FAST RETAILING CO., LTD.
迅銷有限公司Third Quarterly Report 2023/24
2024.3.1–2024.5.31
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
Interim Condensed Consolidated Statement ofComprehensive Income

14

14

16

(3) Interim Condensed Consolidated Statement of
Changes in Equity

18(4) Interim Condensed Consolidated Statement of Cash Flows20

2. Others

31

Independent Accountant’s Review Report32

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/eng/

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

- 1 -

2. Financial Highlights
Consolidated Financial Summary
Third QuarterofThird Quarterof

62nd Fiscal
Year

63rd Fiscal
Year

Nine months
ended

Nine months
ended

31 May2023

31 May2024

2,143,504

2,366,501

2,766,557

Operating profit (Millions of yen)

330,574

401,803

381,090

Profit before income taxes (Millions of yen)359,203477,767

437,918

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

238,519

312,838

296,229

271,077

504,264

423,601

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

1,694,899

2,137,916

1,821,405

Total assets (Millions of yen)

3,100,617

3,684,122

3,303,694

Basic earnings per share (Yen)

777.901,020.02

966.09Diluted earnings per share (Yen)776.65

1,018.25

964.48

54.7

58.0

55.1

Net cash generated by operating activities (Millions of yen)

315,896454,391

463,216

Net cash (used in) / generated by investing activities (Millions of yen)

(505,838)(85,463)(574,402)

Net cash (used in) / generated by financing activities (Millions of yen)(240,721)(229,578)(364,562)

Cash and cash equivalents at end of the period (year) (Millions of yen)

922,567

1,097,753

903,280

Three months

Three months

ended
31 Mayended
31 May2023

2024

Revenue (Millions of yen)

676,153

767,502

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

85,126116,926

Basic earnings per share for the period (Yen)

277.60381.22

Term

Accounting period

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

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

Accounting period

62nd Fiscal
Year

Year ended
31 August
2023(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.

- 2 -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 nine months ended 31 May 2024.
In addition, there were no significant changes in the organizational structure of the Group, including the major subsidiaries, during thenine months ended 31 May 2024.

- 3 -3. Management Discussion and Analysis
Business Review
1. Business and Operational Risks
No new business-related risks have arisen during the nine months ended 31 May 2024.
There have been no significant changes concerning business-related risks as stated in the annual report for the preceding fiscal year.

