However, e-commerce sales increased by roughly 20% year-on-year as our online operations continue to expand favorably in all markets. 3.2) Leases in which the Group is the lessor. As a result, the gross profit margin improved by 0.4 point year-on-year. ". The following is a breakdown of total revenue by major regional market operation. After the commencement date, the carrying amount of the lease liability is increased to reflect the interest rates on the lease liability and reduced to reflect any lease payments made. The consolidated financial results were prepared in accordance with International Financial Reporting Standards ("IFRS"). 150.0 billion yen and operating profit shrank by approximately 40% year-on-year in fiscal 2020. That new operating loss for Theory was generated by a significant decline in revenue resulting from temporary store closures and stay-at-home practices as well as strong discounting of stock. Having performed extremely well in the first half to generate double-digit growth in both revenue and profit, the region was heavily impacted by COVID-19 in the second half. (Amounts are rounded down to the nearest million Japanese yen unless otherwise stated.). “This impressive performance was due largely to strong results from Uniqlo International, and significant increases in both revenue and profit of our GU casual fashion brand”, stated the company. You can also get more information about our cookie policy here. The value in use is calculated based on the cash flow projections with estimates and growth rates approved by management, applying a discount rate of 15.9%. (1) Non-consolidated Operating Results (1 September 2019 to 31 August 2020), As at 31 August 2020: 531,713 million yen, As at 31 August 2019: 515,724 million yen. Selling, General and Administrative expenses. (Note 1) "Others" includes the real estate leasing business, etc. However, Greater China performance improved at a faster pace than predicted from March onwards as local support for our LifeWear concept grew and customers increasingly recognized LifeWear products as essential items for daily living. Meanwhile, we estimate operating profit will dip slightly at UNIQLO Japan in the first half, compared to the extremely strong profit gain attained from strong sales during the harsh FY2018 Winter. Operating loss on recording of impairment losses Furthermore, the discount rate used to calculate the present value of lease payments is the interest rate implicit in the lease. The lease term is determined as the non-cancelable period which includes an option to extend the lease (if it is reasonably certain that the Group will exercise that option), or an option to cancel the lease (if it is reasonably certain that the Group will not exercise that option). In applying IFRS 16, the Group classifies sublease transactions as at the date of initial application as either operating leases or finance leases. (Note 2) "Adjustments" mainly includes revenue and corporate expenses which are not allocated to individual reportable segments. ・Full-year same-store sales rose 6.2% thanks to consistent growth in both the first and second half. ■UNIQLO Japan: Operating profit rises sharply on strong sales, improved profitability. In principal, the projected cash flows cover a five-year period, and do not use a growth rate that exceeds the long-term average market growth rate. Changes in accounting policies". The Group's main retail clothing business is divided into four reportable operating segments: UNIQLO Japan, UNIQLO International, GU and Global Brands, each of which is used to frame and form the Group's strategy. In the first half, GU was unable to exploit actual demand due to an insufficient choice of coldweather ranges. Fast Retailing FY20 revenue slips to ¥2,009 bn Published: 2020-10-17. The value in use is calculated based on the cash flow projections with estimates and growth rates approved by management, applying a discount rate of 7.1%. Impairment Losses. (Note 3) Depreciation and amortization recognized due to the application of IFRS 16 mentioned in " (6) Notes to the Consolidated Financial Statements 1. ・Operating profit expanded only slightly in the nine months to May 2018, rising 1.7% to ¥15.0 billion. UNIQLO's newest national operations in Europe have gotten off to a strong start, with the first store in Spain opened in Barcelona in September 2017, the first store in Sweden opened in Stockholm in August 2018, and the first store in the Netherlands opened in Amsterdam in September 2018. The consolidated gross profit margin dropped by 0.4 points year-on-year in fiscal 2019, and the selling, general and administrative expense ratio improved by 0.1 points. Full-year same-store sales, including online sales, expanded by 6.2% year-on-year thanks to rising customer visits. The main businesses covered by each reportable segment are as follows: UNIQLO Japan: UNIQLO clothing business within Japan, UNIQLO International: UNIQLO clothing business outside of Japan, GU: GU brand clothing business in Japan and overseas, Global Brands: Theory, PLST, COMPTOIR DES COTONNIERS, PRINCESSE TAM. UNIQLO International revenue and profit rose significantly in fiscal 2018, with revenue totaling ¥896.3 billion (+26.6% year-on-year) and operating profit increasing to ¥118.8 billion (+62.6% year-on-year). This classification is determined based on the remaining contractual terms and conditions of the head lease and sublease at that date. ・Gross profit margin improved on strong overall segment performance. The breakdowns of other income and other expenses for each year are as follows: Losses on retirement of property, plant and equipment. Toru Hambayashi, Nobumichi Hattori, Masaaki Shintaku, Takashi Nawa, and Naotake Ohno are External Directors as stipulated in Article 2-15 of the Companies Act. Leases for which the lease term ends within 12 months of the date of initial application of IFRS 16 are accounted for in the same way as, Initial direct costs are excluded from the measurement of, The Group uses hindsight, such as in determining the lease term if the contract contains options to extend or terminate. Furthermore, UNIQLO International operating profit is expected to outstrip that of UNIQLO Japan for the first time in this financial year. We predict consolidated revenue will expand to ¥2.3000 trillion (+8.0% year-on-year), consolidated operating profit will reach ¥270.0 billion (+14.3%), profit attributable to owners of the parent will increase to ¥165.0 billion (+6.6%), resulting in earnings per share of ¥1,617.33 yen. 2.2) Leases in which the Group is the lessor. UNIQLO USA halved its operating loss as expected. (Incorporated in Japan with limited liability). You can expressly accept its use by pressing the "ACCEPT" button or configure and select the cookies you want to accept or reject in the settings. UNIQLO Europe was also hit hard by COVID-19 with many stores being closed temporarily and a huge decline in tourist numbers knocking revenue lower and resulting in a slight operating loss for the full year.

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