CNA – Japan’s Fast Retailing, the owner of clothing brand Uniqlo, said yesterday its nine-month profit soared 22 per cent as its business in China continued to recover from a pandemic slowdown, and it raised its full-year forecast to a new record.
Operating profit rose to JPY330.6 billion (USD2.38 billion) in the nine months ended on May 31, from 271.1 billion yen in the year-earlier period. The company raised its full-year profit forecast to JPY370 billion from JPY360 billion.
That compares with an average estimate of JPY363 billion in annual operating profit based on a poll of 14 analysts polled by Refinitiv.
The company known for its fleece jackets and inexpensive basics has 925 Uniqlo outlets in mainland China making it a bellwether for a retail market that was hammered by COVID-19 restrictions in recent years.
Business in China started to turn around in January, resulting in sharp increases in sales and profit from the region in the second quarter, the company said in April.
