FAST RETAILING CO., LTD.
迅 銷 有 限 公 司First Quarterly Report 2023/24
2023.9.1-2023.11.30
Stock Code: 6288

Contents
1. Corporate Profile

1

2. Financial Highlights

2

3. Management Discussion and Analysis

4

4. Information about the Reporting Entity

9

5. Financial Section

11

1. Interim Condensed Consolidated Financial Statements(1) Interim Condensed Consolidated Statement of
Financial Position

12(2) Interim Condensed Consolidated Statement ofProfit or Loss and Interim Condensed Consolidated
Statement of Comprehensive Income
Interim Condensed Consolidated Statement of Profit or Loss

14

Interim Condensed Consolidated Statement ofComprehensive Income15(3) Interim Condensed Consolidated Statement of
Changes in Equity

16(4) Interim Condensed Consolidated Statement of Cash Flows18

2. Others

30

Independent Accountant’s Review Report31

1. Corporate Profile
Board of Directors
Representative Executive Director

Principal Place of Business in Japan
Midtown Tower 9-7-1

Tadashi Yanai (Chairman, President and CEO)Akasaka, Minato-ku
Tokyo 107-6231

Executive Directors
Takeshi Okazaki

Japan

Kazumi Yanai
Koji Yanai

Principal Place of Business in Hong Kong
702–706, 7th Floor, Mira Place Tower A

Independent Non-executive Directors

No. 132 Nathan Road
Tsim Sha Tsui

Nobumichi Hattori (External)
Masaaki Shintaku (External)

KowloonHong Kong

Naotake Ono (External)
Kathy Mitsuko Koll (aka Kathy Matsui) (External)

HDR Registrar and HDR Transfer OfficeJoji Kurumado (External)
Yutaka Kyoya (External)

Computershare Hong Kong Investor Services Limited
Shops 1712–1716, 17th Floor

Audit & Supervisory Boards

Hopewell Centre
183 Queen’s Road East

Masaaki Shinjo
Masumi Mizusawa

WanchaiHong Kong

Tomohiro Tanaka
Keiko Kaneko (External)

Stock Code

Takao Kashitani (External)
Masakatsu Mori (External)

Hong Kong: 6288
Japan: 9983

Company Secretary

Website Address

Shea Yee Man

https://www.fastretailing.com

Independent Accountants
Deloitte Touche Tohmatsu LLC
Principal Banks
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Hong Kong and Shanghai Banking Corporation Limited
Registered Office and Headquarters
10717-1 Sayama
Yamaguchi City
Yamaguchi 754-0894
Japan

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2. Financial Highlights
Consolidated Financial Summary
TermFirst Quarterof
62nd Fiscal
Year

First Quarterof
63rd Fiscal
Year

62nd Fiscal
Year

Accounting period

Three months
ended
30 November
2022

Three months
ended
30 November
2023

Year ended
31 August2023

Revenue (Millions of yen)

716,393

810,833

2,766,557

Operating profit (Millions of yen)

117,077

146,686

381,090

Profit before income taxes (Millions of yen)

126,812

162,471437,918

Profit for the period attributable to ownersof the Parent (Millions of yen)

85,074

107,800

296,22973,981

144,490423,601

Equity attributable to owners of the Parent (Millions of yen)

1,565,335

1,882,240

1,821,405

Total assets (Millions of yen)

3,196,819

3,434,987

3,303,694

Basic earnings per share (Yen)

277.49351.50966.09Diluted earnings per share (Yen)

277.11350.88964.48

49.0

54.8

55.1

Net cash generated by operating activities (Millions of yen)

(1,309)107,184

463,216

Net cash (used in) / generated by investing activities (Millions ofyen)(376,354)(44,410)(574,402)(69,141)(88,984)(364,562)

914,041

887,360

903,280

Comprehensive income attributable to ownersof the Parent (Millions of yen)

Ratio of equity attributable to owners of the Parent to total assets (%)

Net cash (used in) / generated by financing activities (Millions ofyen)Cash and cash equivalents at end of the period (year) (Millions ofyen)(Notes) 1. FAST RETAILING CO., LTD. (the “Company”, the “Parent”, or the “Reporting entity”) prepared interim condensed
consolidated financial statements and therefore has not included the non-consolidated financial summary of the Reporting
entity.
2. The financial figures are sourced from the interim condensed consolidated financial statements or consolidated financial
statements prepared in accordance with International Financial Reporting Standards (“IFRS”).
3. Our common stock has been split on a 3-to-1 basis, effective 1 March 2023. Basic earnings per share, and diluted earnings
per share have been calculated assuming this stock split was conducted at the beginning of the previous fiscal year.

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Business Description
There were no significant changes in the nature of the business engaged by the Company and its subsidiaries (collectively, the“Group”) during the three months ended 30 November 2023.
In addition, there were no significant changes in the organizational structure of the Group, including the major subsidiaries, during thethree months ended 30 November 2023.

