Fast Retailing, the parent of fast-fashion chain Uniqlo, is planning to open at least 300 new stores in fiscal 2023. The company is said to have reported large revenue and profit gains in UNIQLO operations in South Asia, Southeast Asia and Oceania, North America, and Europe regions.
The company shared: “In terms of store numbers, we predict our total network will expand to 3,595 stores by the end of August 2022, comprising 810 UNIQLO Japan stores (including franchise stores), 1,607 UNIQLO International stores, 452 GU stores, and 726 Global Brands stores.”
Fast Retailing rose as much as 6.9 percent in Tokyo trading, the biggest intra-day gain since March 17. The stock, which hit a record in February 2021, had lost more than 40 percent of its value since then (reportedly).
"Despite the overall revenue growth, the company’s some operations suffered lost sales opportunities in the first half of the year due to product shortages. Consequently, in the second half, in addition to strengthening our product lineups, further refining our product volume planning, and enhancing our marketing, the company will proactively 1) order additional production of promising items via mid-period plans and other means, (2) We will seek to further meld our physical store and e-commerce operations by fully unifying store and e-commerce inventory, etc. to ensure consumers can buy the products they want via e-commerce anytime, anywhere, without suffering product shortages," it further added.
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