Japanese firm Fast Retailing's revenue soars 10.4% in 9M FY24

Fast Retailing Group, a Japan-based global retail giant known for its popular clothing brand Uniqlo, has reported a revenue of 2.3665 trillion yen (approximately $14.76 billion) in the first nine months of fiscal 2024 (9M FY24), marking a 10.4 per cent year-on-year (YoY) increase. Operating profit surged by 21.5 per cent YoY to reach 401.8 billion yen.

The company’s profit before income taxes rose significantly to 477.7 billion yen, up by 33 per cent YoY. Similarly, profit attributable to owners of the parent increased by 31.2 per cent YoY, amounting to 312.8 billion yen, Fast Retailing said in a press release.

Uniqlo Japan saw both revenue and profits rise, with revenue totalling 722.0 billion yen, a 1.7 per cent YoY increase, and operating profit jumping by 28.3 per cent YoY to 127.8 billion yen. Uniqlo international reported substantial growth, with revenue climbing to 1.2928 trillion yen, a 17.8 per cent YoY increase, and operating profit expanding by 20.6 per cent YoY to 221.9 billion yen.

The GU business recorded a revenue of 246.4 billion yen, an 8.1 per cent YoY increase, and an operating profit of 29.4 billion yen, up by 14.2 per cent YoY.

In contrast, the global brands segment experienced a downturn, with revenue declining by 2.5 per cent YoY to 103.7 billion yen and an operating loss of 0.3 billion yen, compared to an operating profit of 1.4 billion yen in the previous year.

Fibre2Fashion News Desk (DP)