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3. Management Discussion and Analysis
Business Review
1. Business and Operational Risks
No new business-related risks have arisen during the three months ended 30 November 2023.
There have been no significant changes concerning business-related risks as stated in the annual report for the preceding fiscal year.
2. Financial Analysis(1) Financial Position and Results of Operations(ⅰ) Results of Operations
The Fast Retailing Group reported strong increases in both revenue and profit in the first quarter of fiscal 2024, or the three months
from 1 September 2023 to 30 November 2023. Consolidated revenue totaled 810.8 billion yen (+13.2% year-on-year), while
operating profit totaled 146.6 billion yen (+25.3% year-on-year). That result was generated by significant increases in revenue andprofit at UNIQLO International on the back of strong sales primarily in North America and Europe regions. Furthermore, UNIQLO
Japan reported higher first-quarter revenue and a significant rise in profits, and our GU business segment reported considerably
higher revenue and profit. Fast Retailing’s consolidated gross profit margin improved by 1.5 points year-on-year to 54.6%. The
selling, general and administrative expense ratio increased by 0.2 point year-on-year to 37.2% due to a change in the practicefollowed through fiscal 2023 of recording year-end bonuses on a lump sum basis in August to recording year-end bonuses on amonthly basis from fiscal 2024 after defining our operational policy to align with the actual payment practice of year-end bonuses.
If the impact is excluded, the ratio improved by 0.3 point. In addition, we recorded 15.7 billion yen under finance income net ofcosts, comprising 12.7 billion yen in net interest income and 3.0 billion yen in translated foreign exchange gains on foreign-currency
denominated assets. As a result, first-quarter profit before income taxes increased to 162.4 billion yen (+28.1% year-on-year) andprofit attributable to owners of the Parent increased to 107.8 billion yen (+26.7% year-on-year).
The Fast Retailing Group has been focusing on a number of areas as part of its quest to become a global No.1 brand that isessential to daily living and is trusted by all customers around the world. Those measures include (1) Further progressing thedevelopment of a digital consumer retailing industry, (2) Diversifying global earnings pillars, (3) Pursue a Business Model inwhich our business development contributes to sustainability, (4) Expanding the GU business segment, as well as Theory andother Group brands, and (5) Strengthening human capital. We aim to enhance our product development and branding andaccelerate high-quality store openings at UNIQLO International in particular as the growth pillar of the Fast Retailing Group. We
are also committed to creating clothing that prizes our LifeWear concept for ultimate everyday clothes in order to help build asustainable society. Our aim is to create high-quality clothing that lasts a long time, clothing that exerts a lower impact on theplanet and is made in healthy and safe working environments, and circular clothing that can be recycled or reused.
UNIQLO Japan
UNIQLO Japan reported higher revenue and a significant increase in profit in the first quarter of fiscal 2024, with revenue
totaling 244.4 billion yen (+1.5% year-on-year) and operating profit totaling 46.5 billion yen (+18.0% year-on-year). First-quartersame-store sales increased by 0.2% year-on-year. Warmer-than-usual temperatures in September and October stifled demand for
Fall Winter ranges, resulting in a decline in revenue for those two months. However, sales picked up considerably in November
thanks to strong sales of HEATTECH innerwear, fleece and other thermal winter clothing once the temperature dropped, strong
sales of collaboration products and a buoyant UNIQLO anniversary sale. The gross profit margin improved by 2.7 points year-onyear thanks to an improvement in cost of sales. In the first quarter of fiscal 2023, cost of sales deteriorated considerably following
the sharp weakening in yen spot rates used for additional production orders. However, greater control over orders reduced theamount of additional production in the first quarter of fiscal 2024, lessening the impact of spot exchange rates and greatly
improving first-quarter cost of sales. The selling, general and administrative expense ratio increased by 0.2 point year-on-year due
to higher depreciation and amortization and personnel cost ratios. The personnel cost ratio increased as a result of the change inthe practice of recording year-end bonuses. However, if this factor is excluded, the personnel cost ratio improved slightly by 0.1
point year-on-year in the first quarter of fiscal 2024.
UNIQLO International
UNIQLO International reported significant increases in revenue and profit in the first quarter of fiscal 2024, with revenue rising to441.3 billion yen (+23.3% year-on-year) and operating profit expanding to 77.8 billion yen (+35.8% year-on-year). All markets
reported significantly higher revenue and profit in the first quarter, with North America and Europe achieving particularly strong
results as those regions further expanded their customer bases by developing products that reflected global customer needs. Whiledemand for Winter products was stifled by the warm winter weather, the gross profit margin and the selling, general and－4－administrative expense ratio both improved on the back of flexible ordering and firm cost controls.
Breaking down the UNIQLO International performance into individual regions and markets, the Mainland China market reported
significantly higher revenue and profit in the first quarter. While the launch of Fall Winter ranges was somewhat impacted by thewarm weather, the weather did turn colder in November and, in the end, sales proved extremely buoyant thanks to stronger
marketing of core Winter items. Revenue and profits also rose strongly in the Hong Kong market and the Taiwan market.
UNIQLO South Korea reported higher revenue and profit in the first quarter thanks to particularly strong sales in the month ofNovember. Revenue and profit rose considerably in the Southeast Asia, India & Australia region. In addition to strong sales ofcore Winter products and collaboration ranges such as KAWS, the expansion of the region’s network by 45 stores year-on-year
also contributed to the significantly higher revenue figures. However, those results fell slightly short of our business estimates.
Going forward, we intend to strengthen business management platforms now that we have clarified some particular issues facing
our business in the region, such as how to best compile product mixes for a perpetual summer climate and how to enhance humanresources. Meanwhile, UNIQLO North America and UNIQLO Europe both reported significant increases in first-quarter revenue
and profit thanks to an expanding new customer base and strong sales of cashmere sweaters, HEATTECH innerwear and othercore Winter items.
GU
The GU business segment reported large increases in both revenue and profit in the first quarter of fiscal 2024, with revenue
rising to 87.8 billion yen (+10.7% year-on-year) and operating profit totaling 12.3 billion yen (+16.4% year-on-year). Warm
weather in September and October resulted in sluggish sales of Fall and Winter products, but sales proved strong in November
once the weather turned colder and thanks to our efforts to successfully prepare sufficient stock of top-selling Winter items. Salesof Heavy Weight Sweat items, Heat Padded outerwear, Parachute Cargo Pants and other products that captured mass fashion
trends proved especially strong. Furthermore, GU’s operating profit margin also improved by 0.7 point year-on-year as
improvements in production efficiency also helped improve cost of sales and the gross profit margin.
Global Brands
The Global Brands segment reported a decline in revenue and profit in the first quarter of fiscal 2024, with revenue contracting to36.6 billion (−2.4% year-on-year) and operating profit contracting to 0.3 billion yen (−43.9% year-on-year). While our Theory
brand generated a similar level of revenue to the previous year, it also reported a decline in profits. Theory profits declined after
warm winter weather stifled sales, and higher personnel costs primarily at Theory USA led to a deterioration in the selling,
general and administrative expense ratio. Meanwhile, our PLST brand reported a decline in revenue due to a reduction in the
network of 35 stores compared to the previous year, and a slight operating loss. Finally, our France-based Comptoir desCotonniers brand reported a decline in revenue on the back of sluggish consumer sentiment in the European market and warmer
winter weather, but losses narrowed thanks to improvements in the gross profit margin and selling, general and administrative
expense ratio.
Sustainability
Fast Retailing is advancing its LifeWear concept—the ultimate in everyday clothing, designed to make everyone's life better—tocreate apparel that not only emphasizes quality, design, and price but also meets the definition of good clothing from the standpointof the environment, people, and society.
In November 2023, we held the third "LifeWear: A New Industry" briefing. We briefed investors and the media on the progress of
initiatives aimed at achieving the FY2030 target in key sustainability areas, the challenge of adopting a circular business model,
and revolutionizing the supply chain. We aim to create a recycling-oriented society by making only what customers need, protecting
the environment and human rights throughout the process from the production of clothes to transportation and sales, and reusing
and recycling products after they are sold.
In the Corporate Human Rights Benchmark published by the World Benchmarking Alliance in November 2023, we received a highranking of 4th out of 55 companies in the Apparel sector. We were commended for training all employees and suppliers on humanrights activities, and in particular our human rights policy commitments, and involving users in the improvement of our grievancemechanism.
We have identified six priority areas (materialities) for our sustainability activities. The main company activities during the firstquarter consolidated accounting period are as follows.

