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Fast Retailing Reports Record High Net Profit in Fiscal Year

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Andrew R. Michaud

• October 12, 2023

Fast Retailing, the owner of the popular clothing company Uniqlo, has announced that its net profit for the fiscal year ended August has reached a record high. This achievement is primarily attributed to the stronger sales experienced at Uniqlo outlets worldwide. The company is optimistic about further growth in earnings for the current year.

Impressive Financial Performance

Fast Retailing revealed that its net profit for the fiscal year ended August 31 has seen a substantial 8.4% increase, reaching an impressive total of 296.23 billion yen ($1.99 billion). They are confident that this momentum will carry forward, as they forecast a 4.6% rise in net profit for the current fiscal year, amounting to 310.00 billion yen. The company expects this growth to be driven by increasing profits across its various business lines. Additionally, they projected that revenue will ramp up by 10%, reaching 3.050 trillion yen.

Beating Expectations

In the fourth quarter, net profit stood at 57.71 billion yen. Over the preceding nine months, net profit accumulated to 238.52 billion yen. An estimation conducted by FactSet indicated a net profit of merely 25.07 billion yen. Therefore, Fast Retailing has exceeded expectations with its robust financial performance.

Significant Revenue Surge

The fiscal-year revenue depicts a remarkable surge of 20%, amounting to 2.767 trillion yen. This solid increase further demonstrates the company's exceptional performance.