April 9, 2026
Fast Retailing First−half Results for September 2025 to February 2026, and Es timates for FY2026 Takeshi Okazaki FAST RETAILING CO., LTD. Group Senior Executive Officer & CFOContents
- FY2026 First−half Business Results
- Es timates for FY2026
- Reference materials
Disclosure of Corporate Performance
Following the Group's adoption of International Financial Reporting Standards (IFRS), all data in this document are calculated using IFRS standards.
Unless otherwise indicated, business profit is used as the measure for illustrating business profitability in Fast Retailing Co., Ltd. corporate results announcements. 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.
Group: FY2026 1H Results Large revenue and profit gains. Exceeds plan
・Revenue and business profit outstripped our estimates thanks to strong performances from UNIQLO Japan
and UNIQLO International.
Units: Billions of yen | Yr to Aug. 2025 | Yr to Aug. 2026 | |
(6 mths to Feb.2025) Actual | (6 mths to Feb.2026) Actual | y/y | |
Revenue | 1,790.1 | 2,055.2 | +14.8% |
Gross profit | 954.8 | 1,111.5 | +16.4% |
(to revenue) | 53.3% | 54.1% | +0.8p |
SG&A | 653.1 | 724.6 | +10.9% |
(to revenue) | 36.5% | 35.3% | -1.2p |
Business profit | 301.6 | 386.9 | +28.3% |
(to revenue) | 16.9% | 18.8% | +1.9p |
Other income, expenses | 2.5 | 13.7 | +438.4% |
Operating profit | 304.2 | 400.6 | +31.7% |
(to revenue) | 17.0% | 19.5% | +2.5p |
Finance income, costs | 59.5 | 28.1 | -52.7% |
Profit before income taxes | 363.7 | 428.8 | +17.9% |
(to revenue) | 20.3% | 20.9% | +0.6p |
Profit attributable to owners of the parent | 233.5 | 279.2 | +19.6% |
(to revenue) | 13.0% | 13.6% | +0.6p |
Group: FY2026 1H Highlights
・UNIQLO generated higher revenue and profit across all regions , driving overall Group performance and attaining the highest result for a firs t-half period ever.
・UNIQLO Japan and UNIQLO International enjoyed s tronger sales
growth than previously achieved after breaking their dependence on Winter products and creating a new sales approach built upon year-round products that can provide cus tomers with fresh value.・The continued opening of high-quality s tores , with a focus on
flagship s tores , is boos ting LifeWear presence in global markets and solidifying the path for further business growth.・Structural reforms are s tarting to bear fruit at GU, which reported s lightly higher revenue and s ignificant profit growth.
Revenue ¥1.7901trln → ¥2.0552trln
Forex impact
Group | −1.2p |
UQ Japan | −1.2p |
UQ Intl. | −1.0p |
GU | −0.3p |
GB | +3.5p |
Group | +0.8p |
UQ Japan | −0.2p |
UQ Intl. | +1.1p |
GU | +1.1p |
GB | +0.7p |
Group | +¥265.0bln |
UQ Japan | +¥40.1bln |
UQ Intl. | +¥227.2bln |
GU | +¥2.6bln |
GB | −¥5.0bln |
Group | +2.3% |
USD | +1.4% |
RMB | +3.0% |
EUR | +10.4% |
KRW | −1.5% |
¥2.0552trln
+14.8%
Gross profit margin 53.3％→54.1％
SG&A ratio 36.5％→35.3％
Business profit margin 16.9％→18.8％
¥1.1115trln
+16.4%
¥724.6bln
+10.9%
¥386.9bln
+28.3%
SG&A
expenses
¥13.7bln
Other
income/expenses
¥400.6bln
+31.7%
Group | +1.9p |
UQ Japan | +1.0p |
UQ Intl. | +2.1p |
GU | +1.5p |
GB | - |
FY2026
1H
FY2026 1H
FY2026 1H
FY2026
1H
Group: FY2026 1H Profit Attributable to Owners of the Parent
Interest income and expenses: ¥23.1bln
Foreign exchange gains: ¥4.9bln
*September 1, 2025: 1USD=146.9JPY
February 28, 2026: 1USD=156.1JPY
¥400.6bln
+31.7%
¥28.1bln
Net finance income
¥428.8bln
+17.9% ¥126.6bln
Income taxes
¥302.1bln
+21.2% ¥22.8bln ¥279.2bln
+19.6%
Non-controlling assets
