Uniqlo Australia has reported a 25 per cent increase in sales for fiscal 2019, thanks to a bigger local store presence and its competitively priced offering.

According to documents filed with the Australian Securities and Investments Commission in late December, the Japanese fashion brand generated $306.17 million in sales in the 12 months to August 31, 2019, up from $243.05 million in the previous corresponding period.

Its net profit after income tax was $11.26 million, up from $9.75 million in FY18, despite a smaller gross profit margin of 42 per cent, down from 58 per cent in FY18.

Uniqlo, which entered Australia in 2014, had 22 local stores and employed 1562 local staff as at August 31, 2019.

The company’s growth comes at a time when many Australian retailers reported slowing sales in a year marked by low consumer confidence. Myer’s sales fell 3.5 per cent in FY19, and Kmart and Target both saw sales slip in FY19.

Uniqlo’s parent company Fast Retailing posted a 7.5 per cent increase in consolidated revenue for the year to August 31, 2019, to ¥2.2905 trillion, or around $30.04 billion. Operating profit increased 9.1 per cent to ¥257.6 billion, or around $3.4 billion.

Fast Retailing is predicting a record performance in FY20 – a 4.8 per cent year on year revenue increase to ¥2.4000 trillion, or around $31.47 billion, and says Southeast Asia and Oceania are expected to contribute significantly to this growth.