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■ Creating new value through products and sales: UNIQLO is promoting "RE.UNIQLO", an initiative aimed at recycling and reusing
all of its products. As of the end of November 2023, RE.UNIQLO Studio, which offers clothing repair and remaking services, hasbeen rolled out to 40 stores across 18 countries and regions, and there are plans to expand it to more than 50 stores globally by 2024.
In addition, the UNIQLO Pre-Owned Clothes Project was launched and a temporary pop-up store selling pre-owned clothing wastrialed at the UNIQLO Harajuku store in October 2023, which was hugely popular among customers. As part of our "recycling
clothes into clothes" initiative, we are also developing new products made from recycled cotton, cashmere, and wool, following on
from our recycled down jackets that went on sale in November 2020.
■ Respecting human rights and working environments in our supply chain: In order to make our supply chain sustainable, we apply
our own standards throughout the entire production process with respect to quality, procurement, production systems, working
environments, and human rights, in order to manage the entire supply chain across our company. To achieve this, we have madeefforts to improve traceability by visualizing the entire supply chain from the end product to the raw material level, consolidating
business with production partners, and procuring key raw materials from our own designated farms, ranches, and factories. As of
the 2023 spring/summer season, UNIQLO is able to trace the flow of all products right down to the raw material level, while
centering our business on cotton spinning suppliers that are capable of long-term trading. We are also continually improving ourefforts to respect human rights and improve working environments throughout our entire supply chain. By the end of August 2023,
we finalized the Code of Conduct for Production Partners in order to monitor working environments not only at garment factories
and major materials factories but also at major textile mills where UNIQLO cotton products are made.
■ Consideration for the environment: We formulated a Biodiversity Conservation Policy, published in November 2023. We areaccelerating our efforts to achieve a net positive impact on biodiversity throughout the value chain over the long term. First, we
identified a significant impact on how land is used in the production of wool, cashmere, and cotton. We partnered with the Universityof the Ryukyus to analyze satellite data on the status of the plants in all of the ranches where our cashmere is produced, and conductedsurveys through on-site visits to identify improvement actions that we intend to implement moving forward. We plan to apply thesame process to evaluate and improve wool and cotton production as well.
At Fast Retailing, we aim to reduce greenhouse gas emissions across stores and major offices by 90% by FY2030 (compared to
FY2019), and by 20% across the supply chain. We also aim to switch 50% of our total raw material usage to materials with low
greenhouse gas emissions, such as recycled materials. In our products planned for FY2023, the ratio of recycled materials used rose
to 8.5%, and about 30% of the polyester used was recycled.
■ Community co-existence and mutual support: In November 2023, we signed a four-year agreement with the United Nations HighCommissioner for Refugees (UNHCR) to form a new global partnership aimed at strengthening the response to refugee crises acrossthe world. Under this global partnership, Fast Retailing will donate a total of US$6 million (approximately ¥900 million) over four
years to assist a wide range of activities, including logistical support for clothing donations, emergency aid, support for employment
and self-reliance activities, and communication initiatives. We also intend to increase the amount of clothing we provide to refugee
camps around the world from approximately 7 million items to 10 million items a year.
■ Supporting employee fulfillment: We are implementing various initiatives to promote diversity in four priority areas of gender,
Global One Team, disabilities, and LGBTQ+, including the introduction of systems and training programs to support relevant parties.
We held career sessions with female executives in October 2023, and have launched a mentorship program for foreign employees
working at global headquarter. The Human Rights Committee analyzes the status of gender equality in businesses and organizations
across the Group, and is discussing measures aimed at increasing the ratio of female managers and reducing the gender pay gap. The
work of the committee will help us to continue improving our training plans and medium-to-long-term career plans for female
management candidates, as well as providing support in skill improvement and other areas.
■Implementing good corporate governance: Each committee is engaged in open and active discussion to enable rapid andtransparent management. The Risk Management Committee discusses various measures aimed at strengthening internal controls,
such as improving information security and establishing an e-commerce counter-fraud team. In addition, the Human Rights
Committee provides status reports on the number of consultations worldwide and their content through our employee hotline, theresults of monitoring working environments in factories, and the current status of consultations and issues raised via Fast
Retailing's hotline for factory employees, as well as actively discussing ways of strengthening systems.

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(ⅰi) Financial Position
Total assets as at 30 November 2023 were 3.4349 trillion yen, which was an increase of 131.2 billion yen relative to the end of thepreceding fiscal year. The principal factors were a decrease of 15.9 billion yen in cash and cash equivalents, an increase of 76.0
billion yen in trade and other receivables, an increase of 40.7 billion yen in other current financial assets, an increase of 36.4
billion yen in inventories, a decrease of 9.7 billion yen in derivative financial assets, an increase of 10.9 billion yen in property,
plant and equipment, an increase of 6.0 billion yen in right-of-use assets, and a decrease of 16.5 billion yen in non-current
financial assets.
Total liabilities as at 30 November 2023 were 1.4985 trillion yen, which was an increase of 68.1 billion yen relative to the end of
the preceding fiscal year. The principal factors were an increase of 68.6 billion yen in trade and other payables, an increase of
15.8 billion yen in other current financial liabilities, an increase of 1.4 billion yen in derivative financial liabilities, a decrease of
16.9 billion yen in current tax liabilities, and a decrease of 8.7 billion yen in deferred tax liabilities.
Total net assets as at 30 November 2023 were 1.9364 trillion yen, which was an increase of 63.0 billion yen relative to the end of
the preceding fiscal year. The principal factors were an increase of 57.2 billion yen in retained earnings, an increase of 3.3 billion
yen in other components of equity, and an increase of 2.2 billion yen in non-controlling interests.
(2) Cash Flows Information
Cash and cash equivalents as at 30 November 2023 had decreased by 15.9 billion yen from the end of the preceding fiscal year, to887.3 billion yen.
(Operating Cash Flows)
Net cash generated by operating activities for the three months ended 30 November 2023 was 107.1 billion yen (1.3 billion yen
was used during the three months ended 30 November 2022). The principal factors were cash inflow from profit before tax for
162.4 billion yen, depreciation and amortization for 49.3 billion yen and increase in trade and other payables for 61.0 billion yen,
and cash outflow from increase in trade and other receivables for 73.9 billion yen, and income taxes paid for 68.9 billion yen.
(Investing Cash Flows)
Net cash used in investing activities for the three months ended 30 November 2023 was 44.4 billion yen (376.3 billion yen wasused during the three months ended 30 November 2022). The principal factors were net increase in time deposit for 14.6 billion
yen and 20.7 billion yen in payments for property, plant and equipment.
(Financing Cash Flows)
Net cash used in financing activities for the three months ended 30 November 2023 was 88.9 billion yen (69.1 billion yen was usedduring the three months ended 30 November 2022). The principal factors were 50.5 billion yen in dividends paid to owners of the
Parent, and 38.0 billion yen in repayments of lease liabilities.

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(3) Estimates and Assumptions Used for Those Estimates in the Accounting
For the first-quarter consolidated accounting period, there are no significant changes to the estimates or the assumptions used for
those estimates.
(4) Operational and Financial Challenges to Address as Priority
There have been no significant challenges during the three months ended 30 November 2023 that must be addressed by the Group.
(5) Research and Development
Not applicable.
(6) Significant Facilities
The following are the significant facilities that were newly completed during the three months ended 30 November 2023.
<Subsidiaries in Japan>
Not applicable.
<Overseas Subsidiaries>
Not applicable.
The following are the significant facilities that were newly planned during the three months ended 30 November 2023.
<Subsidiaries in Japan>
Not applicable.
<Overseas Subsidiaries>
Not applicable.
3. Significant Contracts in Business Operation
None.

