Fast Retailing's Long-Term Growth Intact Despite Short-Term Gross Margin Pressure
No-moat Fast Retailing’s third-quarter result disappointed the Street as year-over-year gross profit margin change contracted from a 150-basis-point gain in the first half to a 120-basis-point decline in the third quarter, but this has not changed our long-term thesis for the firm. We remain confident in management’s ability to reform and maintain cost-competitiveness, based on its track record of adaptability and its structural plan to shorten lead time, reduce inventory, and centralize its pur...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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