- 4 -2. Financial Analysis(1) Financial Position and Results of Operations(ⅰ) Results of Operations
The Fast Retailing Group generated a significant increase in revenue and profits in the third quarter of fiscal 2024, or the ninemonths from 1 September 2023 to 31 May 2024, with consolidated revenue totaling 2.3665 trillion yen (+10.4% year-on-year)
and operating profit rising to 401.8 billion yen (+21.5% year-on-year). In addition to the continued strong performances by
UNIQLO operations in the North America, Europe, and Southeast Asia regions, which all reported large revenue and profit gains,
UNIQLO Japan also reported significantly higher revenue and profit for the three months from March to May. All these factors
helped generate an overall record performance for the Group on a consolidated basis. We recorded 75.9 billion yen under financeincome net of costs, primarily comprised of 40.4 billion yen in net interest income and 35.5 billion yen in translated foreignexchange gains on foreign-currency denominated assets. As a result, profit before income taxes rose to 477.7 billion yen (+33.0%
year-on-year) over the nine-month period and profit attributable to owners of the parent increased to 312.8 billion yen (+31.2%
year-on-year).
The Fast Retailing Group is focusing on a number of areas as part of its endeavor to become a global No.1 brand that is essential
to daily living and is trusted by all customers around the world. Those measures include (1) Further progressing the developmentof a digital consumer retailing industry, (2) Diversifying global earnings pillars, (3) Pursuing a business model in which thedevelopment of business contributes to sustainability, (4) Expanding the GU business segment, as well as Theory and other
Global brands, and (5) Strengthening human capital. We aim to enhance our product development and branding and accelerate
high-quality store openings at UNIQLO International in particular as the growth pillar of the Fast Retailing Group. We are also
committed to creating LifeWear, simple and high-quality everyday clothing, in order to help build a sustainable society. Our aim
is to create high-quality clothing that lasts a long time, clothing that exerts a lower impact on the planet and is made in healthyand safe working environments, and circular clothing that can ultimately be recycled or reused.
UNIQLO Japan
UNIQLO Japan reported an increase in revenue and a significant rise in profits in the first nine months of fiscal 2024, withrevenue totaling 722.0 billion yen (+1.7% year-on-year) and operating profit reaching 127.8 billion yen (+28.3% year-on-year).
The segment generated especially strong revenue and profit gains in the three months from March to May. Same-store sales
expanded by 9.0% year-on-year in the third quarter on the back of persistently warm weather and strong sales of T-shirts, Bra
Tops, and bottoms made of ultra-stretch materials that were featured in our latest advertising campaigns. The gross profit margin
improved by 4.1 points year-on-year after we were able to reduce the amount of discounting required to offload excess stock andthereby improve the discounting rate. In addition, the impact of spot exchange rates used for additional production orders also
eased, resulting in an improvement in cost of sales. Looking ahead, we do expect spot rates to impact results in the three months
from June to August as we are currently submitting additional production orders for products that are running low on stock due tothe strong sales in the previous quarter. As a result, cost of sales for the second half of fiscal 2024 from March to August 2024 is
expected to hold roughly steady at the previous year’s level. Finally, the selling, general and administrative expense ratio
improved by 2.1 points year-on-year as the higher revenue performance resulted in a decline in personnel, store rents, andadvertising and promotion cost ratios.
UNIQLO International
UNIQLO International reported a significant increase in both revenue and profit in the first nine months of fiscal 2024, withrevenue rising to 1.2928 trillion yen (+17.8% year-on-year) and operating profit expanding to 221.9 billion yen (+20.6% year-onyear). UNIQLO brand recognition is rising across all markets as a result of our persistent strategy of opening new stores aroundthe world that enable people to experience the great benefits of LifeWear, and this is now helping to generate a virtuous cycle ofstrengthening business performance.
Breaking down the UNIQLO International third-quarter performance from March to May into individual regions and markets andviewing performance on a local currency basis, the Mainland China market and Hong Kong market reported declines in revenue
and large contractions in profit. Sales in the Mainland China market struggled in comparison with the high bar set in the previous
year and in the face of a slowdown of consumer appetite, unseasonal weather, and product lineups that didn’t fully satisfy theneeds of local customers. By contrast, the Taiwan market reported large revenue and profit gains and South Korea reported higher
revenue and profit on the back of strong sales of Summer ranges. Meanwhile, Southeast Asia, India & Australia reported higher
revenue and a significant increase in profits as our efforts to enhance communication of attractive Summer products around thetime of the 40th UNIQLO Thank You Festival and other promotional sales boosted sales of Bra Tops, UV-cut, T-shirts, and othercore ranges. UNIQLO North America reported large increases in revenue and profit due to strong sales of Bra Tops, linen, sports
utility wear, and other ranges resulting from our decision to strengthen marketing and communications to strategically enhance- 5 -sales of certain products. UNIQLO Europe reported large gains in revenue and profit. Raising UNIQLO brand visibility across theregion helped generate higher-than-anticipated sales at our newly opened stores in Edinburgh in the UK and Rome, Italy, and theregion also reported impressive double-digit year-on-year growth in same-store sales over the three-month period.
GU
The GU business segment reported an increase in revenue and a large rise in profits in the first nine months of fiscal 2024 on theback of strong sales of products that successfully captured mass fashion trends. Revenue totaled 246.4 billion yen (+8.1% yearon-year) and operating profit expanded to 29.4 billion yen (+14.2% year-on-year).
In the three months from March to May, GU witnessed strong sales of Sweat Look T-shirt, Cocoon Jogger Pull-on Pants, Light
Denim Wide Pants, and other items that incorporated global mass fashion trends, suggesting that the brand will soon be well
positioned to expand more earnestly into international markets.
Global Brands
In the first nine months of fiscal 2024, the Global Brands segment reported a decline in revenue to 103.7 billion (−2.5% year-onyear) and an operating loss of 0.3 billion yen (compared with an operating profit of 1.4 billion yen in the previous year).
In the three months from March to May, sales for Theory in the United States in particular proved sluggish, resulting in a slight
year-on-year decline in revenue for the Theory operation as a whole. Theory operating profit declined significantly as theoperation failed to sufficiently control personnel costs and other business costs. While revenue from our PLST label declined
year-on-year, after restructuring measures resulted in a contraction in total store numbers, operating profit increased on the backof improved cost structures. However, PLST is showing signs of a steady recovery, with third-quarter same-store sales rising on
the back of strong sales primarily at urban stores operating under the new business model. Finally, while Comptoir des Cotonniers
reported a decline in revenue on the back of fewer store numbers, the brand also reported a contraction in operational losses as
restructuring measures helped improve cost structures.
Sustainability
Fast Retailing is advancing its LifeWear concept—the ultimate in everyday clothing, designed to make everyone's life better—tocreate apparel that emphasizes quality, design and price, in addition to being environmentally friendly, protecting human rights
and contributing to society. We have identified six priority areas (materialities) for our sustainability activities. The main company
activities during the third-quarter consolidated accounting period are as follows.
■ Creating new value through products and sales: UNIQLO is promoting its "RE.UNIQLO" initiative to transition to a morecircular society by extending the lifespan of clothes, as part of its REDUCE, REUSE, RECYCLE activities. For REDUCE
activities, as at the end of May 2024, RE.UNIQLO Studio, which offers clothing repair, remake and upcycle services, has beenrolled out to 44 UNIQLO stores across 19 countries and regions, and there are plans to expand it to more than 50 stores globallyby the end of December 2024. For REUSE activities, the second round of trials of the UNIQLO Pre-Owned Clothes Project isbeing conducted at the UNIQLO Setagaya Chitosedai and UNIQLO Tenjin stores, selling pre-owned UNIQLO clothing throughthe end of August 2024. For RECYCLE activities, UNIQLO will be the first provider to use molecular recycling materials fromsome of its store-collected products (high polyester mix materials) for the Swedish national team's official apparel at the major
global sporting event to be held in France in 2024.
■ Respecting human rights and labor environment in the supply chain: We are continually strengthening our efforts to improvetransparency and traceability, and respect human rights and labor environments. In 2019, we supported the industry commitment
to Responsible Recruitment for migrant workers and clarified our policy against forced labor. In 2022, we launched workplacemonitoring focused on foreign migrant workers' recruitment and employment, and classified costs to migrant workers, such as
recruitment fees, travel expenses, and passport renewals as zero-tolerance items in our workplace monitoring. If such zerotolerance issues are found, we require partner factories to remedy the matters immediately. In addition, we have conductedtraining and other activities with external partners such as the International Organization for Migration (IOM). As a result, we
confirmed that by the end of May 2024, more than 9,800 foreign migrant workers received repayment of recruitment fees andrelated costs, which amount to over USD 4.5 million (approximately 700 million yen).
■ Consideration for the environment: We have set ourselves the goal of reducing greenhouse gas emissions at our stores andoffices by 90% by the fiscal year ending August 2030 compared to the fiscal year ended August 2019, and by 20% in our supply
chains. In addition to implementing renewable energy within the company, we are strengthening our efforts to reduce greenhousegas emissions together with UNIQLO and GU's main factories. As a result, our own greenhouse gas emissions in the fiscal year
- 6 -

