FAST RETAILING CO., LTD.
迅 銷 有 限 公 司

Third Quarterly Report 2021/22
2022.3.1-2022.5.31
Stock Code: 6288

Contents
1. Corporate Profile2

2. Financial Highlights

3

3. Management Discussion and Analysis

5

4. Information about the Reporting Entity

10

5. Financial Section

12

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

13(2) Interim Condensed Consolidated Statement ofProfit or Loss and Interim Condensed Consolidated
Statement of Comprehensive Income

15Interim Condensed Consolidated Statement of Profit or Loss

15

Interim Condensed Consolidated Statement ofComprehensive Income17(3) Interim Condensed Consolidated Statement of
Changes in Equity

19(4) Interim Condensed Consolidated Statement of Cash Flows21

2. Others

35

Independent Accountant’s Review Report

36

－

1

－

1. Corporate Profile
Board of Directors
ChairmanPrincipal Place of Business in Japan
Midtown Tower 9-7-1

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

Executive Directors
Takeshi Okazaki
Kazumi Yanai

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

Koji Yanai

No. 132 Nathan Road
Tsim Sha Tsui

Independent Non-executive Directors
Nobumichi Hattori

KowloonHong Kong

Masaaki Shintaku
Takashi Nawa

HDR Registrar and HDR Transfer Office

Naotake Ohno
Kathy Mitsuko Koll (aka Kathy Matsui)

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

Board of Statutory Auditors

Hopewell Centre
183 Queen’s Road East

Masaaki Shinjo
Masumi Mizusawa

WanchaiHong Kong

Keiko Kaneko (External)
Takao Kashitani (External)

Stock Code

Masakatsu Mori (External)

Hong Kong: 6288
Japan: 9983

Company Secretary
Shea Yee Man

Website Address
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

－

2

－

2. Financial Highlights
Consolidated Financial Summary
Term

Third Quarterof
60th Fiscal
Year

Third Quarterof
61st Fiscal
Year

60th Fiscal
Year

Accounting period

Nine months
ended
31 May2021

Nine months
ended
31 May2022

Year ended
31 August2021

1,698,082

1,765,106

2,132,992

Operating profit (Millions of yen)

227,897

271,084

249,011

Profit before income taxes (Millions of yen)

245,654349,255

265,872

151,351

237,836

169,847

209,635

402,431

215,309

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

1,113,646

1,440,495

1,116,484

Total assets (Millions of yen)

2,492,263

2,859,574

2,509,976

Basic earnings per share (Yen)

1,482.08

2,327.96

1,663.12

Diluted earnings per share (Yen)

1,479.65

2,324.44

1,660.44

44.7

50.4

44.5

367,214338,630

428,968(65,768)(90,764)(82,597)(262,782)(174,808)(302,985)

1,177,159

1,368,912

1,177,736

Three months
ended
31 May2021

Three months
ended
31 May2022

Revenue (Millions of yen)495,218

546,129

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

45,48390,991

Basic earnings per share for the period (Yen)445.33890.52

Revenue (Millions of yen)

Profit for the period attributable to ownersof the Parent (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 (%)
Net cash generated by operating activities (Millions of yen)
Net cash (used in) / generated by investing activities (Millions ofyen)
Net cash (used in) / generated by financing activities (Millions ofyen)Cash and cash equivalents at end of the period (year) (Millions ofyen)Accounting period(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

－

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 2022.
In addition, there were no significant changes in the organizational structure of the Group, including the major subsidiaries, during thenine months ended 31 May 2022.

－

4

－

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 2022.
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’s revenue increased and profit rose significantly in the first nine months of fiscal 2022 from 1
September 2021 to 31 May 2022, with consolidated revenue rising to 1.7651 trillion yen (+3.9% year-on-year) and operating
profit rising to 271.0 billion yen (+19.0% year-on-year). We also recorded finance income net of costs of 78.1 billion yen. Thiswas due to the recording of a 77.8 billion yen foreign-exchange gain on foreign-currency denominated assets and other items after
the yen depreciated by approximately 18 yen over the period from a rate of 1 USD = 109.9 JPY at the start of the period to 1 USD= 128.2 JPY at the end of May 2022. As a result, profit before income taxes rose to 349.2 billion yen (+42.2% year-on-year) andprofit attributable to owners of the parent rose to 237.8 billion yen (+57.1% year-on-year). The progressive depreciation of theyen did boost performance in yen terms, but, even if we strip out the foreign exchange effect, profit still reached a record high inthe nine months ended 31 May 2022.
As a united Group, we are strengthening initiatives designed to expand our business operations and promote sustainability as partof our quest to become a global No.1 brand. We work hard to ensure our LifeWear ultimate everyday clothing is produced inworking environments that are healthy, safe, and environment conscious, and strive to help solve a variety of social issues. We are
currently channeling our efforts into expanding our e-commerce, UNIQLO International, and GU businesses as key pillars ofoperational growth. With regards to e-commerce, we are accelerating the building of a framework that will promote our main
business by melding online and physical stores so we can offer as many of the products and information that customers want,whenever they want them. We are already pressing ahead with reforms that will enable us to offer more services that combine thestrengths of our physical store and e-commerce network and unify inventory management.
Regarding UNIQLO International, we are accelerating the opening of new stores in all markets and areas in which we operate,and seeking to instill deeper and more widespread empathy for UNIQLO’s LifeWear concept by opening global flagship storesand large-format stores in the world’s major cities. In terms of our GU segment, we are working to strengthen GU’s position as abrand that offers fun fashion at amazingly low prices and seeking to expand the GU store network primarily in Japan.
UNIQLO Japan
UNIQLO Japan reported declines in both revenue and profit in the first nine months of fiscal 2022, with revenue contracting to640.9 billion yen (−5.1% year-on-year) and operating profit dipping to 119.0 billion yen (−0.4% year-on-year). First-half revenue
and profit declined significantly compared to a strong performance in the previous year and due to lost sales opportunities as
shortages in strong-selling items emerged.
However, in the third quarter from March to May 2022, performance proved strong, with revenue increasing by 8.7% year-onyear and operating profit expanding by 76.2% year-on-year. As the spread of COVID-19 is being brought under control, samestore sales expanded by 7.8% year-on-year in the third quarter thanks to strong sales of Kando jackets and Kando pants andblouses as well a strong performance during the Golden Week sales and the UNIQLO anniversary sale. The third-quarter grossprofit margin improved 3.9 points year-on-year thanks to a lower discounting rate linked to our efforts to restrict discount sales. In
addition, the selling, general and administrative expense ratio improved by 1.4 points year-on-year as we further boosted
operational efficiency primarily in the areas of personnel and distribution expenses.

