Japanese firm Fast Retailing's revenue soars 23.8% in Q1 FY23

Over the nine months leading to May 31, 2023, consolidated revenue reached 2.1435 trillion yen, up 21.4 per cent YoY, and operating profit advanced to 330.5 billion yen (+21.9 per cent YoY), Fast Retailing said in a press release.

Uniqlo Japan recorded a revenue rise to 214.5 billion yen, up 8.1 per cent YoY, in Q3 FY23, but saw a contraction in operating profit by 5.7 per cent YoY to 32.2 billion yen. Over nine months to May 2023, revenue climbed 10.7 per cent YoY to 709.7 billion yen, while operating profit slipped by 3 per cent YoY to 99.6 billion yen.

Uniqlo international’s revenues climbed to 342.3 billion yen, up 38 per cent YoY in Q3 FY23, while operating profit soared by 89.5 per cent to 61.4 billion yen. A YoY increase in same-store sales of over 40 per cent in the Mainland China market, robust growth in the Southeast Asia, India and Australia region, and sustained strong performances in North America and Europe contributed to these figures. For the nine-month period to May 2023, revenues amounted to 1.0976 trillion yen, up 30.5 per cent YoY, and operating profit reached 184.1 billion yen, up 38.6 per cent YoY.

Fast Retailing's GU brand also reported substantial Q3 gains with a revenue increase of 21.7 per cent YoY to 82.4 billion yen, and operating profit shooting up by 50.6 per cent YoY to 12.7 billion yen. Nine-month figures for the brand were also strong, with revenues totalling 227.9 billion yen, up 19.7 per cent YoY, and operating profits of 25.8 billion yen, up 44.6 per cent YoY.

The company's global brands segment bounced back to profitability in Q3 with a 16.5 per cent YoY rise in revenue to 36.2 billion yen, marking an operating profit of 1.3 billion yen. Over nine months, revenue for this segment increased to 106.4 billion yen, up 18.2 per cent YoY, and operating profit to 1.4 billion yen, up 105.4 per cent YoY.

Fibre2Fashion News Desk (DP)