UNIQLO reports revenue of £4.37 billion, boosted by 'core winter items'

Fast Retailing, the parent company of UNIQLO, has reported a consolidated revenue rise of 13.2% year-on-year to £4.37 billion (810.8 billion yen) for the first quarter of FY24.

In the three months leading up to November 2023, the company reported an operating profit of £790 million (146.6 billion yen), up by 25.3%.

All UNIQLO International operations generated significant increases in both revenue and profit. First-half performance is going almost exactly as planned, so the company expects to achieve its previously stated business estimates.

UNIQLO International

Overall the brand saw "large revenue and profit gains" overseas, particularly in North America and Europe. The company credits this success to an expanding new customer base and strong sales of cashmere sweaters, HEATTECH innerwear and other core winter items.

Revenues reached £2.38 billion (441.3 billion yen), up by 23.3%. Meanwhile, operating profit reached £419 million (77.8 billion yen), up by 35.8%.

While demand for winter products was stifled by the warm winter weather, gross profit margin and the selling, general and administrative expense ratio both improved on the back of flexible ordering and firm cost controls.

Looking ahead to FY24

Going forwards, the company plans to strengthen the business by learning how to "compile better product mixes that match eternal summer climates and clarifying local human resource training issues".

Fast Retailing will maintain initial estimates for FY24. Consolidated revenues are expected to sit at £16,453 billion (3.0500 trillion yen) up by 10.2%, consolidated operating profits £4.42 billion (450 billion yen) up by 18.1% and profit attributable to owners of the parent £1.67 billion (310 billion yen) up by 4.6%.