Uniqlo owner Fast Retailing sees profit boosted by international performance

Fast Retailing Group, the owner of Uniqlo, has reported a 21.45% increase in revenue to £11.8 million (¥2,143,504) for the nine months ending 31 May 2023.

Uniqlo Japan saw revenues increase, but profits decline as the depreciation in the Japanese yen resulted in higher cost of sales.

Uniqlo International reported a "significant" increase in both revenue and profit across all markets, with revenue rising 35%.

In Europe, the group saw revenue and profit rise on the back of "strong" sales of core products, such as bottoms and linen shirts.

Total profit before tax was up 2.8% to £1.9 million (¥359,203).

Looking ahead, the group hopes to expand the content of its international business and transform operational management based on a global perspective, as well as pursue a business model in which the development of business itself helps advance sustainability.

"We will continue to pursue our ultimate goals of creating high-quality, long-lasting clothes, clothes with a low environmental impact that are produced in healthy and safe working environments, and clothes that can be further circulated, even after purchase, through recycling and reuse," Fast Retailing Group said in a statement.

In North America and Europe, the group will also boost growth by strengthening its marketing, promoting deeper understanding and loyalty towards its LifeWear ultimate everyday clothing, and accelerating new store openings.