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Japan's Fast Retailing posts 13.2% increase in revenue in Q1 FY24

12 Jan '24
2 min read
Pic: azrisuratmin - stock.adobe.com
Pic: azrisuratmin - stock.adobe.com

Insights

  • Fast Retailing reported a 13.2 per cent YoY increase in Q1 FY24 revenue, reaching 810.8 billion yen.
  • Operating profit rose 25.3 per cent to 146.6 billion yen.
  • Uniqlo Japan's revenue was up 1.5 per cent YoY, with an 18 per cent increase in profit.
  • Uniqlo International saw a 23.3 per cent revenue rise.
  • GU business segment grew 10.7 per cent in revenue.
Japanese multinational retail holding firm Fast Retailing, the parent company of Uniqlo, has reported consolidated revenue of 810.8 billion yen (approximately $5.58 billion) for the first quarter of fiscal 2024 (Q1 FY24), marking a 13.2 per cent increase year-on-year (YoY). Operating profit also saw a substantial rise, totalling 146.6 billion yen, a 25.3 per cent increase from the previous year.

Uniqlo Japan contributed positively, with higher revenue and a substantial profit rise in the first quarter, totalling 244.4 billion yen in revenue (up 1.5 per cent YoY) and 46.5 billion yen in operating profit (up 18 per cent YoY). Additionally, the brand saw a slight increase in same-store sales by 0.2 per cent YoY, Fast Retailing said in a press release.

Uniqlo International reported a 23.3 per cent YoY increase in revenue, reaching 441.3 billion yen, and a remarkable 35.8 per cent rise in operating profit, totalling 77.8 billion yen.

The GU business segment of Fast Retailing also reported significant gains, with revenue up by 10.7 per cent YoY to 87.8 billion yen and operating profit increasing by 16.4 per cent to 12.3 billion yen.

However, the global brands segment faced challenges, reporting a decline in both revenue and profit. The segment's revenue contracted to 36.6 billion yen, a decrease of 2.4 per cent YoY, and operating profit fell sharply by 43.9 per cent to 0.3 billion yen.

Overall, Fast Retailing's consolidated gross profit margin improved by 1.5 points to 54.6 per cent, while the selling, general and administrative expense ratio rose slightly by 0.2 point to 37.2 per cent. Before income taxes, the Group's profit increased to 162.4 billion yen, a 28.1 per cent rise YoY, and profit attributable to owners of the Parent climbed to 107.8 billion yen, up by 26.7 per cent.

Fibre2Fashion News Desk (DP)

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