Fast Retailing Group achieves record-breaking revenue in 2024

The company reported significant achievements from August 2023 to September 2024, showcasing a trajectory of growth and setting ambitious goals for the upcoming year.

The financial report FY2024 revealed that Fast Retailing achieved record-breaking revenue for the third consecutive year, fuelled by expanding profit margins across its international segments. Revenue rose by 12.2 per cent, reaching $20.7 billion, while operating profit soared by 31.4 per cent to $3.3 billion.

Additionally, the company reported a net finance income of $375.5 million, primarily driven by $371.5 million in interest income. This contributed to a 27.2 per cent on-year increase in profit before income taxes, which reached $3.7 billion. Profit attributable to shareholders also saw a notable increase, rising 25.6 per cent to $249.2 million compared to the previous period.

Capital expenditure for 2024 climbed by $6.7 million on-year to $74.9 million, with allocations of $8 million for UNIQLO Japan, $384.8 million for UNIQLO International, $44.9 million for GU, and $10.7 million for Global Brands.

During the conference, Tadashi Yanai, chairman, president, and CEO of Fast Retailing, attributed the company’s success to the diversification of key revenue streams and the establishment of global frameworks designed to enhance future growth prospects. He also specifically highlighted UNIQLO's remarkable achievements.

UNIQLO Japan surpassed expectations in fiscal 2024, achieving record-breaking revenue of $6.23 billion, up 4.7 per cent on-year, while operating profit surged by 32.2 per cent to $1.04 billion. Simultaneously, UNIQLO International posted strong results, with revenue increasing 19.1 per cent to $11.3 billion and operating profit climbing 24.9 per cent to $1.9 billion.

“UNIQLO's brand awareness is on the rise globally, bolstered by a robust performance that reflects an expanded local customer base and increased demand from tourists across various markets,” said Tadashi. “This surge in recognition highlights the brand's growing appeal and ability to resonate with diverse consumer segments, contributing to our continued success in the competitive retail landscape.”

Looking ahead, Fast Retailing unveiled its fiscal year 2025 projections, forecasting consolidated revenue of $22.73 billion and an operating profit of $3.5 billion. The group anticipates modest growth for UNIQLO Japan, while UNIQLO International is poised for substantial increases in both revenue and profit. Additionally, GU and Global Brands are expected to see higher revenue and profit as the company continues to expand its global presence.

Opening its doors in 2010, the UNIQLO Soho store in New York quickly captured the attention of locals and tourists Photo: fastretailing.com

In discussing individual business segments, Fast Retailing anticipates that UNIQLO Japan will experience slight increases in both revenue and profit. In contrast, UNIQLO International is poised for significant growth in both metrics. The GU and Global Brands segments are also projected to see higher revenue and profit as the company expands its global footprint.

Moreover, Fast Retailing aims to prioritise the opening of premium stores and advancing product development as well as branding at UNIQLO International. The company's commitment to producing versatile, high-quality, and sustainability clothing. This includes a focus on creating durable, eco-friendly designs manufactured in safe working environments, with an emphasis on recyclability and reuse.

“Our goal is to create high-quality clothing that lasts, has a lower impact on the planet, and is produced in healthy and safe working environments. We also strive for circular clothing that can ultimately be recycled or reused,” Tadashi emphasised.

As part of its growth strategy, Fast Retailing plans to operate 3,698 stores by the end of August 2025. This includes 797 stores (including franchises) for UNIQLO Japan, 1,778 for UNIQLO International, 489 for GU, and 634 for Global Brands.

Fast Retailing transforms its business to balance sustainability with growth Fast Retailing, a Japanese retail holdings company, is altering its operations to strike a balance between sustainability and business growth, contributing to a more sustainable society through a new circular business model.

UNIQLO on sustainable development track Fast Retailing, UNIQLO's parent company, increased use of recycled materials and saw a 69.4 per cent reduction in Greenhouse Gas Emissions in the 2023 fiscal year.

UNIQLO to open its first store in Hue in 2025 Japanese fashion brand UNIQLO plans to open its first store in in the central city of Hue next year, marking its first expansion into the central region.