Uniqlo Plans Aggressive Expansion In China With 80 New Stores In 2024
Uniqlo is planning to open 80 new stores in the Greater China region for the 2024 fiscal year. The company remains committed to expansion and in Q1 24 new stores were opened, adding a net of 8 stores in the region. Uniqlo’s expansion in overseas markets, particularly Europe and North America, is a focal point, with fewer than 100 stores combined in these regions. In contrast, Uniqlo has 930 stores in the Chinese mainland.
Fast Retailing Group, the parent company of Uniqlo, reported a robust financial performance for Q1 of the 2024 fiscal year ending on November 30, 2023. The comprehensive income surged by 13.2% YoY to 810.8 billion yen, while operating profit saw a significant rise of 25.3% to 146.7 billion yen.
Uniqlo International played a pivotal role, with revenue soaring by 23.3% YoY to 441.3 billion yen, constituting 54% of the total revenue. Operating profit for Uniqlo International increased by 35.8% to 77.8 billion yen, contributing 53% to the group’s total operating profit. North America and Europe exhibited notable growth, achieving double-digit increases in same-store sales.
In the Greater China region, Uniqlo remained influential, contributing 22.2% to the group’s revenue. Same-store sales in the Chinese mainland surged by approximately 20% YoY. Uniqlo Japan demonstrated stable growth, with a 1.5% YoY revenue increase and an 18.0% rise in operating profit.