－

5

－

UNIQLO International
UNIQLO International reported large increases in both revenue and profit in the first nine months of fiscal 2022, with revenue
rising to 841.2 billion yen (+13.7% year-on-year) and operating profit increasing to 132.7 billion yen (+35.8% year-on-year).
While the depreciation of the Japanese yen boosted sales and operating profit in yen terms, the segment also achieved a record
performance in local currency terms thanks primarily to significant revenue and profit increases from the South Asia, Southeast
Asia & Oceania region and the North America and Europe (excluding Russia) regions. The Greater China region reported large
declines in revenue and profit as the region was adversely impacted by restrictions on general movement put in place to address
the spread of COVID-19 infections.
In the third quarter from March to May 2022, performance continued strong in S/SE Asia & Oceania, and North America andEurope (excluding Russia). Breaking down the UNIQLO International performance into individual regions and markets (in local
currency terms), the Greater China region generated much lower revenue and profit. Sales slumped in the face of COVID-19related restrictions on movement as we had to temporarily close a maximum of 169 stores mainly in Shanghai over the March-toMay period. However, sales increased and performance started to recover in June once restrictions were eased. Revenue andprofit increased significantly in S/SE Asia & Oceania, with consumers’ desire to go out recovering nicely as COVID-19
restrictions were eased. Performances from Malaysia, the Philippines, Indonesia, and Singapore proved especially strong.
UNIQLO North America generated a large increase in revenue and moved into the black in the third quarter, with the operation’s
continued strong performance being underpinned by solid support from North American customers for T-shirts, tank tops, shortpants, and other core products. Meanwhile, UNIQLO Europe (excluding Russia) generated a large increase in revenue and moved
into the black in the third quarter as our efforts to successfully instill our LifeWear concept and expand our customer base alongwith increasingly energetic tourist demand provided a favorable tailwind.
GU
Our GU operation reported a decline in revenue and a large contraction in profit in the nine months ended May 2022, withrevenue falling to 190.5 billion yen (−5.1% year-on-year) and operating profit shrinking to 17.8 billion yen (−26.7% year-onyear). Those declines were caused by lost sales opportunities after delays in manufacturing and distribution meant that we were
not able to introduce our featured campaign products in a timely way.
In the third quarter from March to May 2022, GU revenue declined slightly, while operating profit held steady year-on-year. Salesof popular trendy items such as color slacks and sweat wear-style T-shirts proved strong, but delays on product delivery meant wewere not able to sufficiently expand sales. The third-quarter GU gross profit margin improved by 1.5 points year-on-year. Thiswas due to deliberate restrictions on discount sales and also the fact that we were not able to introduce our campaign products in atimely manner or promote them as planned due to delays in production and distribution. On the other hand, the selling, generaladministrative and expense ratio rose by 0.8 point year-on-year as we sought to improve the level of service by strategicallyincreasing the number of staff in stores.
Global Brands
Global Brands revenue increased sharply and the segment moved into the black in the first nine months of fiscal 2022, withrevenue rising to 90.0 billion yen (+11.8% year-on-year) and operating profit totaling 0.7 billion yen (compared to an operating
loss of 8.9 billion yen in fiscal 2021).
In the third quarter from March to May 2022, the Theory operation reported higher revenue but lower profit. This was due
primarily to a decline in revenue and profit from Theory Asia centered on Mainland China in the wake of the Shanghai lockdown.
As for our PLST operation, while sales of blouses, pants, and dresses proved strong, we were not able to sufficiently expand sales
as delays in production and distribution resulted in product shortages. As a result PLST sales hovered at previous-year levels andoperating profit increased only marginally. At our France-based Comptoir des Cotonniers operation, revenue increased and theoperating loss shrank significantly as we managed to greatly improve cost efficiencies by determinedly closing unprofitable storesand pursuing other structural reforms.

－

6

－

Sustainability
Fast Retailing is advancing its LifeWear concept-the ultimate in everyday clothing, designed to make everyone's life better-to create
apparel that not only emphasizes quality, design, and price, but also meets the definition of "good clothing" from the standpoint of
the environment, people, and society. The entire Fast Retailing Group, based on the LifeWear concept, will accelerate its transition
to a new business model encompassing both sustainability and business growth. Our six materialities are: Creating new value
through products and services; Respecting human rights in our supply chain; Respecting the environment; Strengthening
communities; Supporting employee fulfillment and Implementing good corporate governance. Our main activities for the threemonths ended 31 May 2022 involved:■ Respecting human rights in our supply chain: We are continuing to implement initiatives to improve our supply chain transparency.
In March 2022, we updated our list of production partners (including factories with whom we expect to continue business
relationships) and published it on our website. We also published lists of fabric mills that have been continuously producing
materials for our products, and factories entrusted with processing steps (such as washing and printing).
■ Respecting the environment: To solve the water environment issues facing local communities, we are striving to prevent andreduce water pollution, and to reduce the amount of water we use. In June 2022, based on the results of the water risk assessment
conducted in 2021, we set targets for the garment factories and fabric mills that account for the top 80% of water consumption,with a focus on areas faced with high water supply risks and factories with high levels of water consumption. We also announced
our goal to reduce water consumption by 10% (compared to 2020) at each factory by the end of 2025.
■ Strengthening communities: Following an appeal by the United Nations High Commissioner for Refugees (UNHCR), Fast
Retailing has donated USD 10 million (approx. JPY 1.15 billion) toward emergency humanitarian aid in Ukraine and surrounding
regions. We are also donating some 100,000 clothing items, including UNIQLO HEATTECH blankets and HEATTECH innerwear,
as well as approximately 100,000 items of reclaimed winter clothing, etc. collected at UNIQLO stores in Japan. In addition,
UNIQLO in the EU has teamed up with local NGOs to support garment recycling, including UNIQLO products and winter clothing
reclaimed in stores, as well as in-store and online fundraising activities. UNIQLO has also launched employment programs for
Ukrainian refugees in Germany and the Netherlands.
■ Supporting employee fulfillment: In order to achieve 50% female representation in management positions across our organization,
we are continuing to implement initiatives that promote the activities of women. In March 2022, Fast Retailing held two sessions
for employees of the Japan headquarters to learn about women's health, as part of our goal to create an environment in which female
employees can truly flourish. More than 250 male and female employees participated in the sessions, which helped foster a deeper
understanding of infertility treatment and health issues particular to women.
(ii) Financial Position
Total assets as at 31 May 2022 were 2.8595 trillion yen, which was an increase of 349.5 billion yen relative to the end of thepreceding fiscal year. The principal factors were an increase of 191.1 billion yen in cash and cash equivalents, an increase of 34.7
billion yen in trade and other receivables, an increase of 38.9 billion yen in other current financial assets, a decrease of 43.1
billion yen in inventories, an increase of 117.8 billion yen in derivative financial assets, an increase of 21.6 billion yen in property,
plant and equipment, and a decrease of 25.0 billion yen in deferred tax assets.
Total liabilities as at 31 May 2022 were 1.3692 trillion yen, which was an increase of 21.5 billion yen relative to the end of thepreceding fiscal year. The principal factors were an increase of 5.2 billion yen in trade and other payables, an increase of 10.7
billion yen in other current financial liabilities, an increase of 24.8 billion yen in current tax liabilities, a decrease of 49.9 billion
yen in non-current financial liabilities, an increase of 15.5 billion yen in lease liabilities, an increase of 6.3 billion yen inprovisions, and an increase of 11.3 billion yen in deferred tax liabilities.
Total net assets as at 31 May 2022 were 1.4903 trillion yen, which was an increase of 328.0 billion yen relative to the end of thepreceding fiscal year. The principal factors were an increase of 184.7 billion yen in retained earnings, and an increase of 136.6
billion yen in other components of equity.

