Zhitong Financial APP learned that on October 12, Fast Retailing (06288), the parent company of Japanese clothing brand Uniqlo, announced its results for the 2023 fiscal year ending at the end of August this year. In the face of the uncertain global economic outlook, Fast Retailing founder Yanai said at the 2023 performance meeting that there are many challenges around the world, and the company will focus on important and critical things, not lose its way, and pursue sustainable growth. rather than achieving a single goal to ensure survival during an economic downturn.

Fast Retailing's total income last year was 2.7665 trillion yen, up 20.2% from the same period last year. Net profit for the 2023 fiscal year was 296.2 billion yen, an increase of 8.4% over the same period last year, setting an all-time high for three consecutive fiscal years. At the same time, Fast Retailing expects net profit for fiscal year 2024 to reach 310 billion yen, an increase of nearly 5 per cent over the same period last year. Consolidated income totaled 3.05 trillion yen, up more than 10 per cent from a year earlier.

Specifically, during the period, Fast Retailing completed income of about 2.77 trillion yen, an increase of 20% over the same period last year. Overseas UNIQLO revenues rose 28.5 per cent to about Y1.44 trillion, accounting for more than half of the group for the first time, with Greater China growing 15 per cent to 620.2 billion yen. Revenue from the GU division rose 20 per cent to 295.2 billion yen.

At the performance meeting, Fast Retailing Executive Director and Chief Financial Officer Okaoka said that in the future, we will no longer focus on the Japanese market to develop products, but to accurately grasp and analyze the needs of global customers and develop corresponding products.

Fast Retailing will speed up the pace of opening stores in North America and Europe, opening 20 and 10 stores a year respectively, as well as about 60 stores in Southeast Asia, India and Australia, according to Okayama. In the Greater China region, Okayashi said that 80 stores will be opened every year, and priority will be given to profitable and superior locations. At the same time, about 50 less profitable or less attractive stores will be closed each year to increase same-store sales and strengthen the operating structure.

Fast Retailing predicts that by the end of August 2024, the number of UNIQLO stores in Japan (including employee franchise stores), overseas UNIQLO business divisions, GU business divisions and global brand divisions will reach 1744, 480 and 636 respectively, bringing the total number of stores under various brands of the group to 3660.

It is reported that Yanai resigned as UNIQLO president in early September and handed the stick to 44-year-old Daisuke Tsuzuka, but retained the title of UNIQLO president and CEO. At the performance meeting, I was asked why Osuka Daisuke was chosen as president. Masaizuka Yanai owns overall vision, makes decisions and acts very quickly, and is good at translating thoughts into words to let others understand what he means.