FAST RE-DRS-NEW(06288) - 2020 Q2 - 季度财报

Financial Performance - Total revenue for the first three quarters of FY2020 was ¥1,544.924 billion, a decrease of 15.2% compared to the same period last year[9]. - Operating profit for the same period was ¥132.383 billion, down 46.6% year-on-year[9]. - Profit attributable to owners of the parent for the quarter was ¥90.640 billion, a decline of 42.9% compared to the previous year[9]. - Japan UNIQLO's revenue for the first three quarters of the fiscal year was ¥598.8 billion, a decrease of 14.6% year-on-year, with operating profit down 18.1% to ¥79.1 billion[10]. - Overseas UNIQLO's revenue for the first three quarters was ¥673.5 billion, down 17.9%, with operating profit declining 58.5% to ¥51.8 billion[11]. - GU's revenue for the first three quarters was ¥187.4 billion, a slight increase of 1.1%, while operating profit fell 22.2% to ¥20.4 billion[12]. - Global Brands' revenue for the first three quarters was ¥83.3 billion, a decrease of 26.7%, resulting in an operating loss of ¥6.0 billion[13]. - The company reported a decrease in pre-tax profit to ¥142.4 billion, down by ¥104.7 billion year-over-year[16]. - The company reported a net profit of ¥91,475 million for the nine months ended May 31, 2020, compared to ¥173,993 million for the same period in 2019, indicating a decline of about 47%[40]. - For the nine months ended May 31, 2020, the company reported a net profit of ¥90,640 million, compared to ¥247,211 million for the same period in 2019, indicating a significant decline[47]. Impairment and Losses - The company recorded an impairment loss of ¥15.2 billion on property, plant, and equipment due to poor performance of loss-making stores[9]. - Impairment losses for the nine months ended May 31, 2020, totaled ¥15,296 million, significantly higher than the ¥2,050 million recorded for the same period in 2019[72][75]. - The company reported a significant increase in impairment losses related to right-of-use assets, amounting to ¥11,732 million for the nine months ended May 31, 2020[74]. - The impairment losses primarily stemmed from declining profitability of several stores, including flagship locations, due to the pandemic[75][76]. Cash Flow and Assets - The net cash generated from operating activities was ¥173.122 billion for the nine-month period[6]. - As of May 31, 2020, total assets amounted to ¥2,337,738 million, an increase from ¥2,010,558 million as of August 31, 2019, representing a growth of about 16.1%[35]. - Cash used in investing activities was ¥70 billion, a decrease of ¥3.4 billion or 4.7% year-over-year[17]. - Cash used in financing activities increased to ¥149.4 billion, up by ¥54.7 billion or 57.8% year-over-year[18]. - The company’s cash and cash equivalents at the end of the period were ¥1,045,734 million, a decrease from ¥1,105,085 million at the beginning of the period, representing a net decrease of ¥40,785 million[47]. Market Expansion and Strategy - The company aims to expand its overseas UNIQLO and GU businesses, focusing on major cities and flagship stores[9]. - The overseas UNIQLO business is currently in a growth phase, particularly in Greater China and Southeast Asia[9]. - The company plans to establish itself as the world's leading apparel retail manufacturer through digital consumer retail initiatives[9]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[40]. - The company plans to continue expanding its UNIQLO and GU brands both domestically and internationally, focusing on enhancing its online retail presence[48]. COVID-19 Impact - In the third quarter, revenue dropped by 35.5% year-on-year, and operating profit fell by 74.0% due to COVID-19 impacts, with 311 out of 813 stores temporarily closed[10]. - In the third quarter, all regions experienced significant declines in revenue and profit due to COVID-19, but online sales showed growth due to promotional measures[11]. - The company has been actively supporting communities during the pandemic, donating millions of masks and protective gear to healthcare institutions[14]. - The company anticipates that the impact of COVID-19 will continue until at least August 2021, affecting store operations and profitability[75]. - The impact of COVID-19 on the group's performance is expected to persist until August 2021, with gradual recovery anticipated from June 2020[64]. Financial Reporting and Standards - The group has adopted IFRS 16 "Leases" starting from the first quarter of the fiscal year, with no restatement of prior period information[52]. - The accounting treatment for leases includes recognizing right-of-use assets and lease liabilities for leases other than short-term and low-value asset leases[54]. - The group’s financial statements are prepared in accordance with International Accounting Standards, ensuring compliance with all relevant standards[50]. - The interim financial statements for the nine months ended May 31, 2020, were approved by the Chairman and CFO on July 10, 2020[49]. - The group has clarified the accounting treatment for uncertainties in income tax under IFRIC 23[51].