Uniqlo finished the year with record profits – Kommersant
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Today, October 12, the Japanese company Fast Retailing, which manages the Uniqlo clothing store chain, presented reporting for fiscal 2023, ended August 31. The company’s revenue grew by 20.2%, to ¥2.8 trillion ($18.9 billion). Net profit increased by 8.4%, reaching a record ¥296 billion ($2 billion). These results were slightly better than analysts’ forecasts; Fast Retailing shares rose 1.2% on the Tokyo Stock Exchange.
Fast Retailing also provided guidance for the current financial year: it expects revenue to grow by 10% and profit by 4.6%. The company’s chief financial officer, Takeshi Okazaki, spoke about plans to open several dozen new Uniqlo stores around the world: 80 in China, 20 in North America, 10 in Europe. The Chinese market is already the main one for the company – more than a thousand Uniqlo stores already operate there. The company also noted that its promotion in China could be facilitated by the rising cost of living after the pandemic, when people give up unnecessary luxury and choose simple and practical things.
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