1、Japan|RetailersEquity ResearchSeptember 2,2025 ShunsukeKuriyama*|Equity Analyst813 6830 3619|MUJI and UNIQLO August Domestic Monthly:New Products and HeatRyohin Keikaku and Fast Retailing(FR)reported domestic August monthlysales today after market close.MUJI LFL posted 6.1%growth while UNIQLOSSS was

2、 up 5.3%due to hotter temperature.We maintain our PTs for Ryohinand FR.Maintain Buy on Ryohin and Hold on FR.Impression:Slightly positive for Ryohin and FR.Ryohin Keikaku and FR reported domesticAugust monthly sales after market close today.MUJI LFLg+EC was+6.1%,in line with internaltarget.UNIQLO SS

3、Sg was+5.3%,leading to cumulative Q4+4.7%during June-Aug.MaintainBuy on Ryohin and Hold on FR.MUJI:LFLg+6.1%(ex-cal impact+4.1),with+6.4%traffic and-0.2%spend vs.Q4 LFL CE+7%and total growth of+15.7%vs.Q4 CE+14.7%.This marked its 19-month consecutive positivegrowth and 15-month consecutive two-year

4、stack growth.LFL food grew 11%followed byfood at+9.4%and household goods at 3%.Food gained with the help of TV promotions andapparel picked up led by better women apparel posting first 2-year stack growth this year.Within household goods,H&B and houseware continued to drive revenue with double-digit

5、growth offset by weaker fabrics,furniture and electronics.The new products launch in H&Bbeat company plan.Inbound accounted for c.4%of total sales.MUJIs LFL household goodsbeat Nitoris SSSg of+0.5%.Ryohin opened one and closed one store during the month totaling683 stores,consistent with the annual

6、guidance.UNIQLO:SSSg+5.3%(ex-cal+2.3%;total+7.2%)with+5.5%traffic and-0.2%spend due tohigher temperature resulting in better summer apparel sales and CM promotions(+3 YoY).UNIQLO closed one store during the month,totaling 794 stores.Updating PT and estimates:We update our estimates for MUJI and FR.F