International sales boost Uniqlo's FY22 results

Fast Retailing Group, owner of Uniqlo and Theory, has reported a 7.9% increase in revenue to £13.7 billion (¥2.3 trillion) for the year ending 31 August 2022.

Uniqlo Japan saw a decline in revenue, but a 0.6% rise in operating profit to £739,171 (¥123.2 million).

In Europe (excluding Russia), Uniqlo International reported a 20.3% revenue increase to £6.5 billion (¥1.1 trillion). This was driven by greater support for the brand's LifeWear concept, a rise in the number of new customers and "strong" sales in its regional flagship stores in European cities.

The group's global brands saw a 13.8% increase in revenue to £737.7 million (¥123.1 billion), but an operating loss of £4.1 million (¥0.7 billion). Its Theory operation reported “significant increases in revenue and profit thanks to a recovery in performance in both the US and Japan”.

Looking ahead to FY23, Fast Retailing Group expects a 15.2% increase in revenue to £15.5 billion (¥2.6 trillion). Along with a 17.7% rise in operating profit to £2 billion (¥350 billion). It expects Uniqlo International to generate large increases in revenue and profit in fiscal 2023.

Fast Retailing Group also plans to accelerate new store openings in fiscal 2023, especially at Uniqlo International. The group forecasts it will operate a total of 3,747 stores by the end of August 2023 across all of its brands. From this, Uniqlo International will have 1,740 stores.