－

7

－

(2) Cash Flows Information
Cash and cash equivalents as at 31 May 2022 had increased by 191.1 billion yen from the end of the preceding fiscal year, to1.3689 trillion yen.
(Operating Cash Flows)
Net cash generated by operating activities for the nine months ended 31 May 2022 was 338.6 billion yen (367.2 billion yen was
generated during the nine months ended 31 May 2021). The principal factors were cash inflow from profit before tax for 349.2
billion yen, depreciation and amortization for 134.5 billion yen and decrease in inventories for 67.8 billion yen, and cash outflow
from foreign exchange gains for 77.8 billion yen and income taxes paid for 81.4 billion yen.
(Investing Cash Flows)
Net cash used in investing activities for the nine months ended 31 May 2022 was 90.7 billion yen (65.7 billion yen was usedduring the nine months ended 31 May 2021). The principal factors were a net increase of 28.3 billion yen in bank deposits withoriginal maturities of three months or longer, and 42.8 billion yen in payments for property, plant and equipment.
(Financing Cash Flows)
Net cash used in financing activities for the nine months ended 31 May 2022 was 174.8 billion yen (262.7 billion yen was usedduring the nine months ended 31 May 2021). The principal factors were 53.0 billion yen in dividends paid to owners of the
Parent, and 98.7 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 2022 that must be addressed by the Group.
(5) Research and Development
Not applicable.

－

8

－

(6) Significant Facilities
The following are the significant facilities that were newly completed during the nine months ended 31 May 2022.
<Subsidiaries in Japan>
Company name

Type of facility

Name of business

UNIQLO Japan

Kobe DCJapan

warehouses

Warehouses

Hyogo

UNIQLO CO., LTD.

UNIQLO Japan
warehouses

Ibaraki DC
Warehouses

Japan
Osaka

November 2021

UNIQLO CO., LTD.

UNIQLO Japan
warehouses

Nagareyama DC
Warehouses

Japan
Chiba

April 2022

Type of facility

Name of business

UNIQLO CO., LTD.

Location

Completion date
September 2021

<Overseas Subsidiaries>
Company nameUNIQLO EUROPE LIMITEDUNIQLOUNIQLO Rivoli

International store

LocationFranceParis

Completion date
September 2021

UNIQLO TAIWAN LTD.

UNIQLOInternational store

UNIQLO Taipei

TaiwanTaipeiFAST RETAILING (CHINA)UNIQLO

China

TRADING CO., LTD

International store

UNIQLOBEIJING

LLC UNIQLO (RUS)

UNIQLOInternational store

UNIQLO
Moscow

RussiaMoscow

December 2021

UNIQLO EUROPE LIMITEDUNIQLOInternational store

UNIQLO Regent
StreetUnited Kingdom
LondonApril 2022

SALITUN

Beijing

The following are the significant facilities that were newly planned as at 31 May 2022.
<Subsidiaries in Japan>
Not applicable.
<Overseas Subsidiaries>
Not applicable.
3. Significant Contracts in Business Operation
None.

－

9

－

October 2021

November 2021

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

Total number of authorized shares

Common stock

300,000,000

Total

300,000,000(ii) Shares Issued

Type

Number of shares issued
as at 31 May 2022

Number of shares issued
as at submission date
(As at 15 July 2022)

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

Remarks

Prime Market of the
Tokyo
Common stock

106,073,656

106,073,656

Stock Exchange andthe Main Board of

100 sharesas one unit

The Stock Exchange ofHong Kong Limited(Note)
Total

106,073,656

106,073,656--(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 Program2.

Not applicable.
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/
Increase/
Balance of(decrease) of(decrease) of
total
Date
capital stock
total number of
number of(Millions ofshares issued
shares issuedyen)
1 March 2022 to
31 May 2022-

106,073,656-

Balance ofcapital stock(Millions ofyen)

Increase/(decrease) ofcapital reserve(Millions ofyen)

Balance ofcapital reserve(Millions ofyen)

10,273-

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 2022.

