Uniqlo achieves "record annual performance" for third consecutive year

Fast Retailing, the parent company of Uniqlo, Theory, GU and more, has revealed that revenues were up by 20.2% for the fiscal year ending 31 August 2023.

For the fiscal year 2023, the company has reported revenues reached £15 billion (2.7665 trillion yen). Operating profit stood at £2.08 billion (381 billion yen), which is up by 28.2% year-on-year.

In terms of brand breakdowns, Uniqlo Japan reported revenues of £4.86 billion (890.4 billion yen), up by 9.9% year-on-year. Operating profit stood at £643 million (117.8 billion yen), up by 9.2% year-on-year.

Uniqlo International saw a strong increase with revenues reaching £7.83 billion (1.4371 trillion yen), up by 28.5% year-on-year. Operating profit reached £1.23 billion (226.9 billion yen), up by 43.3% year-on-year.

The North America and Europe regions achieved large increases in revenue and profit. This is thanks to an affinity for Uniqlo's LifeWear concept, which helped to generate a strong performance.

Looking ahead to the fiscal year 2024, Fast Retailing estimates "significant rises in revenue and profit", with revenue seen surpassing 3 trillion yen.

The retailer expects to achieve revenue of £16.64 billion (3.05 trillion yen), up by 10.2% year-on-year. Operating profit is expected to reach £2.45 billion (450 billion yen), up by 18.1% year-on-year.

The financial report notes: "We plan to strengthen the opening of high-quality stores primarily at our Uniqlo International operation. In terms of store numbers, we predict our store network will total 3,660 stores by the end of August 2024, comprising 800 Uniqlo Japan stores (including franchise stores), 1,744 Uniqlo International stores, 480 GU stores, and 636 Global Brands stores.

"We forecast an annual dividend per share in FY2024 of 330 yen (interim and year-end dividends of 165 yen each). That represents an increase in the full-year dividend of 40 yen per share compared to the previous year."