Fast Retailing Achieves ¥3 Trillion in FY24, Fueled by Uniqlo’s Global Expansion

Fast Retailing Co., the parent company of Uniqlo, announced impressive financial results for the fiscal year ending August 31, 2024. The company experienced significant increases in both revenue and profit, which underscores a vital year in its global expansion efforts.

Consolidated revenue climbed by 12.2% to ¥3.1 trillion, marking the first time it surpassed the ¥3 trillion threshold. Operating profit saw an even more substantial rise, up 31.4% to ¥500.9 billion. This growth was largely fueled by Uniqlo’s continued success in both domestic and international markets.

In Japan, Uniqlo’s revenue increased by 4.7%, totaling ¥932.2 billion, bolstered by a successful summer season where demand for key products remained robust. Additionally, a rise in sales to tourists visiting Japan further supported these results. The operating profit surged by 32.2%, aided by improved production efficiencies and a reduction in discounting practices.

Internationally, Uniqlo reported a 19.1% revenue increase to ¥1.71 trillion, with profit rising by 24.9%, reflecting strong performance across most global markets. Notably, operations in North America and Europe experienced double-digit revenue and profit growth, showcasing the expanding popularity of Uniqlo’s LifeWear concept in these regions. Operating profit margins exceeded 15% in all major markets, although growth in China was more modest, with only a slight profit increase attributed to a weaker performance in the second half of the fiscal year.

Another brand under Fast Retailing, GU, also reported positive results, with an 8.1% revenue increase to ¥319.1 billion and a 28.9% rise in operating profit. This improvement was driven by effective cost management and strong sales of fashionable products.

In contrast, the Global Brands segment faced challenges, experiencing a 2% revenue drop to ¥138.8 billion. Business profit fell significantly by 76.2%, primarily due to a decrease in the number of stores, particularly within the Theory and PLST labels. Despite these setbacks, the segment managed to achieve positive operating profit, partly due to one-off gains from restructuring efforts.