ended August 2023 were reduced by 69.4% compared to the fiscal year ended August 2019 (45.7% reduction in the previous
fiscal year), and by 10.0% in supply chains (6.2% reduction in the previous fiscal year). Also, the percentage of renewable energy
implementation in the company reached 67.6% (42.4% in the previous fiscal year). In recognition of these efforts and disclosures,for the second consecutive year we have been recognized as an "A-List" company for climate change by international non-profit
organization CDP.
■ Community co-existence and mutual support: UNIQLO is promoting the PEACE FOR ALL project, which involves sellinggraphic T-shirts designed by celebrities who share our desire to take action for world peace. All profits (equivalent to 20% of thesale price per shirt) are donated to three humanitarian aid organizations to support those affected by poverty, discrimination,
violence, conflict, and war. Since the start of the initiative in June 2022, our donations exceeded 1.2 billion yen at the end of April
2024.
■ 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. In the first half of 2024, the Human Rights Committee discussed reports on improving the ratio of women in managerial
positions and reducing the gender pay gap, along with measures to address these issues. Based on the committee's meetings,
development plans and skill enhancement support for female management candidates, and other measures to promote theappointment of female managers, were discussed at women's human resources development meetings. In May and June 2024,
human rights training was conducted for Group executive officers and business managers to deepen their understanding of humanrights risks in management through example cases that could easily be perceived as harassment or discrimination.
■ Implementing good corporate governance: To enable rapid and transparent management, we have a number of committees
engaged in open and active discussions. The Risk Management Committee discusses measures to minimize the impact on thecompany in the event of a business partner's unexpected business suspension and other occurrences, in addition to strengthening
internal information security and internal controls. The Human Rights Committee reports on the current status and issues raised
via the hotline for company employees and the company's hotline for factory employees, and discusses ways to resolve theseissues. It also discusses issues related to the results of human rights due diligence conducted at the company's bases in Japan andoverseas, providing feedback to relevant departments. Regarding policies for monitoring the working environments at factories,
the committee has discussed points that should be strengthened in response to human rights issues .

(ⅱ) Financial Position
Total assets as at 31 May 2024 were 3.6841 trillion yen, which was an increase of 380.4 billion yen relative to the end of thepreceding fiscal year. The principal factors were an increase of 194.4 billion yen in cash and cash equivalents, an increase of 43.8
billion yen in trade and other receivables, a decrease of 25.6 billion yen in other current financial assets, a decrease of 44.4 billion
yen in inventories, an increase of 65.6 billion yen in derivative financial assets, an increase of 22.0 billion yen in property, plantand equipment, an increase of 41.0 billion yen in right-of-use assets and an increase of 96.3 billion yen in non-current financial
assets.
Total liabilities as at 31 May 2024 were 1.4885 trillion yen, which was an increase of 58.1 billion yen relative to the end of thepreceding fiscal year. The principal factors were a decrease of 13.0 billion yen in trade and other payables, an increase of 33.5
billion yen in lease liabilities, an increase of 10.4 billion yen in current tax liabilities, an increase of 10.5 billion yen in othercurrent liabilities and an increase of 13.3 billion yen in deferred tax liabilities.
Total net assets as at 31 May 2024 were 2.1955 trillion yen, which was an increase of 322.2 billion yen relative to the end of thepreceding fiscal year. The principal factors were an increase of 208.5 billion yen in retained earnings, an increase of 107.0 billion
yen in other components of equity and increase of 5.7 billion yen in non-controlling interests.

- 7 -(2) Cash Flows Information
Cash and cash equivalents as at 31 May 2024 had increased by 194.4 billion yen from the end of the preceding fiscal year, to
1.0977 trillion yen.
(Operating Cash Flows)
Net cash generated by operating activities for the nine months ended 31 May 2024 was 454.3 billion yen (315.8 billion yen was
generated during the nine months ended 31 May 2023). The principal factors were cash inflow from profit before tax for 477.7
billion yen and depreciation and amortization for 151.5 billion yen, cash outflow from income taxes paid for 135.2 billion yen.
(Investing Cash Flows)
Net cash used in investing activities for the nine months ended 31 May 2024 was 85.4 billion yen (505.8 billion yen was usedduring the nine months ended 31 May 2023). The principal factors were 53.0 billion yen in payments for acquisition of property,
plant and equipment and 23.4 billion yen for acquisition of intangible assets.
(Financing Cash Flows)
Net cash used in financing activities for the nine months ended 31 May 2024 was 229.5 billion yen (240.7 billion yen was usedduring the nine months ended 31 May 2023). The principal factors were 104.2 billion yen in dividends paid to owners of theparent and 108.7 billion yen in repayments of lease liabilities.
(3) Estimates and Assumptions Used for Those Estimates in the Accounting
For the third-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 nine months ended 31 May 2024 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 nine months ended 31 May 2024.
<Subsidiaries in Japan>
Company nameUNIQLO CO., LTD.