FY2026 FY2026 FY2026 FY2026 1H 1H 1H 1H
Operating profit
Profit before
income tax
Profit for the
period
Profit attributable to
owners of the Parent 6
1H Breakdown by Group Operation
Units : Billions of yen | Yr to Aug. 2025 | Yr to Aug. 2026 | ||
(6 mths to Feb.2025) Actual | (6 mths to Feb.2026) | y/y | ||
Revenue Bus ines s profit (to revenue) Other income, expens es Operating profit (to revenue) | 541.5 | 581.7 | +7.4% | |
UNIQLO | 97.5 | 110.7 | +13.4% | |
18.0% | 19.0% | +1.0p | ||
Japan | 0.0 | 0.7 | +945.1% | |
97.6 | 111.4 | +14.1% | ||
18.0% | 19.2% | +1.2p | ||
Revenue Bus ines s profit (to revenue) Other income, expens es Operating profit (to revenue) | 1,014.1 | 1,241.3 | +22.4% | |
UNIQLO | 169.5 | 233.0 | +37.4% | |
16.7% | 18.8% | +2.1p | ||
International | -1.0 | 1.0 | - | |
168.5 | 234.1 | +38.9% | ||
16.6% | 18.9% | +2.3p | ||
Revenue Bus ines s profit (to revenue) Other income, expens es Operating profit (to revenue) | 165.8 | 168.4 | +1.6% | |
13.1 | 15.7 | +20.1% | ||
GU | 7.9% | 9.4% | +1.5p | |
0.7 | 0.6 | -11.7% | ||
13.9 | 16.4 | +18.3% | ||
8.4% | 9.8% | +1.4p | ||
Revenue Bus ines s profit (to revenue) Other income, expens es Operating profit (to revenue) | 67.7 | 62.7 | -7.5% | |
Global | 1.1 1.7% | -0.7 - | - - | |
Brands | -0.1 | 0.5 | - | |
0.9 | -0.1 | - | ||
1.4% | - | - | ||
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. 7
Revenue rises, profit increases sharply. Exceeds planUNIQLO Japan: 1H Overview
・Strong sales performance due to (1) successful strategic lineup of year-round products that helped drive sales and (2) strong sales of Winter ranges when the weather turned colder.
・Large profit gain on strong sales performance as well as higher productivity that resulted in an improvement
in the SG&A ratio.
Units : Billions of yen | Yr to Aug. 2025 | Yr to Aug. 2026 | |
(6 mths to Feb.2025) Actual | (6 mths to Feb.2026) | y/y | |
Revenue | 541.5 | 581.7 | +7.4% |
Gros s profit (to revenue) | 271.5 50.1% | 290.2 49.9% | +6.9% -0.2p |
SG&A (to revenue) | 173.9 32.1% | 179.5 30.9% | +3.2% -1.2p |
Bus ines s profit (to revenue) | 97.5 18.0% | 110.7 19.0% | +13.4% +1.0p |
Other income, expens es | 0.0 | 0.7 | +945.1% |
Operating profit (to revenue) | 97.6 18.0% | 111.4 19.2% | +14.1% +1.2p |
UNIQLO Japan: 1H Revenue
2Q: +1.9%. December sales declined after persistently warm temperatures stifled demand for Winter items. January and February sales increased on buoyant sales of Winter items. Sales of sweatshirts/pants, barrel pants, and other year-round products also drove sales higher.
・Large increase in 1H sales to overseas visitors, expanding to approx. 10% of total sales.
・E-commerce sales: ¥89.3bln (+8.4% y/y, 15.4% of total sales ).
・March same-store sales: +9.2%. Launches of product ranges were timed to match prevailing temperatures, resulting in strong sales of year-round items and Spring products.
Gross profit margin: 49.9% (contracted 0.2p y/y)Same-store sales y/y
Yr to Aug.2026
Sep.
Oct.
Nov.
１Q
Dec.
Jan.
Feb.
２Q
1H
Mar.
Net sales
-1.0%
＋25.1%
＋7.6%
＋11.0%
-6.6%
＋14.0%
＋4.6%
＋1.9%
＋6.5%
＋9.2%
Customer visits
-3.3%
＋16.3%
＋2.8%
＋5.4%
-10.2%
＋7.5%
-3.4%
-3.2%
＋1.0%
＋4.5%
Customer spend
＋2.4%
＋7.6%
＋4.7%
＋5.3%
＋4.0%
＋6.0%
＋8.3%
＋5.3%
＋5.4%
＋4.5%
UNIQLO Japan: Gross Profit Margin, SG&A Ratio・Primarily due to higher cost of sales caused by weaker yen forward contract rates used for procurement.
・2Q margin contracted by 0.2p y/y due to offloading of Winter inventory and higher discount rates.
