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Fast Retailing Results for September to November 2024 and Estimates for FY2025 January 9, 2025 Takeshi Okazaki Fast Retailing Co., Ltd. Group Senior Executive Officer & CFO １
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Contents Ⅰ． Results Sep. to Nov. 2024 (1Q) Ⅱ． Estimates for Fiscal 2025 Ⅲ． Reference Disclosure of Corporate Performance Following the Group’s adoption of International Financial Reporting Standards (IFRS) from the year ending August 31, 2014, all data in this document are calculated using IFRS standards. Business profit = Revenue – (Cost of sales + SG&A expenses) Group Operations: UNIQLO Japan: UNIQLO Japan operations UNIQLO International: All UNIQLO operations outside of Japan GU: All GU operations inside and outside Japan Global Brands: Theory, PLST, Comptoir des Cotonniers, Princesse tam.tam Consolidated results also include Fast Retailing Co., Ltd. performance and consolidated adjustments. A Note on Business Forecasts When compiling business estimates, plans and target figures in this document, the figures that are not historical facts are forward looking statements based on management’s judgment in light of currently available information. These business forecasts, plans and target figures may vary materially from the actual business results depending on the economic environment, our response to market demand and price competition, and changes in exchange rates. P 3 ～ P 22 P 23 ～ P 27 P 28 ～ P 31 2
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Group: FY2025 1Q Results 3 Large revenue and profit gains. Operating profit roughly to plan Units: Billions of yen Revenue 810.8 895.1 +10.4% Gross profit 442.8 487.5 +10.1% (to revenue) 54.6% 54.5% -0.1p SG&A 301.4 330.5 +9.7% (to revenue) 37.2% 36.9% -0.3p Business profit 141.4 156.9 +11.0% (to revenue) 17.4% 17.5% +0.1p Other income, expenses 5.2 0.5 -89.3% Operating profit 146.6 157.5 +7.4% (to revenue) 18.1% 17.6% -0.5p Finance income, costs 15.7 39.0 +147.4% Profit before income taxes 162.4 196.6 +21.0% (to revenue) 20.0% 22.0% +2.0p Profit attributable to owners of the parent 107.8 131.9 +22.4% (to revenue) 13.3% 14.7% +1.4p Yr to Aug. 2024 Yr to Aug. 2025 (3 mths to Nov. 2023) Actual (3 mths to Nov. 2024) Actual y/y
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Group: FY2025 1Q Main Points 4 ・UNIQLO Japan sales strong. Further favorable UNIQLO expansion in Southeast Asia, India & Australia, North America, and Europe. ・These operations are driving Group growth, resulting in large Group-wide revenue and profit gains despite slow sales from UNIQLO Mainland China and GU. ・Strong performance supported by: ✓Establishing a commercial business that is less vulnerable to changes in temperature, primarily at UNIQLO Japan. ✓Successful product and marketing strategy with sales of cashmere, PUFFTECH and other strongly promoted items expanding sharply. ✓Rising UNIQLO brand awareness on hugely successful store openings in new areas in North America and Europe. ・Group sales fell slightly below plan. Can make up that shortfall from 2Q.