－

10

－

(5) Major Shareholders
There are no items to disclose, as the accounting period under review is the third quarter accounting period.
(6) Voting Rights
Concerning “Voting Rights” as at the end of the third quarterly accounting period ended 31 May 2022, 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 (28 February 2022).
(i) Shares issued
As at 31 May 2022
Class

Number of shares

Number of voting rights

Remarks

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

Shares with full voting rights

Common stock

3,899,600(e.g., other than treasury stock)

1,020,774

102,077,400(Note) 1

Common stock
96,656-(Notes) 1, 2

Total number of shares issued

106,073,656--

Total number of voting rights of allshareholders-

Shares less than one unit

1,020,774-(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 2,700 shares and 84 shares, respectively, held in the name of Japan Securities Depository Center, Inc.
2. Common stock in the “Shares less than one unit” row includes 87 shares of treasury stock held by the Company.
(ii) Treasury Stock

Name or trade name ofholderFAST RETAILING
CO., LTD.
Total

Holder’s address

As at 31 May 2022
Percentage ofTotal number of
total number ofshares held
shares issued(%)

Number ofshares held in
own name

Number ofshares held inother’s name3,899,600-

3,899,600

3.68

3,899,600-

3,899,600

3.6810717-1 Sayama,
Yamaguchi-shi,
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 ninemonths ended 31 May 2022.

－

11

－

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 2022, 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.

－

12

－

(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 2021

As at 31 May 2022

1,177,736

1,368,912

ASSETS
Current assets
Cash and cash equivalents
Trade and other receivables
Other financial assets

15

50,54656,157

85,332
95,076Inventories
Derivative financial assets

6
15

394,868
27,103351,718
79,822

2,992
15,2702,133
17,632

1,724,674

2,000,627

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

7,8

168,177

189,808

Right-of-use assets
Goodwill

8

390,537
8,092

396,379
8,092

Intangible assets
Financial assets

8
15

66,93967,122

73,081
69,436

Investments in associates accounted
for using the equity method

18,236

18,415

Deferred tax assets
Derivative financial assets

15

37,12522,552

12,05487,702Other assets

8

6,520

3,975

Total non-current assets
Total assets

785,302858,946

2,509,976

2,859,574

220,057
104,969

225,332
115,746

2,493
117,083994
121,215

38,606
2,149

63,5002,156

Liabilities and equity
LIABILITIESCurrent liabilities
Trade and other payables
Other financial liabilities

15

Derivative financial liabilities
Lease liabilities

15

Current tax liabilities
Provisions
Other liabilities
Total current liabilities
Non-current liabilities
Financial liabilities
Lease liabilities

15

Provisions
Deferred tax liabilities
Derivative financial liabilities
Other liabilities

15

Total non-current liabilities
Total liabilities

－

13

－

95,652

95,269581,012624,215

370,799
343,574

320,888355,038

39,0469,860

45,39821,245

1,042
2,342

67
2,396

766,665

745,034

1,347,678

1,369,250

Notes

As at 31 August 2021

As at 31 May 2022

10,27325,36010,27327,787

1,054,791(14,973)

1,239,578(14,834)

41,031

177,690

1,116,484

1,440,495

45,81349,828

1,162,298

1,490,323

2,509,976

2,859,574

EQUITY
Capital stock
Capital surplus
Retained earnings
Treasury stock, at cost
Other components of equity
Equity attributable to owners of the Parent
Non-controlling interests
Total equity
Total liabilities and equity

－

14

－

(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 2022
(Millions of yen)

Revenue

Notes

Nine months ended
31 May 2021

Nine months ended
31 May 2022

10

1,698,082

1,765,106(839,246)(837,146)

Cost of sales
Gross profit
Selling, general and administrative expenses

11

858,836(615,730)

927,959(655,536)

Other income
Other expenses

12
8,12

7,855
(23,646)

15,194(17,477)

581

943

227,897
23,014

271,084
83,311

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

13

Finance costs

13(5,256)(5,139)Profit before income taxes
Income tax expense

245,654(88,777)

349,255(101,714)

Profit for the period

156,876

247,541

Owners of the Parent
Non-controlling interests

151,351
5,525

237,836
9,704

Total

156,876

247,541

Profit for the period attributable to:Earnings per share
Basic (yen)14

1,482.08

2,327.96

Diluted (yen)14

1,479.65

2,324.44－

15－

Three months ended 31 May 2022
(Millions of yen)
Notes
Revenue
Cost of sales

Three months ended
31 May 2021

Three months ended
31 May 2022

495,218(236,833)

546,129(247,255)

Gross profit

258,385

298,874

Selling, general and administrative expenses
Other income(194,979)
3,408(216,271)
8,541

Other expenses
Share of profit and loss of associates accounted(7,133)(9,706)

233

367

Operating profit / (loss)

59,91481,806

Finance income
Finance costs

15,955(1,697)56,616(1,732)

Profit / (loss) before income taxes

74,171

136,689

Income tax expense(26,550)(43,531)

Profit / (loss) for the period

47,621

93,158

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

for using the equity method

45,48390,991

Non-controlling interests

2,138

2,167

Total

47,621

93,158445.33444.63890.52889.23

Earnings / (loss) per share
Basic (yen)Diluted (yen)

14
14

－

16

－

Interim Condensed Consolidated Statement of Comprehensive Income
Nine months ended 31 May 2022
(Millions of yen)
Nine months ended
31 May 2021

Nine months ended
31 May 2022

156,876

247,541

410

(1)

410

(1)

Exchange differences on translating
foreign operations

36,22563,273

Cash flow hedges
Share of other comprehensive income of associates

24,136
98

107,85090

60,460171,214

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 items that may be reclassified subsequently to
profit or loss
Other comprehensive income / (loss), net of income tax

60,871

171,212217,748418,754

Owners of the Parent
Non-controlling interests

209,635
8,112

402,431
16,322

Total comprehensive income for the period

217,748418,754

Total comprehensive income for the period
Attributable to:

－

17

－

Three months ended 31 May 2022
(Millions of yen)Three months ended
31 May 2021

Three months ended
31 May 2022

47,621

93,158

41

56

41

56

17,95646,312

19,55277,2884282

37,551

123,683

37,592

123,739

Total comprehensive income for the period

85,214

216,897

Attributable to:
Owners of the Parent

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

82,234

207,983

Non-controlling interests

2,979

8,914

Total comprehensive income for the period

85,214

216,897－18－

(3) Interim Condensed Consolidated Statement of Changes in Equity
For the nine months ended 31 May 2021
(Millions of yen)
Other components of equity
Treasury Financial assets
stock, measured at fair Foreignvalue
currency
at costthrough other translation
comprehensive reserveincomeEquityattributable
Nonto owners controllingof theinterests
ParentCapitalstock

