Uniqlo owner tops quarterly profit projections on overseas sales

Uniqlo owner Fast Retailing Co.’s operating profit for the first fiscal quarter topped analysts’ average projections on robust sales in North America and Europe.  

Operating profit for the three months to the end of November totaled ¥147 billion ($1 billion), on sales of ¥811 billion, the apparel retailer said in a statement Thursday. Analysts were predicting profit of ¥136 billion on revenue of ¥798 billion. 

Asia’s largest apparel maker is entering a new expansion phase, seeking to eventually more than triple its current sales to reach ¥10 trillion to become “a true global player, founder and Chief Executive Officer Tadashi Yanai said in October. The company, which relies on Japan and China for the majority of its revenue, is shifting its focus to markets such as North America, Europe and other parts of Asia. 

The apparel maker kept its full-year profit outlook unchanged. It forecasts operating profit through August 2024 to reach ¥450 billion and sales of ¥3.05 trillion. 

International revenue for Uniqlo, its most important brand, made up more than half of the group’s revenue for the first time last fiscal year ended August.