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ファーストリテイリング(99830) - 2024 Q1 - 四半期報告書
06288FAST RETAIL-DRS(06288)2024-01-12 02:00

Financial Performance - Revenue for the first quarter of FY2024 reached 810.8 billion yen, a 13.2% increase year-on-year[5] - Operating profit for the first quarter of FY2024 was 146.7 billion yen, a 25.3% increase year-on-year[5] - Pre-tax profit for the first quarter of FY2024 was 162.5 billion yen, a 28.1% increase year-on-year[5] - Net profit attributable to owners of the parent company was 107.8 billion yen, a 26.7% increase year-on-year[5] - Revenue for the first quarter: ¥716.393 billion, up from ¥810.833 billion in the same period last year[30] - Operating profit: ¥117.077 billion, down from ¥146.686 billion in the same period last year[30] - Net profit attributable to parent company owners: ¥85.074 billion, down from ¥107.800 billion in the same period last year[31] - Q1 net profit increased to JPY 114.7 billion, up 27.7% compared to the previous year's JPY 89.8 billion[33] - Total comprehensive income for Q1 rose to JPY 152.2 billion, a significant increase from JPY 77.7 billion in the same period last year[33] - Tax pre-quarter profit increased from 126,812 million JPY to 162,471 million JPY[41] - Net income attributable to owners of the parent company for the quarter was ¥107.8 billion, compared to ¥85.074 billion in the same period last year[67] Profit Margins and Cost Control - Gross profit margin improved by 1.5 percentage points to 54.6% compared to the same period last year[5] - Domestic UNIQLO's gross profit margin improved by 2.7 percentage points due to better cost control and reduced impact of spot exchange rates[6] - GU's operating profit margin improved by 0.7 percentage points due to improved production efficiency and cost control[11] Regional Performance - Domestic UNIQLO business revenue increased by 1.5% year-on-year to 244.4 billion yen, with operating profit up 18.0% to 46.5 billion yen[6] - Overseas UNIQLO business contributed significantly to revenue and profit growth, driven by strong sales in North America and Europe[5] - Overseas UNIQLO business achieved a significant increase in revenue and profit, with sales revenue of 441.3 billion yen (up 23.3% YoY) and operating profit of 77.8 billion yen (up 35.8% YoY)[7] - North America and Europe saw strong performance due to new customer base expansion and robust sales of winter core products like cashmere sweaters and HEATTECH innerwear[7] - Southeast Asia, India, and Australia regions experienced a significant revenue increase, with store count growing by 45 stores YoY, although performance slightly missed expectations[7] - Domestic UNIQLO business revenue: 240,949 million yen, accounting for 33.6% of total revenue[54] - Overseas UNIQLO business revenue: 357,896 million yen[47] - Greater China revenue: 146,718 million yen, accounting for 20.5% of total revenue[54] - South Korea, Southeast Asia, India, and Australia revenue: 110,323 million yen, accounting for 15.4% of total revenue[54] - North America revenue: 47,397 million yen, accounting for 6.6% of total revenue[54] - Europe revenue: 53,456 million yen, accounting for 7.5% of total revenue[54] - Total revenue for the first quarter reached ¥810.833 billion, with Japan contributing ¥244.498 billion (30.2%) and Greater China contributing ¥180.347 billion (22.2%)[56] Business Segments - GU business achieved a significant increase in revenue and profit, with sales revenue of 87.8 billion yen (up 10.7% YoY) and operating profit of 12.3 billion yen (up 16.4% YoY)[11] - Global brand business reported a decline in revenue and profit, with sales revenue of 36.6 billion yen (down 2.4% YoY) and operating profit of 0.3 billion yen (down 43.9% YoY)[8] - GU business revenue: 79,364 million yen, accounting for 11.1% of total revenue[54] - Global Brands business revenue: 37,604 million yen, accounting for 5.2% of total revenue[54] - Uniqlo business accounted for ¥685.817 billion (84.6%) of total revenue, while GU business contributed ¥87.856 billion (10.8%)[56] - The company's main activities include UNIQLO, GU, and THEORY brands[43] Sustainability and Corporate Responsibility - UNIQLO's "RE.UNIQLO" initiative expanded to 40 stores across 18 countries and regions, with plans to reach over 50 stores globally by 2024[10] - UNIQLO launched the "UNIQLO Used Clothing Project" with a pop-up store in Harajuku, receiving positive customer feedback[10] - UNIQLO strengthened its supply chain transparency and human rights compliance, signing a "Production Partner Code of Conduct" with key suppliers[10] - Fast Retailing ranked 4th out of 55 global apparel companies in the Corporate Human Rights Benchmark by World Benchmarking Alliance[9] - The company has entered into a new 4-year global partnership with UNHCR, committing $6 million (approximately ¥900 million) to support refugee initiatives, including expanding clothing aid from 7 million to 10 million pieces annually[12] Financial Position and Cash Flow - Assets increased by ¥131.2 billion to ¥3.4349 trillion, primarily due to increases in accounts receivable (¥76 billion), other short-term financial assets (¥40.7 billion), and inventory (¥36.4 billion)[13] - Liabilities increased by ¥68.1 billion to ¥1.4985 trillion, mainly driven by increases in accounts payable (¥68.6 billion) and other short-term financial liabilities (¥15.8 billion)[13] - Equity increased by ¥63 billion to ¥1.9364 trillion, largely due to a ¥57.2 billion increase in retained earnings[13] - Cash and cash equivalents decreased by ¥15.9 billion to ¥887.3 billion, with ¥44.4 billion used in investing activities, including ¥20.7 billion for acquiring tangible fixed assets[13] - Operating activities generated ¥107.1 billion in cash flow, driven by pre-tax quarterly profit of ¥162.4 billion and a ¥61 billion increase in accounts payable[14] - Financing activities used ¥88.9 billion in cash, including ¥50.5 billion for dividend payments and ¥38 billion for lease liability repayments[14] - Cash and cash equivalents: ¥903.28 billion, up from ¥887.36 