UNIQLO International posted revenue growth of 38.0% in Q3 FY23. Credit: P. L. on Unsplash.

Fast Retailing, the owner of Japan-based retailer UNIQLO, has reported revenue of Y676.1bn ($4.8bn) in the third quarter (Q3) of fiscal year (FY) 2023, up 23.8% compared to the same period in 2022.

In the three months to May, the company’s gross profit grew 21.8% to Y364bn ($2.6bn) and its operating profit also grew 34.8% to Y110.3bn ($797.4m).

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UNIQLO Japan registered revenue of Y214.5bn ($1.55bn) in Q3 FY23, up 8.1% from the prior year quarter and operating profit over this period was Y32.2bn ($231.3m).

The brand’s international operation posted revenue growth of 38.0% to Y342.3bn ($2.4bn) and its operating profit grew 61.4%.

The company’s GU operation reported total revenue of Y82.4bn ($595.7m) in Q3 FY23, which is 21.7% above the previous year’s figure.

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In the first three quarters (3Q) ending 31 May, Fast Retailing said revenue grew 21.4% on a year-over-year basis to Y2.1trn ($15.1bn). Operating profits increased 21.9% to Y330.5bn ($2.38bn).

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Revenue for UNIQLO Japan increased 10.7% to Y710bn ($5.1bn) in nine months to May. Its operating profit for this period was Y99.6bn ($720m), down 3.0% from the corresponding period in FY22.

The brand’s international business also generated total revenue of Y1.09trn ($7.8bn) during the nine-month period. Its operating revenue for the period increased by 38.6% to Y184.1bn ($1.33bn).

Fast Retailing’s GU operation posted total revenue of Y227.9bn ($1.64bn) in 3Q and its operating profit also rose 44.6% to Y25.8bn ($186.5bn).

The company also updated its FY23 outlook and expects full-year consolidated revenue to total Y2.73trn ($19.7bn), which is an increase of 18.6% from FY22.

It expects operating profit to rise 24.4% to Y370.0bn ($2.67bn).

Earlier this month, Fast Retailing announced plans to further develop its manufacturing footprint in India.