Uniqlo owner Fast Retailing’s profits have skyrocketed as the group’s focus in Western markets amid a downturn in its home region has paid off.
Pre-tax profit for the Uniqlo and Theory owner rose 27% to £2.86bn for the period, up from the £2.24bn it made last year.
Sales jumped 12% to £15.9bn, with its international arm including Europe and the US reporting a 19% surge to £8.7bn.
Uniqlo opened the door to a new store at Coal Drops Yard in Kings Cross and is set to reopen its London White City store this week. It follows the launch of Uniqlo’s third Oxford Street store by Tottenham Court Road tube station earlier this year.
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Fast Retailing previously raised its profit outlook in July as its third-quarter operating profit surged 29%, which it said reflected its strong growth in overseas sales despite an underwhelming performance in China.
Uniqlo has been a star performer in the fashion sector in recent years with sales soaring last year thanks to its “banana” bag, which went viral on TikTok.
The £14.90 bag, known as the “banana” due to its shape, became popular among Gen Z and millennials after a TikTok user shared a video demonstrating how roomy the bag was.
The retailer has also garnered attention on social media for its tops with built-in bras and wide-legged pleated trousers.
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