Retail in Asia


Fast Retailing Q1 sales upheld by Uniqlo international business

Japan’s Fast Retailing said first quarter consolidated revenues rose 13 percent to JPY 810.8 billion (USD 5.6 billion), on the back of surging Uniqlo revenues overseas.

SEE ALSO: Fast Retailing posts 20 percent growth on strong Uniqlo sales, scales back China retail rollout

The Tokyo-based Uniqlo said quarterly operating profit surged 25 percent JPY 146.6 billion yen.

By brand, Uniqlo Japan revenue inched forward JPY 244.4 billion yen, impacted by unusually warm September and October weather, offset by a  large revenue gain in November on strong sales of thermal winter clothing and a buoyant Uniqlo anniversary sale.

Overseas, Uniqlo sales soared 23 percent to JPY 441.3 billion, driven by gains in North America, Europe and Greater China. In Southeast Asia, India and Australia, sales fell slightly short of business estimates despite generating “significant revenue,” added Fast Retailing.

During the quarter, sister brand GU recorded a 10 percent uptick in revenue to JPY 87.8 billion, while the firm’s global brand division, made up of Theory, PLST, and Comptoir des Cotonniers, fell 2 percent.

Looking ahead, Fast Retailing said it is sticking to initial forecasts for its fiscal 2024 consolidated performance announced in October 2023.

The apparel maker said it still expects to achieve consolidated revenue of JPY 3.05 trillion, up 10 percent, operating profit of JPY 450 billion, up 18 percent, and profit attributable to owners of the parent of JPY 310 billion, 4 percent.

“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 FY2024 overall,” said the firm.