Fast Retailing, the Japanese clothing conglomerate which owns Uniqlo, J Brand and Theory, has today published record annual results, topping its expectations.
The group reports its turnover topped 3 trillion yen for the first-time and its operating profit surpassed 500 billion yen, driven by Uniqlo’s global growth.
Net profit reached 372 billion yen (£1.9 billion), up 26% year-on-year, for the year ending August 2024.
Revenues were up 12% to 3.10 trillion yen, exceeding the group’s previous estimates of 3.07 trillion yen. Revenues were boosted by strong growth from Uniqlo’s international operations, which made up more than half of group turnover.
Uniqlo international sales rose 19% to 1.71 trillion yen, boosted by strong performances in North America and Europe. Operating profit exceeded 15% in all major markets, except for China, which saw a weaker second half.
However, Fast Retailing’s Global Brands department – which is made up of Theory, J Brand, Comptoir Des Cotonniers, Princesse Tam.Tamm and PLST – saw a sales dip of 2% to 139 billion yen. The company reported a “lacklustre” sales performance in both the United States and Asia.
In the financial statement, the company said: “We have been accelerating the diversification of our earnings pillars and establishing solid frameworks to facilitate stronger global earnings. In addition, UNIQLO brand visibility is expanding worldwide, and demand is growing not just among local customers, but tourists as well.”
Looking ahead, Fast Retailing “expect revenue and profit to rise”. For the fiscal year, it expects revenues to reach 3.4 trillion yen, up by 9.5% and consolidated operating profit to reach 530 billion yen, up by 5.8%.
