Core Viewpoint - Uniqlo is facing challenges in the Greater China market, which was once a significant growth driver, now becoming a profit drag due to declining consumer demand and increased competition from local brands [3][11][16]. Financial Performance - For the third quarter ending May 31, 2025, Uniqlo reported a revenue increase of 7.7% year-on-year to 826.5 billion yen (approximately 40.4 billion RMB), but net profit decreased by 9.7% to 105.5 billion yen (approximately 5.16 billion RMB) [3]. - In the first three quarters, revenue in the Greater China market decreased by approximately 3% in local currency, with operating profit down about 8% [4]. - The management estimates a revenue decline of about 10% and profit contraction for the second half of the 2025 fiscal year in the Greater China market [5]. Market Dynamics - Uniqlo's performance in Japan, North America, Europe, and Southeast Asia remains strong, contrasting with the weak demand in China, which has affected overall net profit [3]. - The company has seen a significant drop in same-store sales since 2024, attributing 50% of the poor performance to external factors and 50% to internal issues [11]. Strategic Adjustments - Uniqlo is undergoing structural reforms, focusing on product pricing adjustments and enhancing marketing efforts to better align with consumer expectations in China [5][16]. - The company is shifting its strategy from expanding the number of stores to improving the profitability of existing locations, with plans to open regional flagship stores in major cities [15][18]. Competitive Landscape - The rise of "alternative products" from local brands is seen as a significant threat to Uniqlo's market share in China [15]. - Uniqlo aims to coexist with local brands, leveraging collaborations with artists and designers to create differentiated products [16]. Future Outlook - Management targets improved performance in the 2026 fiscal year compared to 2025, with a complete transformation of the business model by the 2027 fiscal year [17]. - The company maintains its revenue and profit outlook for the 2025 fiscal year at 3.4 trillion yen and 410 billion yen, respectively, which translates to approximately 166.5 billion RMB and 20.1 billion RMB [18].

就该事业分部第三季度单季旗下各地区业绩来看(以当地币值计)，大中华地区之中，中国大陆市场收益 较上年度同期减少约5%，经营溢利同比下降约3%。这主要是因为市场整体消费意愿低落，同时截至5 月初仍持续低温等因素，使实际需求无法提振。香港及台湾市场虽录得收益增长，但因成本率上升使毛 利率下降，加上行政开支等占收益比率升高，致使经营溢利大幅减少。南韩的收益及溢利则皆录得大幅 增长，这是由于其策略性地备妥春季及全年性商品的库存，成功推展换季时期业绩，以及行销策略奏效 所致。东南亚、印度及澳洲地区录得收益大幅增长、溢利上升。该地区以夏季商品为中心，销情旺盛， 推使同店销售净额增长。北美地区录得收益及溢利双双大幅增长，欧洲录得收益大幅增长、溢利上升， 业绩持续表现良好。在欧美地区策略性加强行销活动下，以主力商品为首带动销售表现亮丽。同时，前 三季度期间开设的新店销情不俗，不但能持续扩展顾客层并提高品牌知名度。 在GU(极优)事业分部方面，前三季度收益总额为2,562亿日圆(同比增长4.0%)，经营溢利总额为263亿日 圆(同比减少10.7%)，录得收益增长但溢利大幅下降。其中，第三季度单季亦录得收益增长、溢利大幅 下降。 ...

智通财经APP讯，迅销(06288)公布截至 2 0 2 5 年 5 月 3 1 日止九个月业绩，收益为26167.08亿日圆，同 比增长10.6%;母公司拥有人应占溢利3390.99亿日圆，同比增长8.4%;每股基本盈利1105.36日圆。 在全球品牌事业分部方面，前三季度收益总额取得下降，为1,005亿日圆(同比减少3.1%);经营溢利总额 为28亿日圆(相较于上年度同期3亿日圆亏损)，业绩扭亏为盈。 第三季度单季期间，该事业分部旗下Theory业务取得收益及溢利下降。这主要是因日本业务于百货公司 的销售面临挑战，亚洲地区消费意愿亦低迷，而皆取得收益及溢利下降所致。PLST业务则取得收益及 经营溢利双双大幅增长。该品牌不但新商品备受青睐，加上感谢节所推出商品奏效，销售强劲。法国品 牌 Comptoir des Cotonniers 业务虽然因店舖总数减少而使收益取得下降，但因调整价格至更为实惠区间 的商品销售强劲，装修后重新开幕的店舖业绩亦表现佳，推动同店销售净额取得增长，亏损幅度缩窄。 在日本 UNIQLO(优衣库)事业分部方面，本财年前三季度收益总额为 8,014 亿日圆(同比增长 11.0%)，经 ...