CapitalsurplusRetainedearnings

As at 1 September 2020
Net changes during the period
Comprehensive income
Profit for the period
Other comprehensive
income / (loss)

10,27323,365

933,303(15,129)385(8,489)12,905

(51)

4,749

956,562

39,516

996,079--

151,351

-

-

-

-

-

-

151,351

5,525

156,876

-

-

-

-

410

32,94024,83498

58,28458,284

2,587

60,871

Total comprehensive income--

151,351-410

32,94024,83498

58,284

209,635

8,112

217,748

-

-

-

(5)

-

-

-

-

-

(5)

-

(5)

-

1,567
369

(49,015)
-

140
-

-

-

-

-

-

1,708
(49,015)369(1,867)-

1,708(50,882)
369

-

-

-

-

-

-

(5,608)-(5,608)(5,608)(68)(5,677)

Transfer to retained
earnings

-

-

433

-

(433)

-

-

-

(433)

-

-

-

Others

-

-

-

-

-

-

-

-

-

-

262

262

-

1,936

(48,582)

134

(433)

-

(5,608)-(6,041)(52,552)(1,673)(54,226)

Note

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 2021

9

Share of otherCash flow
comprehensive
hedge
income ofreserveassociates

Total

Total
equity-1,936

102,769134(22)

32,94019,22598

52,242

157,083

6,438

163,521

10,27325,301

1,036,072(14,994)363

24,45032,13046

56,991

1,113,646

45,955

1,159,601

－

19

－

For the nine months ended 31 May 2022
(Millions of yen)
Other components of equity
Treasury Financial assets
stock, measured at fair Foreignvalue
currency
at costthrough other translation
comprehensive reserveincomeCapitalstock

CapitalsurplusRetainedearnings

As at 1 September 2021
Net changes during the period
Comprehensive income
Profit for the period
Other comprehensive
income / (loss)

10,27325,3601,054,791(14,973)--

237,836

-

-

-

-

-

-

-

-

(1)

57,317

107,189

Total comprehensive income--

237,836-(1)

57,317

107,189

-

-

-

(3)

-

-

-

1,725
701

(53,123)
-

141
-

-

-

-

-

-

-

-

Transfer to retained
earnings

-

-

74

-

Changes in ownershipinterests in subsidiaries
without losing control

-

-

-

Total transactions with theowners of the Parent

-

2,426

(53,049)

Note

271

9,855

Share of otherCash flow
comprehensive
hedge
income ofreserveassociates
30,89013Equityattributable
Nonto owners controllingof theinterests
Parent

Total

Total
equity41,031

1,116,484

45,813

1,162,298--

237,836

9,704

247,54190

164,595

164,595

6,617

171,21290

164,595

402,431

16,322418,754

-

-

-

(3)

-

(3)

-

-

-

1,867
(53,123)701(12,554)-1,867(65,678)701-(27,862)-(27,862)(27,862)(155)(28,017)

(74)

-

-

-

(74)

-

-

-

-

-

-

-

-

-

-

402

402

138

(74)

-

(27,862)-(27,936)(78,420)(12,307)(90,728)

Transactions with the ownersof the Parent
Acquisition of treasury
stock
Disposal of treasury stock
Dividends
Share-based payments
Transfer to non-financial
assetsTotal net changes during theperiodAs at 31 May 2022

9

-

2,426

184,787138(75)

57,317

79,32690

136,658

324,011

4,014

328,025

10,27327,787

1,239,578(14,834)

195

67,172110,217104

177,690

1,440,495

49,8281,490,323

－

20

－

(4) Interim Condensed Consolidated Statement of Cash Flows(Millions of yen)
NoteCash flows from operating activities
Profit before income taxes
Depreciation and amortization
Impairment losses

8Interest and dividend income
Interest expenses
Foreign exchange losses / (gains)Share of profit and loss of associates accounted for using
the equity method
Losses on disposal of property, plant and equipment

Nine months ended
31 May 2021

Nine months ended
31 May 2022

245,654349,255

132,576
17,577(3,473)

134,536
14,927

5,249(5,399)5,092(19,532)(77,863)

(581)

(943)

757
(7,826)(Increase) / Decrease in trade and other receivables(Increase) / Decrease in inventories

87,475(39,652)

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

900(29,567)
67,8381,463(2,525)(2,936)

6,517
2,346

(35,620)(4,271)

Cash generated from operations

428,549

413,422

Interest and dividends income received
Interest paid

3,110
(4,336)

4,623(4,682)

Income taxes paid
Income taxes refunded(61,928)
1,818(81,407)
6,674

Net cash generated by operating activities

367,214338,630

Amounts deposited into bank deposits with original
maturities of three months or longer(78,518)(117,719)

Amounts withdrawn from bank deposits with original
maturities of three months or longer

71,68389,385

Payments for property, plant and equipment
Payments for intangible assets(41,952)(13,815)(42,811)(19,091)

Payments for acquisition of right-of-use assets
Payments for lease and guarantee deposits(807)(2,859)(553)(3,895)

Proceeds from collection of lease and guarantee deposits
Payments for acquisition of investments in associates

3,129(4,232)

3,592-

Others, net

1,605

329

(65,768)(90,764)

Increase / (Decrease) in other liabilities
Others, net

Cash flows from investing activities

Net cash generated by / (used in) investing activities

－

21

－

(Millions of yen)
NoteCash flows from financing activities
Proceeds from short-term loans payable

Nine months ended
31 May 2021
43,425(43,843)

Repayment of short-term loans payable
Repayment of redemption of bonds

Nine months ended
31 May 2022
13,111(100,000)(24,996)-(48,993)(1,867)(53,091)(11,623)

Repayments of lease liabilities
Others, net(111,638)
134(98,748)541

Net cash generated by / (used in) financing activities(262,782)(174,808)

44,965

118,118

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

9

Effect of exchange rate changes on the balance of cash held
in foreign currencies
Net increase in cash and cash equivalents

83,627

191,176

Cash and cash equivalents at the beginning of period

1,093,531

1,177,736

Cash and cash equivalents at the end of period

1,177,159

1,368,912

－

22

－

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), Theory business (i.e., apparel design and retail business in Japanand overseas) and other businesses.
2. Basis of Preparation
The interim condensed consolidated financial statements have been prepared in compliance 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 2021.
The interim condensed consolidated financial statements were approved on 14 July 2022 by Tadashi Yanai, Chairman, President andCEO, and Takeshi Okazaki, Group Executive Vice President and CFO.
3. Significant Accounting Policies
The accounting policies presented in the consolidated financial statements for the year ended 31 August 2021 are appliedconsistently in the preparation of these interim condensed consolidated financial statements.
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.
We made accounting estimates involving the assumption that the impact of the global spread of COVID-19 will continue to recoverfor most countries and regions, including Japan. For other countries and regions, the impact may continue for mid to long term.
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 consolidated fiscal year.

