Fast Retailing Achieves Record Half-Year Earnings

Apr 12, 2024 | News On Japan

TOKYO - Fast Retailing, the company behind Uniqlo, reported record half-year sales for the period ending in February this year, buoyed by strong overseas performance in Europe and America, with revenues exceeding 1.59 trillion yen.

According to the financial results released by Fast Retailing on April 11, the group's performance for the half-year period saw a 9% increase in sales to 1.5989 trillion yen and a 27.7% increase in net profit to 195.9 billion yen, both setting new records for this period. The success was attributed to the expansion of store numbers and growing brand recognition, particularly in Europe and America, where sales were robust. Additionally, there was high demand for functional innerwear in Southeast Asia. However, in China, sales faced challenges due to the effects of a warm winter and a decline in consumer spending, prompting the company to review its network of stores and sales strategies. In Japan, sales at existing Uniqlo stores fell by just over 3% from the same period last year due to a lack of demand for winter clothing.

During a press conference on April 11, Tadashi Yanai, Chairman and President of Fast Retailing, commented on the situation: "Unfortunately, incomes are decreasing, so it's natural that people are holding back on spending," indicating his intention to keep a close eye on consumer trends.

Source: NHK

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