[Consolidated Results Overview](index=1&type=section&id=Consolidated%20Results%20Overview) [Financial Summary](index=1&type=section&id=1.%20Consolidated%20Results) For the nine months ended May 31, 2025, the Group achieved significant growth in both revenue and operating profit, marking its best-ever performance, with full-year dividend forecast at JPY 480.00 per share Consolidated Operating Results (For the Nine Months Ended May 31, 2025) | Indicator | Nine Months Ended May 31, 2025 (Million JPY) | YoY Change (%) | | :--- | :--- | :--- | | Revenue | 2,616,708 | 10.6% | | Operating Profit | 450,952 | 12.2% | | Profit Before Income Tax | 520,506 | 8.9% | | Profit for the Period | 359,607 | 8.3% | | Profit Attributable to Owners of Parent | 339,099 | 8.4% | | Basic Earnings Per Share (JPY) | 1,105.36 | - | Consolidated Financial Position | Indicator | As of May 31, 2025 (Million JPY) | As of August 31, 2024 (Million JPY) | | :--- | :--- | :--- | | Total Assets | 3,698,193 | 3,587,565 | | Total Equity | 2,167,774 | 2,068,254 | | Equity Attributable to Owners of Parent | 2,114,970 | 2,016,535 | Dividend Information | Fiscal Year | Q2 End-of-Period Dividend (JPY) | Full-Year Forecast Dividend (JPY) | | :--- | :--- | :--- | | Ended August 31, 2025 | 240.00 | 480.00 | [Business Segment Performance](index=4&type=section&id=Business%20Segment%20Performance) The Group's overall performance growth was primarily driven by the UNIQLO business, with strong performance in Japan, Europe, North America, and Southeast Asia, while GU revenue grew but profit significantly declined, and Global Brands successfully returned to profitability - The Group achieved its best-ever performance, primarily driven by the strong performance of UNIQLO businesses in Japan, Europe, North America, Southeast Asia, India, Australia, and South Korea[11](index=11&type=chunk) - The Group aims to become the "world's number one brand," with strategic priorities including human capital investment, integrating business with sustainability, evolving into a "digital consumer retail company," diversifying global revenue pillars, and expanding the GU and Global Brands businesses[12](index=12&type=chunk) [UNIQLO Japan](index=4&type=section&id=UNIQLO%20Japan) UNIQLO Japan recorded significant increases in both revenue and operating profit, with net same-store sales growing by 7.5%, and despite a weaker yen increasing cost ratios, sales growth effectively improved various expense ratios UNIQLO Japan Q1-Q3 Performance | Indicator | Amount (Billion JPY) | YoY Growth | | :--- | :--- | :--- | | Total Revenue | 801.4 | 11.0% | | Total Operating Profit | 150.6 | 17.8% | - Performance growth was driven by strong sales of year-round and summer products; however, gross profit margin decreased by **2.1 percentage points** due to yen depreciation and increased discount promotions[13](index=13&type=chunk) [UNIQLO International](index=4&type=section&id=UNIQLO%20International) UNIQLO International achieved significant revenue growth and increased profit, with strong performance in South Korea, Southeast Asia, North America, and Europe, though Greater China saw declining performance due to low consumer sentiment UNIQLO International Q1-Q3 Performance | Indicator | Amount (Billion JPY) | YoY Growth | | :--- | :--- | :--- | | Total Revenue | 1,457.1 | 12.7% | | Total Operating Profit | 240.6 | 8.4% | - In local currency, Greater China's Q3 revenue and operating profit decreased by approximately **5%** and **3%** respectively, while South Korea, Southeast Asia, India, Australia, North America, and Europe all recorded significant increases in revenue and profit[15](index=15&type=chunk) [GU](index=5&type=section&id=GU) GU business recorded revenue growth but a significant profit decline, as insufficient stock of popular summer items, a weaker yen, and increased personnel costs collectively led to the profit decrease GU Q1-Q3 Performance | Indicator | Amount (Billion JPY) | YoY Change | | :--- | :--- | :--- | | Total Revenue | 256.2 | +4.0% | | Total Operating Profit | 26.3 | -10.7% | - Key reasons for the profit decline include insufficient stock and promotion of some high-potential products, increased cost ratios due to a weaker yen, and higher personnel expense ratios from increased wages[17](index=17&type=chunk) [Global Brands](index=5&type=section&id=Global%20Brands) The Global Brands segment successfully returned to profitability with an operating profit of JPY 2.8 billion, driven by strong PLST performance and narrowed losses at Comptoir des Cotonniers, offsetting the decline in Theory Global Brands Q1-Q3 Performance | Indicator | Amount (Billion JPY) | YoY Change | | :--- | :--- | :--- | | Total Revenue | 100.5 | -3.1% | | Total Operating Profit | 2.8 | Returned to Profitability (JPY 0.3 Billion Loss in Prior Period) | - Theory business saw revenue and profit decline due to challenges in Japan and Asian markets; PLST business achieved significant growth in both due to popular new products; Comptoir des Cotonniers narrowed its losses due to increased same-store sales[18](index=18&type=chunk) [Sustainability](index=5&type=section&id=Sustainability) The Group advances sustainability activities across six key areas, including expanding RE.UNIQLO for circularity, strengthening supply chain human rights, achieving a third consecutive CDP "A" rating for GHG reduction, and actively contributing to communities and promoting internal diversity and inclusion - Through "RE.UNIQLO STUDIO," the company provides clothing repair and upcycling services, expanded to **62 stores** in **22 countries and regions** as