Fast Retailing: Q1 revenue declines but operating profit up 23.3 percent

Consolidated revenue at Fast Retailing, totalled 619.7 billion yen, down 0.6 percent year-on-year, while operating profit totalled 113 billion yen, up 23.3 percent year-on-year driven by large increases in profit from Uniqlo operations in Japan and Greater China including Mainland China, Hong Kong and Taiwan, as well as rising profit and a strong overall performance from GU. On the other hand, the company said in a statement, Uniqlo operations in other parts of Asia & Oceania (including Southeast Asia, Australia, and India), North America, and Europe were hit especially hard by Covid-19, resulting in considerable declines in both revenue and profit. The first-quarter consolidated gross profit margin improved by 2.2 points to 52.4 percent, first-quarter pre-tax profit rose to 107.1 billion yen, up 5 percent and profit attributable to owners of the parent declined to 70.3 billion yen or 0.7 percent.