SG&A ratio: 30.9% (improved 1.2p y/y)GPM
FY2025
Actual
FY2026
Actual
YoY
1H
50.1%
49.9%
-0.2p
1Ｑ
52.0%
51.5%
-0.5p
2Ｑ
48.4%
48.2%
-0.2p
・Primarily due to the increase in revenue and resultant improvements in personnel cost and store rent ratios.
・Personnel cost ratio improved on the back of further increases in productivity per person hour resulting from the ongoing promotion of in-store operational efficiencies .
Large revenue and profit gains. Exceeds plan
UNIQLO International: 1H Overview・UNIQLO International business profit margin improved by 2.1p to 18.8% on higher margins in all markets.
・Greater China markets exceeded our plan by reporting higher revenue and double-digit profit growth. UNIQLO operations in S. Korea, the Southeast Asia, India and Australia region, North America, and Europe continued to grow at a high level by generating anticipated double-digit growth in both revenue and profit.
・Successful branding strategies based on flagship store openings. Strong sales driven not only by Winter
Exclude forex impact: Up approx. 34% in local currency terms
Exclude forex impact: Up approx. 33% in
local currency terms
Royalty rates at some operations rose due to agreed advance pricing arrangements (APA) on transfer prices. As a result, the UNIQLO International SG&A ratio rose by
0.4p. Does not impact overall consolidated performance.
Exclude forex impact: Up approx. 18% in local currency terms
ranges, but also year-round products after strengthening appeal of year-round bottoms , sweatshirts/pants, etc.
Units : Billions of yen | Yr to Aug. 2025 | Yr to Aug. 2026 | |
(6 mths to Feb.2025) Actual | (6 mths to Feb.2026) | y/y | |
Revenue | 1,014.1 | 1,241.3 | +22.4% |
Gros s profit (to revenue) | 560.0 55.2% | 698.8 56.3% | +24.8% +1.1p |
SG&A (to revenue) | 390.4 38.5% | 465.8 37.5% | +19.3% -1.0p |
Bus ines s profit (to revenue) | 169.5 16.7% | 233.0 18.8% | +37.4% +2.1p |
Other income, expens es | -1.0 | 1.0 | - |
Operating profit (to revenue) | 168.5 16.6% | 234.1 18.9% | +38.9% +2.3p |
Local
currency
terms
Mainland China market: 2Q and 1H revenue gain and double-digit profit growth
・Same-store sales: Declined in December as persistently warm weather dampened sales of Winter ranges.
However, same-store sales for January and February combined and for 2Q increased.
・We generated strong sales when the temperature rose during the Chinese New Year sales by proactively promoting styling options for bottoms , sweatshirts/pants, and casual outerwear.
・Achieved double-digit growth in e-commerce sales as the launch of our collaborative venture with JD.com helped expand our online customer base.
・Business profit margin improved in 2Q and 1H
SG&A ratio: Better personnel cost ratio on higher revenue, store operations and inventory efficiency
Gross profit margin: Improved as stronger control over product orders helped restrict discount sales
Hong Kong market: Reports a rise in revenue but a decrease in profit
・Revenue rose on strong New Year sales. Profit rose once higher royalty fees were excluded.
Taiwan market: Generates higher revenue and profit
・Strong sales of Winter ranges during cold weather in November and January. Strong New Year sales.
South Korea: Double-digit revenue and profit growthLocal
currency
terms
・Also reported double-digit growth in same-store sales.
・Successful use of digital channels to communicate product information and propose styling options.
Continued rise in popularity of UNIQLO primarily among younger customers.
・Jersey Barrel Leg pants, Baggy Curve Jeans, and other bottoms sold especially well.
・The 1H business profit margin increased on an improved gross profit margin and SG&A ratio.
SE Asia, India and Aus tralia: Double-digit revenue and profit growth・Same-store sales also reported double-digit growth.
Our decision to strategically expand the stock and displays of HEATTECH, PUFFTECH, and other Winter items to match local travel needs contributed to the expansion in revenue.
Sales of bottoms , short-sleeved knitwear, linen shirts, and other Spring Summer ranges proved strong.
・SG&A ratio and gross profit margin both improved.
・All markets reported rises in both revenue and profit.
North America: Double-digit revenue and profit growthLocal
currency
terms
・USA and Canada both reported double-digit revenue and profit growth on continued strong performances.
USA:
・Double-digit growth in same-store sales.
・We were able to generate strong sales and capture broad customer demand not only by promoting sales of HEATTECH, down, and other Winter items, but also by advertising the product value and suggesting styling options for year-round items such as sweatshirts/pants and Jersey Barrel Leg Pants.