of May 2025[19](index=19&type=chunk) - To address the impact of climate change on workers, the company partnered with the University of London in April 2025 to research the health effects of heat stress on workers in Cambodia[20](index=20&type=chunk) - The Group received an "A" rating from the international non-profit CDP for climate change for the third consecutive year in 2024, recognizing its proactive emission reduction measures and information transparency[21](index=21&type=chunk) - The company supports community projects such as Myanmar earthquake relief and youth vocational training in India through the "PEACE FOR ALL" program and direct donations[23](index=23&type=chunk) [Financial Position and Cash Flow Information](index=7&type=section&id=(2)%20Financial%20Position%20and%20Cash%20Flow%20Information) As of period-end, the Group's total assets increased by JPY 110.6 billion and total liabilities by JPY 11.1 billion compared to the previous fiscal year-end; net cash from operating activities was JPY 427.1 billion, but net cash outflows from investing and financing activities led to a JPY 201.7 billion decrease in cash and cash equivalents at period-end - The increase in total assets was primarily due to increases in other current financial assets, property, plant, and equipment, while the slight increase in total liabilities was mainly due to an increase in other current liabilities[25](index=25&type=chunk) Cash Flow Summary (For the Nine Months Ended May 31, 2025) | Cash Flow Activity | Amount (Billion JPY) | | :--- | :--- | | Net Cash from Operating Activities | 427.1 | | Net Cash Used in Investing Activities | (372.3) | | Net Cash Used in Financing Activities | (271.4) | | **Net Decrease in Cash and Cash Equivalents** | **(201.7)** | [Performance Forecast](index=2&type=section&id=(3)%20Qualitative%20Information%20on%20Consolidated%20Business%20Performance%20Forecasts) The company maintains its previously announced full-year consolidated business performance forecast for the period ending August 31, 2025, without revision, projecting full-year revenue of JPY 3,400.0 billion and operating profit of JPY 545.0 billion FY2025 Full-Year Performance Forecast | Indicator | Amount (Million JPY) | YoY Change (%) | | :--- | :--- | :--- | | Revenue | 3,400,000 | 9.5% | | Operating Profit | 545,000 | 8.8% | | Profit Before Income Tax | 635,000 | 14.0% | | Profit Attributable to Owners of Parent | 410,000 | 10.2% | | Basic Earnings Per Share (JPY) | 1,336.51 | - | - The company confirms no changes to the full-year consolidated business performance forecast announced on April 10, 2025, at this stage[31](index=31&type=chunk) [Interim Condensed Consolidated Financial Statements](index=8&type=section&id=2.%20Interim%20Condensed%20Consolidated%20Financial%20Statements%20and%20Key%20Notes) [Consolidated Statement of Financial Position](index=8&type=section&id=(1)%20Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section details the assets, liabilities, and equity as of May 31, 2025, compared to August 31, 2024, with total assets at period-end of JPY 3,698.1 billion and total equity of JPY 2,167.7 billion Consolidated Statement of Financial Position Summary (As of May 31, 2025) | Item | Amount (Million JPY) | | :--- | :--- | | **Assets** | | | Total Current Assets | 2,322,705 | | Total Non-Current Assets | 1,375,488 | | **Total Assets** | **3,698,193** | | **Liabilities and Equity** | | | Total Current Liabilities | 903,240 | | Total Non-Current Liabilities | 627,178 | | **Total Liabilities** | **1,530,419** | | **Total Equity** | **2,167,774** | [Consolidated Statement of Profit or Loss and Comprehensive Income](index=9&type=section&id=(2)%20Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This section details the statement of profit or loss and comprehensive income for the nine months ended May 31, 2025, reporting gross profit of JPY 1,408.5 billion, operating profit of JPY 450.9 billion, and profit for the period of JPY 359.6 billion Consolidated Statement of Profit or Loss Summary (For the Nine Months Ended May 31, 2025) | Item | Amount (Million JPY) | | :--- | :--- | | Revenue | 2,616,708 | | Gross Profit | 1,408,532 | | Operating Profit | 450,952 | | Profit Before Income Tax | 520,506 | | Profit for the Period | 359,607 | - Total comprehensive income for the period was **JPY 334.6 billion**, a decrease from **JPY 526.8 billion** in the prior year, primarily due to foreign currency translation differences for overseas operations shifting from positive to negative, resulting in a loss in other comprehensive income[37](index=37&type=chunk) [Consolidated Statement of Changes in Equity](index=10&type=section&id=(3)%20Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This section details changes in share capital, retained earnings, treasury shares, and other equity components for the nine months ended May 31, 2025, showing an increase in retained earnings due to profit, but a decrease in other equity components due to reduced foreign currency translation reserves - As of May 31, 2025, equity attributable to owners of the parent increased from **JPY 2,016.5 billion** at the beginning of the period to **JPY 2,114.9 billion**, primarily driven by profit for the period of **JPY 339.0 billion**, partially offset by dividends paid of **JPY 142.6 billion** and other comprehensive losses[41](index=41&type=chunk) [Consolidated Statement of Cash Flows](index=11&type=section&id=(4)%20Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This section details cash flows from operating, investing, and financing activities for the