Tokyo Lifestyle has reported an uplift in sales for the last fiscal year as it continued to grow its network across all markets.
The US-listed Japanese retailer saw revenue increase 7.4 per cent to US$210.1 million in the year ended March 31.
Management attributed the growth to expansion efforts in both its existing network and venturing into new territories.
During the year, the company opened five new directly operated stores in the US, Canada, and Hong Kong, and added three franchise stores and 54 wholesale partners to its network.
revenue from directly operated physical stores increased 14.4 per cent, while sales from franchise stores and wholesale customers rose by 9.1 per cent.
On the bottom line, gross profit increased 2.3 per cent to $23.9 million, but net income fell from $7.5 million to $6.6 million, primarily due to loss from foreign currency exchange and change in fair value of warrants.
“Thanks to our ambitious yet well-planned expansion strategy, we remain confident in our business potential and long-term growth prospects,” said Mei Kanayama, principal executive officer of Tokyo Lifestyle.
“We believe that our profitability will continue to improve steadily as our global footprint becomes more established with the addition of further distribution outposts.”
The company unveiled it has established a new subsidiary in Australia and plans to open stores in Vietnam, Australia, and the Middle East.
Tokyo Lifestyle currency sells Japanese beauty and health, sundry, luxury, and electronic products, as well as collectible cards and trendy toys in Hong Kong, Japan, North America, Thailand and the UK.
AloJapan.com