Asia-Pacific boosts Uniqlo profit
Fast Retailing, Uniqlo’s parent company, has reported consolidated revenue totaled ¥1.4779 trillion (+3.0 per cent year on year), with operating profit expanding to ¥180.6 billion (+23.9 per cent) in its latest financial results.
In the third quarter from March to May, Uniqlo Southeast Asia and Oceania and South Korea reported a doubling in operating profit.
The apparel chain said that its sports goods, new women’s blouses, dresses and clothes designed to “suit the Southeast Asian climate and culture sold especially well.”
In the US, Uniqlo reported a lower operating loss in the third quarter after same-store sales recovered, with business cost ratios improving under a new operational structure.
In Europe, investment in 10 new store openings over three months inflated costs and knocked operating profit slightly lower.
Uniqlo’s international network increased by 143 to 1,071 stores at the end of May.
Japan reported a rise in revenue but a contraction in profit in the nine months to May 2017. Revenue rose 1.2 per cent year-on-year to ¥653.4 billion while operating profit dipped 0.6 per cent year-on-year to ¥92.6 billion.
The global chain said it expects to achieve strong revenue and profit gains, “with Greater China, Southeast Asia, and South Korea acting as the key drivers of growth.”
This story first appeared on our sister site Inside Retail Australia.