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4. Information about the Reporting Entity
1. Stock Information(1) Number of Shares(i) Total number of shares
Type

Total number of authorized shares (shares)

Common stock

900,000,000
Total

900,000,000(ii) Shares Issued

Type

Number of shares issued
as at 30 November 2023
(shares)Number of shares issued
as at submission date(shares)(As at 12 January 2024)

Name of financial
instrument exchangeof listing, or authorized
financial instruments
firms association

Remarks

Prime market of the
Tokyo
Common stock

318,220,968

318,220,968

Stock Exchange andthe Main Board of

100 sharesas one unit

the Stock Exchange ofHong Kong Limited(Note)
Total

318,220,968

318,220,968--(Note) Hong Kong Depositary Receipts are listed on the Main Board of the Stock Exchange of Hong Kong Limited.
(2) Share Subscription Rights
1. Details of the Stock Option Program
Not applicable.
2. Other Share Subscription Rights
Not applicable.
(3) Exercise of convertible bonds with conditional permission for adjustment of exercise priceNot applicable.
(4) Change in Total Number of Shares Issued, Capital Stock, Etc.
Increase/
Balance ofIncrease/(decrease) of
total(decrease) of
Date
total number of
number ofcapital stock
shares issued
shares issued(Millions of(shares)(shares)yen)

Balance ofcapital stock(Millions ofyen)

Increase/(decrease) ofcapital reserve(Millions ofyen)

Balance ofcapital reserve(Millions ofyen)

10,273-

4,578

1 September 2023
to30 November 2023-

318,220,968-(Note) There was no change in the total number of shares issued, capital stock or capital reserve during the three months ended 30
November 2023.
(5) Major Shareholders
There are no items to disclose as the accounting period under review is the first quarter accounting period.

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(6) Voting Rights
Concerning “Voting Rights” as at the end of the three months ended 30 November 2023, it has not been possible to confirm andstate the details entered in the register of shareholders. Therefore, the stated details are based on the register of shareholders as at
the immediately preceding record date (31 August 2023).
(i) Shares issued
As at 30 November 2023
Class

Number of shares(shares)Number of voting rights

Remarks

-

-

-

-

-

-

-

-

-

-

-

Non-voting shares
Shares subject to restrictions on voting rights(i.e., treasury stock, etc.)
Shares subject to restrictions on voting rights(i.e., other than treasury stock)(Shares held astreasury stock)

Shares with full voting rights(i.e., treasury stock, etc.)

Common stock
11,552,700

Shares with full voting rights

Common stock(i.e., other than treasury stock)

Common stock

Shares less than one unit-

146,868

Total number of shares issued

318,220,968

Total number of voting rights of allshareholders-(Notes)3,065,214

306,521,400(Note)(Notes)-3,065,214-

The columns for the number of shares of “Shares with full voting rights (i.e., other than treasury stock)” and “Shares lessthan one unit” include 8,300 shares and 52 shares, respectively, held in the name of Japan Securities Depository Center, Inc.

(ii) Treasury Stock

Name or trade name of
HolderFAST RETAILING
CO., LTD.
Total

Holder’s address
10717-1 Sayama
Yamaguchi-shi

As at 30 November 2023
Percentage ofTotal number of
total number ofshares held
shares issued(shares)(%)

Number ofshares held in
own name(shares)Number ofshares held inother’s name(shares)

11,552,700-

11,552,700

3.63

11,552,700-

11,552,700

3.63

Yamaguchi-

2. Directors
Since the submission of the year-end report for the preceding fiscal year, there has been no change of directors during the threemonths ended 30 November 2023.

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5. Financial Section
1. Preparation of Interim Condensed Consolidated Financial Statements
The interim condensed consolidated financial statements of the Group, namely, the interim condensed consolidated statement offinancial position as at 30 November 2023, the interim condensed consolidated statement of profit or loss and interim condensed
consolidated statement of comprehensive income for the three-month period then ended, the interim condensed consolidated
statement of changes in equity and interim condensed consolidated statement of cash flows for the three-month period then ended,and the related notes (collectively, the “interim condensed consolidated financial statements”) were prepared in accordance with
International Accounting Standard 34 Interim Financial Reporting (“IAS 34”), pursuant to Article 93 of the “Rules GoverningTerm, Form and Preparation of Consolidated Quarterly Financial Statements” (Cabinet Office Ordinance No. 64 of 2007,
hereinafter referred to as “Consolidated Quarterly Financial Statements Rules”).
2. Review Report
Pursuant to the first clause of Article 193-2 of the Financial Instruments and Exchange Act, the interim condensed consolidated
financial statements have been reviewed by Deloitte Touche Tohmatsu LLC.

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(Amounts are stated in millions of yen and are rounded down to the nearest million unless otherwise stated)

1. Interim Condensed Consolidated Financial Statements(1) Interim Condensed Consolidated Statement of Financial Position(Millions of yen)Notes

As at 31 August 2023

As at 30 November 2023

ASSETS
Current assets
Cash and cash equivalents

903,280
66,831

887,360
142,88014
6576,194449,254

616,956
485,724

14

132,101
23,660128,072
22,60825,372

28,4892,176,695

2,312,091

221,877
389,183

232,787395,266

8,092
87,3008,092
89,558240,363

223,849

18,974

19,237

38,20839,201

114,151
8,846

108,385
6,515

1,126,998

1,122,896

3,303,694

3,434,987

338,901

407,572

61,9133,600

77,725
3,634

126,992
65,428

127,988
48,467

Other liabilities

2,642
129,782

2,228
135,624

Total current liabilities

729,260

803,242

241,068
338,657

241,079
338,330

50,88867,03952,79958,255

1,410
2,007

2,824
1,999

701,072

695,289

1,430,333

1,498,532

Trade and other receivables
Other financial assets
Inventories
Derivative financial assets
Income taxes receivable
Other assets
Total current assets
Non-current assets
Property, plant and equipment

7

Right-of-use assets
Goodwill
Intangible assets
Financial assets

14

Investments in associates accounted
for using the equity method
Deferred tax assets
Derivative financial assets

14

Other assets
Total non-current assets
Total assets
Liabilities and equity
LIABILITIESCurrent liabilities
Trade and other payables
Other financial liabilities

14
14

Derivative financial liabilities
Lease liabilities
Current tax liabilities
Provisions

Non-current liabilities
Financial liabilities

14

Lease liabilities
Provisions
Deferred tax liabilities
Derivative financial liabilities

14

Other liabilities
Total non-current liabilities
Total liabilities

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(Millions of yen)Notes

As at 31 August 2023

As at 30 November 2023

EQUITY
Capital stock
Capital surplus
Retained earnings
Treasury stock, at cost

10,27328,531

10,273
28,796

1,498,348(14,714)

1,555,548(14,675)

298,965

302,296

Equity attributable to owners of the Parent
Non-controlling interests

1,821,405
51,955

1,882,240
54,214

Total equity

1,873,360

1,936,455

3,303,694

3,434,987

Other components of equity

Total liabilities and equity

－

13

－

(2) Interim Condensed Consolidated Statement of Profit or Loss and Interim Condensed Consolidated Statement of Comprehensive
IncomeInterim Condensed Consolidated Statement of Profit or Loss
Three months ended 30 November 2023
(Millions of yen)
Notes
9

Revenue
Cost of sales
Gross profit
Selling, general and administrative expenses

10
11

Other income
Other expenses

11

Share of profit and loss of associates accounted
for using the equity method
Operating profit
Finance income

