Uniqlo operator Fast Retailing posts 32% rise in full-year profit

Fast Retailing, the Japanese company behind the globally recognized clothing brand Uniqlo, reported a substantial 32% increase in its full-year profit for the fiscal year ending in August 2023. The Tokyo-based operator announced an operating profit of 743.13 billion yen, nearly double the 564.3 billion yen recorded during the same period last year.

This impressive growth can be attributed to successful overseas expansion, which managed to counteract the negative impact of a weaker Japanese yen on the company's home market. The actual figure surpassed both Fast Retailing's own forecast of 730 billion yen and the average estimate from 16 analysts surveyed by LSEG. Despite setting an ambitious target of 830 billion yen for operating profit in the fiscal year ending August 2027, the company remains on track for a remarkable earnings surge.