・1H business profit margin improved. (1) Managed to record only a s light decline in the gross profit margin thanks to improved discounting rates and our decision to review prices on some products. (2) Absorbed the impact of additional tariffs through stronger cost controls and an improved SG&A ratio.
Canada:
・Double-digit growth in same-store sales on strong sales of year-round products and thermal clothing.
・The addition of eight new stores y/y and strong sales at new stores boosted revenue gains.
・As the gross profit margin improved, the business profit margin also improved.
Europe: Double-digit revenue and profit growthLocal
currency
terms
・Also reported double-digit growth in same-store sales.
・Popular year-round products that satisfied customer needs, such as sweatshirts/pants and denim items, helped drive sales. Down, cashmere, and HEATTECH cashmere ranges also sold well once the weather turned colder.
・This year's successful early launch of Spring ranges, along with strong sales of casual outerwear and Spring knitwear, contributed to the strong revenue performance.
・The business profit margin improved on a higher gross profit margin. (1) Systematically adjusted product orders to match sales trends. (2) Cost of sales improved after efforts to diversify modes of transport resulted in less frequent use of airfreight.
・SG&A ratio held steady y/y. Rise in the distribution cost ratio, caused by the temporary operation of multiple systems during the launch of the new automated warehouse in 2025 2H. This was offs et by an improvement in the store rent ratio associated with the strong sales performance.
UNIQLO: Progressing with a Global Business Approach
・Successfully forming a business structure that is less susceptible to temperature changes by not relying solely on cold-weather items, and generating strong sales of products sold throughout the year.
Strong sales of long-selling core items updated to reflect the latest on-trend s ilhouettes and materials.
・Voluminous Jersey Barrel Leg Pants, Baggy Curve Jeans, and Wide Sweatpants, paired with short shirts and blouson items, captured
global customer demand.
・1H ratio of year-round products to total sales ratio rose, creating
more diversified product pillars.
・Success factors:
Improved product development
capabilities
Effective communication of attractive styling and specific product features to customers through stores and e-commerce
Improving planning accuracy by
forming annual plans with coordinated production, marketing, and sales
UNIQLO Global Product Category Sales
Growth in year-round
product sales surpassed that
Winter ranges
Winter ranges
of Winter ranges.
Others
Others
FY2016 1H FY2026 1H 16
Slight revenue rise, large profit gain. In line with plan
GU: 1H Overview
・Soft Sheer Crew Neck T-shirts, gathered ballet sneakers, and other mass fashion trend items proved popular with young people and generated strong sales. Robust sales from new GU stores in Taiwan and Hong Kong also contributed to the higher revenue performance.
・Higher business profit margin on improved gross profit margin and SG&A ratio. Progressed with operational reforms, focusing on strong-selling products, improving volume planning accuracy.
・Reforms progressing steadily, but sales expansion still below anticipated levels. From 2H, we plan to enhance the development of hit products that capture mass trends and realize even higher sales growth.
Units : Billions of yen | Yr to Aug. 2025 | Yr to Aug. 2026 | |
(6 mths to Feb.2025) Actual | (6 mths to Feb.2026 | y/y | |
Revenue | 165.8 | 168.4 | +1.6% |
Gros s profit (to revenue) | 80.1 48.3% | 83.2 49.4% | +4.0% +1.1p |
SG&A (to revenue) | 66.9 40.4% | 67.5 40.1% | +0.8% -0.3p |
Bus ines s profit (to revenue) | 13.1 7.9% | 15.7 9.4% | +20.1% +1.5p |
Other income, expens es | 0.7 | 0.6 | -11.7% |
Operating profit (to revenue) | 13.9 8.4% | 16.4 9.8% | +18.3% +1.4p |
Global Brands: 1H Overview
・Global Brands reported a decline in revenue and s lipped into the red on s luggish Theory sales. Theory: Revenue down, records a s light loss
・Falling revenue and losses at Theory in the USA. Wholesale business in the USA struggled due to poorly
performing department stores. The closure of Theory's e-commerce outlet stores in the USA last March also dampened revenue. The operation reported a loss on the recording of bad debts after a wholesale department store partner filed for bankruptcy.
・Theory Japan and Asia reported steady performances y/y. PLST: Generates higher revenue and double-digit profit growth
・Strong sales of menswear rayon blend shirts and Precious Knit Melton items, sharp rise in e-commerce sales.
