Fast Retailing Co. said Thursday it is aiming for record group sales of more than ¥1 trillion in its current business year ending next August on the back of robust growth of its Uniqlo casual clothing chain business in Asia.
For the business year that ended this past August, the company said its consolidated net profit grew 31.8 percent from the previous year to an all-time high of ¥71.65 billion as expansion overseas more than offset a drop in its operating profit in the domestic Uniqlo business.
Group operating profit rose 8.7 percent to ¥126.45 billion on sales of ¥928.67 billion, up 13.2 percent, as it continued opening new stores in China, Taiwan and South Korea, among other economies.
For the current business year, the company said it expects to post a group net profit of ¥84.5 billion, up 17.9 percent from the previous year, on sales of ¥1.06 trillion, up 13.7 percent.
Fast Retailing President and Chairman Tadashi Yanai said at a news conference in Tokyo the company plans to make inroads into Indonesia and has started considering business operations in India.
“We’d like to be the overwhelming No. 1 in Asia,” Yanai said. “We aim to achieve sales of more than ¥170 billion in Asia excluding Japan this business year.”
Despite concerns about an economic slowdown in countries including China, Yanai said the company will continue opening new stores.