FAST RETAILING (9983) 4Q FY8/26 results: Guidance aims for 15% rise in business profit; new stage of high shareholder returns while prioritizing high growth

Somewhat positive: 4Q operating profit grew 14% to ¥128.7 billion, below our estimate of ¥140 billion but effectively in line with market expectations. Fast Retailing guides for FY8/27 sales to grow 12.5%, business profit to grow 15.5%, and operating profit to grow 11.7%. All three are higher than prior market estimates. The fact that the company guided for healthy profit growth despite a high YoY base and negative impacts from costs and forex leaves us with a somewhat positive impression. 4Q sales grew 14.6%, the gross margin improved by 2.6ppt, and costs rose 21.2%;