July 11, 2024
Fast Retailing Co., Ltd.

Results Summary for FY2024 Third Quarter (Nine Months to May 2024)
Consolidated Business Performance(Billions of Yen)
Year to Aug 2024

Year toAug. 2023

Nine months to May 2024
(Sep. 2023 - May 2024)

3Q Actual

Actual（ y/y）

2,143.5

2,366.5

100.0%

100.0%

1,105.5
51.6%

Three months to May 2023
(Mar. 2024 - May 2024)

Full-year Est.
(Sep. 2023 - Aug. 2024)

Actual（ y/y）+10.4%

767.5+13.5%

3,070.0+11.0%-

100.0%-

100.0%-

1,278.9+15.7%

433.7+19.1%

-

-

54.0%

+2.4p

56.5%

+2.7p

-

-

780.1

885.8

+13.5%

291.7+14.0%

-

-

36.4%

37.4%

+1.0p

38.0%

+0.1p

-

-

325.4

393.1

+20.8%

141.9+31.3%

465.0

15.2%

16.6%

+1.4p

18.5%

+2.5p

15.1%

+1.3p

330.5

401.8

+21.5%

144.7+31.2%

475.0+24.6%

15.4%

17.0%

+1.6p

18.9%

+2.6p

15.5%

+1.7p

Finance income/costs

28.6

75.9

+165.3%33.6＋83.0%

90.0＋58.4%

Profit before
income taxes

359.2

477.7

+33.0%

178.3+38.6%

565.0+29.0%

Revenue

Gross Profit（to revenue)

SG&A Expenses（to revenue)

Business profit（to revenue)

Operating profit（to revenue)（to revenue)

Profit attributable toowners of the parent

16.8%

20.2%

+3.4p

23.2%

+4.2p

18.4%

+2.6p

312.8

+31.2%

116.9+37.4%

365.0+23.2%

11.1%

13.2%

2.1p

15.2%

+2.6p

11.9%

+1.2p

Performance by Group Operation(Billions of Yen)

Year toAug. 2023
3Q ActualGU

Global Brands

Year to Aug 2024

Nine months to May 2024
(Sep. 2023 - May 2024)（ y/y）

ActualThree months to May 2023
(Mar. 2024 - May 2024)
Actual（ y/y）

Business profit

99.0

722.0
126.7

+28.0%

236.9
50.3（to revenue)

14.0%

17.6%

+3.6p

21.2%

+6.2p

Operating profit

99.6

127.8

+28.3%

50.5+56.9%（to revenue)

14.0%

17.7%

+3.7p

21.3%

+6.3p

Revenue

1,097.6+17.8%

182.6+20.8%

408.8
70.5+19.4%

Business profit

1,292.8
220.5（to revenue)

16.6%

17.1%

+0.5p

17.3%

+0.4p

Operating profit

184.1

221.9

+20.6%

71.0+15.6%（to revenue)

16.8%

17.2%

+0.4p

17.4%

-0.5p

Revenue

227.9
24.4

+19.7%

86.8
14.1

+5.4%

Business profit

246.4
29.2

+8.1%

（to revenue)

10.7%

11.9%

+1.2p

16.3%

+0.9p

Operating profit

25.8

29.4

+14.2%

14.1+10.9%

Revenue

UNIQLOInternational+21.7%

238.5（to revenue)

UNIQLO Japan（ y/y）

709.7

+1.7%

+10.4%+56.7%+22.2%+11.4%（to revenue)

11.3%

12.0%

+0.7p

16.3%

+0.8p

Revenue

106.4

-2.5%

-5.1%

-

34.3
1.2

-

3.7%

-1.2p

-

1.4

+7.0%

-

4.1%

+0.4p

Business profit

1.3

103.7
-0.4

（to revenue)

1.3%

-

Operating profit

1.4（to revenue)

1.4%

-0.3
-

-29.6%FY2024 3Q Highlights■Fast Retailing reports significantly higher revenue and profit for the first ninemonths, achieves a new record performance
・In the nine months to 31 May 2024, consolidated revenue totaled 2.3665 trillion yen (+10.4% year-on-year).
Profits expanded sharply, with operating profit rising to 401.8 billion yen (+21.5%) and profit attributable toowners of the parent increasing to 312.8 billion yen (+31.2%).