－

23

－

5. Segment Information(i) Description of reportable segments
The Group’s reportable segments are components for which discrete financial information is available and which are 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
For J Brand Inc, which had been included in Global Brands operations for the nine months ended 31 May 2021, the corporate
liquidation proceedings has been completed on 5 August 2021.
(ii) Segment revenue and results
For the nine months ended 31 May 2021
Reportable segments(Millions of yen)Interim
Condensed
Adjustments
Consolidated(Note 2)
Statement ofProfit or
Loss

Total

Others(Note 1)80,576

1,696,146

1,936

-

1,698,082

24,353(8,983)

232,670

110(4,883)

227,897

96,412

24,300(9,343)

233,290111

12,253245,654

11,103

1,095

2,222

17,577--

17,577UNIQLOJapan

UNIQLOInternational

GU

GlobalBrands

Revenue

675,102739,609200,858

Operating profit / (loss)

119,518

97,781

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

121,920

Other disclosure:
Impairment losses(Note 3)

3,155

(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.
(Note 3) Details on the Impairment losses are stated in note “8. Impairment losses”.
For the nine months ended 31 May 2022
(Millions of yen)
Reportable segments
Total

90,084

1,762,877

2,229

-

1,765,106

17,852

720

270,433

(319)

970

271,084

132,374

18,816430

275,956(374)

73,673

349,255

12,114

1,457

560

14,132794-

14,927UNIQLOJapan

UNIQLOInternational

GU

GlobalBrands

Revenue

640,972

841,274

190,545

Operating profit / (loss)

119,067

132,793

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

124,335

Other disclosure:
Impairment losses(Note 3)-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.
(Note 3) Details on the Impairment losses are stated in note “8. Impairment losses”.
－

24

－

For the three months ended 31 May 2021
Reportable segments(Millions of yen)Interim
Condensed
Adjustments
Consolidated(Note 2)
Statement ofProfit or
Loss

Total

Others(Note 1)

26,014

494,567651-

495,218

8,464

(794)

60,02865(179)

59,91430,417

8,488

(906)

61,42065

12,68574,171

2,067

661

836

5,881

-

-

5,881

UNIQLOJapan

UNIQLOInternational

GU

GlobalBrands

Revenue

182,583

217,782

68,187

Operating profit / (loss)

21,64830,711

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

23,420

Other disclosure:
Impairment losses(Note 3)2,316

(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.
(Note 3) Details on the Impairment losses are stated in note “8. Impairment losses”.
For the three months ended 31 May 2022
Reportable segments(Millions of yen)Interim
Condensed
Adjustments
Consolidated(Note 2)
Statement ofProfit or
Loss

Total

Others(Note 1)31,090545,281847-

546,129

8,466

(323)

78,703192

2,910

81,80631,302

9,281

(434)

81,836

171

54,682

136,689

8,533

271

35

8,840

-

-

8,840

UNIQLOJapan

UNIQLOInternational

GU

GlobalBrands

Revenue

198,459

248,010

67,721

Operating profit / (loss)

38,141

32,419Segment income/(loss) (i.e., profit /loss before income
taxes)

41,687

Other disclosure:
Impairment losses(Note 3)-(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.
(Note 3) Details on the Impairment losses are stated in note “8. Impairment losses”.

－

25

－

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 2021

Nine months ended
31 May 2022

11,542

6,503

Write-down of inventories to net realizable value
7. Property, Plant and Equipment
The carrying amount of property, plant and equipment at each reporting date is as follows:(Millions of yen)
As at
31 August 2021

As at
31 May 2022

Buildings and structures

116,120

121,419

Machinery and equipment

11,21630,183

Furniture, fixtures and vehicles

20,55325,787

Land

1,927

1,927

Construction in progress

18,358

10,490168,177

189,808

Total

－

26

－

8. Impairment Losses
During the nine months ended 31 May 2022, the Group recognized impairment losses on certain store assets etc., due to reductionsin profitability of the respective cash-generating unit (“CGU”).
The breakdown of impairment losses by asset type is as follows:(Millions of yen)
Nine months ended
31 May 2021
Buildings and structures
Furniture, equipment and vehicles
Construction in progress
Subtotal on property, plant and equipment
Software
Other intangible assets
Subtotal on intangible assets
Right-of-use assets
Other non-current assets (long-term prepayments)
Total impairment losses

Nine months ended
31 May 2022
1,495

3,418

374

1,350

-

718

1,869

5,487

108

258

7

66

116

325

15,588

9,112

2

2

17,577

14,927

The Group’s impairment losses during the nine months ended 31 May 2022 amounted to 14,927 million yen, compared with 17,577
million yen during the nine months ended 31 May 2021, and are included in “Other expenses” on the Interim condensed
consolidated statement of profit or loss.
For the nine months ended 31 May 2021
Property, plant and equipment and Right-of-use assets
Impairment losses amounting to 17,577 million yen represented write downs of the carrying amounts of store assets to therecoverable amounts, primarily due to a reduction in profitability of certain stores, including flagship stores. With the global spreadof COVID-19, the Group's performance has been adversely affected due to temporarily closing of the stores, etc. Although thetiming for the situation subsiding differs from region to region and on a case-by-case basis, we made accounting estimates involving
the assumption that the impact will last until the end of February 2022 for most countries and regions including Japan. For stores inother certain countries and regions, it may take longer for the situation to get under control.
The grouping of assets is based on the smallest identifiable CGU that independently generates cash inflow. In principle, each store,
including flagship stores, is considered as an individual CGU and recoverable amounts thereon are calculated based on value in use.
The value in use is calculated based on the cash flow projections with estimates and growth rates approved by management,
applying a discount rate of mainly 8.7%. Theoretically, the projected cash flows cover a five-year period, and do not use a growthrate that exceeds the long-term average market growth rate. The pre-tax discount rate calculation is based on the weighted-average
cost of capital.

