Uniqlo International boosts Q1 results at Fast Retailing

In the first quarter of FY2024, consolidated revenue at Fast Retailing rose to 810.8 billion yen, up 13.2 percent and operating profit increased to 146.6 billion yen, up 25.3 percent.

Uniqlo Japan revenue of 244.4 billion yen, rose 1.5 percent, while operating profit of 46.5 billion yen increased by 18 percent.

The company said in a statement that the sales struggled during unusually warm September and October weather. The brand achieved a large revenue gain in November on strong sales of thermal winter clothing and a buoyant Uniqlo anniversary sale. Gross profit margin improved 2.7 points.

Uniqlo International posts strong Q1 growth

Uniqlo International revenue of 441.3 billion yen rose 23.3 percent and operating profit jumped 35.8 percent to 77.8 billion yen. Greater China, North America and Europe regions reported significant increases in revenue and profit, while Southeast Asia, India & Australia fell slightly short of the company’s business estimates despite generating significant revenue and profit gains.

GU revenue of 87.8 billion yen rose 10.7 percent, while operating profit of 12.3 billion yen increased by 16.4 percent. The company added that sales struggled in September and October but picked up strongly in November as the company organised ample stock of strong-selling winter items.

Revenues at Global Brands of 36.6 billion yen dropped by 2.4 percent and operating profit of 0.3 billion yen declined 43.9 percent. Revenue from the Theory operation held steady year on year and operating profit declined. PLST reported lower revenue and a slight operating loss. Comptoir des Cotonniers reported a decline in revenue but a contraction in operating losses.

Fast Retailing maintains full year outlook

The company has maintained its initial estimates for FY2024 consolidated revenue of 3.0500 trillion yen, up 10.2 percent, consolidated operating profit of 450 billion yen, up 18.1 percent, and profit attributable to owners of the parent of 310 billion yen, up 4.6 percent.

Fast Retailing forecasts an annual dividend per share in FY2024 of 330 yen, split equally between interim and year-end dividends of 165 yen each.