Uniqlo’s owner revenues rise 10% to £4.6bn in Q1

Fast Retailing, the owner of Uniqlo, has reported a 10.4% revenue increase to 895.1bn yen (£4.6bn) during the three months ended on 30 November 2024. 

The group, which also owns the GU brand, saw a 21% increase in pre-tax profits to 196.6bn yen (£1bn) during the period.

Meanwhile, operating profit increased by a lesser extent than business profit due to foreign exchange factors, rising 7.4% to 157.5bn yen (£810m). 

Uniqlo stated that operations in Japan, Southeast Asia, India & Australia, North America, and Europe all continued to perform “strongly”.

In Japan, revenue increased 9% to 266.6bn yen (£1.3bn) and operating profit increased by 12.1% to 52.1bn yen (£268m).

The international segment’s revenues jumped 13.7% to 501.7bn yen (£2.5bn) with operations in Europe reporting “strong” revenue and profit gains. Same-store sales rose markedly in Q1 after Uniqlo’s decision to launch Winter ranges early resulted in strong sales of seamless down, cashmere, and other winter ranges.

However, the mainland China market reported a decline in revenue and a “considerable” drop in profits after failing to compile sufficient product mixes suited to warm winter weather.

The North America segment reported “considerably expanded” revenue and an increase in profit, as well as the opening of stores in new areas, including the state of Texas.

Following the strong trading performance, Uniqlo predicts that the international segment will achieve “significantly higher” revenue and profit in the first half of fiscal 2025, while Greater China will fall short of plan in the first half and report a decline in both revenue and profit. 

The brand has made no changes to its 2025 full-year forecast and continues to expect a 9.5% increase in revenues to 3.4trn yen (£18bn) as well an operating profit increase of 5.8% to 530bn yen (£2.7bn).