Fast Retailing Missed Profit Targets for Warm Weather; Increasing Markdowns to Squeeze 2Q Margins
Narrow-moat Fast Retailing’s first-quarter profits, down more than 8%, came in below our expectation and the company’s target as unseasonal weather depressed demand for warm clothes. Given increased markdowns in Japan and East Asia including greater China and Korea into the second quarter, we have maintained our forecasts, slightly below the profit guidance, and fair value estimate of JPY 47,000. Despite our belief that Uniqlo’s cost advantage and intangible assets will sustain the group growth,...Fast Retailing is engaged in the control and management of overall group activities as a holding company. Co., through its subsidiaries, is mainly involved in the operation of chain stores, selling casual clothing and accessories at reasonable prices, called "UNIQLO" throughout Japan as well as in overseas. Co., through its subsidiaries, is also engaged in the planning, manufacture and sale of clothing under the brand names of "GU," "Theory," "COMPTOIR DES COTONNIERS," "PRINCESSE tam.tam" and "J Brand." In addition, Co. is engaged in the leasing of real estate.
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