1212Finance costs

Three months ended
30 November 2022

Three months ended
30 November 2023

716,393

810,833(336,109)(368,010)

380,283(265,033)

442,823(301,400)

2,436(1,057)

5,663(1,070)449

671

117,077
12,322

146,686
18,261(2,588)(2,476)

Profit before income taxes
Income tax expense

126,812(36,981)

162,471(47,764)

Profit for the period

89,830114,706

Profit for the period attributable to:
Owners of the Parent

85,074

107,800

Non-controlling interests

4,756

6,905

Total

89,830114,706

277.49277.11351.50350.88

Earnings per share
13

Basic (yen)Diluted (yen)

13

－

14

－

Interim Condensed Consolidated Statement of Comprehensive Income
Three months ended 30 November 2023
(Millions of yen)Three months ended
30 November 2022

Three months ended
30 November 2023

89,830114,706

(23)

(0)

(23)

(0)

Exchange differences on translating
foreign operations(9,208)14,503

Cash flow hedges
Share of other comprehensive income of associates(2,873)19

22,96018

Total items that may be reclassified subsequently to
profit or loss

(12,062)

37,482Other comprehensive income / (loss), net of income tax(12,086)

37,48277,744

152,188

Owners of the Parent
Non-controlling interests

73,981
3,763

144,490
7,698

Total comprehensive income for the period

77,744

152,188

Notes
Profit for the period
Other comprehensive income / (loss), net of income tax
Items that will not be reclassified subsequently to
profit or loss
Financial assets measured at fair value throughother comprehensive income / (loss)
Total items that will not be reclassified subsequently to
profit or loss
Items that may be reclassified subsequently to
profit or loss

Total comprehensive income for the period
Attributable to:

－

15

－

(3) Interim Condensed Consolidated Statement of Changes in Equity
For the three months ended 30 November 2022
(Millions of yen)
Other components of equity

Note

As at 1 September 2022

Capitalstock

CapitalsurplusRetainedearnings

Treasurystock, atcost

FinancialassetsForeign
Share of othermeasured
Cash flow
currency
comprehensive
at fair value
hedgetranslation
income ofthrough otherreserve
reserveassociatescomprehensive
income / (loss)

10,273

27,834

1,275,102(14,813)

Net changes during the period
Comprehensive income
Profit for the period
Other comprehensive income/(loss)--

85,074

-

-

-

-

-

-

-

-

-

(23)

(9,503)(1,585)19

Total comprehensive income--

85,074-(23)(9,503)(1,585)

19

-

604
(616)

(34,744)
-

(2)
52
-

-

-

-

-

-

-

-

-

-

Transactions with the owners of
the Parent
Acquisition of treasury stock
Disposal of treasury stock
Dividends
Share-based payments
Transfer to non-financial
assetsTransfer to retained earnings
Total transactions with theowners of the Parent
Total net changes during the period
As at 30 November 2022

8

131

100,587

162,407

129

Equityattributable
Nonto owners controllingof theinterests
ParentTotal

263,255

Total
equity1,561,652

53,7501,615,402-

85,074

4,756

89,830(11,092)(11,092)(993)(12,086)(11,092)

73,981

3,763

77,744

-

-

(2)
657
(34,744)(616)(4,590)-(2)
657(39,335)(616)(35,591)-(35,591)(35,591)(497)(36,089)

-

-

20

-

(20)

-

-

-

(20)

-

-

-

-

(11)

(34,724)

49

(20)

-

(35,591)-(35,611)(70,298)(5,088)(75,386)-(11)

50,34949(43)(9,503)(37,176)

19(46,704)

3,683(1,325)

2,357

10,27327,823

1,325,451(14,764)

88

91,083

125,230

149

216,551

1,565,335

52,424

1,617,760

－

16

－

For the three months ended 30 November 2023
(Millions of yen)
Other components of equity

Note

As at 1 September 2023
Net changes during the period
Comprehensive income
Profit for the period
Other comprehensive income/(loss)
Total comprehensive income
Transactions with the owners of
the Parent
Acquisition of treasury stock
Disposal of treasury stock
Dividends
Share-based payments
Transfer to non-financial
assetsTotal transactions with theowners of the Parent
Total net changes during the period
As at 30 November 2023

8

FinancialassetsForeign
Share of othermeasured
Cash flow
currency
comprehensive
at fair value
hedgetranslation
income ofthrough otherreserve
reserveassociatescomprehensive
income / (loss)

Equityattributable
Nonto owners controllingof theinterests
ParentCapitalstock

CapitalsurplusRetainedearnings

Treasurystock, atcost

10,27328,531

1,498,348(14,714)28

146,031

152,602302

298,965

1,821,405

51,955

1,873,360--

107,800

-

-

-

-

-

-

107,800

6,905

114,706

-

-

-

-

(0)

13,39023,28018

36,68936,689792

37,482--

107,800-(0)

13,39023,28018

36,689144,490

7,698

152,188

-

552
(287)

(50,600)
-

(0)
39
-

-

-

-

-

-

(0)
591
(50,600)(287)(4,939)-(0)591(55,539)
(287)

-

-

-

-

-

-

(33,358)-(33,358)(33,358)(499)(33,858)-

264

50,60038--(33,358)-(33,358)(83,655)(5,438)(89,094)-264

57,20038(0)13,390(10,077)

18

3,330

60,834

2,259

63,094

10,273

28,796

1,555,548(14,675)28

159,422

142,524321

302,296

1,882,240

54,214

1,936,455

－

17

－

Total

Total
equity(4) Interim Condensed Consolidated Statement of Cash Flows(Millions of yen)Three months ended
30 November 2022

Three months ended
30 November 2023

Cash flows from operating activities
Profit before income taxes

126,812

162,471

Depreciation and amortization
Impairment losses

46,7436249,312
202

Interest and dividend income
Interest expenses(8,385)2,588(15,221)2,476

Foreign exchange losses / (gains)Share of profit and loss of associates accounted for using(3,936)(3,039)

(449)

(671)

Note

the equity method
Losses on disposal of property, plant and equipment

83

280

(Increase) / Decrease in trade and other receivables(Increase) / Decrease in inventories(64,396)(88,050)(73,991)(31,525)

Increase / (Decrease) in trade and other payables(Increase) / Decrease in other assets

38,315(3,396)

61,067(2,819)

Increase / (Decrease) in other liabilities
Others, net

17,243
12,834

19,941(1,119)Cash generated from operations

76,067

167,362Interest and dividends income received
Interest paid

6,349
(2,134)

10,861(2,138)

Income taxes paid

(81,591)(68,900)

Net cash generated by / (used in) operating activities(1,309)107,184(126,306)(111,578)

Cash flows from investing activities
Amounts deposited into bank deposits with original
maturities of three months or longer
Amounts withdrawn from bank deposits with original
maturities of three months or longer
Payments for property, plant and equipment

51,62096,956(14,761)(20,777)

Payments for intangible assets
Payments for acquisition of right-of-use assets(6,798)(434)(7,921)(1,101)

Payments for acquisition of investment securities
Proceeds from sale and redemption of investment securities(279,335)-(114,590)
115,038

