Fast Retailing’s Downward Revision Expected; a Surge in Gu’s Profit a Surprise
Narrow-moat Fast Retailing revised down its full-year profit guidance as we had expected. The revised profit target, lowered by 3.7% from the initial guidance, is now a touch above our forecasts. Despite a sizable profit decline in the domestic Uniqlo business, the Gu business achieved a surprisingly robust growth.ÂWe have maintained our fair value estimate of JPY 47,000. While we believe its cost advantages and intangible assets will sustain the group’s growth fueled by Uniqlo’s global expansi...
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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