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July 11, 2024
Fast Retailing Co., Ltd.

・Fast Retailing reported large revenue and profit increases in the third quarter from March to May 2024.
Strong performances from UNIQLO operations in the North America, Europe, and Southeast Asia regions, aswell as UNIQLO Japan, helped fuel the record consolidated results.

■UNIQLO Japan：Large 3Q revenue and profit gains, strong sales of Summer ranges
・In the three months through May 2024, revenue rose to 236.9 billion yen (+10.4%) and operating profit
expanded to 50.5 billion yen (+56.9%).
・Same-store sales increased by 9.0%. Sales of T-shirts, Bra Tops, and other ranges were strong as the timingof product launches coincided perfectly with prevailing demand.
・The gross profit margin increased by 4.1 points and the selling, general and administrative expense ratio
improved by 2.1 points, resulting in impressive profit increases.
・In the nine months through May 2024, revenue rose 1.7% to 722.0 billion yen and operating profit expandedby 28.3% to 127.8 billion yen.

■ UNIQLO International：Considerable increases in 3Q revenue and profit. Strong
performances from North America, Europe, and Southeast Asia
・In the three months through May 2024, revenue rose to 408.8 billion yen (+19.4%) and operating profit
increased to 71.0 billion yen (+15.6%).
・The Greater China region reported a decline in revenue and a large decrease in profit. In the Mainland China
market, sales declined and revenue contracted sharply due to comparisons with a particularly strong
performance in the previous year, declining consumer appetite, unseasonal weather, and product lineups that
did not fully satisfy the needs of local customers. (local currency terms)
・UNIQLO North America and UNIQLO Europe reported large revenue and profit gains. Southeast Asia, India& Australia reported a rise in revenue and a significant increase in profits. UNIQLO South Korea reported
higher revenue and profit. (local currency terms)
・UNIQLO International has been opening a stream of new stores around the world that enable consumers toexperience the benefits of LifeWear firsthand, generating a virtuous cycle of strengthening businessperformance.
・In the nine months through May 2024, revenue totaled 1.2928 trillion yen (+17.8%) and operating profit
totaled 221.9 billion yen (+20.6%).

■GU：3Q revenue rises, profit increases sharply
・In the three months through May 2024, revenue rose to 86.8 billion yen (+5.4%) and operating profit
increased to 14.1 billion yen (+10.9%).
・With strong sales of items that incorporated global mass fashion trends, the brand is starting to see nascent
opportunities for international expansion.
・For the nine months through May 2024, revenue totaled 246.4 billion yen (+8.1%) and operating profit totaled
29.4 billion yen (+14.2%).

■Global Brands：3Q revenue declines. Large contraction in business profit
・In the three months through May 2024, revenue declined to 34.3 billion yen (−5.1%) and business profit
decreased to 1.2 billion yen (−29.6%).
・Operating profit increased to 1.4 billion yen (+7.0%) compared with the previous year when PLST and
Comptoir des Cotonniers recorded impairment losses on store closures.
・The Theory operation reported a slight decline in revenue and a large decline in profit due to insufficient
control of personnel costs and other business expenses.
・PLST and Comptoir des Cotonniers reported lower revenue on reduced store numbers. However, improved
cost structures helped improve the selling, general and administrative expense ratios at both operations,
resulting in year-on-year profit gains for PLST and a narrower operating loss for Comptoir des Cotonniers.
・In the nine months through May 2024, the segment reported a decline in revenue to 103.7 billion (−2.5%)
and an operating loss of 0.3 billion yen (compared with the previous year’s operating profit of 1.4 billion yen).

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July 11, 2024
Fast Retailing Co., Ltd.

■FY2024 consolidated estimates：Predict a record full-year performance. Plan to increase
annual dividend by 110 yen
・Fast Retailing has revised up its latest estimates for FY2024 consolidated performance and now expect fullyear consolidated revenue to total 3.0700 trillion yen (+11.0%), operating profit to rise to 475.0 billion yen(+24.6%), and profit attributable to owners of the parent to total 365.0 billion yen (+23.2%).
・The company forecasts an annual dividend per share in FY2024 of 400 yen, split into an interim dividend of
175 yen and a year-end dividend of 225 yen. This represents an increase of 110 yen in the annual dividendfor FY2024 compared with FY2023.

＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊
Fiscal 2024 3Q Performance in Focus■UNIQLO Japan：Large 3Q revenue and profit gains, strong sales of Summer ranges
UNIQLO Japan reported an increase in revenue and a significant rise in profits in the first nine months of fiscal
2024, with revenue totaling 722.0 billion yen (+1.7% year-on-year) and operating profit reaching 127.8 billion
yen (+28.3% year-on-year).
The segment generated especially strong revenue and profit gains in the three months from March to May.
Same-store sales expanded by 9.0% year-on-year in the third quarter on the back of persistently warm weather
and strong sales of T-shirts, Bra Tops, and bottoms made of ultra-stretch materials that were featured in ourlatest advertising campaigns. The gross profit margin improved by 4.1 points year-on-year after we were able toreduce the amount of discounting required to offload excess stock and thereby improve the discounting rate. In
addition, the impact of spot exchange rates used for additional production orders also eased, resulting in an
improvement in cost of sales. Looking ahead, we do expect spot rates to impact results in the three months
from June to August as we are currently submitting additional production orders for products that are running
low on stock due to the strong sales in the previous quarter. As a result, cost of sales for the second half offiscal 2024 from March to August 2024 is expected to hold roughly steady at the previous year’s level. Finally,
the selling, general and administrative expense ratio improved by 2.1 points year-on-year as the higher revenue
performance resulted in a decline in personnel, store rents, and advertising and promotion cost ratios.

■ UNIQLO International：Considerable increases in 3Q revenue and profit. Strong
performances from North America, Europe, and Southeast Asia
UNIQLO International reported a significant increase in both revenue and profit in the first nine months of fiscal
2024, with revenue rising to 1.2928 trillion yen (+17.8% year-on-year) and operating profit expanding to 221.9
billion yen (+20.6% year-on-year). UNIQLO brand recognition is rising across all markets as a result of ourpersistent strategy of opening new stores around the world that enable people to experience the great benefitsof LifeWear, and this is now helping to generate a virtuous cycle of strengthening business performance.
Breaking down the UNIQLO International third-quarter performance from March to May into individual regions
and markets and viewing performance on a local currency basis, the Mainland China market and Hong Kong
market reported declines in revenue and large contractions in profit. Sales in the Mainland China market
struggled in comparison with the high bar set in the previous year and in the face of a slowdown of consumer
appetite, unseasonal weather, and product lineups that did not fully satisfy the needs of local customers. By
contrast, the Taiwan market reported large revenue and profit gains and South Korea reported higher revenue
and profit on the back of strong sales of Summer ranges. Meanwhile, Southeast Asia, India & Australia
reported higher revenue and a significant increase in profits as our efforts to enhance communication of
attractive Summer products around the time of the 40th UNIQLO Thank You Festival and other promotionalsales boosted sales of Bra Tops, UV-cut, T-shirts, and other core ranges. UNIQLO North America reported
large increases in revenue and profit due to strong sales of Bra Tops, linen, sports utility wear, and otherranges resulting from our decision to strengthen marketing and communications to strategically enhance salesof certain products. UNIQLO Europe reported large gains in revenue and profit. Raising UNIQLO brand visibility
across the region helped generate higher-than-anticipated sales at our newly opened stores in Edinburgh in the3July 11, 2024
Fast Retailing Co., Ltd.

UK and Rome, Italy, and the region also reported impressive double-digit year-on-year growth in same-stores
sales over the three-month period.

■GU：3Q revenue rises, profit increases sharply
The GU business segment reported an increase in revenue and a large rise in profits in the first nine months offiscal 2024 on the back of strong sales of products that successfully captured mass fashion trends. Revenue
totaled 246.4 billion yen (+8.1% year-on-year) and operating profit expanded to 29.4 billion yen (+14.2% yearon-year).
In the three months from March to May, GU witnessed strong sales of Sweat Look T-shirt, Cocoon Jogger
Pull-on Pants, Light Denim Wide Pants, and other items that incorporated global mass fashion trends,
suggesting that the brand will soon be well positioned to expand more earnestly into international markets.