Payments for lease and guarantee deposits
Proceeds from collection of lease and guarantee deposits

(968)
1,567

(1,360)
1,396

Others, net

(935)

(471)

(376,354)(44,410)

Net cash generated by / (used in) investing activities

－

18

－

(Millions of yen)
Note

Three months ended
30 November 2022

Three months ended
30 November 2023

1,118
(736)

1,172
(1,562)(34,697)(34,875)(50,545)(38,088)49

38(69,141)(88,984)

2,554

10,289Cash flows from financing activities
Proceeds from short-term loans payable
Repayment of short-term loans payable
Dividends paid to owners of the Parent
Repayments of lease liabilities

8

Others, net
Net cash generated by / (used in) financing activities
Effect of exchange rate changes on the balance of cash held
in foreign currencies
Net increase / (decrease) in cash and cash equivalents(444,250)(15,920)

Cash and cash equivalents at the beginning of period

1,358,292

903,280

914,041

887,360

Cash and cash equivalents at the end of period

－

19

－

Notes to the Interim Condensed Consolidated Financial Statements
1. Reporting Entity
FAST RETAILING CO., LTD. is a company incorporated in Japan. The locations of the registered headquarters and principal
offices of the Company are disclosed on the Group’s website (http://www.fastretailing.com/eng/).
The principal activities of the Company and its consolidated subsidiaries are the operations of the UNIQLO business (i.e., casualclothing retail business operating under the “UNIQLO” brand in Japan and overseas), GU business (i.e., casual clothing retailbusiness operating under the “GU” brand in Japan and overseas) and Theory business (i.e., apparel design and retail business inJapan and overseas), etc.
2. Basis of Preparation
The interim condensed consolidated financial statements have been prepared in accordance with IAS 34. The Group meets all of
the criteria of a “specified company” defined under Article 1-2 of the Consolidated Quarterly Financial Statements Rules, andaccordingly applies Article 93 of the Consolidated Quarterly Financial Statements Rules. Since the interim condensed consolidated
financial statements do not include all the information and disclosures required for consolidated financial statements, they should
be read in conjunction with the Group’s annual consolidated financial statements for the year ended 31 August 2023.
The interim condensed consolidated financial statements were approved on 11 January 2024 by Tadashi Yanai, Chairman,
President and CEO, and Takeshi Okazaki, Group Executive Vice President and CFO.
3. Significant Accounting Policies
Significant Accounting Policies applied in the Interim Condensed Consolidated Financial Statement are the same as those applied in
the consolidated financial statements for the previous consolidated fiscal year, with the exception of the below newly applied standard.
Since the first quarter of the current consolidated fiscal year, the Group has adopted the below standard.
Standard
IAS 12(Revised)
IAS 12(Revised)Standard Name

Summary of New/Revised Content and Transitional Measures

Income Taxes

Deferred tax related to assets and liabilities arising from a single transaction.

Income Taxes

Disclosure of income taxes arising from tax laws enacted or substantially enacted to introduce
the "International Tax Reform - Pillar Two Model Rules."The application of IAS 12 (Revised) has no significant impact on the Group's Interim Condensed Consolidated Financial Statement.
4. Use of Estimates and Judgments
The preparation of the interim condensed consolidated financial statements requires management to make judgments, estimatesand assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income andexpenses. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. The effects of the review of accounting estimates arerecognized in the accounting period in which the estimates were reviewed and in future accounting periods.
In principle, estimates and judgments that have significant effects on the amounts recognized in the interim condensed
consolidated financial statements are the same as those in the preceding fiscal year.

－

20

－

5. Segment Information(i) Description of reportable segments
The Group’s reportable segments are components for which discrete financial information is available. The segments arereviewed regularly by the Board of Directors (the “Board”) to make decisions about the allocation of resources and to assess
performance.
The Group’s main retail clothing business is divided into four reportable operating segments: UNIQLO Japan, UNIQLOInternational, GU and Global Brands, each of which is used to frame and form the Group’s strategy.
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 clothing business in Japan and overseas
Global Brands: Theory, PLST, COMPTOIR DES COTONNIERS and PRINCESSE TAM.TAM clothing business(ii) Segment revenue and results
For the three months ended 30 November 2022
(Millions of yen)
Reportable segments
Total

37,604

715,815577-

716,393

10,631

708

108,105

(25)

8,997

117,077

10,661

501

108,275(43)

18,580126,812UNIQLOJapan

UNIQLOInternational

GU

GlobalBrands

Revenue

240,949

357,896

79,364

Operating profit / (loss)

39,47257,29339,68457,427

Segment income / (loss)(i.e., profit / (loss)
before income taxes)

Adjustments(Note 2)

Interim
Condensed
Consolidated
Statement ofProfit or Loss

Others(Note 1)

(Note 1) “Others” includes the real estate leasing business, etc.
(Note 2) “Adjustments” mainly includes revenue and corporate expenses which are not allocated to individual reportable segments.
For the three months ended 30 November 2023
(Millions of yen)
Reportable segments
Total

36,684810,358475-

810,833

12,372

397

137,157

96

9,431

146,686

12,262381

139,82896

22,545

162,471

UNIQLOJapan

UNIQLOInternational

GU

GlobalBrands

Revenue

244,498

441,318

87,856

Operating profit / (loss)

46,567

77,82049,15678,027

Segment income / (loss)(i.e., profit / (loss)
before income taxes)

Adjustments(Note 2)

Interim
Condensed
Consolidated
Statement ofProfit or Loss

Others(Note 1)

(Note 1) “Others” includes the real estate leasing business, etc.
(Note 2) “Adjustments” mainly includes revenue and corporate expenses which are not allocated to individual reportable segments.

－

21

－

6. Inventories
Write-down of inventories to their net realizable values recognized in expenses is as follows:(Millions of yen)

Write-down of inventories to net realizable value

Three months ended
30 November 2022

Three months ended
30 November 2023

2,186

2,450

7. Property, Plant and Equipment
The breakdown of the carrying amount of property, plant and equipment at each reporting date is as follows:(Millions of yen)
As at
31 August 2023

As at
30 November 2023

Buildings and structures

136,945

149,261

Machinery and equipment

45,301

44,289Furniture, fixtures and vehicles

28,561

31,692

Land

1,927

1,927

Construction in progress

9,139

5,616

221,877

232,787

Total

－

22

－

8. Dividends
The total amount of dividends paid was as follows:
For the three months ended 30 November 2022
Total dividends(Millions of yen)

Resolution
Meeting of the Board on 1 November 2022

34,744

Dividends per share(Yen)

Record date

Effective date

340

31 August2022

4 November
2022

Dividends per share(Yen)

Record date

Effective date

For the three months ended 30 November 2023
Total dividends(Millions of yen)

Resolution

31 August
10 November
2023
2023
Our common stock was split on a 3-to-1 basis effective 1 March 2023, so the dividends with a record date of 31 August, 2022 are listed
in the amount before the stock split. Dividends with a record date of 31 August, 2023 are listed in the amount after the stock split.
Meeting of the Board on 6 November 2023

50,600165

9. Revenue
The Group conducts its global clothing retail operations through both physical stores and e-commerce channels. The following is abreakdown of total revenue by major regional market operation.
Three months ended 30 November 2022
Revenue(Millions of yen)

