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Fast Retailing benefited from growth in North America and Europe last quarter. Although autumn started out (too) warm, the owner of fashion brand Uniqlo sold a lot of warm winter clothes from November onwards.
According to plan
Last quarter, operating profit at Uniqlo’s parent company rose 25.3 % to 146.6 billion yen (920 million euros). It is the third year with a record profit in a row, thanks to a 13.2 % rise in sales to 810.8 billion yen (5.1 billion euros).
The first half of the year went almost exactly according to plan, the Japanese company said, adding it owed this mainly to strong international growth. After two years of pandemic restrictions, the “Greater Chinese” market (China, Hong Kong and Taiwan) came back to life with a big increase in sales and profits. Fast Retailing now plans to open eighty shops a year in the region, adding to its current 931.
At the same time, Uniqlo is betting on North America, where the group plans to open twenty shops this year. There are currently 52 Uniqlo stores in the United States and Canada. Europe also saw significant growth, thanks to new customers and strong sales of winter clothing, such as cashmere jumpers and thermal underwear. The quarter started slowly, however, due to the exceptionally warm weather in September and October.