■Global Brands：3Q revenue declines. Large contraction in business profit
In the first nine months of fiscal 2024, the Global Brands segment reported a decline in revenue to 103.7 billion(−2.5% year-on-year) and an operating loss of 0.3 billion yen (compared with an operating profit of 1.4 billion
yen in the previous year).
In the three months from March to May, sales for Theory in the United States in particular proved sluggish,
resulting in a slight year-on-year decline in revenue for the Theory operation as a whole. Theory operating profit
declined significantly as the operation failed to sufficiently control personnel costs and other business costs.
While revenue from our PLST label declined year-on-year, after restructuring measures resulted in acontraction in total store numbers, operating profit increased on the back of improved cost structures. However,
PLST is showing signs of a steady recovery, with third-quarter same-store sales rising on the back of strong
sales primarily at urban stores operating under the new business model. Finally, while Comptoir des Cotonniers
reported a decline in revenue on the back of fewer store numbers, the brand also reported a contraction in
operational losses as restructuring measures helped improve cost structures.

■FY2024 consolidated estimates：Predict a record full-year performance. Plan to increase
annual dividend by 110 yen
In fiscal 2024, the Fast Retailing Group expects to achieve a record performance, with consolidated revenue
totaling 3.07 trillion yen (+11.0% year-on-year), business profit reaching 465.0 billion yen (+21.7% year-onyear), operating profit rising to 475.0 billion yen (+24.6% year-on-year), and profit attributable to owners of theparent totaling 365.0 billion yen (+23.2% year-on-year). Those estimates include upward revisions of 40.0
billion yen for revenue, 15.0 billion yen for business profit, and 25.0 billion yen for operating profit comparedwith our latest forecasts announced in April. The revisions were made to reflect corporate performance throughthe month of June as well as adjustments to the foreign exchange rates used to calculate fourth-quarter
earnings forecasts to match current exchange rate movements. A total of 90.0 billion is expected to beregistered under finance income net of costs resulting primarily from interest income and foreign exchange
gains.
Looking at each business segment in turn, we predict UNIQLO International will achieve significantly higher
revenue and profit in the second half of fiscal 2024 and the full business year. The same trends are predicted
on a local currency basis. Breaking down the UNIQLO International segment into geographical regions andillustrating predicted performance in local-currency terms, we expect the Greater China region to report a
decline in revenue and a large contraction in profit in the second half of fiscal 2024, and a rise in revenue and aslight fall in profit for the full business year. We aim to revitalize Greater China region growth from fiscal 2025by 1) transforming the operation’s new store opening strategy, 2) further integrating physical store and ecommerce operations, 3) enhancing product mixes that suit the specific characteristics of each region, and 4)
strengthening local store management by creating and cultivating human resources with management
capabilities and transforming overall business operations. UNIQLO South Korea is predicted to report higher

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July 11, 2024
Fast Retailing Co., Ltd.

revenue and profit in the second half and full fiscal year. The Southeast Asia, India & Australia region, alongwith the North America and Europe regions, are expected to generate considerable increases in revenue andprofit in the second half of fiscal 2024 and for the full business year, and operating profit margins for thoseregions are also predicted to improve year-on-year. UNIQLO Japan is forecast to generate a rise in revenue
and a considerable increase in profit in both the second half of fiscal 2024 and the full business year.
Meanwhile, our GU business segment is expected to report increases in revenue and profit in the second halfof fiscal 2024, and a rise in revenue and a large increase in profit for the full business year. Finally, revenue for
the Global Brands segment is expected to hold steady at previous year levels for both the second-half and thefull business year, while the segment is expected to turn the previous year’s operating loss into an operating
profit.
In terms of store numbers, we predict our store network will total 3,604 stores by the end of August 2024,
comprising 798 UNIQLO Japan stores (including franchise stores), 1,708 UNIQLO International stores, 476 GU
stores, and 622 Global Brands stores.
Finally, we have revised up our forecast for the year-end dividend for fiscal 2024 from the 175 yen per shareannounced in April to 225 yen per share. Combining this with the interim dividend of 175 yen that has alreadybeen paid out, the annual dividend is forecast to rise to 400 yen per share. This represents an increase of 110
yen in the annual dividend for fiscal 2024 compared with fiscal 2023.
Fast Retailing Co., Ltd. discloses business results data and offers a variety of press releases on its IR website
https://www.fastretailing.com/jp/ir/5