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Group: FY2025 1Q Operating Profit 5 FY2025 1Q FY2025 1Q FY2025 1Q ¥895.1bln +10.4% ¥487.5bln +10.1% ¥330.5bln +9.7% ¥156.9bln +11.0% ¥0.5bln ¥157.5bln +7.4% FY2025 1Q Revenue Gross profit SG&A Business profit Other income/expenses Operating profit Gross profit margin 54.6％ → 54.5％ SG&A ratio 37.2％ → 36.9％ FY2024 1Q foreign exchange gain: ¥3.9bln FY2025 1Q foreign exchange loss: ¥0.8bln Group -0.1p UQ Japan -0.2p UQ Intl. -0.1p GU -1.4p GB +1.7p Group -0.3p UQ Japan -0.9p UQ Intl. +0.5p GU +1.4p GB -3.3p Forex impactRevenue ¥810.8 → ¥895.1bln Group +￥84.3bln UQ Japan +￥22.1bln UQ Intl. +￥60.4bln GU +￥2.7bln GB -￥0.8bln Group +0.9% UQ Japan -0.9% UQ Intl. +2.5% GU +2.2% GB -0.9%
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Group: FY2025 1Q Foreign exchange gains (losses) : ¥ 25.3bln Interest income and expenses: ¥ 13.7bln (September 1, 2024: 1USD=144.9JPY, November 30, 2024: 1USD=150.8JPY) 6 Profit Attributable to Owners of the Parent ¥157.5bln +7.4% ¥39.0bln ¥196.6bln +21.0% ¥56.3bln ¥140.3bln +22.3% ¥8.3bln ¥131.9bln +22.4% FY2025 FY2025 FY2025 FY2025 Operating profit Net finance income Income taxes Profit for the period Non−controlling assets 1Q 1Q 1Q 1Q Profit before Income tax Profit attributable to owners of the parent
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Note: In addition to the above, the consolidated results also include Fast Retailing’s real estate leasing business as well as adjustment amounts that are not attributable to any of the four reporting segments. 1Q Breakdown by Group Operation 7 Units: Billions of yen Revenue 244.4 266.6 +9.0% Business profit 46.0 51.9 +12.9% (to revenue) 18.8% 19.5% +0.7p Other income, expenses 0.5 0.2 -61.0% Operating profit 46.5 52.1 +12.1% (to revenue) 19.0% 19.6% +0.6p Revenue 441.3 501.7 +13.7% Business profit 76.9 85.0 +10.5% (to revenue) 17.4% 17.0% -0.4p Other income, expenses 0.8 -1.5 - Operating profit 77.8 83.5 +7.4% (to revenue) 17.6% 16.7% -0.9p Revenue 87.8 90.6 +3.1% Business profit 11.6 9.5 -18.4% (to revenue) 13.3% 10.5% -2.8p Other income, expenses 0.7 0.3 -49.4% Operating profit 12.3 9.8 -20.2% (to revenue) 14.1% 10.9% -3.2p Revenue 36.6 35.7 -2.4% Business profit 0.2 2.0 +716.3% (to revenue) 0.7% 5.6% +4.9p Other income, expenses 0.1 -0.1 - Operating profit 0.3 1.8 +373.3% (to revenue) 1.1% 5.2% +4.1p Global Brands UNIQLO International GU UNIQLO Japan (3 mths to Nov.2023) Actual (3 mths to Nov.2024) Actual y/y Yr to Aug. 2024 Yr to Aug. 2025
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UNIQLO Japan: 1Q Overview ・Strong sales in September after we compiled product mixes suited to hotter weather and strengthened marketing. ・Strong sales in November on cooler weather and vigorous 40th UNIQLO Thank You Festival sale. Revenue up, large profit gain. Outperforms plan 8 Units: Billions of yen Revenue 244.4 266.6 +9.0% Gross profit 127.7 138.5 +8.5% (to revenue) 52.2% 52.0% -0.2p SG&A 81.6 86.5 +6.0% (to revenue) 33.4% 32.5% -0.9p Business profit 46.0 51.9 +12.9% (to revenue) 18.8% 19.5% +0.7p Other income, expenses 0.5 0.2 -61.0% Operating profit 46.5 52.1 +12.1% (to revenue) 19.0% 19.6% +0.6p (3 mths to Nov.2023) Actual (3 mths to Nov.2024) Actual y/y Yr to Aug. 2024 Yr to Aug. 2025
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UNIQLO Japan: 1Q Revenue ９ ・Strong same-store sales in September and November on large increase in sales ✓ September: Held sufficient Summer inventory, strengthened sales promotions, generated strong sales of T-shirts, Bra Tops, and other ranges. ✓ November: Strong sales of warm clothing such as HEATTECH and cashmere items following the drop in temperature. Bumper 40th UNIQLO Thank You Festival also generated buoyant sales. ・Sales to visiting tourists increased markedly and continue strong. ・ 1Q e-commerce sales: ¥38.5bln (+9.5% y/y, 14.5% of total sales). ・ Significant 15.3% expansion in December same-store sales on strong sales of thermal clothing during cold weather and buoyant year-end sale. ・Achieved the highest level of sales for a single month on record in December. 1Q (Sep. to Nov.) same−store sales +7.3% y/y Sep. Oct. Nov. １Q Dec. Net sales ＋22.1% -7.5% ＋12.2% ＋7.3% ＋15.3% Customer visits ＋18.1% -6.9% ＋7.2% ＋4.8% ＋11.0% Customer spend ＋3.4% -0.7% ＋4.7% ＋2.4% ＋3.9% Same-store sales Yr to Aug.2025 y/y
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UNIQLO Japan: Gross Profit Margin, SG&A ・Marginally higher discounting. ・However, we had anticipated this in our initial plans, so overall performance was roughly in line with expectations. Gross profit margin: 52.0% (down 0.2 point y/y) SG&A ratio: 32.5％ (down 0.9 point y/y) ・Personnel cost and store rent ratios in particular reported marked declines on the back of strong sales. ・Productivity per employee improved on the back of fewer stock shortages and continued improvements in operational efficiency at our stores. 10
