MUJI recorded strong results for fiscal 2014, driven by higher-than-expected demand in advance of the March consumption tax increase. Even after the tax increase took effect, demand remained stronger than forecast. I believe this response signaled consumer approval of MUJI's policy of tax-inclusive labeling. What you see on the label is what you pay at the register. I also believe that our rollout of 29 new stores, 28 store remodels, and other new sales floor changes kept interest in MUJI at high levels throughout the year.
We reported strong revenues overseas, particularly in Asia. In November we opened our first store in Canada, and in December we cut the ribbon on our MUJI Sino-Ocean Taikoo Li global flagship store in Chengdu, China. We also opened several Café & Meal MUJI stores in China and Taiwan. All of these developments have made news in their respective local markets, and I believe we are off to a very good start in positioning these stores as new global models.
As a result, the Ryohin Keikaku Group reported historic highs in profits, with operating profit of ¥260,254 million (18% year-over-year increase), ordinary profit of ¥26,602 million (15.4% increase), and net income of ¥16,623 million (2.8% decrease).
MUJI is more than just a collection of products. We are a group of professionals who obsess over details, pursuing a philosophy that encompasses everything from the finest points of everyday living to the future of our planet. We respond to the issues that society faces today, creating a platform for solving these issues through Conscience and Creativity.
I thank you, our shareholders, for your continued encouragement and support.
President and Representative Director