Uniqlo owner Fast Retailing posts 38.6% profit surge

Uniqlo owner Fast Retailing has said that it is committed to ensuring suppliers get the money they’re owed amid the ongoing Coronavirus outbreak.
Fast Retailing is committed to payment for complete orders and orders where production has begun.

Growth in its Asian markets has allowed Fast Retailing to record a 38.6 per cent spike in profit in its annual results.

The parent company of Uniqlo, based in Japan, said operating profit surged to 176.4 billion yen (£1,19 billion) for its financial year to August 31, bolstered by a 4.2 per cent rise in consolidated revenue to 1.86 trillion yen (£12.55 billion).

Meanwhile, the company‘s profit before income taxes rose to 193.3 billion yen (£1.3 billion), a 114.3 per cent increase.

Fast Retailing said its Uniqlo International division, of which Uniqlo’s British stores are a part, almost doubled its operating profit to 73.1 billion yen (£494.13 million) – a 95.4 per cent increase – and drove its overall group performance.

Uniqlo International revenue also rose 8.1 per cent to 708.1 billion yen (£4.79 billion).

On the back of strong growth, the company has forecast a 13.4 per cent rise in operating profit for the current financial year.

Uniqlo operates 10 stores in the UK.

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