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11 Revenue rises significantly. Profit increases. Underperforms plan UNIQLO International: 1Q Overview ・Segment fell short of initial estimates on lower-than-expected performance in Greater China, which reported a decline in revenue and large contraction in profit. ・Southeast Asia, India & Australia, North America, and Europe all reported large revenue and profit gains as expected and continue to perform strongly. ・Agreed advance pricing arrangements (APA) on transfer prices with tax authorities in some countries and regions from FY2024 2H. As a result, higher royalty rates at some operations boosted the FY2025 1Q SG&A ratio by 0.4p. However, this was offset under internal transactions for the Group, so did not impact overall consolidated performance. Units: Billions of yen Revenue 441.3 501.7 +13.7% Gross profit 248.3 282.1 +13.6% (to revenue) 56.3% 56.2% -0.1p SG&A 171.3 197.0 +15.0% (to revenue) 38.8% 39.3% +0.5p Business profit 76.9 85.0 +10.5% (to revenue) 17.4% 17.0% -0.4p Other income, expenses 0.8 -1.5 - Operating profit 77.8 83.5 +7.4% (to revenue) 17.6% 16.7% -0.9p (3 mths to Nov.2023) Actual (3 mths to Nov.2024) Actual y/y Yr to Aug. 2024 Yr to Aug. 2025
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Mainland China market: Reported a decline in revenue and large drop in profit ・Revenue declined in September as unseasonally warm weather stifled sales of Fall/Winter items. ・National Day sales proved strong in early October but unseasonal warm weather from late October through November resulted in flat sales over those two months, which wasn’t enough to offset the September decline. ・Insufficient warm-winter product mixes despite warm 1Q weather. Insufficient response to specific needs of regions. ・Aim to improve product mixes and kickstart a recovery in sales by considering the timing of introducing products tailored to regional needs and climatic conditions. ・Despite dampened consumer appetite across the market, UNIQLO continues to see strong customer support, achieving the No.1 sales slot for apparel during the Tmall Single’s Day for the 11th year in a row, and being named a Golden Brand for the 13th consecutive year by CBN Weekly, one of the most influential publications in the Mainland China market. ・1Q e-commerce sales increased. ・Operating profit margin decreased. Gross profit margin declined due to higher SG&A ratio in the face of lower revenue, and higher cost of sales. Hong Kong & Taiwan markets: Slight drop in revenue, large decline in profit ・1Q same-store sales fell after warm weather through late November stifled sales of Fall/Winter ranges. ・Strong sales from late November onwards after falling temperatures sparked lively demand. 12 Greater China: Revenue down, large profit contraction UNIQLO International: FY2025 1Q by Region (1) Local currency terms
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・Same-store sales rose on strong sales of core Summer items such as T-shirts, short pants, and Bra Tops, and our new Cable Crew Neck Sweater Short Sleeve. ・The roughly 10% increase in store numbers y/y contributed to the large revenue gain. ・Strong revenue, profit gains in Malaysia, Thailand, the Philippines, Indonesia, Vietnam, India, Australia. ・Decline in revenue and large profit fall in Singapore. Issues to be addressed: depressed consumer appetite for clothing, product mixes, and information communication. Profit declined on the decline in revenue as well as higher marketing, distribution, and other costs. ・Developing product mixes and new products for perpetual summer weather is not just an issue in Singapore, but across Southeast Asia, so we will accelerate our efforts in this area to capture greater demand. ・The region’s gross profit margin and SG&A ratio both came in roughly flat y/y. the Operating profit margin improved if you remove the impact of higher royalty expenses. 13 UNIQLO International: FY2025 1Q by Region (2) SE Asia, India & Australia: Large revenue and profit gains South Korea: Revenue and profit gains ・Strong sales throughout 1Q despite unseasonal warm weather thanks to our decision to prepare stock of products that can be sold year round and whose sales are less susceptible to changing temperatures. ・Especially strong sales of casual shirts, bottoms, and sweatshirts and pants. Local currency terms
