Fast Retailing Group announced a 9% increase in its revenues for the interim period from ¥1.47trn ($9.58bn) to ¥1.59trn ($10.44bn). Credit: Shutterstock

For the six months ended 29 February 2024, Fast Retailing’s revenue rose 9% year-on-year from ¥1.47trn ($9.58bn) to ¥1.59trn ($10.44bn).

The group highlighted this represented a new record consolidated performance fueled primarily by considerably higher first-half profits from Uniqlo operations in North America, Europe, and Southeast Asia and its GU operation, which it added was proving to be the key driver of Group expansion.

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Geographically, Japan brought the most revenue for Fast Retailing with 30.3% of total revenue share at ¥485.11bn. This was followed by Greater China’s share of 22.5% at ¥360.45bn; South Korea, Southeast Asia, India and Australia totaled 17.1% of the total at ¥272.82bn; while North America accounted for 6.8% at ¥108.54bn and Europe for 8.9% at ¥142.17bn.

Results by Segment

UNIQLO Japan reported a decline in revenue but a significant increase in profit in the first half of fiscal 2024, with revenue contracting to ¥485.1bn (−2.0% year-on-year) and operating profit rising to ¥77.2bn (+14.7% year-on-year). First half same-store sales declined by 3.4% year-on-year. This was due to warmer-than-usual temperatures that stifled demand for Fall/ Winter ranges.

UNIQLO International reported significant increases in revenue and profit in the first half of fiscal 2024, with revenue rising to ¥883.9bn (+17.0% year-on-year) and operating profit expanding to ¥150.9bn (+23.0% year-on-year).

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The GU business segment reported higher revenue and a significant increase in profit in the first half of fiscal 2024, with revenue rising to ¥159.5bn (+9.6% year-on-year) and operating profit totaling ¥15.3bn (+17.5% year-on-year).

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The Global Brands segment comprising Theory, PLST and France-based Comptoir des Contonniers, reported a decline in revenue to ¥69.4bn (−1.2% year-on-year) in the first half of fiscal 2024 and an operating loss of ¥1.7bn (compared with a profit of ¥0.1bn in the first half of fiscal 2023).

Fast Retailing interim results 2024 in brief

  • The operating profit rose 16.7% to ¥257.09bn vs last year’s ¥220.26bn.
  • The profit before income taxes increased 29.9% from ¥230.5bn to ¥299.4bn.
  • The group’s profit for the period was up by 27.2% to ¥209.44bn.

In January, Fast Retailing reported 13.2% revenue growth for its first quarter (Q1) with its Uniqlo International business seeing revenue go up by almost a quarter (23.3%) thanks to its products being perceived as good value for money.

Plans for 2024

Fast Retailing shared it has been taking measures to become a global number 1 brand that is essential to daily living and is trusted by customers around the world. Those measures include:

  • Further progressing the development of a digital consumer retailing industry,
  • Diversifying global earnings pillars,
  • Pursuing a business model in which the development of business contributes to sustainability,
  • Expanding the GU business segment, as well as Theory and other Global brands, and
  • Strengthening Human Capital.

Additionally, the Group aims to enhance its product development and branding and accelerate high-quality store openings at Uniqlo International in particular as the growth pillar of the Fast Retailing Group.

Fast Retailing shared its commitment to creating LifeWear, a simple and high-quality everyday clothing that lasts a long time, exerts lower impact on the planet and is made in healthy and safe working environment, as well as circular so it can be recycled or reused.

Recently, Uniqlo shared plans to open 11 new stores across Texas and California in 2024 as part of its wider store growth plans for North America.