Percentage of Total
(%)

Japan

240,949

33.6

Greater China

146,718

20.5

South Korea, Southeast Asia, India & Australia

110,323

15.4

North America

47,397

6.6

Europe53,456

7.5

UNIQLO (Note 1)

598,846

83.6

GU (Note 2)

79,364

11.1

Global Brands (Note 3)

37,604

5.2

577

0.1

716,393

100.0

Others (Note 4)
Total(Note 1) Revenue is classified by nation or region based on customer location.
The designated regions and countries are classified as follows:
Greater China:
Mainland China, Hong Kong, Taiwan
South Korea, Southeast Asia, India & Australia:

South Korea, Singapore, Malaysia, Thailand, the Philippines,
Indonesia, Australia, Vietnam, India

North America:
Europe:United States of America, Canada
United Kingdom, France, Russia, Germany, Belgium, Spain,
Sweden, the Netherlands, Denmark, Italy, Poland
Japan(Note 2) Main national and regional market:(Note 3) Main national and regional markets:
North America, Europe, Japan(Note 4) The “Others” category includes real estate leasing operations.

－

23

－

Three months ended 30 November 2023
Revenue(Millions of yen)

Percentage of Total
(%)

Japan

244,498

30.2

Greater China

180,347

22.2

South Korea, Southeast Asia, India & Australia

131,273

16.2

North America

57,971

7.1

Europe71,726

8.8

UNIQLO (Note 1)

685,81784.6

GU (Note 2)

87,856

10.8

Global Brands (Note 3)

36,684

4.5

475

0.1

810,833

100.0

Others (Note 4)
Total(Note 1) Revenue is classified by nation or region based on customer location.
The designated regions and countries are classified as follows:
Greater China:
Mainland China, Hong Kong, Taiwan
South Korea, Southeast Asia, India & Australia:

South Korea, Singapore, Malaysia, Thailand, the Philippines,
Indonesia, Australia, Vietnam, India

North America:
Europe:United States of America, Canada
United Kingdom, France, Germany, Belgium, Spain, Sweden, theNetherlands, Denmark, Italy, Poland, Luxembourg
Japan(Note 2) Main national and regional market:(Note 3) Main national and regional markets:
North America, Europe, Japan(Note 4) The “Others” category includes real estate leasing operations.

10. Selling, General and Administrative Expenses
The breakdown of selling, general and administrative expenses for each reporting period is as follows:(Millions of yen)Three months ended
30 November 2022

Three months ended
30 November 2023

Advertising and promotion

26,55530,117

Lease expenses

25,61830,206

Depreciation and amortization

46,74349,312

Outsourcing

15,265

16,660

Salaries

91,005

107,547

Distribution

30,771

33,659Others

29,07533,897265,033

301,400

Selling, general and administrative expenses

Total

－

24

－

11. Other Income and Other Expenses
The breakdown of other income and other expenses for each reporting period is as follows:(Millions of yen)Three months ended
30 November 2022

Three months ended
30 November 2023

1,542

3,997

893

1,665

2,436

5,663

Other income
Foreign exchange gains (Note)
Others
Total(Millions of yen)Three months ended
30 November 2022

Three months ended
30 November 2023

Loss on retirement of property, plant and equipment

83

280

Impairment losses

62

202

Others

912

587

1,057

1,070

Other expenses

Total(Note) Currency adjustments incurred in the course of operating transactions are included in “Other income”.
12. Finance Income and Finance Costs
The breakdown of finance income and finance costs for each reporting period is as follows:(Millions of yen)Three months ended
30 November 2022

Three months ended
30 November 2023

Foreign exchange gains (Note)

3,936

3,039

Interest income

8,380

15,2215

0

12,322

18,261

Finance income

Others
Total(Millions of yen)Three months ended
30 November 2022

Three months ended
30 November 2023

2,588

2,476

2,588

2,476

Finance costs
Interest expenses
Total(Note) Currency adjustments incurred in the course of non-operating transactions are included in “Finance income”.

－

25

－

13. Earnings per ShareThree months ended 30 November 2022
Equity per share attributable to ownersof the Parent (Yen)Three months ended 30 November 2023
5,105.30

Equity per share attributable to owners of the
Parent (Yen)

6,137.09

Basic earnings per share for the period (Yen)

277.49Basic earnings per share for the period (Yen)

351.50

Diluted earnings per share for the period(Yen)

277.11

Diluted earnings per share for the period(Yen)

350.88(Note) 1.The basis for calculation of basic earnings per share and diluted earnings per share is as follows:
Three months ended
30 November 2022

Three months ended
30 November 2023

85,074

107,800--

85,074

107,800

306,586,380

306,685,638--

Increase in number of common stock (Shares)

423,161546,313(Number of share subscription rights included in increase)(423,161)(546,313)

Basic earnings per share for the period
Profit for the period attributable to owners of the Parent (Millions of yen)
Profit not attributable to common shareholders (Millions of yen)
Profit attributable to common shareholders (Millions of yen)
Average number of common stock outstanding during the period (Shares)
Diluted earnings per share for the period
Adjustment to profit (Millions of yen)

2. Our common stock has been split on a 3-to-1 basis, effective 1 March 2023. Equity per share attributable to owners of the Parent,
basic earnings per share for the period and diluted earnings per share for the period have been calculated assuming this stock split
was conducted at the beginning of the previous fiscal year.

－

26

－

14. Fair Value of Financial Instruments
Information about the carrying amount and fair value of financial instruments is as follows:(Millions of yen)
As at 31 August 2023

As at 30 November 2023

Carrying
amounts

Fair value

Carrying
amounts

Fair value

Bonds

440,738

438,995

446,328445,210

Security deposits and guarantees

69,446

68,891

70,146

69,648510,184

507,887

516,474

514,859

239,686

236,826

239,703

236,509239,686

236,826

239,703

236,509

Financial assets

Total
Financial liabilities
Corporate bonds
Total(Note) The amount above includes the outstanding balance of bonds due within one year.
Notes concerning financial assets and financial liabilities for which carrying amount approximates fair value have been omitted.
The fair value of bonds is calculated with reference to publicly available market prices.
The fair value of security deposits and guarantees is calculated on the basis of the present value, applying the current market interest
rate.
The fair value of corporate bonds is calculated with reference to publicly available market prices.
The fair value measurements of bonds, security deposits / guarantees, and corporate bonds are categorized as level 2.

