Fast Retailing, which operates UNIQLO, posted a record high profit for the year ending August this year, with profits greatly expanding due to the weaker yen.
According to the announcement, Fast Retailing's financial results for the entire group for the year up to August this year were 2,301.1 billion yen, an increase of 7.9% from the previous year.
Domestic sales at our mainstay UNIQLO business declined by 3% due to shortages of long-selling popular items, but overseas sales increased by 20% in Europe, the United States, and Southeast Asia due to the recovery from the COVID-19 pandemic.
On the other hand, as a result of recording over 110 billion yen in foreign exchange gains due to the depreciation of the yen, the final profit was 273.3 billion yen, an increase of 60.9% from the previous year and a record high for the second consecutive year.
As a company, the depreciation of the yen has boosted business performance, but Chairman and President Tadashi Yanai said at a press conference, "I don't think there are many people in the manufacturing industry who feel the benefits of a weaker yen. I haven't heard the voices of people who see the merits of this, whether it's people in business or corporate management.