Uniqlo operator sees record earnings on surging global demand

By AFP   October 12, 2023 | 01:39 am PT
Uniqlo operator sees record earnings on surging global demand
A customer looks at a cardigan in a store of the Uniqlo fast fashion retailer in the Sanlitun shopping district in Beijing, China, November 6, 2021. Photo by Reuters/Thomas Peter
The operator of Japanese fast-fashion brand Uniqlo on Thursday said it expected to improve its earnings after reporting record annual profits thanks to robust global demand for its line of casual clothing.

Fast Retailing said it logged a net profit of 296 billion yen in the year to August, a gain of more than 8% on-year thanks to all-time high sales of 2.77 trillion yen, which were up a fifth on the previous 12 months.

For the year to August 2024, it said it expected to see a net profit of 310 billion yen on sales of 3.05 trillion yen.

"Uniqlo's overseas operations were especially strong in all regions, with significant increases in both sales and income," the company said.

"Uniqlo operations in Southeast Asia, North America, and Europe continued to expand their customer base, while Uniqlo in the Greater China region also entered a renewed growth phase in the second half."

Its China business suffered during the first half partly because of the pandemic, but the second-half earnings recovered beyond the firm's expectations.

"Rising global affinity for Japanese aesthetics," including manga and art, has contributed to the company's sales and international standing, the group's chief executive officer Tadashi Yanai told a news conference.

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