Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p>United Arrows operates some 361 fashion outlets in Japan.  44% of sales are ladies, 30% men’s wear and 10% accessories. Average spend at “United Arrows” is Y20,000.</p><p>First half sales rose 2% to Y65.1bn but operating profit fell 53% to Y1.7bn. The full year operating profit forecast was revised down from Y11.3bn to Y9.1bn (-18%). This is now said to be conservative. First half numbers were worse than expected as existing store sales fell 0.1% vs. the forecast growth of 3.8%. If there was any good…</p>

United Arrows operates some 361 fashion outlets in Japan.  44% of sales are ladies, 30% men’s wear and 10% accessories. Average spend at “United Arrows” is Y20,000.First half sales rose 2% to Y65.1bn but operating profit fell 53% to Y1.7bn. The full year operating profit forecast was revised down from Y11.3bn to Y9.1bn (-18%). This is now said to be conservative. First half numbers were worse than expected as existing store sales fell 0.1% vs. the forecast growth of 3.8%. If there was any good…

Not Overly Expensive on 14x and They Yield 2.7%.

Japan

UNITED ARROWS LTD., operates fashion stores, specializing in casual clothing and accessory for men and women.  The Company has stores nationwide.  Main forces are United Arrows, Green Label Relaxing and Chrome Hearts.

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United Arrows (7606 JP)

Not Overly Expensive on 14x and They Yield 2.7%.

United Arrows operates some 361 fashion outlets in Japan. 44% of sales are ladies, 30% men’s wear and 10% accessories. Average spend at “United...

Pearl Hill Advisors

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