The owner of fashion giant Uniqlo, Fast Retailing, has upped its full-year profit guidance following a “strong” international performance in its third quarter.

Uniqlo Madrid storefront

Source: Martin Mendez

Uniqlo’s parent company, Fast Retailing, posted a 21.9% increase in operating profit year on year

Fast Retailing posted a 21.9% increase in operating profit year on year to ¥330.6bn (£1.83bn) for the nine months to May 31, 2023, while profit before tax was also up 2.8% to reach ¥359.3bn (£1.9bn).

The Japanese group also posted a 21.4% increase in sales year on year to ¥2.14trn (£11.8bn).

Looking ahead, Fast Retailing said it anticipates that operating profit for the full year to August 31, 2023, will reach ¥370bn (£2.04bn), up from the forecasted figure of ¥360bn (£1.9bn) issued in April this year.

The group credited its “record performance” to “strong results” for the Uniqlo brand across North America, Europe and Southeast Asia, while its trading also recovered in China during the third quarter.

Speaking about Uniqlo in Europe, the group credited the rise in revenue and profit to “strong sales of core products”, including linen shirts and bottoms.

It added that efforts to convey “more determined news” about products, including its shoulder bag, had paid off and resonated with female and younger shoppers.

Uniqlo’s parent company said it will continue its bid to become “a global number one brand that is essential to daily living and is trusted by all customers around the world” as it continues to enhance both its global operational management and its sustainability efforts.

It added: “We will continue to pursue our ultimate goals of creating high-quality, long-lasting clothes, clothes with a low environmental impact that are produced in healthy and safe working environments, and clothes that can be further circulated, even after purchase, through recycling and reuse.”