Type of facility
UNIQLO Japan
storesName of business
Urawa Misono store

LocationJapan
SaitamaCompletion date
April 2024

<Overseas Subsidiaries>
Not applicable.
The following are the significant facilities that were newly planned during the nine months ended 31 May 2024 .
<Subsidiaries in Japan>
Not applicable.
<Overseas Subsidiaries>
Not applicable.
3. Significant Contracts in Business Operation
None.

- 8 -

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 31 May 2024

Number of shares issued(shares)

as at submission date(shares)Name of financial
instrument exchangeof listing, or authorized

Remarks

financial instruments
firms association(As at 12 July 2024)

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/Date(decrease) of
total number ofshares issued(shares)

1 March 2024 to
31 May 2024

Balance of total
number ofshares issued(shares)-

Increase/

Balance of(decrease) ofcapital stock

capital stock(Millions of(Millions ofyen)

318,220,968

yen)-Increase/(decrease) ofcapital reserve(Millions ofyen)

10,273

Balance ofcapital reserve(Millions of
yen)

-

4,578

(Note) There was no change in the total number of shares issued, capital stock or capital reserve during the three months ended 31
May 2024.
(5) Major Shareholders
There are no items to disclose, as the accounting period under review is the third quarter accounting period.

- 9 -(6) Voting Rights
Concerning “Voting Rights” as at the end of the third quarterly accounting period ended 31 May 2024, it has not been possible toconfirm and state the details entered in the register of shareholders. Therefore, the stated details are based on the register ofshareholders as at the immediately preceding record date (29 February 2024).
(i) Shares issued
As at 31 May 2024
Number of shares

Class

Number of voting rights

Remarks

-

-

-

-

-

-

-

-

-

-

-

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

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

Common stock
11,510,000

Shares with full voting rights(e.g., other than treasury stock)

Common stock
306,561,700
Common stock

Shares less than one unit

149,268

Total number of shares issued

318,220,968

Total number of voting rights of all shareholders-

3,065,617-(Note) 1(Notes) 1, 2-

3,065,617-(Notes) 1. The columns for the number of shares of “Shares with full voting rights (e.g., 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.
2. Common stock in the “Shares less than one unit” row includes 97 shares of treasury stock held by the Company.
(ii) Treasury StockAs at 31 May 2024
Name or trade name of

Holder’s address

holderFAST RETAILING CO.,LTD.

10717-1 Sayama,
Yamaguchi-shi,

Number ofshares held in

Number ofshares held in

own name(shares)other’s name(shares)

Total number ofshares held
(shares)

Percentage of
total number ofshares issued(%)

11,510,000-

11,510,000

3.62

11,510,000-

11,510,000

3.62

Yamaguchi
Total-

2. Directors
Since the submission of the year-end report for the preceding fiscal year, there has been no change of directors during the ninemonths ended 31 May 2024.

- 10 -

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 31 May 2024, the interim condensed consolidated statement of profit or loss and interim condensed
consolidated statement of comprehensive income for the three-month and nine-month periods then ended, the interim condensed
consolidated statement of changes in equity and interim condensed consolidated statements of cash flows for the nine-month period
then ended, and the related notes (collectively, the “interim condensed consolidated financial statements”) were prepared inaccordance with International Accounting Standard 34, Interim Financial Reporting (“IAS 34”), pursuant to Article 93 of the “Rules
Governing Term, 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.

- 11 -

(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 31 May 2024

ASSETS
Current assets
Cash and cash equivalents

903,280

1,097,753

Trade and other receivables
Other financial assets

14

66,831
576,194

110,631550,546

Inventories
Derivative financial assets

6
14449,254
132,101

404,795
180,342

23,66025,372

1,766
27,0842,176,695

2,372,919

221,877
389,183

243,946
430,209

8,092
87,3008,092
94,010240,363336,701

18,974

19,62638,20841,155

114,151
8,846

131,521
5,938

Income taxes receivable
Other assets
Total current assets
Non-current assets
Property, plant and equipment
Right-of-use assets

7

Goodwill
Intangible assets
Financial assets
Investments in associates accounted for using

14

the equity method
Deferred tax assets
Derivative financial assets
Other assets

14

Total non-current assets

1,126,998

1,311,202

3,303,694

3,684,122

338,901
61,913

325,866
62,5383,600
126,992

4,062
133,677

Current tax liabilities
Provisions

65,4282,642

75,847
1,490

Other liabilities

129,782

140,305

Total current liabilities

729,260

743,790

241,068

241,163

338,657
50,888365,535
54,764

67,0391,410

80,363964

Total assets
Liabilities and equity
LIABILITIESCurrent liabilities
Trade and other payables
Other financial liabilities
Derivative financial liabilities
Lease liabilities

Non-current liabilities
Financial liabilities

14
14

14

Lease liabilities
Provisions
Deferred tax liabilities
Derivative financial liabilities

