Japanese retailer Adastria posts 18.1% surge in net sales in Q1 FY24

The operating profit escalated to 6,278 million yen, marking a substantial increase of 37.2 per cent YoY. Likewise, the ordinary profit swelled by 28.9 per cent, reaching 6,349 million yen. The net income attributable to the owners of the parent company recorded a significant increase of 34.7 per cent, amounting to 4,464 million yen, Adastria said in a press release.

The apparel and sundry goods-related business in Japan demonstrated a notable uptick with sales rising by 16.9 per cent from the previous year. This growth was largely driven by an increased demand for clothing for outings, favourable warm weather conditions, and the robust sales of casual apparel.

In Mainland China, the company’s sales increased by 32.3 per cent YoY, thanks to reduced pandemic impact and the revenue generated by stores opened during the previous fiscal year. Taiwan also reported a sales surge of 28.7 per cent, attributed to high existing store sales and the continued implementation of the multi-brand strategy.

The US market showed a growth rate of 21.7 per cent YoY, primarily propelled by strong wholesale sales. Meanwhile, sales in Hong Kong bounced back significantly with an increase of 34 per cent YoY, a recovery from the low level witnessed a year ago due to the pandemic. Total overseas sales saw an overall increase of 27.3 per cent YoY.

Fibre2Fashion News Desk (DP)