Fast Retailing says it expects annual operating profit for 2023 to reach JPY370bn (US2.6bn) and sales of JPY2.7trn.

For the nine months ending 31 May, Fast Retailing said revenue grew 21.4% on a year-over-year basis to JPY2.1trn while operating profit increased 21.9% to JPY330.5bn. Profit attributable to owners of the parent was up 0.3% year-on-year to JPY238.5bn.

Fast Retailing reported large revenue and profit increases in the third quarter from March to May 2023.

Uniqlo operations in Southeast Asia, North America, and Europe regions, along with the GU operation, continued to report strong results and Uniqlo performance in the Greater China region also recovered to generate large increases in both revenue and profit, resulting in a further diversification of its global earnings pillars.

Fast Retailing 9M Results by unit

Uniqlo International: Revenue totalled JPY1.1trn (+30.5%) and operating profit totalled JPY184.1bn (+38.6%). Greater China region reported considerable increases in revenue and profit. Performance from the Mainland China market in particular exceeded expectations after generating a year-on-year rise in same-store sales of over 40%.

The Southeast Asia, India & Australia regions reported a significant rise in revenue and an increase in profits, while both North America and Europe continued their strong performances by reporting considerably higher revenue and profit levels.

Gu: Revenue totalled JPY227.9bn (+19.7%) and operating profit totalled JPY25.8bn (+44.6%). Strong sales buoyed by the emergence of new hit products. With organisational reforms on product development systems and other areas progressing, the GU operation is starting to get a feel for how to steer a sustainable expansion in performance.

Global Brands: Revenue totalled JPY106.4bn (+18.2%) and operating profit totalled JPY1.4bn (+105.4%). The Theory brand reported significant increases in revenue and profit driven primarily by strong sales from Theory Asia.