Units: Billions of yen | Yr to Aug. 2025 | Yr to Aug. 2026 | |
(6 mths to Feb.2025) Actual | (6 mths to Feb.2026 | y/y | |
Revenue | 67.7 | 62.7 | -7.5% |
Bus ines s profit (to revenue) | 1.1 1.7% | -0.7 - | - - |
Other income, expens es | -0.1 | 0.5 | - |
Operating profit (to revenue) | 0.9 1.4% | -0.1 - | - - |
・Business profit margin rose on better GPM/SG&A ratio. CDC/PTT: Revenue dips but loss contracts
・Revenue fell after structural reforms reduced
end-February store numbers by roughly 50% from 141
to 78 stores, focusing the network in urban areas.
Fewer unprofitable stores and reformed cost
structures lowered the SG&A ratio and overall losses.
Group: Balance Sheet (end Feb. 2026)
Units: Billions of yen | End Feb. 2025 | End Aug. 2025 | End Feb. 2026 | Change |
Total Assets | 3,729.1 | 3,859.3 | 4,299.0 | +569.9 |
Current Assets | 2,354.7 | 2,527.8 | 2,971.1 | +616.4 |
Non-Current Assets | 1,374.3 | 1,331.5 | 1,327.8 | -46.5 |
Total Liabilities | 1,470.4 | 1,531.8 | 1,590.5 | +120.1 |
Total Equity | 2,258.7 | 2,327.5 | 2,708.4 | +449.7 |
Group: B/S Main Points vs. end Feb. 2025
・Cash, cash equivalents, and other financial assets: +¥380.2bln (¥2.0618trln ⇒ ¥2.4420trln)
Due primarily to increased operating cash flow.
・Property, plant and equipment and right-of-use assets: +¥124.5bln (¥739.6bln ⇒ ¥864.1bln)
Due primarily to proactive global investment in new store openings and automated warehouses, as well as the purchase of real estate associated with the UNIQLO Gran Via store in Spain.
・Inventory assets: +¥41.6bln (¥459.4bln ⇒ ¥501.1bln)
UNIQLO Intl.: +¥23.9bln. Inventory assets increased as operations expanded primarily in North America,
Europe, and Southeast Asia. Inventory assets in Greater China markets decreased as systematic management of product orders helped improve inventory efficiency.
UNIQLO Japan: +¥15.6bln. While inventory did increase, it is still within the appropriate range.
GU: +¥3.2bln, Global Brands: −¥1.1bln
Total liabilities : +¥120.1bln (¥1.4704trln→¥1.5905trln)・Lease liabilities: +¥66.3bln (¥481.8bln⇒¥548.2bln)
Active investment in new store openings and automated warehouses.
・Accounts payable: +¥75.8bln (¥343.5bln ⇒ ¥419.4bln)
Increased purchases on the back of strong sales. 20
Group: 1H Cash Flow
・Profit before income taxes: +¥428.8bln
+¥499.0bln
−¥179.1bln
Cash used in investing activities
Dividend payments: −¥79.7bln
Leasing debt repayment: −¥71.5bln
Corporate bond redemption: −¥70.0bln
−¥227.4bln
+¥54.8bln
+¥147.2bln year to date
¥1.0405trln
¥893.2bln
Cash flow from operating activities
Cash used in financing activities
Effect of exchange rate changes on
cash and cash equivalents
Opening balance of cash and cash equivalents
・Amounts deposited into/withdrawn from bank deposits
Capital expenditure ¥55.8bln
・UNIQLO Japan: ¥5.6bln (new stores, etc.)
・UNIQLO Intl: ¥35.0bln (new stores, automated warehouses, etc.)
・GU: ¥1.7bln (new stores, etc.)
・Global Brands: ¥0.9bln (new stores, etc.)
・Systems, etc.: ¥12.4bln (IT systems, etc.)
with original maturities of three months or longer: −¥192.3bln
Closing balance of cash and cash equivalent
September 1, 2025 February 28, 2026
*Applying IFRS 16 increased cash flow from operating activities by approx. ¥65.0bln and decreased cash used in financing activities by the same amount. This change had no impact on final cash flow figure.
Upward revisions (Revenue: +¥100.0bln, business profit: +¥40.0bln)
Group: FY2026 Es timates
・Reflects: 1) higher-than-anticipated 1H performance; 2) upward revision in 2H estimates due to current sales environment; 3) revised 2H exchange rate assumptions for results calculations due to weaker yen.
・Estimates incorporate some impact from Middle East s ituation based on current considerations such as
higher transportation costs in some markets. We have already progressed production and taken measures on
transportation this year, so this will not have a major impact from a production and distribution perspective.
