Fast Retailing's Positive Surprise and Overseas Growth Potential Fully Priced in
No-moat Fast Retailing again posted a robust quarterly result with a 17% growth in top line and nearly 35% growth in operating profits thanks to strong demand driven by low temperatures across its operating markets. Reduced discount and stockout helped by improved inventory management and continuous cut in SG&A costs boosted margins. Thanks to strong same-store sales in Asia including Japan (plus 8.3%), operating margins were further lifted by lowered fixed costs including rent and personnel...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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