According to Zhongtong Finance & Economics App, on October 12th, Fast Retailing (06288), the parent company of Japan's clothing brand UNIQLO, announced its performance for fiscal year 2023 ending at the end of August this year. Facing the uncertain global economic outlook, Fast Retailing founder Tadashi Yanai stated at the fiscal year 2023 earnings conference that there are many challenges around the world, and the company will focus on important and critical matters, not lose direction, pursue sustainable growth rather than achieving a single goal, in order to survive during economic downturns.

Fast Retailing's total revenue for the previous year was 2.7665 trillion yen, a year-on-year increase of 20.2%. Its net profit for fiscal year 2023 is expected to be 296.2 billion yen, a year-on-year increase of 8.4%. It has set a historic high performance record for three consecutive fiscal years. At the same time, Fast Retailing expects its net profit for fiscal year 2024 to reach 310 billion yen, a year-on-year increase of nearly 5%, and its comprehensive revenue to be over 3.05 trillion yen, a year-on-year increase of over 10%.

Specifically, during the period, Fast Retailing's revenue was about 277 trillion yen, a year-on-year increase of 20%. Overseas UNIQLO revenue increased by 28.5% to about 144 trillion yen, accounting for more than half of the group's revenue for the first time; among them, the Greater China region increased by 15% to 620.2 billion yen. GU division revenue increased by 20% to 295.2 billion yen.

At the earnings conference, Fast Retailing Executive Director and CFO Takeshi Okazaki said that they will no longer develop products centered on the Japanese market, but will accurately grasp and analyze global customer needs and develop corresponding products.

According to Takeshi Okazaki, Fast Retailing will accelerate its expansion in North America and Europe, opening 20 and 10 new stores respectively each year, and will also open about 60 new stores in Southeast Asia, India and Australia each year. As for the Greater China region, Takeshi Okazaki said that they will also open 80 new stores each year, and priority will be given to profitable and better locations. At the same time, they will also close about 50 stores with low profitability or low attractiveness each year to increase same-store sales and strengthen operational structure.

Fast Retailing expects that as of the end of August 2024, the number of UNIQLO stores in Japan will be 800 (including employee-franchised stores), the number of UNIQLO stores overseas will reach 1,744, the number of GU stores will reach 480, and the number of stores under the global brand business segment will reach 636, with a total of 3,660 stores under the group's various brands.

It is reported that Tadashi Yanai stepped down as president of UNIQLO in early September and handed over to 44-year-old Takeshi Okazaki, but retained his position as chairman and CEO of UNIQLO. At the earnings conference, when asked why Takeshi Okazaki was chosen as president, Tadashi Yanai praised Takeshi Okazaki for his global perspective, rapid decision-making and action, and ability to translate his thoughts into words that others can understand.