January 12, 2018 5:05 am JST

Overseas Uniqlo sales top domestic figure for first time

Fast Retailing reports 13% rise in first-quarter net profit, reaching record

TOKYO -- Fast Retailing said Thursday that its Uniqlo casual clothing chain generated more sales from abroad than from the domestic market for the first time.

Uniqlo sales in Japan rose 8% on the year to 257 billion yen ($2.31 billion) for the first quarter ended in November. Overseas sales grew more sharply, surging 31% to 258.2 billion yen.

Fast Retailing also operates a more affordable brand, GU. The retailer said September-November group net profit came to 78.5 billion yen, climbing 13% on the year and setting a record for the second year in a row. Curbing discounts at home and abroad helped improve profitability. Sales bounced 17% to 617 billion yen.

In Japan, cold weather drew customer traffic at Uniqlo stores, lifting the chain's same-store sales 8%. Top sellers included Heattech functional innerwear and the line of Ultra Light Down jackets. Sales via the internet soared 26%.

Uniqlo's same-store sales also increased in China, while the chain's long-bleeding North American operation turned profitable.

Fast Retailing kept its full-year projections through August, expecting group net profit to rise 1% to 120 billion yen. The first quarter outperformed forecasts in both sales and profit, but Chief Financial Officer Takeshi Okazaki still expressed vigilance.

"Because the key autumn-winter sales season is not yet over, we are observing cautiously," Okazaki said.

(Nikkei)

FAST RETAILING CO., LTD.

Japan

Market(Ticker): TKS(9983)
Sector:
Industry:
Retail Trade
Apparel/Footwear Retail
Market cap(USD): 48,735.88M
Shares: 106.07M

Get Insights on Asia In Your Inbox

To read the full story, Subscribe or Log in

Get your first month for $0.99

Redeemable only through the Subscribe button below

Once subscribed, you can…

  • Read all stories with unlimited access
  • Use our smartphone and tablet apps

To read the full story, Subscribe or Log in

3 months for $9
SUBSCRIBE TODAY

Take advantage of this limited offer.
Subscribe now to get unlimited access to all articles.

To read the full story, Update your account

Resubscribe now to continue reading.
BEST OFFER:
Only US$ 9.99 per month for a full-year subscription

To read the full story, Subscribe or Log in

Once subscribed, you can…

  • Read all stories with unlimited access
  • Use our smartphone and tablet apps

To read the full story, Subscribe or Log in

3 months for $9
SUBSCRIBE TODAY

Take advantage of this limited offer.
Subscribe now to get unlimited access to all articles.

To read the full story, Update your account

We could not renew your subscription.
You need to update your payment information.