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14 UNIQLO International: FY2025 1Q by Region (3) USA: Revenue expands considerably, profit increases ・Stores in new areas proved a huge success. Same-store sales increased on strong sales of cashmere, PUFFTECH, and washable knitwear following the stronger global promotion of these items. ・In 1Q, we entered new areas of Houston and Dallas in Texas, and San Diego and Sacramento in California. All stores in these areas continue to generate strong, higher-than-expected sales. ・Sales from the state of Texas in particular, where we opened five stores in October, are tracking far above plan and proving extremely strong. Opening day of the first store attracted a queue of over 1,000 people. ・The Southern United States is a new market for us, so this success confirms UNIQLO USA growth potential. ・Operating profit margin declined as the increase in store numbers in 1Q resulted in a temporary increase in SG&A expenses relating to strategic marketing investment and higher store-opening costs. Canada: Revenue expands considerably, profit increases ・Same-store sales increased on the back of strong Black Friday sales after temperatures dropped in November. PUFFTECH and jeans sold especially well. ・Gross profit margin and operating profit margin decreased on more determined discounting after warm winter weather stifled sales in September and October. North America: Large revenue gain. Profit increases Local currency terms
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15 UNIQLO International: FY2025 1Q by Region (4) Our first UNIQLO store in Texas was a huge success!
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16 UNIQLO International: FY2025 1Q by Region (5) ・Significant double-digit growth in same-store sales. ・Strong sales throughout 1Q after early launch of Winter ranges generated strong sales of Seamless Down, cashmere, Souffle Yarn Sweater, and other Winter products from September when weather cooled. ・UNIQLO down and cashmere items won particular praise as highly refined products in terms of quality, design, and price, and were featured in influential European media. ・6 new store openings, including 1st store in Poland, all very strong. UNIQLO brand awareness and customer base continues to expand as the geographical reach of our stores widens. Europe: Large revenue and profit gains Right: UNIQLO cashmere sweaters were introduced in UK Vogue as “timeless cashmere pieces that won’t break the bank” (2024/11/7) Left: The UNIQLO Seamless Down Long Coat was singled out by the Independent online newspaper as one of the top picks in the 2024 Women’s Coats division (2024/11/12) Local currency terms
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17 Revenue rises but profit dips sharply. Falls short of plan GU: 1Q Overview (1) ・1Q same-store sales failed to improve on previous year levels. Revenue increased in September and November on strong sales of Barrel Leg Jeans and a strong anniversary sale, but revenue decreased sharply in October as warm temperatures stifled sales of Fall Winter items. ・1Q revenue fell short of plan on insufficient offerings of products that captured mass fashion trends and were less sensitive to weather-related factors as well as shortages of strong-selling items throughout the quarter. ・Operating profit declined sharply on lower gross profit margin and higher SG&A ratio. ・Gross profit margin decline was due to rising procurement costs in the face of a weaker yen, and rising cost of sales after we maintained prices to acquire greater price leadership ・SG&A ratio increase was due to higher costs associated with the opening of a GU flagship store in the US, more strategic TV ads in Japan, and higher marketing expenses. ・First official GU USA store opened in September in New York is proving strong. Online store launched at the same time also generating higher-than-expected sales. Units: Billions of yen Revenue 87.8 90.6 +3.1% Gross profit 43.9 44.0 +0.2% (to revenue) 50.0% 48.6% -1.4p SG&A 32.2 34.5 +6.9% (to revenue) 36.7% 38.1% +1.4p Business profit 11.6 9.5 -18.4% (to revenue) 13.3% 10.5% -2.8p Other income, expenses 0.7 0.3 -49.4% Operating profit 12.3 9.8 -20.2% (to revenue) 14.1% 10.9% -3.2p (3 mths to Nov.2023) (3 mths to Nov.2024) y/y Yr to Aug. 2024 Yr to Aug. 2025
