Uniqlo’s Parent Company Projects 37.4% Quarterly Net Profit Gain

By Jose Resurreccion

Jul 11, 2024 05:28 AM EDT

Uniqlo’s Parent Company Projects 37.4% Quarterly Net Profit Gain
The logo of the Fast Retailing clothing brand Uniqlo is seen outside a branch in Tokyo on July 11, 2024.
(Photo : YUICHI YAMAZAKI/AFP via Getty Images)

Fast Retailing, the Japanese owner of the clothing retailer Uniqlo, reported a quarterly net profit of JPY 116.9 billion ($720 million) in its latest figures, an increase of 37.4% from last year. 

Nikkei Asia reported that the company's overall quarterly sales profit was JPY 767 billion ($4.74 billion), with JPY 408 billion ($2.52 billion) coming from overseas sales.

By the numbers, Fast Retailing's consolidated sales for the nine months ending in May reached a record high of JPY 2.37 trillion ($14.66 billion), a 10.4% increase year on year. 

Meanwhile, the company's operating income reached JPY 401.8 billion ($2.48 billion).

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Fast Retailing Reports Boom in Western Markets, Decline in China

Despite its outstanding performance in its home market in Japan, Fast Retailing said that it recorded a "large profit fall" in mainland China and Hong Kong due to weak consumer demand, as well as what the firm called the "insufficient product mixes" that were intended to match with consumer needs. 

Bloomberg reported that Fast Retailing's better-than-expected performance was bolstered by its expanding operations in North America, Europe, and Southeast Asia.

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