－

27

－

The main CGUs for which impairment losses were recorded are as follows:
Operating segment

CGU

UNIQLO Japan

UNIQLO CO., LTD. stores

UNIQLO International

UNIQLO USA LLC, UNIQLOEUROPE LIMITED etc., stores

Buildings, structures and Right-of-use
assets etc.

GU

G.U. CO., LTD. etc., stores

Buildings, structures and Right-of-use
assets etc.

COMPTOIR DES COTONNIERS

Buildings, structures and Right-of-use

S.A.S., etc., stores

assets etc.

Global Brands

Type
Buildings, structures and Right-of-use
assets etc.

For the nine months ended 31 May 2022
Property, plant and equipment and Right-of-use assets
Impairment losses amounting to 14,927 million yen represented write downs of the carrying amounts of store assets to therecoverable amounts, primarily due to a reduction in profitability of certain stores, including flagship stores. We made accounting
estimates involving the assumption that the impact of the global spread of COVID-19 will continue to recover for most countries
and regions, including Japan. For other countries and regions, the impact may continue for mid to long term.
The grouping of assets is based on the smallest identifiable CGU that independently generates cash inflow. In principle, each store,
including flagship stores, is considered as an individual CGU and recoverable amounts thereon are calculated based on value in use.
The value in use is calculated based on the cash flow projections with estimates and growth rates approved by management,
applying weighted-average discount rate of 19.4%. Theoretically, the projected cash flows cover a five-year period, and do not use agrowth rate that exceeds the long-term average market growth rate. The pre-tax discount rate calculation is based on the weightedaverage cost of capital.
The main CGUs for which impairment losses were recorded are as follows:
Operating segment

UNIQLO International

GU
Global Brands

CGU

Type

FAST RETAILING (CHINA)TRADING CO., LTD., LLC UNIQLO

Buildings, structures and Right-of-use(RUS), UNIQLO USA LLC, etc.,
storesassets etc.

G.U. CO., LTD., etc., stores

Buildings, structures and Right-of-use
assets etc.

COMPTOIR DES COTONNIERS

Buildings, structures and Right-of-use

S.A.S., etc., stores

assets etc.

－

28

－

9. Dividends
The total amount of dividends paid was as follows:
For the nine months ended 31 May 2021
Total dividends(Millions of yen)

Dividends per share(Yen)

Meeting of the Board on 4 November 2020

24,504240

Meeting of the Board on 8 April 2021

24,511240

Resolution

Dividends were declared on 4 November 2020 and paid on 6 November 2020. The effective date of the dividend was forshareholders as at 31 August 2020.
Dividends were declared on 8 April 2021 and paid on 11 May 2021. The effective date of the dividend was for shareholders as at 28
February 2021.
For the nine months ended 31 May 2022
Total dividends(Millions of yen)

Dividends per share(Yen)

Meeting of the Board on 2 November 2021

24,514240

Meeting of the Board on 14 April 2022

28,608280

Resolution

Dividends were declared on 2 November 2021 and paid on 5 November 2021. The effective date of the dividend was forshareholders as at 31 August 2021.
Dividends were declared on 14 April 2022 and paid on 10 May 2022. The effective date of the dividend was for shareholders as at
28 February 2022.

－

29

－

10. 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 2021
Revenue(Millions of yen)

Percent of Total
(%)

Japan

675,102

39.8

Greater China

431,502

25.4

Other parts of Asia & Oceania

165,255

9.7

North America & Europe

142,8518.4

1,414,711

83.3

GU (Note 2)

200,858

11.8

Global Brands (Note 3)

80,576

4.7

Others (Note 4)

1,936

0.1

1,698,082

100.0

UNIQLO (Note 1)

Total(Note 1) Revenue is classified by nation or region based on customer location.
The designated countries and regions are classified as follows:
Greater China:
Other parts of Asia & Oceania:

Mainland China, Hong Kong, Taiwan
South Korea, Singapore, Malaysia, Thailand, the Philippines,

North America & Europe:

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

－

30

－

Nine months ended 31 May 2022
Revenue(Millions of yen)

Percent of Total
(%)

Japan

640,972

36.3

Greater China

410,769

23.3

Other parts of Asia & Oceania

219,748

12.4

North America & Europe

210,75611.9

1,482,247

84.0

GU (Note 2)

190,545

10.8

Global Brands (Note 3)

90,084

5.1

Others (Note 4)

2,229

0.1

1,765,106

100.0

UNIQLO (Note 1)

Total(Note 1) Revenue is classified by nation or region based on customer location.
The designated countries and regions are classified as follows:
Greater China:
Other parts of Asia & Oceania:

Mainland China, Hong Kong, Taiwan
South Korea, Singapore, Malaysia, Thailand, the Philippines,

North America & Europe:

Indonesia, Australia, Vietnam, India
United States of America, Canada, United Kingdom, France, Russia,
Germany, Belgium, Spain, Sweden, the Netherlands, Denmark, Italy(Note 2) Main national and regional market: Japan(Note 3) Main national and regional markets: North America, Europe, Japan(Note 4) The “Others” category includes real estate leasing operations.
11. 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
31 May 2021

Nine months ended
31 May 2022

Advertising and promotion

51,60360,771

Lease expenses

49,85758,880Depreciation and amortization

132,576

134,536

Outsourcing

37,45840,735

Salaries

210,503223,285

Distribution

71,54371,098Others62,186

66,228615,730

655,536

Selling, general and administrative expenses

Total

－

31

－

12. 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 2021

Nine months ended
31 May 2022

Foreign exchange gains (Note)

