Fast Retailing Group divides its main brand Uniqlo business into two divisions: Uniqlo Japan and Uniqlo International. During the reporting period, Uniqlo International's revenue increased by 23.3% year-on-year to 441.3 billion yen (approximately 21.7 billion yuan), accounting for 54% of the group's total revenue. The operating profit increased by 35.8% to 77.8 billion yen (approximately 3.8 billion yuan), contributing 53% of the group's operating profit.

 

 

 

Uniqlo International recorded significant revenue and profit growth in all regions. Among them, North America and Europe performed particularly well. Both markets achieved double-digit growth in same-store sales and expanded their customer base.

 

 

 

The Greater China region remains an important market. Uniqlo's business in the Greater China region contributed 22.2% of Fast Retailing Group's revenue during the reporting period. Among them, same-store sales in the Chinese mainland market increased by about 20% year-on-year.

 

 

 

In comparison, Uniqlo Japan's growth was relatively stable. During the reporting period, Uniqlo Japan's revenue increased by 1.5% year-on-year to 244.4 billion yen, and operating profit increased by 18.0% to 46.5 billion yen (12 billion yuan and 2.3 billion yuan respectively), with same-store sales increasing by only 0.2% year-on-year. Thanks to the improvement in sales costs, Uniqlo Japan's gross margin increased by 2.7 percentage points year-on-year.

 

 

 

Uniqlo still has significant growth potential overseas, especially in the European and American markets. As of the end of the first quarter of the 2024 fiscal year, Uniqlo had fewer than 100 stores in North America and Europe combined. In contrast, Uniqlo has already opened 930 stores in Chinese mainland, where it entered the market earlier.

 

 

 

Even in the well-established Chinese market, Uniqlo has no intention of slowing down its expansion. Fast Retailing Group announced at the financial report conference that it plans to open 80 new Uniqlo stores in the Greater China region for the 2024 fiscal year, maintaining the pace of store openings since entering the market. In the first quarter, 24 stores were opened, with 21 of them in Chinese mainland. Taking into account closed stores, Uniqlo added a net of 8 stores in the Greater China region in the first quarter.