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18 Fundamental GU issues and future strategies ・The fundamental problem is that GU hasn’t yet been able to establish a clear, solid brand position inside or outside Japan. ・Part of our efforts to reshape GU in Japan involves exploring the ideal format for GU as a globally popular fashion brand by opening stores in the US and other strategies. ・Swiftly establish a solid brand position by facing issues with products, marketing, and organizational structure head on. Products ・Accelerate the develop of hit products that reflect mass fashion trends by strengthening GU’s global R&D function. Strengthen regionally tailored product mixes and styling suggestions. ・Create platforms that facilitate stable year-round sales by striving to create more accurate numeric plans and sales plans for year-round staple products that are less sensitive to changing temperatures. ・Minimize shortages of strong-selling items by working closely with partner factories and strengthening frameworks for facilitating flexible adjustments to production volumes. Marketing ・Expand GU’s customer base as a global fashion brand by determinedly creating stores, starting with the GU NY Soho store, that embody the GU brand. ・Plan to communicate new information that showcases GU’s worldview. Organizational structure ・Strengthen employee training and improve the quality of store management. ・Strengthen management team through the injection of Fast Retailing resources. GU: 1Q Overview (2)
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・Revenue down on sluggish Theory sales but operating profit rose on improved SG&A ratios at Theory and all other labels. ・Sales fell short of plan but the operating profit result was in line with our expectations. Theory: Revenue falls but profit rises ・Theory USA and Japan sales hovered at previous year levels due to insufficient product ranges tailored to local climates and insufficient casualwear options designed to suit current lifestyles. Theory Asia revenue declined on lackluster consumer appetite for apparel. ・Operating profit rose on improved SG&A ratios primarily at Theory USA. PLST: Large revenue gain helps push operating profit into the black ・Considerable revenue gain on double-digit rise in same-store sales after we identified products suitable for strategic sales, conducted solid marketing, and prepared sufficient stock. Feather Yarn items, wool coats, and Precious Knit Melton items sold especially well. ・Moved from an operating loss in the previous year to an operating profit on strong sales growth and a significantly improved SG&A ratio. Comptoir des Cotonniers: Revenue dips but loss contracts ・Revenue down on one-third reduction in store numbers from 103 at end Nov. 2023 to 76 at end Nov. 2024. ・Double-digit same-store sales growth on strong sales of items that are now marketed in a more affordable price range. 19 Global Brands: 1Q Overview Revenue dips, profit increases. Operating profit in line with expectations Units: Billions of yen Revenue 36.6 35.7 -2.4% Business profit 0.2 2.0 +716.3 (to revenue) 0.7% 5.6% +4.9p Other income, expenses 0.1 -0.1 - Operating profit 0.3 1.8 +373.3 (to revenue) 1.1% 5.2% +4.1p Global Brands (3 mths to Nov.2023) (3 mths to Nov.2024) y/y Yr to Aug. 2024 Yr to Aug. 2025
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Group: Balance Sheet (end Nov. 2024) 20 Units: Billions of yen End Nov. 2023 End Aug. 2024 End Nov. 2024 Change Total Assets 3,434.9 3,587.5 3,795.1 +360.1 Current Assets 2,312.0 2,363.2 2,499.3 +187.2 Non-Current Assets 1,122.8 1,224.2 1,295.7 +172.8 Total Liabilities 1,498.5 1,519.3 1,598.1 +99.6 Total Equity 1,936.4 2,068.2 2,196.9 +260.4 Qが過ぎたものは、
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Group: B/S Main Points vs. End Nov. 2023 Total equity: +¥360.1bln (¥3.4349trln⇒¥3.7951trln) 21 ・Cash and cash equivalents: +¥311.4bln (¥887.3bln ⇒ ¥1.1988trln) Rose primarily on the back of increased operating cash flow ・ Inventory assets: +¥27.4bln (¥485.7bln ⇒ ¥513.1bln) ✔ UNIQLO Intl: +¥41.3bln. Inventory assets increased primarily in North America and Europe as operations continued to expand. Inventory assets in the Mainland China market increased slightly, but this level can be normalized by the end of FY2025 1H so is not a problem. ✔ UNIQLO Japan: −¥7.4bln. Declined on the back of strong sales. ✔ GU: −¥3.1bln. Declined on continued rundown of inventory and firm control of orders. ✔ Global Brands: −¥2.5bln ・Property, plant and equipment and right-of-use assets: +¥52.1bln (¥628.0bln ⇒ ¥680.2bln) Due to increased new store openings and investment in automated warehouses ・Derivative financial assets (short & long term): −¥17.5bln (¥236.4bln ⇒ ¥218.9bln) Due to a narrowing in the differential between the average yen rate on our forward contract holdings and the end-November yen spot rate. This is a means of hedging future product imports, so does not impact actual corporate results.
