Companies

Uniqlo parent company reports strong full year

Oct 11, 2024 Japan

The Japan-based fashion retailer Fast Retailing has reported “considerable full-year revenue and profit gains” for fiscal 2024, driven by Uniqlo’s performance both at home and abroad

In the twelve months that ended on the 31^st of August, Fast Retailing reported a revenue of 3.10 trillion yen (19.1 billion euros), up by 12.2% year-on-year, and an operating profit of 500.9 billion yen (3.1 billion euros), up by 31.4% year-on-year. Both figures represent a milestone for the company. Ultimately, the profit attributable to the owners was 371.9 billion yen (2.3 billion euros), an increase of 25.6% as compared to the full year 2023.

“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”, said the Japanese company in a statement.

For fiscal 2024, Uniqlo Japan recorded a revenue of 932.2 billion yen (5.7 billion euros), up by 4.7% on a comparable basis to the same period of the previous year. In this period, same-store sales increased by 3.2% “on the back of a particularly strong 11.7% expansion in the second half”. This segment also achieved a “new record high” with a full year operating profit growth of 32.3% year-on-year to 155.8 billion yen (958.9 million euros).

Uniqlo International also reported a strong performance, with a full year revenue increase of 19.1% to 1.71 trillion yen (10.5 billion euros) and an operating profit increase of 24.9% to 283.4 billion yen (1.7 billion euros), as compared to the last fiscal year. While the brand performed well in all regions, it’s worth noting that sales in mainland China were weak in the second half of the year.

The GU segment also ended the year on a positive note. In the last fiscal year, its revenue was 319.1 billion yen (1.9 billion euros), up by 8.1%, and operating profit was 33.7 billion yen (207.3 million euros), up by 28.9%, on a comparable basis to fiscal year 2023.

On the contrary, the global brands’ segment recorded a fall of 2.0% year-on-year in revenue to 138.8 billion yen (853.9 million euros) and an operating profit was 0.6 billion yen (3.8 million euros), as compared to a profit loss of 3.0 billion yen (18.5 million euros) in the previous year.

Outlook

For fiscal 2025, the company expects to achieve a consolidated revenue of 3.40 trillion yen (21.0 billion euros), up by 9.5%, an operating profit of 530.0 billion yen (3.3 billion euros), up by 5.8%, and a profit attributable to the owners of 385.0 billion yen (2.4 billion euros), up by 3.5%, over the prior fiscal year.
1 YEN = 0.0062 EUR

Image Credits: drapersonline.com

Japan Fashion Fast Retailing Results Year Results