period, showing strong cash inflows from operations offset by outflows for fixed deposits, equipment purchases, and dividend payments, leading to a net decrease in total cash Consolidated Statement of Cash Flows Summary (For the Nine Months Ended May 31, 2025) | Item | Amount (Million JPY) | | :--- | :--- | | Net Cash from Operating Activities | 427,132 | | Net Cash Used in Investing Activities | (372,330) | | Net Cash Used in Financing Activities | (271,499) | | **Net Decrease in Cash and Cash Equivalents** | **(201,799)** | | Cash and Cash Equivalents at End of Period | 991,761 | [Notes to Financial Statements](index=12&type=section&id=(6)%20Notes%20to%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section provides supplementary notes to the financial statements, covering key information such as accounting policies, segment information, expense breakdowns, and earnings per share calculations, to aid in understanding the financial report content [Segment Information](index=12&type=section&id=2.%20Segment%20Information) This note details revenue and operating profit for the four business segments (UNIQLO Japan, UNIQLO International, GU, Global Brands) and regional markets, with UNIQLO International being the largest contributor to both revenue and profit Segment Performance (For the Nine Months Ended May 31, 2025) | Reportable Segment | Revenue (Million JPY) | Operating Profit/(Loss) (Million JPY) | | :--- | :--- | :--- | | UNIQLO Japan | 801,422 | 150,601 | | UNIQLO International | 1,457,135 | 240,649 | | GU | 256,287 | 26,333 | | Global Brands | 100,586 | 2,865 | | **Total** | **2,615,432** | **420,450** | Revenue by Region (For the Nine Months Ended May 31, 2025) | Region | Revenue (Million JPY) | Percentage of Total (%) | | :--- | :--- | :--- | | Japan | 801,422 | 30.6 | | Greater China | 510,491 | 19.5 | | South Korea・Southeast Asia・India・Australia | 469,223 | 17.9 | | Europe | 276,492 | 10.6 | | North America | 200,927 | 7.7 | [Selling, General and Administrative Expenses](index=15&type=section&id=4.%20Selling%2C%20General%20and%20Administrative%20Expenses) Total selling, general and administrative expenses for the period were JPY 964.9 billion, an increase from the prior year, with key expense items being salaries, depreciation and amortization, and logistics costs Selling, General and Administrative Expenses Breakdown (For the Nine Months Ended May 31, 2025) | Item | Amount (Million JPY) | | :--- | :--- | | Salaries | 352,149 | | Depreciation and Amortization | 159,702 | | Logistics Costs | 110,827 | | Rent Expenses | 96,745 | | Advertising and Promotion | 85,498 | | Other | 160,062 | | **Total** | **964,986** | [Finance Income and Costs](index=16&type=section&id=6.%20Finance%20Income%20and%20Finance%20Costs) The period recorded net finance income of JPY 69.5 billion, primarily from interest income (JPY 49.2 billion) and non-operating exchange gains (JPY 29.7 billion), while finance costs mainly comprised interest expenses (JPY 9.4 billion) Finance Income and Costs Breakdown (For the Nine Months Ended May 31, 2025) | Item | Amount (Million JPY) | | :--- | :--- | | **Finance Income** | **79,020** | | Of which: Interest Income | 49,289 | | Of which: Exchange Gains | 29,731 | | **Finance Costs** | **(9,467)** | | Of which: Interest Expenses | (9,467) | | **Net Finance Income** | **69,553** | [Earnings Per Share](index=17&type=section&id=7.%20Earnings%20Per%20Share) For the nine months ended May 31, 2025, basic earnings per share were JPY 1,105.36, higher than JPY 1,020.02 in the prior year, with diluted earnings per share at JPY 1,103.68 Earnings Per Share Calculation | Indicator | Nine Months Ended May 31, 2025 | | :--- | :--- | | Profit Attributable to Owners of Parent for the Period (Million JPY) | 339,099 | | Weighted Average Number of Ordinary Shares for the Period (Shares) | 306,778,343 | | **Basic Earnings Per Share (JPY)** | **1,105.36** | | **Diluted Earnings Per Share (JPY)** | **1,103.68** | [Review Report and Other Information](index=18&type=section&id=Review%20Report%20and%20Other%20Information) [Review Report on Interim Condensed Consolidated Financial Statements](index=18&type=section&id=3.%20Review%20Report%20on%20Interim%20Condensed%20Consolidated%20Financial%20Statements) Independent auditor Deloitte Touche Tohmatsu LLC has reviewed these interim condensed consolidated financial statements, and based on the review, the auditor found no matters leading them to believe the financial statements are not prepared in all material respects in accordance with relevant accounting standards - Auditor's conclusion: We have not identified any matters that lead us to believe the interim condensed consolidated financial statements are not prepared in all material respects in accordance with Article 5-2 of the Tokyo Stock Exchange Quarterly Financial Statements Standards[70](index=70&type=chunk) - The scope of the review is significantly narrower than an audit conducted in accordance with generally accepted auditing standards in Japan, primarily involving inquiries with financial personnel and analytical procedures[74](index=74&type=chunk) [Resumption of Trading](index=20&type=section&id=4.%20Resumption%20of%20Trading) The company has applied for the resumption of trading of its Hong Kong Depositary Receipts on the Stock Exchange from 9:00 AM on July 11, 2025 - At the company's request, its Hong Kong Depositary Receipts were temporarily suspended from trading from 1:00 PM on July 10, 2025, pending the release of this earnings announcement, and will resume trading from 9:00 AM on July 11, 2025[79](index=79&type=chunk)

