Japanese lifestyle brand MUJI’s parent company, Ryohin Keikaku, has released its financial results for the first nine months of fiscal year 2025, ending May 31. The company posted growth in both revenue and profit, reaching historic highs.
In the first nine months of FY2025, revenue rose 19.2% year-on-year to 591.09 billion yen (approximately RMB 28.7 billion [approx. USD 3.95 billion]), while operating profit surged 39.9% to 59.46 billion yen. Net profit attributable to shareholders increased by 30.1% to 43.59 billion yen (approximately RMB 2.1 billion [approx. USD 289 million]).
The rise in revenue was driven by steady sales growth and an increase in the number of stores opened during the period, both domestically and internationally. Additionally, a reduction in tax expenses related to business restructuring in Europe contributed to the growth in net profit.
As of May 31, 2025, the total number of MUJI stores (including licensed stores) in Japan and overseas reached 1,396. In the domestic Japanese market, the company opened 61 new stores, mainly in suburban residential areas, and closed 10 stores, bringing the total number of stores in Japan to 674.
Internationally, the company opened 62 new stores and closed 22 across the Chinese Mainland, Taiwan, Vietnam, Malaysia, and other countries and regions. As of May 31, 2025, the total number of overseas stores stood at 722. The company is actively promoting a store renovation program in the Chinese Mainland.
Ryohin Keikaku noted that the Japanese economy continues to show signs of gradual recovery, supported by improvements in employment and income. However, economic outlooks both in Japan and abroad remain uncertain, with risks stemming from a stagnant property market in China, U.S. trade policy shifts, and volatility in financial and capital markets. The retail industry also faces ongoing challenges due to rising labor and raw material costs.
The company emphasized it will continue driving global growth through eight strategic pillars: opening new stores, strengthening product development frameworks, bolstering core categories, enhancing online-offline integration, refining marketing strategies, reforming production and supply chain management, leveraging IT support, and adhering to ESG principles with a public-interest and people-centered approach.
Looking ahead, Ryohin Keikaku aims to solidify the business and profit foundations built over the past three years and achieve its early-stage target of 1 trillion yen in global operating revenue and a 10% operating margin.
Alongside its earnings report, the company announced a stock split to lower the per-share investment cost of its common stock. This move aims to improve accessibility for investors, particularly individual investors, enhance stock liquidity, and broaden its investor base.
According to the announcement, each share of common stock held by shareholders registered in the final shareholder registry as of August 31, 2025, will be split on a 1-for-2 basis.
As of the close of trading on July 14, Ryohin Keikaku’s share price had fallen 0.85% from the previous trading day to 6,920 yen per share, with a market capitalization of 1.84 trillion yen (approximately RMB 89.3 billion [approx. USD 12.3 billion]). Over the past 12 months, the share price has risen 162.1%.
By Region:
Japan
Revenue reached 359.07 billion yen (+22.5%), and segment profit was 41.31 billion yen (+34.1%), marking growth in both revenue and profit.
Product value improved, driven by core categories such as skincare and daily necessities. Marketing efforts through social media and the company’s proprietary “MUJI passport” app, along with operational improvements in store management and inventory control, also contributed to revenue growth. Since February 2024, existing stores have posted year-on-year sales increases for over a year.
Operating profit growth was primarily attributed to improved cost ratios, including labor, land and building rent, and logistics, resulting from increased sales.
East Asia
Revenue was 164.6 billion yen (+14.1%) and segment profit reached 32.53 billion yen (+27.5%), with growth in both revenue and profit.
In the Chinese Mainland, both revenue and profit increased. As signs of a rebound in business confidence emerged, sales rose steadily, particularly during the “Double 11” and the “Member Friendship Week” promotional events.
Taiwan and Hong Kong also saw growth in both revenue and profit.
In South Korea, while revenue rose due to growth in existing store sales, profit declined due to foreign exchange fluctuations.
Southeast Asia and Oceania
Revenue reached 36.43 billion yen (+26.3%) and segment profit was 4.474 billion yen (+25.5%), showing growth in both metrics.
Revenue growth was driven by the opening of new stores in markets such as Vietnam and Malaysia. Although the addition of new stores and staff led to increased costs, sales growth offset the additional expenses. Currency exchange fluctuations further supported profitability.
Europe and the Americas
Revenue reached 30.99 billion yen (+5.1%) and segment profit totaled 5.318 billion yen (+38.1%). Sales at existing stores and favorable exchange rates contributed to growth in both revenue and profit, despite a decrease in total store count due to the closure of unprofitable locations compared to the previous fiscal year.
In North America, enhanced marketing and improved in-store inventory boosted customer numbers, driving existing store sales. Closing unprofitable stores in Canada also supported profit growth.
In Europe, profitability improved following the closure of unprofitable stores and completion of business restructuring in the previous fiscal year, resulting in increased revenue and profit.
Note: As of time of writing, 100 yen is approximately equal to USD 0.67.
｜Source: Official press release
｜Image Credit: Company website
｜Editor: LeZhi
