, China

Fast Retailing's profit fell 44.4% to $858.27m in FY2020

The company saw an impairment loss of $21.86m.

Fast Retailing's profit attributable to owners crashed 44.4% YoY to $858.27m (JPY90.3b) in FY2020, from $1.54b (JPY162b) in FY2019, the company announced.

Revenue also fell 12.3% to $19.10b (JPY2.01t) over the same period.

The company recorded a full-year impairment loss of $21.86m (JPY23b) primarily following significant decline in 2H revenue in the wake of the pandemic. Thus, its operating profit plunged 42% to $1.42b (JPY149.3b) during the year.

At the same time, the company's performance in Japan and Greater China recovered at a faster pace than it expected, which resulted in an overall full-year result that exceeded their July forecast.

The company is scheduled to offer a year-end dividend payment of $2.28 (JPY240) per share for the financial year.

In Japan, its revenue fell 7.6%, but operating profit climbed 2.2%. Same-store sales declined 6.8%, no thanks to store closures during the latter half of the year. Sales recovered once stores were reopened in June.

Internationally, revenue dropped 17.7%, whilst operating profit plummeted 63.8%. Revenue from Greater China declined and profit contracted sharply, but recovered at a faster-than-expected pace from March onwards.

Its GU segment saw a 3.1% growth in revenue, but its operating profit slumped 22.5%. Its global brands saw a revenue drop of 26.9% and an operating loss of $120.71m (JPY12.7b).

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