FAST RE-DRS-NEW(06288) - 2021 Q2 - 季度财报

Financial Performance - Total revenue for the first three quarters of the fiscal year 2021 reached ¥1,698.1 billion, representing a 9.9% increase year-over-year[4] - Operating profit for the same period was ¥227.9 billion, a significant increase of 72.1% compared to the previous year[4] - Profit before tax for the first three quarters was ¥245.7 billion, reflecting a year-over-year growth of 72.5%[8] - Net profit attributable to the parent company for the quarter was ¥151.4 billion, up 67.0% year-over-year[8] - In Japan, UNIQLO's revenue for the first three quarters reached ¥675.1 billion, a year-on-year increase of 12.7%, with operating profit at ¥119.5 billion, up 51.0%[9] - Overseas, UNIQLO's revenue for the first three quarters was ¥739.6 billion, reflecting a year-on-year growth of 9.8%, and operating profit increased by 88.7% to ¥97.7 billion[10] - GU's revenue for the first three quarters amounted to ¥200.8 billion, a year-on-year increase of 7.1%, with operating profit rising 18.9% to ¥24.3 billion[11] - The global brand segment reported revenue of ¥80.5 billion, a decline of 3.3%, with operating loss widening to ¥8.9 billion from a loss of ¥6.0 billion in the previous year[12] - For the nine months ended May 31, 2021, the net cash used in investment activities was ¥657 billion, a decrease of ¥43 billion (6.2%) compared to the same period in 2020[16] - The company reported a significant increase in pre-tax profit for the overseas UNIQLO segment, reaching ¥121,920 million for the three months ended May 31, 2021, compared to a loss in the same period of the previous year[46] Cash Flow and Assets - Cash and cash equivalents at the end of the period amounted to ¥1,177.2 billion[4] - As of May 31, total assets were ¥2,492.2 billion, an increase of ¥80.2 billion from the previous fiscal year-end, driven by an increase in cash and cash equivalents by ¥83.6 billion[14] - Total liabilities decreased to ¥1,332.6 billion, down ¥83.2 billion from the previous fiscal year-end, primarily due to a reduction in trade and other payables by ¥31.7 billion[14] - Net assets increased to ¥1,159.6 billion, up ¥163.5 billion from the previous fiscal year-end, mainly due to retained earnings rising by ¥102.7 billion[14] - Operating cash flow for the nine months ended May 31 was ¥367.2 billion, an increase of 112.1% year-on-year, driven by pre-tax profit of ¥245.6 billion, up ¥103.2 billion[15] - The company’s cash flow projections are based on a discount rate of 8.7%, with cash flows estimated over a five-year period[52] Challenges and Impairments - The company recorded a net loss of ¥15.2 billion after accounting for impairment losses of ¥17.5 billion primarily in the overseas UNIQLO segment[8] - The company has implemented cost improvement measures to mitigate the impact of tax-inclusive pricing on gross margin, resulting in a slight decline of 0.5 percentage points in gross margin for the third quarter[9] - Despite strong sales of summer products, the company faced challenges in effectively communicating new product highlights, leading to performance below expectations[10] - The company recorded an impairment loss of ¥17,577 million primarily due to the decline in profitability of several stores, including flagship stores, as a result of the COVID-19 pandemic[52] - The company anticipates that the impact of COVID-19 will continue until at least the end of August 2021, affecting performance and leading to impairment losses[50] Future Outlook and Strategy - The company aims to expand its overseas UNIQLO and GU businesses, focusing on the Greater China and Southeast Asia markets[8] - The company continues to pursue its vision of becoming the world's leading apparel retail manufacturer as a "digital consumer retail enterprise"[8] - The company plans to continue focusing on market expansion and new product development to drive future growth[36] Shareholder Information - The company paid cash dividends of ¥18 billion to non-controlling interests, a decrease of ¥4 billion year-on-year[16] - The company paid a total dividend of ¥24,511 million for the nine months ended May 31, 2021, with a per-share dividend of ¥240[56] - As of May 31, 2021, the total number of issued shares was 106,073,656[20] - The company held 3,943,900 shares, representing 3.72% of the total issued shares[25] Financial Reporting and Compliance - The interim consolidated financial statements as of May 31, 2021, were prepared in accordance with International Accounting Standard 34, reflecting the financial position and performance of the group[74] - No significant issues were noted that would lead to a belief that the interim consolidated financial statements do not fairly present the group's financial situation[75] - The management is responsible for ensuring that the interim consolidated financial statements are prepared in accordance with International Accounting Standard 34 and reflect the group's financial position accurately[75] - The auditors conducted the review based on Japanese Certified Public Accountant standards, ensuring independence and adherence to ethical responsibilities[75] - The report was issued by Deloitte Touche Tohmatsu LLC on July 15, 2021, confirming the integrity of the financial statements reviewed[77]