14

Other liabilities
Total non-current liabilities
Total liabilities- 12 -

2,007

1,943

701,072

744,736

1,430,333

1,488,526

(Millions of yen)
Notes
EQUITY
Capital stock

As at 31 August 2023

As at 31 May 2024

10,273

10,27328,531
1,498,348

29,406
1,706,912(14,714)
298,965(14,646)
405,970

Equity attributable to owners of the Parent
Non-controlling interests

1,821,405
51,955

2,137,916
57,679Total equity

1,873,360

2,195,595

3,303,694

3,684,122

Capital surplus
Retained earnings
Treasury stock, at cost
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
Nine months ended 31 May 2024
(Millions of yen)
Notes
Revenue
Cost of sales

9

Gross profit

Nine months ended

Nine months ended

31 May 2023

31 May 2024

2,143,504(1,037,909)

2,366,501(1,087,526)

1,105,594

1,278,974

Selling, general and administrative expenses
Other income

1011(780,180)
8,874(885,872)
10,827

Other expenses
Share of profit / (loss) of associates accounted

11(4,779)(3,504)

1,066

1,379

330,574

401,803

36,082(7,453)83,817(7,853)

Profit / (Loss) before income taxes
Income tax expense

359,203(104,297)

477,767(145,830)

Profit / (Loss) for the period

254,905

331,937

Owners of the Parent
Non-controlling interests

238,519
16,386

312,838
19,098

Total

254,905

331,937777.90776.651,020.02
1,018.25

for using the equity method
Operating profit / (loss)
Finance income
Finance costs

12
12Profit / (Loss) for the period attributable to:Earnings per share
Basic (yen)Diluted (yen)1313- 14 -

Three months ended 31 May 2024
(Millions of yen)Three months ended
31 May 2023

Three months ended
31 May 2024

Revenue

676,153

767,502

Cost of sales(312,079)(333,771)

Gross profit
Selling, general and administrative expenses

364,074(255,970)

433,730(291,799)

4,578(2,802)

3,488(1,090)430

389Operating profit / (loss)
Finance income

110,311
20,769144,718
36,544

Finance costs(2,376)(2,890)

Profit / (Loss) before income taxes

128,704

178,371

Income tax expense(38,429)(55,872)

Profit / (Loss) for the period

90,274122,499

Profit/ (Loss) for the period attributable to:
Owners of the Parent

Notes

Other income
Other expenses
Share of profit / (loss) of associates accounted
for using the equity method

85,126116,926

Non-controlling interests

5,147

5,572

Total

90,274122,499

Earnings per share
Basic (yen)13277.60381.22

Diluted (yen)13277.08380.57- 15 -

Interim Condensed Consolidated Statement of Comprehensive Income
Nine months ended 31 May 2024
(Millions of yen)
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 through othercomprehensive income / (loss)
Total items that will not be reclassified subsequently to profit
or loss
Items that may be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations

Nine months ended

Nine months ended

31 May 2023

31 May 2024

254,905

331,937

18

(3)

18

(3)

4,727

81,05626,987

113,74675

108

31,790

194,91031,809194,907

Total comprehensive income for the period

286,715

526,845

Attributable to:
Owners of the Parent

271,077

504,264

Cash flow hedges
Share of other comprehensive income / (loss) of
associates
Total items that may be reclassified subsequently to profit orloss
Other comprehensive income / (loss), net of income tax

Non-controlling interests

15,63822,580Total comprehensive income for the period

286,715

526,845- 16 -

Three months ended 31 May 2024
(Millions of yen)
Notes
Profit for the period

Three months ended
31 May 2023

Three months ended
31 May 2024

90,274122,499

25

(2)

25

(2)

22,30844,46940,082

52,13973

69

62,46496,67862,48996,675

Total comprehensive income for the period

152,764

219,174

Attributable to:
Owners of the Parent

146,328

212,045

6,435

7,128

152,764

219,174

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
Exchange differences on translating
foreign operations
Cash flow hedges
Share of other comprehensive income / (loss) of
associates
Total items that may be reclassified subsequently to
profit or loss
Other comprehensive income / (loss), net of income tax

Non-controlling interests
Total comprehensive income for the period- 17 -

(3) Interim Condensed Consolidated Statement of Changes in Equity
For the Nine months ended 31 May 2023
(Millions of yen)
Other components of equity

Note

As at 1 September 2022
Net changes during the period
Comprehensive income
Profit for the period
Other comprehensive
income / (loss)
Total comprehensive income /(loss)
Transactions with the ownersof the Parent
Acquisition of treasury
stock
Disposal of treasury stock
Dividends
Share-based payments
Transfer to non-financial
AssetsTransfer to retained
earnings
Changes in ownershipinterests in subsidiaries
without losing control
Total transactions with theowners of the Parent
Total net changes during theperiodAs at 31 May 2023

8

Treasury Financial assets
stock, measured at fair Foreignvalue
currency
at costthrough other translation
comprehensive reserveincomeCapitalstock

CapitalsurplusRetainedearnings

10,273

27,834

1,275,102(14,813)--238,519

-

-

-

-

-

-

-

-

18

4,347

28,115--

238,519

-

18

4,347

28,115

-

-

-

(27)

-

-

-

1,382
－

(73,074)
-

106
-

-

-

-

-

-

95

-

-

(980)
-

131

100,587

Share of otherCash flow
comprehensive
hedge
income ofreserveassociates
162,407

129

Equityattributable
Nonto owners controllingof theinterests
Parent

Total

Total
equity263,255

1,561,652

53,7501,615,402--

238,519

16,386

254,90575

32,55732,557(748)

