Uniqlo revenues jump 9% in H1
The international segment reported a revenue increase of 17% to 883.9 billion yen (£4.5bn) as well as a 23% jump in operating profit to 150.9 billion yen (£784m)
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Uniqlo’s revenue has seen a 9% increase to 1.59 trillion yen (£8.26bn) in the first half of fiscal 2024 that ended on 29 February.
Operating profit for the group rose 16.7% to 257bn yen (£1.3bn), which was fueled primarily by considerably higher first-half profits from operations in North America, Europe, and Southeast Asia as well as the company’s GU operation.
Uniqlo Japan reported a 2% decline in revenue to 485bn yen (£2.5bn) but a 14.7% increase in operating profit rising to 77.2bn yen (£401m). The retailer said that this was due to warmer-than-usual temperatures that stifled demand for Fall Winter ranges at the beginning of the season in September, October and then again during the bumper sales period of December.
Meanwhile, the international segment reported a revenue increase of 17% to 883.9bn yen (£4.5bn) as well as a 23% jump in operating profit to 150.9bn yen (£784m).
In particular, Uniqlo North America and Europe both reported significant increases in first-half revenue and profit, with extremely strong performances being buoyed by continued growth in new customer bases and growing support for LifeWear among local customers.
The GU business segment reported a revenue increase of 9.6% to 159.5bn yen (£829m) and a 17.5% rise in operating profit totaling 15.3bn yen (£79m).
However, Global Brands reported a 1.2% decline in revenue to 69.4bn yen (£361m) in the first half of fiscal 2024 and an operating loss of 1.7bn yen (£8.8m).
The company now is projecting an end-of-year forecast to be higher than expected compared to the first-half performance.
