | 114,151 | 120,469 | |
Other assets | 8,846 | 6,606 | |
Total non-current assets | 1,126,998 | 1,237,865 | |
Total assets | 3,303,694 | 3,495,845 | |
Liabilities and equity | |||
LIABILITIES | |||
Current liabilities | |||
Trade and other payables | 338,901 | 310,755 | |
Other financial liabilities | 61,913 | 84,062 | |
Derivative financial liabilities | 3,600 | 4,160 | |
Lease liabilities | 126,992 | 129,120 | |
Current tax liabilities | 65,428 | 68,200 | |
Provisions | 2,642 | 1,781 | |
Other liabilities | 129,782 | 127,011 | |
Total current liabilities | 729,260 | 725,092 | |
Non-current liabilities | |||
Financial liabilities | 241,068 | 241,161 | |
Lease liabilities | 338,657 | 338,647 | |
Provisions | 50,888 | 52,894 | |
Deferred tax liabilities | 67,039 | 67,704 | |
Derivative financial liabilities | 1,410 | 710 | |
Other liabilities | 2,007 | 1,971 | |
Total non-current liabilities | 701,072 | 703,092 | |
Total liabilities | 1,430,333 | 1,428,184 | |
EQUITY | |||
Capital stock | 10,273 | 10,273 | |
Capital surplus | 28,531 | 29,089 | |
Retained earnings | 1,498,348 | 1,643,660 | |
Treasury stock, at cost | (14,714) | (14,660) | |
Other components of equity | 298,965 | 339,500 | |
Equity attributable to owners of the Parent | 1,821,405 | 2,007,862 | |
Non-controlling interests | 51,955 | 59,797 | |
Total equity | 1,873,360 | 2,067,660 | |
Total liabilities and equity | 3,303,694 | 3,495,845 | |
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-
Interim Condensed Consolidated Statement of Profit or Loss and Interim Condensed Consolidated Statement of Comprehensive Income
Interim Condensed Consolidated Statement of Profit or Loss
(Millions of yen) | |||
Notes | Six months ended | Six months ended | |
28 February 2023 | 29 February 2024 | ||
Revenue | 3 | 1,467,350 | 1,598,999 |
Cost of sales | (725,830) | (753,755) | |
Gross profit | 741,520 | 845,244 | |
Selling, general and administrative expenses | 4 | (524,210) | (594,073) |
Other income | 5 | 5,529 | 7,338 |
Other expenses | 5 | (3,211) | (2,414) |
Share of profit / (loss) of associates accounted for using | 635 | 989 | |
the equity method | |||
Operating profit / (loss) | 220,263 | 257,085 | |
Finance income | 6 | 17,075 | 47,273 |
Finance costs | 6 | (6,839) | (4,962) |
Profit / (Loss) before income taxes | 230,499 | 299,395 | |
Income tax expense | (65,868) | (89,957) | |
Profit / (Loss) for the period | 164,631 | 209,438 | |
Profit / (Loss) for the period attributable to: | |||
Owners of the Parent | 153,392 | 195,912 | |
Non-controlling interests | 11,238 | 13,526 | |
Total | 164,631 | 209,438 | |
Earnings per share | |||
Basic (yen) | 7 | 500.29 | 638.79 |
Diluted (yen) | 7 | 499.56 | 637.68 |
Interim Condensed Consolidated Statement of Comprehensive Income | |||
(Millions of yen) | |||
Notes | Six months ended | Six months ended | |
28 February 2023 | 29 February 2024 | ||
Profit for the period | 164,631 | 209,438 | |
Other comprehensive income / (loss), net of income tax | |||
Items that will not be reclassified subsequently to profit or | |||
loss | |||
Financial assets measured at fair value through other | (6) | (0) | |
comprehensive income / (loss) | |||
Total items that will not be reclassified subsequently to | (6) | (0) | |
profit or loss | |||
Items that may be reclassified subsequently to profit or loss | |||
Exchange differences on translating foreign operations | (17,581) | 36,587 | |
Cash flow hedges | (13,094) | 61,607 | |
Share of other comprehensive income / (loss) of | 2 | 38 | |
associates | |||
Total items that may be reclassified subsequently to | (30,673) | 98,232 | |
profit or loss | |||
Other comprehensive income / (loss), net of income tax | (30,680) | 98,232 | |
Total comprehensive income for the period | 133,950 | 307,670 | |
Attributable to: | |||
Owners of the Parent | 124,748 | 292,218 | |
Non-controlling interests | 9,202 | 15,451 | |
Total comprehensive income for the period | 133,950 | 307,670 | |
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Fast Retailing Co. Ltd. published this content on 10 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 April 2024 06:40:02 UTC.