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

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)