31,80975

32,557

271,077

15,638286,715

-

-

-

(27)

-

(27)

-

-

-

1,489
(73,074)(980)(16,305)－

1,489(89,379)(980)-(65,236)-(65,236)(65,236)(717)(65,953)

(95)

-

-

-

(95)

-

-

-

-

-

-

-

-

-

-

-

-

-

314

314

-

402

(72,979)

78

(95)

-

(65,236)-(65,331)(137,829)(16,707)(154,537)-

402

165,540

78

(76)

4,347

(37,120)75(32,774)

133,247(1,069)132,177

10,273

28,236

1,440,642(14,734)

54

104,934

125,286

205

230,481

1,694,899

52,6801,747,580- 18 -

For the Nine months ended 31 May 2024
(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 /(loss)
Transactions with the ownersof 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 theperiodAs at 31 May 2024

8

Treasury Financial assets
stock, measured at fair Foreignvalue
currency
at costthrough other translation
comprehensive reserveincomeEquityattributable
Nonto owners controllingof theinterests
ParentCapitalstock

CapitalsurplusRetainedearnings

10,27328,531

1,498,348(14,714)28

146,031

152,602302

298,965

1,821,405

51,955

1,873,360--

312,838

-

-

-

-

-

-

312,838

19,098331,937

-

-

-

-

(3)

79,539111,781108

191,425

191,425

3,481

194,907--

312,838-(3)

79,539111,781108

191,425504,264

22,580526,845

-

-

-

(0)

-

-

-

-

-

(0)

-

(0)

-

956
(81)

(104,274)
-

68
-

-

-

-

-

-

1,024
(104,274)(81)(15,743)-

1,024(120,017)
(81)

-

-

-

-

-

-

(84,421)-(84,421)(84,421)(1,114)(85,535)-

874(104,274)

67

-

-

(84,421)-(84,421)(187,753)(16,857)(204,610)

Share of otherCash flow
comprehensive
hedge
income ofreserveassociates

Total

Total
equity-874

208,56467(3)

79,53927,359108

107,004

316,510

5,723

322,234

10,27329,406

1,706,912(14,646)25

225,571

179,962410

405,970

2,137,916

57,6792,195,595- 19 -

(4) Interim Condensed Consolidated Statement of Cash Flows(Millions of yen)

Notes

Nine months ended

Nine months ended

31 May 2023

31 May 2024

Cash flows from operating activities
Profit before income taxes

359,203477,767

Depreciation and amortization
Impairment losses

139,211
1,932

151,532
1,118Interest and dividend income
Interest expenses(28,161)
7,453(48,266)
7,829

Foreign exchange losses / (gains)Share of profit and loss of associates accounted for using the(7,920)(35,524)(1,066)(1,379)equity method
Losses on disposal of property, plant and equipment

518

1,015

(Increase) / Decrease in trade and other receivables(Increase) / Decrease in inventories(41,994)
99,178(41,101)
59,632

Increase / (Decrease) in trade and other payables(Increase) / Decrease in other assets(86,769)
7,702(17,269)
2,009

Increase / (Decrease) in other liabilities
Others, net(19,328)
22,117

5,191(24,296)

Cash generated from operations

452,077

538,259

Interest and dividends income received
Interest paid

16,667(7,149)36,855(7,484)

Income taxes paid
Income taxes refunded(145,698)-(135,268)
22,028Net cash generated by / (used in) operating activities

315,896454,391(291,360)(298,322)

130,218

281,048

Cash flows from investing activities
Amounts deposited into bank deposits with original maturitiesof three months or longer
Amounts withdrawn from bank deposits with original
maturities of three months or longer
Payments for property, plant and equipment(51,866)(53,074)

Payments for intangible assets
Payments for acquisition of right-of-use assets(25,134)(1,778)(23,437)(1,299)Payments for acquisition of investment securities
Proceeds from sale and redemption of investment securities(406,710)
140,963(302,886)
312,858

Payments for lease and guarantee deposits
Proceeds from collection of lease and guarantee deposits(3,332)
3,682(4,485)
4,775

(519)

(640)

(505,838)(85,463)

Others, net
Net cash generated by / (used in) investing activities- 20 -

(Millions of yen)

Notes

Nine months ended

Nine months ended

31 May 2023

31 May 2024

Cash flows from financing activities
Proceeds from short-term loans payable

3,760

2,797

Repayment of short-term loans payable
Repayment of redemption of bonds(3,615)(50,000)(3,601)-(72,813)(16,391)(104,225)(15,849)

Repayments of lease liabilities
Others, net(102,054)
393(108,766)
67

Net cash generated by / (used in) financing activities(240,721)(229,578)(5,061)

55,123

Net increase / (decrease) in cash and cash equivalents(435,724)

194,472

Cash and cash equivalents at the beginning of period

1,358,292

903,280

922,567

1,097,753

Dividends paid to owners of the Parent
Dividends paid to non-controlling interests

8

Effect of exchange rate changes on the balance of cash held in
foreign currencies

Cash and cash equivalents at the end of period- 21 -

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 thecriteria 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 beread 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 July 2024 by Tadashi Yanai Chairman, President andCEO, 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.
From the beginning 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, estimates andassumptions 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.

