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Clothing & Shoes

Uniqlo owner sees H1 profits rise 13.7%

The positive results come despite a slight fall of 0.5% to Y1.2tn (£8bn) in revenues for the first half of FY21

Uniqlo’s owner Fast Retailing saw its profit before income taxes climb 13.7% year-on-year to Y171.5bn (£1.1bn) for the six months ended 28 February 2021.

The group has also reported a Y31bn (£207.8m) rise in operating profits for the period, increasing from Y136bn (£909.3m) in H1 2020 to Y167bn (£1.11bn) in H1 2021.

The positive results come despite a slight fall of 0.5% to Y1.2tn (£8bn) in revenues for the first half of FY21.

Uniqlo’s international operations followed a similar pattern, with a 3.6% year-on-year decline in revenue to Y521.8bn (£3.5bn) and a 25.9% rise in operating profit to Y67bn (£445.5m).

However, the group claimed that both Uniqlo Europe and North America “saw sales struggle in the face of especially severe Covid-19 conditions”.

It added: “UNIQLO Europe also reported large declines in both revenue and profit in the first half as temporary store closures hit the operation hard.”

Total assets at Fast Retailing sat at Y2.5tr (£16.6bn) as of 28 February 2021, an increase of Y89.9bn (£598m) from the end of FY20. 

The group, which expects to have 2,337 worldwide Uniqlo stores by the end of August, attributed this mainly to a Y127.3bn (£850m) rise in cash and cash equivalents.

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