Fast Retailing Q1 profit contracts 9.1% in FY2023

This is despite a 14.2YoY revenue growth.

Fast Retailing Group’s profit attributable to owners contracted by 9.1% year-on-year to JPY85b in the first quarter of 2023. 

This is despite a 14.2%YoY growth to JPY716.3b in consolidated revenue recorded between September and November 2022. 

Read more: Fast Retailing profit climbs 60% in 2022

“That result was due primarily to a large decline in profits at our UNIQLO operation in the Mainland China market caused by COVID-19 restrictions on movement,” the group reported. 

“Having said that, UNIQLO operations in all markets, with the exception of Greater China and Japan, performed strongly and reported considerable increases in both revenue and profit.”

In addition, the group has once again started the expansion of its GU operations.