Fast Retailing, owner of Japanese casual wear retailer UNIQLO, has announced substantial gains in both revenue and profit for the first quarter (Q1) of the fiscal year 2024 (FY24).
The company’s consolidated revenue rose to Y810.8bn ($5.577bn) in Q1 FY24, marking a 13.2% increase year-on-year (YoY), while operating profit rose by 25.3% to Y146.6bn.
During the quarter, UNIQLO Japan experienced a notable improvement in its financial metrics, with revenue reaching Y244.4bn, a 1.5% rise from the same period of the previous year.
The division’s operating profit grew by 18.0% to Y46.5bn over the quarter.
UNIQLO Japan experienced low sales due to warm weather in September and October 2023, but November saw a significant uptick driven by strong sales of winter clothing and a successful anniversary sale.
The international segment of UNIQLO reported impressive results, with revenue soaring to Y441.3bn in Q1 FY24, up 23.3% against the same period of the previous year.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
The segment’s operating profit increased to Y77.8bn, a 35.8% jump.
North America and Europe led the charge with substantial growth in both revenue and profit. Southeast Asia, India and Australia did not fully meet business estimates but still posted significant gains.
GU, another Fast Retailing division, also reported robust financial performance. Its revenue rose by 10.7% to Y87.8bn, and operating profit increased by 16.4% to Y12.3bn.
Fast Retailing expects to achieve consolidated revenue of Y3.05tn in FY24, increasing 10.2% YoY and representing an operating profit of Y450.0bn, up by 18.1% from FY23.
The company stated: “While first-quarter performance exceeded expectations, sales slowed in December due to the warm winter weather. However, we expect to be able to achieve our business estimates for the first half of FY24 overall.”