Fast Retailing, the parent of fashion company Uniqlo, has announced a substantial 31.2% growth in operating profit for the third quarter (Q3) of the fiscal year 2024 (FY24), reaching Y144.7bn ($0.90bn).
The company’s revenue for the quarter stood at Y767.5bn, a 13.5% increase compared to the same period of the previous year.
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Its gross profit saw a significant jump of 19.1%, amounting to Y433.7bn for the three months leading up to 31 May 2024.
Profit attributable to the owner of the parent company was reported at Y116.9bn in Q3 FY24.
Over the quarter, Uniqlo Japan’s revenue increased to Y236.9bn, with operating profit growing to Y50.5bn.
The brand’s same-store sales rose by 9%, fuelled by strong sales in T-shirts, bra tops and other product ranges.
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By GlobalDataThe gross profit margin for Uniqlo Japan improved by 4.1 percentage points, and the selling, general and administrative expense ratio saw a 2.1-point enhancement.
Uniqlo International also reported increased revenue of Y408.8bn and a 15.6% rise in operating profit to Y71.0bn.
GU, the discount casual wear retailer under Fast Retailing, experienced a 5.4% increase in revenue to Y86.8bn, with operating profit up by 10.9% to Y14.1bn.
In the nine months to 31 May 2024, consolidated revenue totalled Y2.3665tn, operating profit rose to Y401.8bn and profit attributable to owners of the parent increased to Y312.8bn.
Fast Retailing has updated its forecast for the full fiscal year 2024.
The company now expects consolidated revenue to reach Y3.0700tn, an 11% increase, with operating profit projected to climb by 24.6% to Y475bn.
Profit attributable to owners of the parent is anticipated to hit Y365bn.
By the end of August 2024, the retailer’s store network is expected to total 3,604 stores, including 798 Uniqlo Japan stores, 1,708 Uniqlo International stores, 476 GU stores and 622 Global Brands stores.
In June 2024, UNIQLO expanded its presence in Europe and Asia with the opening of new stores in Italy and China.
