Fast Retailing Reports Record Results as Demand for Clothing Rises

Japan-based apparel manufacturer and retailer Fast Retailing, owner of the Uniqlo brand, achieved record performance during the year ended Aug. 31, generating record revenue and operating profit.

“Sales recovered steadily in all markets as demand for clothing picked up globally, and we consistently strengthened the branding of our LifeWear (ultimate everyday clothing) and responded flexibly to changes in production and distribution environments,” the company said Thursday (Oct. 13) in a press release.

Fast Retailing had revised its forecast for the year upward three months ago, at the time of its previous earnings release, having generated record profitability during the first three quarters.

Read more: Fast Retailing Raises Annual Earnings Expectations After Record Q3 Showing

“While the depreciation of the Japanese yen boosted sales and operating profit in yen terms, the segment also achieved a record performance in local currency terms thanks primarily to significant revenue and profit increases from the South Asia, Southeast Asia & Oceania region and the North America and Europe (excluding Russia) regions,” the company said at the time in a press release.

Noting in Thursday’s press release that the business environment is challenging, with rising inflation and the depreciating yen, Fast Retailing said it aims to continue producing steady results in the year ahead by meeting customer needs, globalizing its headquarters and accelerating its sustainability efforts while also developing its business, and focusing on productivity and low-cost management, according to the press release.

“The year ending 31 August 2023 will be the year in which we aim to aggressively transform our business structure and create a solid foundation as a global No. 1 brand,” the company said.

Looking ahead, Fast Retailing said it expects significant rises in both revenue and operating profit over the next year, projecting year-on-year gains of 15.2% in revenue and 17.7% in operating profit.

The company also plans to accelerate its new store openings, primarily at Uniqlo International, adding 310 stores across the Fast Retailing group and bringing its total to 3,747 stores by the end of August 2023.

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