Fast Retailing said revenue rose 9 percent to JPY 1.6 trillion (USD 10.4 billion) for the first-half of fiscal 2024, citing strong performances from Uniqlo in North America, Europe, and Southeast Asia, as well as its GU brand.
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Profit attributable to owners of the parent surged 27.7 percent to JPY 195.9 billion for the six months, added the owner of Uniqlo.
For the six months, Uniqlo Japan revenue fell 2 percent to JPY 485.1 billion, while Uniqlo international revenue surged 17 percent JPY 883.9 billion. Southeast Asia, India and Australia reported significantly higher revenue and profit, with South Korea reporting revenue and profit gains.
The Greater China region reported an increase in revenue but operating profit came in flat year-on-year. Warm winter weather and a general slowdown of consumer appetite weighed on sales, the Tokyo-based company said.
GU brand revenue increased 9.6 percent JPY 159.5 billion, while the company’s global brands, made up of Theory, PLST, and Comptoir des Cotonniers, fell 1.2 percent to JPY 69.4 billion.
“Looking at the future outlook for individual business segments in fiscal 2024, we expect Uniqlo international will generate large increases in revenue and profit in both the second half of fiscal 2024 and the full business year,” said the company.
“Uniqlo operations in North America, Europe, Southeast Asia, India and Australia in particular are expected to continue to drive the group’s overall expansion by reporting significant increases in revenue and profit in both the second half and for the full business year. We anticipate the Greater China region will report higher revenue and a slight increase in profit in both the second half and full business year. Uniqlo South Korea is predicted to report higher second-half and full-year revenue and profit.
“Uniqlo Japan is predicted to generate an increase in second-half revenue, along with a significant rise in second-half operating profit on the back of improvements in both the gross profit margin and the selling, general and administrative expense ratio. For the full business year, we forecast Uniqlo Japan will achieve a slight increase in revenue and a significant increase in profit. Meanwhile, we expect our GU segment will achieve higher revenue and a significant increase in profit in both the second half of fiscal 2024 and for the full business year, while the global brands segment is expected to report a slight increase in second-half and full-year revenue and to move into the black.”
Late last year, the Japanese apparel retailer unveiled its highly anticipated store in Mumbai on October 6, its debut in India’s largest city.