Uniqlo operator logs record profits

Uniqlo operator logs record profits

Uniqlo's parent company said Thursday that it had logged a record annual net profit on a sharp rise in sales abroad that outstripped those in its home market of Japan.

Uniqlo is a major sponsor of tennis star Roger Federer
Uniqlo is a major sponsor of tennis star Roger Federer AFP/Toshifumi KITAMURA

TOKYO: Uniqlo's parent company said Thursday (Oct 11) that it had logged a record annual net profit on a sharp rise in sales abroad that outstripped those in its home market of Japan.

Fast Retailing announced a net profit of 154.8 billion yen (US$1.4 billion), a 30 per cent gain on last year.

Turnover at Asia's biggest retailer, a fierce rival of Zara, Gap and H&M, soared by 14 per cent to 2.1 trillion compared to last year's figures.

Uniqlo represented 80 per cent of the turnover and the firm said it expected growth to continue at the brand, which now sponsors tennis stars Roger Federer and Kei Nishikori.

Uniqlo sales abroad grew by 27 per cent compared to last year, while turnover in Japan climbed nearly seven percent, about the same growth rate as last year.

Fast Retailing said it expected fresh record profits in the next trading year, forecasting a net profit of 165 billion yen from turnover of 2.3 trillion.

Source: AFP

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