We are monitoring developments closely, and strengthening our preparedness for all scenarios.
llions of yen
Yr to Aug.2025
Yr to Aug.2026
Yr to Aug.2026
Yr to Aug.2026
Actual
Es timates (as of Jan.8)
y/y
Es timates (as of Apr.9)
y/y
上期 Actual
Revenue
3,400.5
3,800.0
+11.7%
3,900.0
+14.7%
2,055.2
Business profit
551.1
650.0
+17.9%
690.0
+25.2%
386.9
（to revenue ）
16.2%
17.1%
+0.9p
17.7%
+1.5p
18.8%
her income, expenses
13.1
-
-
10.0
▲23.7%
13.7
Operating profit
564.2
650.0
+15.2%
700.0
+24.1%
400.6
（to revenue ）
16.6%
17.1%
+0.5p
17.9%
+1.3p
19.5%
inance income, costs
86.3
40.0
-53.7%
40.0
-53.7%
28.1
fit before income taxes
650.5
690.0
+6.1%
740.0
+13.7%
428.8
（to revenue ）
19.1%
18.2%
-0.9p
19.0%
-0.1p
20.9%
Profit attributable to owners
of the parent
（to revenue ）
433.0
450.0
+3.9%
480.0
+10.9%
279.2
12.7%
11.8%
-0.9p
12.3%
-0.4p
13.6%
FY2026 2H Business Policy１．Build value-creating business
Create new value that clearly differentiates our brand by applying customer-centric perspective to products, marketing, stores, and e-commerce. Promote business process and workstyle reforms to achieve that aim.
２．Balance streamlined inventory and eradication of product shortages
Optimize materials and production capacity from a global perspective. Improve ordering accuracy by SKU unit and make firm STOP & GO decisions on product orders to closely align with sales trends.
３．Purs ue thorough independent store management
Achieve high levels of customer satisfaction and productivity by promoting locally tailored business and building store operations that match customer needs.
４．Advance the quality of our store network
Ensure all stores showcase our brand and serve as daily life infrastructure. Implement our scrap & build policy and continue to open high-quality stores with a focus on flagship and large-format stores.
５．Enhance global management frameworks and human resources investment
Enhance talent recruitment/training in all markets, improve all global HQ functions, strengthen
UNIQLO Intl.: Expect double-digit revenue and profit growth in 2H, FY2026Local
currency
terms
Greater China markets:
・Expect higher revenue and profit in 2H, higher revenue and double-digit profit growth in FY2026.
Mainland China market: Steady progress on operational reforms. Expect 2H revenue and profit gains. Expect to be able to achieve higher full-year revenue and double-digit full-year profit growth.
Anticipate an improvement in FY2026 business profit margin as gross profit margin and SG&A ratio improve in line with the recovery in corporate performance.
Hong Kong and Taiwan markets: Predict full-year revenue and profit gains in both markets South Korea:
・Expect double-digit revenue and profit growth in both 2H and FY2026. Full-year business profit margin
predicted to improve.
Southeast Asia, India and Australia region:
・Forecast double-digit revenue and profit growth in both 2H and FY2026. Full-year business profit margin set to improve.
現地通 貨ベース
UNIQLO Intl.: Expect double-digit revenue and profit growth in 2H, FY2026Local
currency
terms
North America and Europe: Expect s imilar operational expansions in these markets as in 1H to result in double-digit revenue and profit growth in 2H, FY2026. Expect improvements in both business profit margins.
North America:
・Expect full-year gross profit margin to hold roughly steady at previous year levels.
Canada gross profit margin set to improve on tighter discounting sales. The USA gross profit margin is expected to decline only s lightly as we manage to absorb tariff impact to a certain extent.
・SG&A ratio expected to improve on more efficient business operations. Europe:
・FY2026 gross profit margin expected to improve on less frequent usage of air transportation and better discounting rates.
・FY2026 SG&A ratio forecast to improve.
Store rent ratio set to improve as a result of strong sales. Distribution cost ratio forecast to improve following the elimination of multiple warehouse operations from 2H.
UNIQLO Japan: Expect 2H revenue rise, flat business profit. Forecast FY2026 revenue and profit gains
FY2026 Es timates by Group Operation (3)・Predict 2H revenue will rise and same-store sales will expand by approx. 5% y/y.
・2H business profit margin expected to hold steady at previous year levels.
SG&A ratio, primarily the personnel cost ratio, expected to improve s lightly on enhanced productivity
Gross profit margin set to dip s lightly as exchange rate fluctuations inflate cost of sales
・Full-year revenue and profit growth expected, with the business profit margin holding steady.
