Driven by a robust performance from its flagship brand, Uniqlo, Japan’s apparel seller Fast Retailing Co. posted an impressive rise in sales revenue in the first quarter of the year ended 31 August 2014.
The holding company witnessed a 22.3 per cent rise in consolidated sales at 389 billion yen in the first quarter ended 30 November 2013 from 318.1 billion yen in the same period a year ago.
The company’s mainstay operation, Uniqlo, which sells high quality casualwear, witnessed a 1.8 per cent rise in sales at 208.4 billion yen in Q1 FY 2014 from the same period a year ago as sales from new stores more than offset a small contraction in same store sales. The domestic operation of Uniqlo accounts for nearly 54 per cent of the company’s consolidated revenue.
Overseas sales of Uniqlo surged by nearly 77 per cent to 114 billion yen in Q1 FY 2014 from the same period a year ago driven by better than expected performance from its operations in China, Hong Kong, Taiwan, South Korea, the US and Europe.
UNIQLO International launched 68 new stores and closed two stores in the first quarter of FY 2014, taking the total number of stores to 512 at the end of November 2013.
Driven by robust sales revenue, Fast Retailing Co. reported an 8.8 per cent rise in its consolidated net profit at 41.8 billion yen in the first quarter ended 30 November 2013 from 38.4 billion yen in the same period a year ago.