**UNIQLO Parent Fast Retailing Profits Soar 18%, Plans Store Expansion in China:**.
**Tokyo** – UNIQLO parent company Fast Retailing Co., Ltd. announced impressive financial results for its fiscal year 2023, reporting an 18.1% increase in annual profit. Building on this momentum, the Japanese retail giant unveiled plans to accelerate its global expansion, with a particular focus on expanding its store network in China..
**Financial Highlights:**.
– **Annual Profit:** Fast Retailing’s annual profit for the fiscal year ended August 31, 2023, surged by 18.1% to 237.2 billion yen (approximately US$2.2 billion), reflecting strong sales growth and effective cost management..
– **Revenue:** The company’s revenue also saw a significant boost, rising by 8.8% to 2.38 trillion yen (approximately US$22.2 billion) during the same period. This growth was driven by increased demand for UNIQLO’s casual clothing and accessories, as well as the successful launch of new product lines and collections..
– **Operating Profit:** Fast Retailing’s operating profit experienced an 11.8% increase, reaching 328.4 billion yen (approximately US$3 billion). This increase was attributed to the company’s strategic focus on enhancing operational efficiency and optimizing its supply chain..
**Expansion Plans:**.
– **China**: Fast Retailing plans to ramp up its store expansion efforts in China, with the aim of doubling the number of UNIQLO stores from the current 900 to approximately 1,800 by 2025. This move signifies the company’s commitment to capturing a larger share of the growing Chinese consumer market..
– **Southeast Asia**: The company also highlighted its plans to strengthen its presence in Southeast Asia. It aims to establish UNIQLO as the leading apparel brand in the region by expanding its store network and introducing new and innovative products tailored to local preferences..
– **Other Markets**: Fast Retailing expressed its intention to continue exploring new markets and regions for potential expansion, with a particular focus on areas with high growth potential..
**Outlook:**.
Despite the ongoing challenges posed by the COVID-19 pandemic, Fast Retailing remains optimistic about its future prospects. The company’s strong financial performance and ambitious expansion plans reflect its confidence in the long-term growth potential of the global apparel industry. With its commitment to innovation, sustainability, and customer-centricity, Fast Retailing is well-positioned to maintain its position as a leading global retailer..