GU: Higher revenue and double-digit profit growth in 2H and FY2026・Favorable launch and strong sales of Spring items including Soft Sheer Crew Neck T-shirts and Ballet Sneakers in March.
・Anticipate improvements in the gross profit margin and SG&A ratio thanks to continued efforts to improve operations by focusing on products that capture mass fashion trends and improving sales planning accuracy. 2H and FY2026 business profit margin expected to improve as a result.
Global Brands: Slight dip in revenue, higher business profit in FY2026FY2026 Es timates by Group Operation (4)
・Expect 2H revenue and profit gains. Theory:
・Expect FY2026 revenue and profit to decline, despite the anticipated 2H rise in revenue and profit and recovery in performance.
・In 2H, we plan to leverage our renowned tailoring and materials, reshape core products and styling suggestions to suit current era needs, and expand customer bases.
PLST:
・Expect to generate higher revenue and profit in 2H and FY2026.
・Efforts to refine product designs, materials, and color choices and offer unique PLST mass fashion trend items predicted to encourage further business expansion.
Comptoir des Cotonniers /Princesse tam.tam:
・Expect to generate revenue growth and break even on business profit in 2H.
・While revenue is expected to decline, overall losses are forecast to contract in FY2026.
・Steady progress on operational reforms to create a profitable CDC/PTT business model from 2H onward.
Scheduled interim dividend: ¥320. Expected year-end dividend: ¥640
FY2026 Dividend Es timates
Dividend per share | |||
Interim | Yr-end | Annual | |
Year to Aug. 2024 | 175 yen | 225 yen | 400 yen |
Year to Aug. 2025 | 240 yen | 260 yen | 500 yen |
Year to Aug. 2026 (E) (as of Jan.8) | 270 yen | 270 yen | 540 yen |
Year to Aug. 2026 (revised E) (as of Apr.9) | 320 yen | 320 yen | 640 yen |
y/y | +80 yen | +60 yen | +140 yen |
*The final decision on the FY2026 interim dividend was made at the board meeting on April 9, 2026.
The dividend may be adjusted in the event of large fluctuations in business performance or access to funds
Reference: Group Company Store Numbers (1)
Units: Stores | FY2025 Yr-end | FY2026 2Q Res ult (Sep. - Feb.) | FY2026 Es timates (Sep. - Aug.) | |||||||||
Open | Close | Change | End Feb. | Open | Close | Change | End Aug. | |||||
UNIQLO Operations | 2,519 | 55 | 62 | -7 | 2,512 | 120 | 120 | 0 | 2,519 | |||
UNIQLO Japan* | 794 | 8 | 18 | -10 | 784 | 20 | 20 | 0 | 794 | |||
Own stores | 784 | 8 | 18 | -10 | 774 | - | - | - | - | |||
Franchise stores | 10 | 0 | 0 | 0 | 10 | - | - | - | - | |||
UNIQLO International | 1,725 | 47 | 44 | +3 | 1,728 | 100 | 100 | 0 | 1,725 | |||
Greater China | 1,008 | 12 | 31 | -19 | 989 | 25 | - | - | - | |||
Mainland China | 902 | 10 | 31 | -21 | 881 | - | - | - | - | |||
Hong Kong | 35 | 0 | 0 | 0 | 35 | - | - | - | - | |||
Taiwan | 71 | 2 | 0 | +2 | 73 | - | - | - | - | |||
Korea | 132 | 6 | 8 | -2 | 130 | 10 | - | - | - | |||
S/SE Asia & Oceania | 397 | 11 | 3 | +8 | 405 | 25 | - | - | - | |||
Singapore | 29 | 0 | 0 | 0 | 29 | - | - | - | - | |||
Malaysia | 59 | 1 | 0 | +1 | 60 | - | - | - | - | |||
Thailand | 70 | 2 | 0 | +2 | 72 | - | - | - | - | |||
The Philippines | 77 | 5 | 1 | +4 | 81 | - | - | - | - | |||
Indonesia | 77 | 1 | 2 | -1 | 76 | - | - | - | - | |||
Australia | 40 | 0 | 0 | 0 | 40 | - | - | - | - | |||
Vietnam | 29 | 1 | 0 | +1 | 30 | - | - | - | - | |||
India | 16 | 1 | 0 | +1 | 17 | - | - | - | - | |||
（continued on next slide）
Note : Excludes Mina (Commercial Facility Business) and pop-up stores.