Core Viewpoint - The CFO of Fast Retailing has indicated that the North American business will be significantly impacted by tariffs, particularly from fall to winter in the United States [1] Group 1 - The company anticipates a substantial effect on its operations in North America due to upcoming tariffs [1] - The expected impact is specifically highlighted for the period from autumn to winter [1]

迅销：无论关税税率如何，预计2025财年的影响都将有限，因为公司在美国已经拥有大量产品。 ...

Core Viewpoint - Fast Retailing expects a net profit of 410 billion yen for the current fiscal year [1] Group 1 - The company anticipates a significant financial performance for the fiscal year, projecting a net profit of 410 billion yen [1]

迅销集团第三季度营业收入预估为1467.4亿日元-1503亿日元。 ...

Group 1 - The core point of the article is that Fast Retailing, the parent company of Uniqlo, reported a 7.4% year-on-year increase in customer numbers in Japan [1] Group 2 - The increase in customer numbers indicates a positive trend for the company's performance in the domestic market [1] - This growth may reflect the effectiveness of the company's marketing strategies and product offerings [1] - The rise in customer numbers could potentially lead to increased sales and revenue for Fast Retailing in the upcoming quarters [1]

Former buy-side equity analyst covering Asia Pacific equities with a decade of experience under my belt. I employ a fundamental bottom-up approach with a macroeconomic overlay to identify stocks that are set to benefit from broader trends globally. I focus mainly on Financials, Industrials and Consumer Discretionary sectors. I started writing on Seeking Alpha to share my thoughts and shine a light on Asian equities listed in US markets. Asian equities (ex-China) are often times overlooked and under-allocate ...