Fast Retailing Co., the proud owner of Uniqlo, is making waves as it outperforms expectations in the first fiscal quarter. With a whopping operating profit of ¥147 billion ($1 billion) and sales hitting ¥811 billion, the company’s success is attributed to robust sales in North America and Europe, surpassing analysts’ projections of ¥136 billion in profit on ¥798 billion in revenue.
This achievement comes as part of Fast Retailing’s ambitious expansion plan. Tadashi Yanai, the founder and CEO, envisions the company becoming a true global player, aiming to triple its current sales to reach ¥10 trillion. While Japan and China continue to contribute significantly to revenue, the company is strategically shifting its focus to markets like North America and Europe, alongside other parts of Asia.
Unwavering in its outlook, Fast Retailing maintains a full-year profit forecast. The company anticipates achieving an operating profit of ¥450 billion and sales of ¥3.05 trillion by August 2024. Notably, Uniqlo, the company’s flagship brand, saw its international revenue surpass half of the group’s total in the last fiscal year, marking a pivotal moment in Fast Retailing’s global expansion journey.