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Group: 1Q Cash Flow 22 Applying IFRS 16 increased cash flow from operating activities by approx. ¥30.0bln and decreased cash used in financing activities by the same amount. This change had no impact on final cash flow figure. ・Profit before income taxes: +¥196.6bln ・ Income taxes paid: −¥72.4bln ・Dividend payments: −¥68.9bln ・ Leasing debt repayment: −¥36.6bln Capital expenditure ¥30.9bln ・UNIQLO Japan: ¥4.8bln (new stores, etc.) ・UNIQLO Intl: ¥14.9bln (new stores, warehouses, etc.) ・GU: ¥1.9bln (new stores, etc.) ・Global Brands: ¥0.5bln (new stores, etc.) ・Systems, etc.: ¥8.6bln (IT systems, etc.) Opening balance of cash and cash equivalents Cash flow from operating activities Cash used in investing activities Cash used in financing activities Effect of exchange rate changes on cash and cash equivalents Closing balance of cash and cash equivalents September 1, 2024 November 30, 2024 ¥1.1935trln +¥87.6bln −¥3.5bln −¥106.2bln +¥27.4bln ¥1,1988trln +¥5.2 year to date
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Units: Billions of yen Yr to Aug.2024 Yr to Aug.2025 Revenue 3,103.8 3,400.0 +9.5% 895.1 Business profit 485.3 530.0 +9.2% 156.9 （to revenue ） 15.6% 15.6% - 17.5% Other income, expenses 15.5 0.0 - 0.5 Operating profit 500.9 530.0 +5.8% 157.5 （to revenue ） 16.1% 15.6% -0.5p 17.6% Finance income, costs 56.2 55.0 -2.3% 39.0 Profit before income taxes 557.2 585.0 +5.0% 196.6 （to revenue ） 18.0% 17.2% -0.8p 22.0% Profit attributable to owners of the parent 371.9 385.0 +3.5% 131.9 （to revenue ） 12.0% 11.3% -0.7p 14.7% 1Ｑ Actual Yr to Aug.2025 Actual Estimates (as of Jan.9) y/y Group: FY2025 Estimates ・1Q and December sales tracked slightly below plan. Operating profit tracking roughly to plan. ・Full-year estimates unchanged. While UNIQLO Greater China and GU are tracking below plan, UNIQLO Japan is tracking above plan, and UNIQLO operations in SE Asia, India & Australia, Europe, and the United States are performing strongly as expected. Unchanged from initial estimates. Expect a record performance Exclusion of forex impact calculated by converting FY2025 performance estimates using the actual exchange rates in the consolidated accounts for FY2024 (1USD=150.9JPY and 1RMB=20.8JPY. See p30). 23 Up approx. 10.9% if exclude forex impact*1 ・Assume similar interest income to FY2024 ・Does not incorporate foreign exchange gains (losses) at this stage based on period-start exchange rate of 1USD = 144.9JPY Up approx. 10.8% if exclude forex impact*1
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FY2025 Estimates by Group Operation (1) UNIQLO Intl: Expect large gains in 1H and FY2025 revenue and profit ・Expect large revenue and profit gains in 1H and FY2025 on strong performances from Southeast Asia, India & Australia, Europe, and North America. ・Expect overall segment performance to fall short of plan given the lower-than-expected performance in Greater China. ・Greater China: Expect below-plan declines in both revenue and profit in 1H. Expect higher revenue and profit in 2H, resulting in a rise in revenue but a slight contraction in profit in FY2025. ✓ Forecast a decline in 1H revenue and profit in the Mainland China market. ✓ The lack of regionally tailored product mixes and warm winter ranges over Fall Winter season helped clarify operational issues. Plan to strengthen efforts to restructure product mixes going forward. ✓ Determined shift to local store management. Seek to instantly reflect individual store sales conditions in the production process to eliminate shortages of strong-selling items and maximize sales. ✓ Continue with steady operational reforms, applying scrap and build strategy to stores with low monthly sales, developing global flagship class stores that serve as branding landmarks in FY2025 and FY2026. ✓ Expect 2H revenue and profit gains. Forecast FY2025 revenue gain but slight decline in operating profit. ✓ Predict higher FY2025 revenue and profit from the Hong Kong and Taiwan markets 24