* Includes franchise stores
Reference: Group Company Store Numbers (2)
Units: Stores | FY2025 Yr-end | FY2026 2Q Res ult (Sep. - Feb.) | FY2026 Es timates (Sep. - Aug.) | |||||||||
Open | Close | Change | End Feb. | Open | Close | Change | End Aug. | |||||
UNIQLO International | ||||||||||||
North America | 106 | 9 | 2 | +7 | 113 | 25 | - | - | - | |||
USA | 75 | 4 | 2 | +2 | 77 | - | - | - | - | |||
Canada | 31 | 5 | 0 | +5 | 36 | - | - | - | - | |||
Europe | 82 | 9 | 0 | +9 | 91 | 15 | - | - | - | |||
UK | 21 | 2 | 0 | +2 | 23 | - | - | - | - | |||
France | 27 | 2 | 0 | +2 | 29 | - | - | - | - | |||
Germany | 9 | 3 | 0 | +3 | 12 | - | - | - | - | |||
Belgium | 2 | 1 | 0 | +1 | 3 | - | - | - | - | |||
Spain | 7 | 0 | 0 | 0 | 7 | - | - | - | - | |||
Sweden | 3 | 0 | 0 | 0 | 3 | - | - | - | - | |||
The Netherlands | 5 | 0 | 0 | 0 | 5 | - | - | - | - | |||
Denmark | 2 | 0 | 0 | 0 | 2 | - | - | - | - | |||
Italy | 4 | 0 | 0 | 0 | 4 | - | - | - | - | |||
Luxembourg | 1 | 0 | 0 | 0 | 1 | - | - | - | - | |||
Poland | 1 | 1 | 0 | +1 | 2 | - | - | - | - | |||
GU | 486 | 9 | 18 | -9 | 477 | 17 | 19 | -2 | 484 | |||
Global Brands | 565 | 13 | 35 | -22 | 543 | 24 | 41 | -17 | 548 | |||
Theory* | 426 | 8 | 11 | -3 | 423 | - | - | - | - | |||
PLST | 41 | 4 | 3 | +1 | 42 | - | - | - | - | |||
CDC/PTT* | 98 | 1 | 21 | -20 | 78 | - | - | - | - | |||
Total | 3,570 | 77 | 115 | -38 | 3,532 | 161 | 180 | -19 | 3,551 | |||
Note : Excludes Mina (Commercial Facility Business) and pop-up stores.
* Includes franchise stores
Reference: Foreign Exchange Rates
Exchange Rates Used in Consolidated Accounts
unit : yen | 1USD | 1EUR | 1GBP | 1RMB | 100KRW |
FY2025 2Q 6-month average to Feb. 2025 | 150.8 | 161.9 | 193.9 | 21.0 | 10.9 |
FY2026 2Q 6-month average to Feb. 2026 | 152.8 | 178.7 | 205.0 | 21.6 | 10.7 |
FY2025 12-month average to Aug. 2025 | 148.7 | 162.9 | 193.9 | 20.6 | 10.6 |
FY2026 (E) 6-month average to Aug. 2026 | 155.8 | 182.8 | 209.8 | 22.2 | 10.7 |
FY2026 (E) 12-month average to Aug. 2026 | 154.3 | 180.7 | 207.4 | 21.9 | 10.7 |
Note: The FY2026 estimated rate is the average of actual rates in first half and projected rates in second half
Exchange rates Used on Balance Sheet
unit : yen | 1USD | 1EUR | 1GBP | 1RMB | 100KRW |
FY2025 2Q Exchange rate at end Feb.2025 | 149.6 | 155.5 | 188.6 | 20.5 | 10.3 |
FY2026 2Q Exchange rate at end Feb.2026 | 156.1 | 184.4 | 210.5 | 22.8 | 10.8 |
FY2025 Exchange rate at end Aug. 2025 | 146.9 | 171.4 | 198.5 | 20.6 | 10.6 |
FY2026 (E) Exchange rate at end Aug. 2026 | 146.9 | 171.4 | 198.5 | 20.6 | 10.6 |
Reference: Capex, Depreciation
Capex and Depreciation
Units: Billions of yen | Capex | Depreciation | |||||
UNIQLO Japan | UNIQLO Intl. | GU | Global Brands | Systems, etc | Total | ||
FY2025 2Q 6 months | 6.6 | 86.2 | 3.1 | 0.9 | 14.9 | 111.9 | 107.9 |
FY2026 2Q 6 months | 5.6 | 35.0 | 1.7 | 0.9 | 12.4 | 55.8 | 115.3 |
FY2025 Full-year 12 months | 15.1 | 120.0 | 7.7 | 1.4 | 27.4 | 171.9 | 216.4 |
FY2026 (E) Full-year 12 months | 7.5 | 82.4 | 2.7 | 1.1 | 28.7 | 122.6 | 232.4 |