billion in the previous period[24] - Inventory: ¥449.254 billion, down from ¥485.724 billion in the previous period[24] - Total assets: ¥3,303.694 billion, down from ¥3,434.987 billion in the previous period[24] - Total liabilities: ¥1,430.333 billion, down from ¥1,498.532 billion in the previous period[25] - Retained earnings grew to JPY 1.56 trillion as of November 30, 2023, compared to JPY 1.33 trillion in the same period last year[38] - Dividend payments for Q1 amounted to JPY 50.6 billion, up from JPY 34.7 billion in the previous year[38] - Treasury stock transactions decreased significantly, with only JPY 591 million in disposals compared to JPY 657 million in the prior year[40] - Equity attributable to owners of the parent company increased to JPY 1.88 trillion as of November 30, 2023, from JPY 1.57 trillion in the previous year[39] - Depreciation and amortization expenses rose from 46,743 million JPY to 49,312 million JPY[41] - Interest and dividend income grew from 8,385 million JPY to 15,221 million JPY[41] - Operating cash flow surged from 1,309 million JPY to 107,184 million JPY[41] - Investment cash flow decreased from 376,354 million JPY to 44,410 million JPY[41] - Financial cash flow increased from 69,141 million JPY to 88,984 million JPY[41] - Cash and cash equivalents at the end of the period stood at 887,360 million JPY[41] - Total dividends paid: 50,600 million yen for the first quarter of FY2024[53] Financial Instruments and Fair Value - The fair value of bonds as of November 30, 2023, was 445,210 million yen, compared to a book value of 446,328 million yen[70] - The fair value of deposits and guarantees as of November 30, 2023, was 69,648 million yen, compared to a book value of 70,146 million yen[70] - The fair value of corporate bonds as of November 30, 2023, was 236,509 million yen, compared to a book value of 239,703 million yen[70] - Level 2 financial assets, including derivatives, were valued at 229,998 million yen as of November 30, 2023[72] - Level 3 financial assets, primarily consisting of unlisted stocks, were valued at 189 million yen as of November 30, 2023[72] - The total fair value of financial assets classified as Level 2 was 241,238 million yen as of August 31, 2023[71] - The total fair value of financial assets classified as Level 3 was 189 million yen as of August 31, 2023[71] Commitments and Investments - Commitments for tangible fixed asset purchases as of November 30, 2023, amounted to 13,019 million yen[73] - Commitments for intangible asset purchases as of November 30, 2023, amounted to 3,648 million yen[73] Financial Reporting and Auditing - The summary quarterly consolidated financial statements comply with International Accounting Standard 34[43] - The company's financial statements were approved by the Chairman and CEO Tadashi Yanai and CFO Takeshi Okazaki on January 11, 2024[43] - Management is responsible for preparing and presenting the summarized quarterly consolidated financial statements in accordance with International Accounting Standard 34 "Interim Financial Reporting"[77] - The company must evaluate whether it is appropriate to prepare the summarized quarterly consolidated financial statements on a going concern basis and disclose any related matters if necessary[77] - The auditors' responsibility is to monitor the directors' performance in the preparation and operation of the financial reporting process[77] - The company and its consolidated subsidiaries have no reportable interests with the audit firm or its executive members under the Certified Public Accountants Act[78] - The quarterly review procedures are limited compared to the annual financial statement audit conducted in accordance with generally accepted auditing standards in Japan[78] - If significant uncertainties regarding the going concern assumption are identified, the auditors must draw conclusions based on the evidence obtained and may issue a qualified or adverse opinion if necessary[78] - The auditors must evaluate whether the presentation and notes of the summarized quarterly consolidated financial statements comply with International Accounting Standard 34[78] - The auditors are responsible for obtaining evidence regarding the financial information of the company and its consolidated subsidiaries to express a conclusion on the summarized quarterly consolidated financial statements[78] - The auditors must report to the board of auditors and the audit committee on the planned scope and timing of the quarterly review, as well as significant findings[78] - The auditors must report to the board of auditors and the audit committee on compliance with professional ethics regulations in Japan and any measures taken to address threats to independence[78] Other Financial Metrics - Net financial income was 15.7 billion yen, primarily due to interest income of 12.7 billion yen and foreign exchange gains of 3.0 billion yen[5] - Overseas business translation adjustments contributed JPY 14.5 billion to other comprehensive income, up from JPY 9.2 billion in the previous year[33] - Cash flow hedge adjustments increased substantially to JPY 23.0 billion from JPY 2.9 billion in the prior year[33] - Inventory impairment loss: 2,450 million yen for the first quarter of FY2024[50] - Selling, general, and administrative expenses increased to ¥301.4 billion, up from ¥265.033 billion in the same period last year, with personnel costs rising to ¥107.547 billion[59] - Other income increased to ¥5.663 billion, primarily driven by foreign exchange gains of ¥3.997 billion[60] - Financial income rose to ¥18.261 billion, with interest income contributing ¥15.221 billion[64] - Basic earnings per share for the quarter increased to ¥351.50, up from ¥277.49 in the previous year[66] - The company issued 318,220,968 shares of common stock as of November 30, 2023, with a capital reserve balance of ¥4.578 billion[18] - Total issued shares as of November 30, 2023: 318,220,968 shares[21] - Total voting rights: 3,065,214[21] - Company's self-owned shares: 11,552,700 shares, representing 3.63% of total issued shares[22]