FAST RETAILING CO., LTD.
9983・Prime Market・Retail Trade
Business
Fast Retailing owns brands such as UNIQLO, GU, and Theory, and is an apparel group operating an SPA (specialty store retailer of private label apparel) model that handles planning, manufacturing, and sales in an integrated manner. Revenue for FY2025 (ending August 2025) reached ¥3,400,539 million, marking a record high for the fourth consecutive fiscal year. The company consists of four segments: Domestic UNIQLO Business (30.2% of revenue), Overseas UNIQLO Business (56.2%), GU Business (9.7%), and Global Brands Business (3.9%). Its main customers span a broad range of ages and income levels seeking everyday apparel, and under the concept of LifeWear—the ultimate in everyday clothing—the company emphasizes high quality, functionality, and affordable pricing. Global support is expanding rapidly, centered on North America, Europe, and Southeast Asia.
Business Model
Adopts an SPA (Specialty store retailer of Private label Apparel) model in which the company controls everything in-house, from product planning to material sourcing, production management, logistics, and sales. Revenue is generated through an omnichannel approach combining store sales with e-commerce (domestic ¥152,364 million, overseas ¥306,429 million). Flagship and large-format stores are leveraged as media to raise brand awareness, creating a virtuous cycle that stimulates e-commerce demand. In FY2025 (ending August 2025), the consolidated operating margin reached 16.6%, with the overseas UNIQLO business achieving an operating margin of 16.2%.
Company Strengths
FY2025 (ending August 2025) revenue reached ¥3,400,539 million (up 9.6% year on year), operating profit ¥564,265 million (up 12.6%), and profit for the period ¥433,009 million (up 16.4%), marking record highs for the fourth consecutive period. The operating margin remained at a high level of 16.6%, and the company maintains a solid financial base with an A+ (stable) rating from S&P and AA+ (stable) from JCR.
In FY2025 (ending August 2025), revenue in North America reached ¥271,100 million (up 24.5% year on year) and in Europe ¥369,500 million (up 33.6%), with both regions achieving substantial growth in revenue and profit. The Korea, Southeast Asia, India, and Australia region also performed well at ¥619,400 million (up 14.6%). Dependence on Greater China has continued to decline, advancing the geographic diversification of revenue.
Revenue from the domestic UNIQLO business in FY2025 (ending August 2025) reached ¥1,026,096 million (up 10.1% year on year), surpassing ¥1 trillion for the first time and marking a record high. Existing store sales (including e-commerce) rose 8.1% year on year for the full year. E-commerce sales expanded to ¥152,364 million (up 11.2% year on year), and the SG&A ratio improved by 1.2 percentage points year on year.
ENVALITH's Perspective
Performance Trend
Revenue expanded 59.4% over five fiscal years, from ¥2,132,992 million in FY2021 to ¥3,400,539 million in FY2025. For the cumulative nine months of Q3 FY2026 (ending August 2026), revenue reached ¥3,065,182 million (up 17.1% year on year), continuing accelerating growth. Business profit rose to ¥592,714 million (up 33.6% year on year), and quarterly profit attributable to owners of the parent reached ¥426,077 million (up 25.6% year on year), with profit growth outpacing revenue growth. Gross profit margin improved to 54.9% (up 1.1 points year on year), and the SG&A expense ratio improved to 35.6% (down 1.3 points year on year), reflecting an improved earnings structure. As an external factor, the weak yen trend boosted yen-translated overseas revenue and profit, while foreign exchange gains within financial income contracted from ¥29,731 million in the same period of the prior year to ¥5,965 million in the current period, indicating that changes in the foreign exchange environment have affected the profit structure. Operating cash flow rose significantly to ¥650,106 million (up 52.2% year on year), reflecting a substantial improvement in cash-generating capability.
Growth Strategy
Aiming to become the global No. 1 through continued high-quality store openings for overseas UNIQLO and expansion of group brands
Large-format store openings were carried out in the third quarter across North America (6 stores including the Chicago flagship), Europe (4 stores including Bristol, UK and Utrecht, Netherlands), and Korea (Myeongdong Global Flagship Store), among others. The strategy is to expand global brand recognition and support through the opening of stores that represent the brand, thereby spreading to increased sales at existing stores as well.
Through reducing the number of SKUs and optimizing inventory to improve store operational efficiency and reduce costs, business profit for the cumulative third quarter reached the equivalent of ¥32.1 billion (up 28.0% year on year), achieving a significant profit increase. Existing store sales growth also continued, driven by stronger communication of trend merchandise, and progress is being made in strengthening the revenue base of GU as the group's second brand.
RE.UNIQLO STUDIO has been expanded to 75 stores across 23 countries and regions worldwide. The company has been listed on the CDP Climate Change A List for four consecutive years, and raised its supply chain GHG emissions reduction target from 20% to 30%. Cumulative sales of PEACE FOR ALL reached 10 million units, with total donations of ¥3.0 billion. Sustainability activities are contributing to brand engagement and customer acquisition.
The company is working to reduce losses in the Comptoir des Cotonniers business by consolidating unprofitable stores (from 144 to 77 stores), while also promoting gross margin improvement through e-commerce expansion at PLST and a lower discount rate at Theory. Improving the overall profit contribution to the group remains a challenge.
Last updated: July 17, 2026