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FY2025 Estimates by Group Operation (2) UNIQLO Intl: Expect large gains in 1H and FY2025 revenue and profit ・South Korea: Expect increases in 1H and full-year revenue and profit that are roughly in line with our plan. ・SE Asia, India & Australia: Forecast big 1H and full-year revenue and profit gains as planned. ✓ Region is performing strongly but plan to further accelerate efforts to address product mix issues and transform product mixes for regions with perpetual summer weather. Expect these efforts will start to bear fruit from 2H onwards and generate even greater growth. ・N. America: Expect big 1H and full-year revenue and profit gains as planned. ✓ Revenue continues to rise sharply on continued strong sales of Winter items from December onwards. Forecast large 2Q revenue and profit gains. ・Europe: Expect to be able to generate big 1H and full-year revenue and profit gains as planned. ✓Continuing to generate significant revenue growth and strong sales from December onwards. 25
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FY2025 Estimates by Group Operation (3) UNIQLO Japan: Expect higher revenue, sharp profit rise in 1H, and higher revenue and profit in FY2025 ・Same-store sales continued to report strong growth in December. Expect the segment to exceed our plan by reporting a revenue gain and sharp profit rise in 1H, and higher revenue and profit in FY2025. ・Gross profit margin: Forecast to improve in 1H and FY2025 on restricted discounting. ・SG&A ratio: Expected to hold flat in 1H and rise slightly in FY2025. ✓ Expect distribution and personnel ratios to increase on logistics investments and higher employee remuneration. This was already incorporated into our initial business estimates. ✓ The SG&A ratio may increase short term, but we plan to improve it over the medium term by expanding sales, achieving more efficient inventory and store operations, and generally improving productivity. GU: Expect 1H revenue rise and profit fall, FY2025 revenue and profit gains ・While 1H revenue is expected to rise, operating profit is forecast to decline following the recording of store opening expenses for the first official GU USA store. Segment is forecast to underperform initial 1H expectations. ・Expected to generate the planned 2H revenue and profit gains, and report higher FY2025 revenue and profit. ・We will strive to strengthen GU’s products, marketing, and organizational structure to address the urgent need to establish a solid brand. We predict the benefits of these efforts will start to emerge from FY2026. 26
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FY2025 Estimates by Group Operation (4) Global Brands: Expect slight FY2025 revenue increase and profit rise ・Expect flat 1H revenue and a positive operating profit. ・Forecast a slight rise in full-year revenue and an increase in operating profit. ・Revenue is tracking below plan, but operating profit is performing roughly in line with expectations. ・ Theory: Expect a decline in 1H and FY2025 revenue. Expect operating profit to rise on cost controls. ✓ We have started efforts to reshape Theory product mixes to better satisfy customer needs by, for example, increasing the proportion of casualwear items. We have not yet reaped the full benefit of these efforts, but we recognize their potential, so we plan to accelerate this restructuring. ・PLST: Expect large 1H and FY2025 revenue and profit gains. ・Comptoir des Cotonniers: Expect a slight decline in revenue and a smaller loss in 1H. Forecast an increase in revenue and narrower loss in FY2025. 27
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Reference: Group Company Store Numbers (1) (contd.) 28 Note: Excludes Mina (Commercial Facility Business) and pop-up stores. * Includes franchise stores Units: Stores FY2024 Yr-end Open Close Change End Nov. Open Close Change End Aug. UNIQLO Operations 2,495 78 32 +46 2,541 180 100 +80 2,575 UNIQLO Japan* 797 15 9 +6 803 30 30 0 797 Own stores 787 15 9 +6 793 - - - - Franchise stores 10 0 0 0 10 - - - - UNIQLO International 1,698 63 23 +40 1,738 150 70 +80 1,778 Greater China 1,032 23 19 +4 1,036 60 - - - Mainland China 926 18 16 +2 928 - - - - Hong Kong 34 3 2 +1 35 - - - - Taiwan 72 2 1 +1 73 - - - - Korea 126 7 1 +6 132 20 - - - S/SE Asia & Oceania 380 13 2 +11 391 30 - - - Singapore 30 0 1 -1 29 - - - - Malaysia 58 2 0 +2 60 - - - - Thailand 68 3 0 +3 71 - - - - Philippines 76 1 1 0 76 - - - - Indonesia 72 3 0 +3 75 - - - - Australia 38 1 0 +1 39 - - - - Vietnam 25 1 0 +1 26 - - - - India 13 2 0 +2 15 - - - - FY2025 1Q Result (Sep. - Nov.) FY2025 Estimates (Sep. - Aug.)
