April 10, 2009

Fast Retailing Revenue and Income Soar in 1H '09

Fast Retailing, the operator of Uniqlo casual wear stores, reported that it achieved a significant increase in both revenue and income in the six months from September 2008 through Feburary 2009, with consolidated net sales totaling 354 billion yen (up 13% yoy), operating income totaling 69.8 billion yen (up 39%), and net income totaling 36 billion yen (up 24%).

Uniqlo's existing store revenue in Japan rose an impressive 12.9%, generating a large increase in operating income. Its international division produced a higher than anticipated operating income for the first half of the year as business continued to grow favorably in the Asian region including China, HK and South Korea. The Uniqlo operation in the UK also managed to reduce its operating losses.

Although many of Japan's retailers are suffering as consumers cut back on spending, Uniqlo has built a solid brand image and enjoyed being the only winner amidst a host of sinking ships.

Interview with the CEO.

No comments: