Fast Retailing, the owner of fashion giant Uniqlo, has reported a boom in both sales and profits “in all markets” as it hails its third consecutive “record annual performance”.
Fast Retailing posted a 20.2% increase in group revenue for the full year to August 31, 2023, to reach ¥2.76trn (£15bn). Operating profit was also up 28.2% year on year from ¥297.3bn (£1.62bn) in 2022 to ¥381bn (£2.08bn).
In Japan, the retailer posted revenue of ¥890.4bn (£4.87bn), which was up 9.9% year on year, while operating profit was up 9.2% to reach ¥117.8bn (£640m).
With an eye to Uniqlo’s international results, the fashion giant posted revenue of ¥1.43trn (£7.8bn) and an operating profit of ¥226.9bn (£1.24bn).
Fast Retailing said Uniqlo Japan’s “record performance” this year was boosted by “strong sales of winter items” as well as increased sales across its AIRism innerwear, AirSense ultra-light jackets among other bestsellers.
In Europe and North America, Uniqlo credited its customers’ “deepening affinity” for its LifeWear brand concept for the hike in performance abroad.
Fast Retailing also said that it saw a “strong overall performance” across the rest of its international regions with “significant revenue and profit gains in all markets”.
The outlook is bright with the company expecting “significant rises in revenue and profit” in excess of ¥3trn (£16.4bn) for FY2024.
The retailer now plans to “strengthen the opening of high-quality stores” in a bid to reach a store estate total of 3,660 by the end of August 2024, comprising 800 Uniqlo Japan stores (including franchise stores), 1,744 Uniqlo International stores, 480 sister-brand GU stores, and 636 Global Brands stores.
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