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Reference: Group Company Store Numbers (2) 29 Note: Excludes Mina (Commercial Facility Business) and pop-up stores. * Includes franchise stores Units: Stores FY2024 Yr-end Open Close Change End Nov. Open Close Change End Aug. UNIQLO International North America 84 14 1 +13 97 25 - - - USA 61 9 1 +8 69 - - - - Canada 23 5 0 +5 28 - - - - Europe 76 6 0 +6 82 15 - - - UK 19 1 0 +1 20 - - - - France 28 0 0 0 28 - - - - Germany 10 0 0 0 10 - - - - Belgium 3 0 0 0 3 - - - - Spain 6 0 0 0 6 - - - - Sweden 3 0 0 0 3 - - - - The Netherlands 2 2 0 +2 4 - - - - Denmark 1 1 0 +1 2 - - - - Italy 3 1 0 +1 4 - - - - Luxembourg 1 0 0 0 1 - - - - Poland 0 1 0 +1 1 - - - - 472 12 4 +8 480 32 15 +17 489 Global Brands 628 21 8 +13 641 27 21 +6 634 Theory* 442 6 2 +4 446 - - - - PLST 40 3 0 +3 43 - - - - Comptoir des Cotonniers* 74 6 4 +2 76 - - - - Princesse tam.tam* 72 6 2 +4 76 - - - - 3,595 111 44 +67 3,662 239 136 +103 3,698Total GU FY2025 1Q Result (Sep. - Nov.) FY2025 Estimates (Sep. - Aug.)
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Exchange Rates Used in Consolidated Accounts Exchange rates Used on Balance Sheet Reference: Foreign Exchange Rates 30 unit : yen 1USD 1EUR 1GBP 1RMB 100KRW FY2024 1Q 3-month average to Nov . 2023 148.4 158.8 183.5 20.3 11.1 FY2025 1Q 3-month average to Nov . 2024 147.1 162.3 193.6 20.8 11.0 FY2024 12-month average to Aug . 2024 150.9 163.1 190.3 20.8 11.2 FY2025 (E) 12-month average to Aug. 2025 144.9 160.5 190.8 20.4 10.9 unit : yen 1USD 1EUR 1GBP 1RMB 100KRW FY2024 1Q Exchange rate at end Nov.2023 147.1 161.6 186.9 20.6 11.4 FY2025 1Q Exchange rate at end Nov.2024 150.8 159.2 191.6 20.8 10.8 FY2024 Exchange rate at end Aug. 2024 144.9 160.5 190.8 20.4 10.9 FY2025 (E) Exchange rate at end Aug. 2025 144.9 160.5 190.8 20.4 10.9
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Capital Spending and Depreciation Reference: Capex, Depreciation 31 Units: Billions of yen Capex UNIQLO Japan UNIQLO Intl. GU Global Brands Systems, etc Total FY2024 1Q 3 months 4.7 14.1 2.6 0.4 9.1 31.1 49.3 FY2025 1Q 3 months 4.8 14.9 1.9 0.5 8.6 30.9 53.3 FY2024 Full-year 12 months 12.0 57.6 6.7 1.6 33.9 112.1 204.3 FY2025 (E) Full-year 12 months 8.1 101.2 5.6 1.4 32.2 148.5 215.7 Depreciation