- 22 -

5. Segment Information(i) Description of reportable segments
The Group’s reportable segments are components for which discrete financial information is available and reviewed 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 nine months ended 31 May 2023
(Millions of yen)Interim

Reportable segments

UNIQLOUNIQLOJapan

International

GU

GlobalTotal

OthersAdjustments(Note 1)

(Note 2)Condensed
Consolidated
Statement ofBrandsProfit or Loss
Revenue

709,745

1,097,605

227,995

106,449

2,141,795

1,708

-

2,143,504

Operating profit / (loss)

99,608184,100

25,8181,479

311,00629

19,538

330,574

105,013

184,736

25,233789

315,77247

43,383359,203

-

1,047

140

744

1,932

-

-

1,932

Segment income / (loss)(i.e., profit / (loss) before
income taxes)
Other disclosure:
Impairment losses(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 nine months ended 31 May 2024
(Millions of yen)Interim

Reportable segments

UNIQLOUNIQLOJapan

International

GU

GlobalTotal

OthersAdjustments(Note 1)

(Note 2)Condensed
Consolidated
Statement ofBrandsProfit or Loss
Revenue

722,057

1,292,849

246,464

103,785

2,365,157

1,344

-

2,366,501

Operating profit / (loss)

127,807

221,944

29,483(315)

378,920261

22,621

401,803

143,092

223,61229,901(631)

395,974

261

81,530477,767

-

328

626

164

1,118

-

-

1,118

Segment income / (loss)(i.e., profit / (loss) before
income taxes)
Other disclosure:
Impairment losses(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.

- 23 -

For the three months ended 31 May 2023
(Millions of yen)Interim

Reportable segments

UNIQLOUNIQLOJapan

International

Total

GlobalGU

OthersAdjustments(Note 1)

(Note 2)Condensed
Consolidated
Statement ofBrandsProfit or Loss
Revenue

214,579

342,345

82,42736,213

675,566587-

676,153

Operating profit / (loss)

32,20861,421

12,753

1,326

107,710

(143)

2,743

110,31136,80961,72912,767

1,062

112,368(126)

16,461

128,704

-

632

-

515

1,148

-

-

1,148

Segment income / (loss)(i.e., profit / (loss) before
income taxes)
Other disclosure:
Impairment losses(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 31 May 2024
(Millions of yen)Interim

Reportable segments

UNIQLOUNIQLOJapan

International

GU

Total

GlobalOthersAdjustments(Note 1)

(Note 2)Condensed
Consolidated
Statement ofBrandsProfit or Loss
Revenue

236,948

408,863

86,88934,368767,070431-

767,502

Operating profit / (loss)

50,53471,026

14,1391,419

137,119

103

7,495

144,718

57,332

71,52914,1401,340

144,342103

33,925

178,371

-

17

330

6

354

-

-

354

Segment income / (loss)(i.e., profit / (loss) before
income taxes)
Other disclosure:
Impairment losses(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.

- 24 -

6. Inventories
Write-down of inventories to their net realizable values recognized in expenses is as follows:(Millions of yen)
Nine months ended
31 May 2023

Nine months ended
31 May 2024

6,936

7,653

Write-down of inventories to net realizable value

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

As at

31 August 2023

31 May 2024

Buildings and structures

136,945

155,178

Machinery and equipment

45,301

42,178

Furniture, fixtures and vehicles

28,561

32,569

Land

1,927

1,949

Construction in progress

9,139

12,070221,877

243,946

Record date

Effective date

Total

8. Dividends
The total amount of dividends paid was as follows:
For the nine months ended 31 May 2023
Resolution

Total dividends

Dividends per share(Millions of yen)

(Yen)

Meeting of the Board on 1 November 2022

34,744340

31 August 2022

4 November 2022

Meeting of the Board on 13 April 2023

38,330375

28 February 2023

12 May 2023

For the nine months ended 31 May 2024
Resolution

Total dividends(Millions of yen)

Dividends per share(Yen)

Record date

Effective dateMeeting of the Board on 6 November 2023

50,600165

31 August 2023

10 November 2023

Meeting of the Board on 11 April 2024

53,674175

29 February 2024

13 May 2024

Our common stock was split on a 3-to-1 basis effective 1 March 2023, so the dividends per share for the nine months ended 31 May
2023 are listed in the amount before the stock split. Dividends per share for the nine months ended 31 May 2024 are listed in theamount after the stock split.

- 25 -

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.
Nine months ended 31 May 2023
Revenue(Millions of yen)

Percentage of Total
(%)

Japan

709,745

33.1

Greater China

476,33122.2

South Korea, Southeast Asia, India & Australia

342,954

16.0

North America

123,228

5.7

Europe155,0917.2

1,807,350

84.3

GU (Note 2)

227,995

10.6

Global Brands (Note 3)

106,449

5.0

1,708

0.1

2,143,504

100.0

UNIQLO (Note 1)

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:
North America:
Europe:(Note 2) Main national and regional market:

South Korea, Singapore, Malaysia, Thailand, the Philippines,
Indonesia, Australia, Vietnam, India
United States of America, Canada
United Kingdom, France, Russia, Germany, Belgium, Spain, Sweden,
the Netherlands, Denmark, Italy, Poland
Japan(Note 3) Main national and regional markets:
North America, Europe, Japan(Note 4) The “Others” category includes real estate leasing operations.

