Uniqlo owner reports record annual earnings / Photo: Kazuhiro NOGI - AFP
-
Bezos grant helps Seattle nonprofit move thousands of families toward housing
-
Shrini Srivastava joins crew of Varanasi-Delhi Vande Bharat Sleeper service
-
US stocks fall before midterm Election Day as technology shares weaken
-
Nearly Half of Australian Workers Overqualified, Survey Finds
-
BLS Polymers makes strong market debut at ₹248 per share
-
RBI eases export-declaration compliance for individual service exporters
-
Petrol and diesel prices remain broadly steady across major Indian cities
-
Reliance shares remain in focus after near-12% surge
-
Derek Tierney Outlines Ten-Year Strategy for National Digital Health System
-
Coal India prepares possible $1 billion Mahanadi Coalfields listing
-
BLS Polymers shares open 65.3% above IPO price
-
Capital-markets shares rally as Motilal Oswal and Angel One lead gains
-
ITC shares rise as analysts anticipate gradual cigarette-business recovery
-
Reliance rally puts historical one-year return pattern in focus
-
The Digital Burden: Why Instant Messaging Feels Like a Full-Time Job
-
Saudi Aramco quarterly profit climbs 34.6% amid elevated oil prices
-
Korea’s Labor Share of GDP Hits Record Low Amid Semiconductor Boom
-
Australia raises benchmark rate to highest level in 18 years
-
littlefish and Halo Dot Partner to Replace Payment Terminals with SoftPOS
-
Asian stocks retreat as AI worries outweigh steep oil-price drop
-
Egypt Accelerates Construction of 341km Sinai Railway Linking Arish and Taba
-
Hamad International Airport stages emergency drills during WATAN 2026
-
Web Summit Qatar 2026 generated QR1 billion economic impact, report says
-
Qatar solar expansion opens scope for technical performance gains
-
OMP Extends UnisonIQ with Agent Library and Agent Studio: AI Agents that Produce Executable Supply Chain Plans
Uniqlo owner reports record annual earnings
Uniqlo's parent company Fast Retailing on Thursday announced "a record high performance in fiscal 2024" with domestic profits in Japan boosted by hot summer weather and a tourism boom.
The company also reported "significant increases in both revenue and profit" for international stores of casualwear giant Uniqlo.
Fast Retailing -- the world's third biggest clothing manufacturer and retailer after Zara owner Inditex and Sweden's H&M -- reported a 25 percent on-year jump in net profit to 371.9 billion yen ($2.5 billion).
The firm's earnings have hit new records for several years running since the Covid-19 pandemic eased as it pursues an aggressive international expansion strategy.
Warm weather over the winter squeezed sales slightly for Uniqlo stores in Japan, famous for their down jackets.
"However, same-store sales subsequently increased by 11.7 percent year-on-year in the second half from 1 March through 31 August 2024 thanks to consistently high temperatures," the company said in a statement.
Japan's summer this year was its joint warmest on record, and climate scientists predict that 2024 will be the hottest ever for the Earth because of a warming planet.
Domestic Uniqlo stores maintained a "strategic inventory of core summer ranges through the end of the summer season" and enhanced its marketing initiatives, Fast Retailing said.
Japan is also welcoming a record influx of tourists and is expected to have a total 35 million overseas visitors in 2024.
"Buoyant demand from overseas visitors also contributed to the increase in Uniqlo Japan revenue as Uniqlo brand recognition continues to rise worldwide," Fast Retailing said.
For Uniqlo overseas, operating profit margins "improved significantly in both North America and Europe".
Sales in mainland China and Hong Kong were strong in the first half of the business year but more sluggish in the second half, it added.
The company put this down to "a slowdown in consumer appetite, unseasonal weather, and product lineups that did not fully satisfy the needs of local customers".
Fast Retailing also operates the budget GU clothing brand, which reported a jump in revenue and profit for the financial year.
Y.Ibrahim--CPN