Fast Retailing profit drops on weak sales, expects recovery in FY21

The Fast Retailing Group’s revenue and profit declined in fiscal 2020. The company said in a statement that for the twelve months to August 31, 2020, consolidated revenue totalled 2.0088 trillion yen, down 12.3 percent and operating profit totalled 149.3 billion yen, down 42 percent resulting from large falls in both revenue and profit in the second half period due to Covid-19. The group’s pre-tax profit declined to 152.8 billion yen down 39.4 percent and profit attributable to owners of the Parent declined to 90.3 billion yen, down 44.4 percent in the twelve months period.