- 26 -

Nine months ended 31 May 2024
Revenue(Millions of yen)

Percentage of Total
(%)

Japan

722,057

30.5

Greater China

522,469

22.1

South Korea, Southeast Asia, India & Australia

404,547

17.1

North America

160,327

6.8

Europe205,505

8.7

2,014,907

85.1

GU (Note 2)

246,464

10.4

Global Brands (Note 3)

103,785

4.4

1,344

0.1

2,366,501

100.0

UNIQLO (Note 1)

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:
North America:

South Korea, Singapore, Malaysia, Thailand, the Philippines,
Indonesia, Australia, Vietnam, India
United States of America, Canada
United Kingdom, France, Germany, Belgium, Spain, Sweden, theEurope:(Note 2) Main national and regional market:

Netherlands, Denmark, Italy, Poland, Luxembourg
Japan(Note 3) Main national and regional markets:
North America, Europe, Greater China, 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)
Nine months ended

Nine months ended

31 May 2023

31 May 2024

Selling, general and administrative expenses
Advertising and promotion

71,641

78,347

Lease expenses

79,34989,193

Depreciation and amortization

139,211150,289

Outsourcing

45,30950,199

Salaries

275,337

324,593

Distribution

83,70493,428Others85,62599,820780,180

885,872

Total- 27 -

11. Other Income and Other Expenses
The breakdown of other income and other expenses for each reporting period is as follows:(Millions of yen)
Nine months ended
31 May 2023

Nine months ended
31 May 2024

Foreign exchange gains (Note)

1,673

6,985

Others

7,200

3,841

8,874

10,827

Other income

Total(Millions of yen)
Nine months ended

Nine months ended

31 May 2023

31 May 2024

Other expenses
Loss on retirement of property, plant and equipment

518

1,015

Impairment losses

1,932

1,118

Others

2,327

1,370

4,779

3,504

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)
Nine months ended

Nine months ended

31 May 2023

31 May 2024

Finance income
Foreign exchange gains (Note)

7,920

35,524

Interest income

28,15548,2665

26

36,082

83,817

Others
Total(Millions of yen)
Nine months ended
31 May 2023

Nine months ended
31 May 2024

7,453

7,829

－

23

7,453

7,853

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

- 28 -

13. Earnings per Share
Nine months ended 31 May 2023
Equity per share attributable to ownersof the Parent (Yen)

Nine months ended 31 May 2024
5,527.11

Equity per share attributable to ownersof the Parent (Yen)

6,970.21

Basic earnings per share for the period (Yen)

777.90

Basic earnings per share for the period (Yen)

1,020.02

Diluted earnings per share for the period (Yen)776.65

Diluted earnings per share for the period (Yen)

1,018.25(Note) 1. The basis for calculation of basic earnings per share and diluted earnings per share is as follows:
Nine months ended
31 May 2023

Nine months ended
31 May 2024

238,519

312,838--

238,519

312,838

306,618,230

306,699,780--

Increase in number of common stock (Shares)

493,601

530,978(Number of share subscription rights included in increase)(493,601)(530,978)

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.
Three months ended 31 May 2023

Three months ended 31 May 2024

Basic earnings per share for the period (Yen)

277.60

Basic earnings per share for the period (Yen)

381.22

Diluted earnings per share for the period (Yen)

277.08

Diluted earnings per share for the period (Yen)

380.57(Note) 1. The basis for calculation of basic earnings per share and diluted earnings per share is as follows:
Three months ended
31 May 2023

Three months ended
31 May 2024

85,126116,926--

85,126116,926

306,648,986

306,717,657--

Increase in number of common stock (Shares)

578,341

522,814(Number of share subscription rights included in increase)(578,341)(522,814)

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)

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2. Our common stock has been split on a 3-to-1 basis, effective 1 March 2023. 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.
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
Carrying
amounts

Fair value

As at 31 May 2024
Carrying
amounts

Fair value

Financial assets:
Bonds

440,738

438,995

471,437

470,390

Security deposits and guarantees

69,446

68,891

71,02969,931

510,184

507,887

542,466

540,321239,686

236,826

239,736

233,499

239,686

236,826

239,736

233,499

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.
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.

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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
through other 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 31 May 2024

Level 1

Level 2

Level 3

Total

Financial assets measured at fair value
through other comprehensive income

-

-

189

189

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-

306,836-

306,836

Fair value-

306,836189

307,026

For the valuation of Level 2 derivative financial instruments for which a market value is available, we use a valuation model thatuses observable data on the measurement date using inputs such as interest rates, yield curves, currency rates and volatility incomparable 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.
15. Commitments for Expenditures
The Group had the following commitments at each reporting date:(Millions of yen)
As at

As at

31 August 2023

31 May 2024

Commitment for the acquisition of property, plant and equipment

16,926

20,124

Commitment for the acquisition of intangible assets

2,634

1,995

19,56022,119Total
16. Subsequent Events
Not applicable.

2. Others
Dividends
The Company resolved to pay dividends from retained earnings at the meeting of the Board convened on 11 April 2024.
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.”- 31 -

(TRANSLATION)
INDEPENDENT ACCOUNTANT'S REVIEW REPORT

12 July 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 31 May 2024, the interim condensed consolidated statementof profit or loss and interim condensed consolidated statement of comprehensive income for the three-monthand nine-month periods then ended, and the interim condensed consolidated statement of changes in equity
and interim condensed consolidated statement of cash flows for the nine-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 31 May 2024, and its consolidated financial performance forthe three-month and nine-month periods then ended and its consolidated cash flows for the nine-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.
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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 togoing 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, actions taken to eliminate threats or safeguards applied.
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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