－

27

－

The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments. All assets and liabilities
for which fair value is measured or disclosed in the interim condensed financial statements are categorized within the fair value
hierarchy based on the following characteristics:
Level 1 - based on quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2 - based on valuation techniques for which the lowest level input that is significant to the fair value measurement isobservable, either directly or indirectly
Level 3 - based on valuation techniques for which the lowest level input that is significant to the fair value measurement isunobservable
When multiple inputs are used to measure fair value, the fair value level is determined based on the input with the lowest level
categorization in the overall fair value assessment.
The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments:(Millions of yen)
As at 31 August 2023

Level 1

Financial assets measured at fair value throughother comprehensive income
Net financial assets and financial liabilities
measured at fair value through profit or loss
Net financial assets and financial liabilities
designated as hedging instruments - Fair value
Fair value

Level 2

Level 3

Total

-

-

189

189

-

3

-

3

-

241,238-

241,238-

241,242189

241,432(Millions of yen)

As at 30 November 2023

Level 1

Level 2Financial assets measured at fair value throughother comprehensive income-

Net financial assets and financial liabilities
measured at fair value through profit or loss-

Net financial assets and financial liabilities
designated as hedging instruments - Fair value
Fair value

Level 3
-

Total

189

189

-

-

-

-

229,998-

229,998-

229,998

189

230,188

For the valuation of Level 2 derivative financial instruments for which a market value is available, the Company uses a valuation
model that uses observable data on the measurement date using inputs such as interest rates, yield curves, currency rates andvolatility in comparable instruments.
Financial instruments categorized as Level 3 consist mainly of unlisted shares. The fair values of unlisted shares are measured by
the division responsible in the Group according to the Group’s accounting policy, etc., using the immediately preceding figuresavailable for each quarter.
There were no significant changes due to the purchase, sale, issuance and settlement of Level 3 financial instruments, and notransfers between Levels 1, 2 and 3.

－

28

－

15. Commitments for Expenditures
The Group had the following commitments at each reporting date:(Millions of yen)
As at
31 August 2023

As at
30 November 2023

Commitment for the acquisition of property, plant and equipment

16,926

13,019Commitment for the acquisition of intangible assets

2,634

3,648

19,56016,667Total

16. Subsequent Events
Not applicable

－

29

－

2. Others
Dividends
The Company resolved to pay dividends from retained earnings at the meeting of the Board convened on 6 November 2023.
The total amount of dividends paid and the amount per share are stated under “Financial Section 1. Interim Condensed
Consolidated Financial Statements, Notes to the Interim Condensed Consolidated Financial Statements 8. Dividends”.

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(TRANSLATION)
INDEPENDENT ACCOUNTANT'S REVIEW REPORT

12 January 2024

To the Board of Directors of
FAST RETAILING CO., LTD.:

Deloitte Touche Tohmatsu LLC
Tokyo office
Designated Engagement Partner,
Certified Public Accountant:
Hirofumi Otani

Designated Engagement Partner,
Certified Public Accountant:
Akira Kimotsuki

Accountant's Conclusion
Pursuant to the first paragraph of Article 193-2 of the Financial Instruments and Exchange Act, we havereviewed the interim condensed consolidated financial statements of FAST RETAILING CO., LTD.. and its
consolidated subsidiaries (the "Group") included in the Financial Section, namely, the interim condensed
consolidated statement of financial position as at 30 November 2023, the interim condensed consolidated
statement of profit or loss and interim condensed consolidated statement of comprehensive income for thethree-month period then ended, and the interim condensed consolidated statement of changes in equity andinterim condensed consolidated statement of cash flows for the three-month period then ended, and therelated notes.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying
interim condensed consolidated financial statements do not present fairly, in all material respects, theconsolidated financial position of the Group as at 30 November 2023, and its consolidated financial
performance for the three-month period then ended and its consolidated cash flows for the three-month period
then ended in accordance with International Accounting Standard (“IAS”) 34 "Interim Financial Reporting"(“IAS 34”), pursuant to Article 93 of the “Rules Governing Term, Form and Preparation of Consolidated
Quarterly Financial Statements”.
Basis for Accountant's Conclusion
We conducted our review in accordance with quarterly review standards generally accepted in Japan. Our
responsibility under those standards is further described in the Accountant's Responsibility for the Review of
the Interim Condensed Consolidated Financial Statements section of our report. We are independent of theGroup in accordance with the provisions of the Code of Professional Ethics in Japan, and we have fulfilled ourother ethical responsibilities as accountants. We believe that we have obtained the evidence to provide abasis for our review conclusion.
Responsibilities of Management and Audit & Supervisory Board Members and the Audit &Supervisory Board for the Interim Condensed Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the interim condensed consolidated
financial statements in accordance with IAS 34, and for such internal control as management determines isnecessary to enable the preparation of interim condensed consolidated financial statements that are free frommaterial misstatement, whether due to fraud or error.
In preparing the interim condensed consolidated financial statements, management is responsible forassessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to
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going concern in accordance with paragraph 4 of IAS 1 "Presentation of Financial Statements" (“IAS 1”).
Audit & Supervisory Board members and the Audit & Supervisory Board are responsible for overseeing the
Directors' execution of duties relating to the design and operating effectiveness of the controls over theGroup's financial reporting process.
Accountant's Responsibility for the Review of the Interim Condensed Consolidated Financial
Statements
Our objective is to issue an accountant's report that includes our conclusion.
As part of a review in accordance with quarterly review standards generally accepted in Japan, we exercise
professional judgment and maintain professional skepticism throughout the review. We also:• Make inquiries, primarily of management and persons responsible for financial and accounting matters, andapply analytical and other quarterly review procedures. A review is substantially less in scope than an audit
conducted in accordance with auditing standards generally accepted in Japan.
• Conclude whether nothing has come to our attention, based on the evidence obtained, related to going
concern that causes us to believe that the interim condensed consolidated financial statements are notfairly presented, in all material respects, in accordance with paragraph 4 of IAS 1, if we conclude that amaterial uncertainty exists related to events or conditions that may cast significant doubt on the Group's
ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our accountant's report to the related disclosures in the interim condensed consolidated
financial statements or, if such disclosures are inadequate, to modify our conclusion. Our conclusions are
based on the evidence obtained up to the date of our accountant's report. However, future events orconditions may cause the Group to cease to continue as a going concern.
• Evaluate whether nothing has come to our attention that causes us to believe that the overall presentationand disclosures of the interim condensed consolidated financial statements are not in accordance with IAS
34, as well as the overall presentation, structure and content of the interim condensed consolidated
financial statements, including the disclosures, and whether nothing has come to our attention that causes
us to believe that the interim condensed consolidated financial statements do not represent the underlying
transactions and events in a manner that achieves fair presentation.
• Obtain evidence regarding the financial information of the entities or business activities within the Group to
express a conclusion on the interim condensed consolidated financial statements. We are responsible forthe direction, supervision and performance of the review of the interim condensed consolidated financial
statements. We remain solely responsible for our conclusion.
We communicate with Audit & Supervisory Board members and the Audit & Supervisory Board regarding theplanned scope and timing of the review and significant findings that we identify during our review.
We also provide Audit & Supervisory Board members and the Audit & Supervisory Board with a statementthat we have complied with relevant ethical requirements regarding independence, and communicate withthem all relationships and other matters that may reasonably be thought to bear on our independence, andwhere applicable, related safeguards.
Interest Required to Be Disclosed by the Certified Public Accountants Act of Japan
Our firm and its designated engagement partners do not have any interest in the Group which is required tobe disclosed pursuant to the provisions of the Certified Public Accountants Act of Japan.

Notes to the Readers of Independent Accountant's Review Report
This is an English translation of the independent accountant's review report as required by the Financial
Instruments and Exchange Act of Japan for the conveniences of the reader.

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