18th October 2021, Mumbai:
Henceforth, Fast Retailing Group will sell the products of premium denim brand J Brand Inc as the brand liquidated its operations in August.
A direct-to-consumer brand, J Brand now sells its merchandise at channels operated by Fast Retailing, including stores and the website operated by sister brand Theory. Fast Retailing could potentially revive standalone J Brand stores down the road.
In fiscal 2022, Fast Retailing plans to focus on transforming its earnings structure through high-quality sales, turbocharging s e-commerce, diversifying global revenue, and pursuing a medium to long-term growth strategy.
The company said revenue for the year ended August 31 rose 6.2 percent to 2.132 trillion yen ($18.77 billion) from 2.008 trillion yen ($17.7 billion).
By business group, Uniqlo Japan revenue rose by 4.4 percent to 842.6 billion yen ($7.42 billion) from 806.8 billion yen ($7.10 billion). First-half profit rose on the back of strong sales, but second-half profits declined. While the third-quarter profit rose, the fourth quarter saw declines due to “stronger inventory rundowns” and lower-than-expected sales due to Covid-19 restrictions on movement.
The company forecasts a 3.1 percent gain in consolidated revenue for the fiscal year 2022 to 2.200 trillion yen ($19.36 billion), and a 3 percent gain in profits of 175.0 billion yen ($1.54 billion).
Fast Retailing expects revenue and profit to decline in the first half from September 1, 2021, to February 28, 2022, due to COVID-19 restrictions and temporary store closures causing transportation delays. The company expects these concerns to ease in the second half from March 1, 2022, to Aug. 31, 2022, which in turn should see a rise in revenue and an expansion of profits.