Uniqlo owner on track for 'record' revenues for fourth year straight

Fast Retailing, the Japan-based owner of Uniqlo, Theory and J Brand, has published its first quarter results, revealing profits were up by 7.4% to £813.6 million (157.6 billion yen).

For the three months ending November 2024, Fast Retailing reported a 21% rise in pre-tax profits to £1 billion (196.6 billion yen). Increased profits were boosted by a 10.4% rise in sales, compared to the year prior, to £4.6 billion (895.1 billion yen).

Kicking off the year with increased profits, the company is set to achieve record revenues for the fourth year in a row despite battling a weaker market in China.

In the region, Uniqlo China's revenue and profit declined sharply. According to the company, this was "due to persistently warm weather throughout the three-month period, insufficient product mixes tailored for warm winter weather, and an insufficient response to minute needs of individual regions".

However, Uniqlo operations in Japan, Southeast Asia, India & Australia, North America, and Europe all continued to perform strongly. On international territories, including the UK, revenue was up by 13.7% to £2.58 billion (501.7 billion yen) and operating profit was up by 7.4% to £430.6 million (83.5 billion yen).

As for global brands - a portfolio made up of Theory, J Brand, Comptoir Des Cotonniers, Princesse Tam.Tamm and PLST - their revenues dipped by 2.4% but all-important profit increased by 373.3%.

The retail giant has made "no change to the initial forecasts for FY25 consolidated performance announced in October 2024". Fast Retailing held its full-year operating profit forecast of £2.7 billion (530 billion yen), following record earnings of 500.9 billion yen last year. It expects revenues to reach £17.5 billion (3.4 trillion yen).