4,201

6,996

Others

3,653

8,197

7,855

15,194

Other income

Total(Millions of yen)
Nine months ended
31 May 2021

Nine months ended
31 May 2022

757

900

Impairment losses

17,577

14,927

Others

5,310

1,649

23,646

17,477

Other expenses
Loss on retirement of property, plant and equipment

Total(Note) Currency adjustments incurred in the course of operating transactions are included in “Other income”.
13. 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
31 May 2021

Nine months ended
31 May 2022

Foreign exchange gains (Note)

19,532

77,863

Interest income

3,461

5,385

20

61

23,014

83,311

Finance income

Others
Total(Millions of yen)
Nine months ended
31 May 2021

Nine months ended
31 May 2022

5,249

5,092

7

47

5,256

5,139

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

－

32

－

14. Earnings per Share
Nine months ended 31 May 2021

Nine months ended 31 May 2022

Equity per share attributable to ownersof the Parent (Yen)

10,903.41

Equity per share attributable to ownersof the Parent (Yen)

14,097.38

Basic earnings per share (Yen)

1,482.08

Basic earnings per share (Yen)

2,327.96

Diluted earnings per share (Yen)

1,479.65

Diluted earnings per share (Yen)2,324.44(Note) The basis for calculation of basic earnings per share and diluted earnings per share is as follows:
Nine months ended
31 May 2021

Nine months ended
31 May 2022

Basic earnings per share for the period
Profit for the period attributable to owners of the Parent (Millions of yen)

151,351

237,836--

151,351

237,836

102,121,062

102,165,068--

Increase in number of common stock (Shares)

167,579

154,808(Number of share subscription rights included in increase)(167,579)(154,808)

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)Three months ended 31 May 2021

Three months ended 31 May 2022

Basic earnings per share (Yen)445.33

Basic earnings per share (Yen)

890.52

Diluted loss per share (Yen)444.63

Diluted earnings per share (Yen)889.23(Note) The basis for calculation of basic earnings per share and diluted earnings per share is as follows:
Three months ended
31 May 2021

Three months ended
31 May 2022

Basic earnings per share for the period
Profit for the period attributable to owners of the Parent (Millions of yen)

45,48390,991--45,48390,991102,133,992

102,178,271--

Increase in number of common stock (Shares)

160,996

148,423(Number of share subscription rights included in increase)(160,996)(148,423)

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)

－

33

－

15. 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 2021

As at 31 May 2022

Carrying
amounts

Fair value

Carrying
amounts

Fair value

64,50265,35867,262

67,33764,50265,35867,262

67,337369,471375,144369,560

371,579

369,471375,144369,560

371,579

Financial assets:
Security deposits and guarantees
Total
Financial liabilities:
Corporate bonds
Total(Note) The amount above includes the outstanding balance of corporate bonds due within one year.
Notes concerning financial assets and financial liabilities for which carrying amount approximates their fair value have been
omitted.
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 security deposits and 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.

－

34

－

The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments:(Millions of yen)
As at 31 August 2021

Level 1

Financial assets measured at fair value
through other comprehensive income

Level 2

Level 3

Total

808

-

199

1,008

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

-

(71)

-

(71)

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

46,190-46,190Fair value

808

46,118

199

47,127(Millions of yen)

As at 31 May 2022

Level 1

Financial assets measured at fair value
through other comprehensive income
Net financial assets and financial liabilities

Level 3

Total

447

-

201

648

-

(572)

-

(572)

-

167,034-

167,034

447

166,462201

167,111

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

Level 2For 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.
16. Commitments for Expenditures
The Group had the following commitments at each reporting date:(Millions of yen)
As at
31 August 2021

As at
31 May 2022

Commitment for the acquisition of property, plant and equipment

21,492

27,858Commitment for the acquisition of intangible assets

1,487

3,374

22,97931,232Total
17. Subsequent Events
Not applicable.

2. Others
Dividends
The Company resolved to pay dividends from retained earnings at the meeting of the Board convened on 14 April 2022.
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 9. Dividends.”
－

35

－

(TRANSLATION)
Independent accountant’s review report
15 July 2022
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 have reviewed the interim
condensed consolidated financial statements of FAST RETAILING CO., LTD. and its consolidated subsidiaries (the "Group") includedin the Financial Section, namely, the interim condensed consolidated statement of financial position as at 31 May 2022, the interim
condensed consolidated statement of profit or loss and interim condensed consolidated statement of comprehensive income for thethree-month and nine-month periods then ended, the interim condensed consolidated statement of changes in equity and the interim
condensed consolidated statement of cash flows for the nine-month period then ended, and the related 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, the consolidated financial position of the Group as at 31
May 2022, and its consolidated financial performance for the 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 thosestandards 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 the Group in accordance with the provisions of the Code of Professional
Ethics in Japan, and we have fulfilled our other ethical responsibilities as accountants. We believe that we have obtained the evidence
to provide a basis for our review conclusion.
Responsibilities of Management and Statutory Auditors and the Board of Statutory Auditors for the Interim Condensed
Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the interim condensed consolidated financial statements inaccordance with IAS 34, and for such internal control as management determines is necessary to enable the preparation of interim
condensed consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the interim condensed consolidated financial statements, management is responsible for assessing the Group's ability tocontinue as a going concern, disclosing, as applicable, matters related to going concern in accordance with paragraph 4 of IAS 1"Presentation of Financial Statements" (“IAS 1”).
Statutory Auditors and the Board of Statutory Auditors are responsible for overseeing the Directors' execution of duties relating to thedesign and operating effectiveness of the controls over the Group's financial reporting process.
－

36

－

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 andmaintain professional skepticism throughout the review. We also:•Make inquiries, primarily of management and persons responsible for financial and accounting matters, and apply analytical andother 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 tobelieve that the interim condensed consolidated financial statements are not fairly presented, in all material respects, in accordancewith paragraph 4 of IAS 1, if we conclude that a material 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 suchdisclosures 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 or conditions 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 presentation and disclosures of theinterim 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 toour 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 for the direction, supervision and performance of thereview of the interim condensed consolidated financial statements. We remain solely responsible for our conclusion.
We communicate with Statutory Auditors and the Board of Statutory Auditors regarding the planned scope and timing of the review
and significant findings that we identify during our review.
We also provide Statutory Auditors and the Board of Statutory Auditors with a statement that we have complied with relevant ethicalrequirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where 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 to be 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.

－37－