Uniqlo operator Fast Retailing raises profit outlook AFP 3 hrs ago AFP © Kazuhiro NOGI Following years of aggressive expansion, Fast Retailing is vying to be the world s most valuable clothing firm
Uniqlo s parent company Fast Retailing said Thursday it expects a stronger rebound in full-year operating profit driven by a solid performance in East Asian countries hit less hard by virus lockdowns.
The Japanese clothing empire forecast 2020/21 operating profit of 255 billion yen ($2.3 billion) up slightly from its previous estimate of 245 billion yen.
That marks a rise of 70.7 percent from the year before, when business began to be hit worldwide by the Covid-19 pandemic with many shops forced to close for extended periods.
Uniqlo operator Fast Retailing raises profit outlook
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Consolidated revenue at Fast Retailing, totalled 619.7 billion yen, down 0.6 percent year-on-year, while operating profit totalled 113 billion yen, up 23.3 percent year-on-year driven by large increases in profit from Uniqlo operations in Japan and Greater China including Mainland China, Hong Kong and Taiwan, as well as rising profit and a strong overall performance from GU. On the other hand, the company said in a statement, Uniqlo operations in other parts of Asia & Oceania (including Southeast Asia, Australia, and India), North America, and Europe were hit especially hard by Covid-19, resulting in considerable declines in both revenue and profit. The first-quarter consolidated gross profit margin improved by 2.2 points to 52.4 percent, first-quarter pre-tax profit rose to 107.1 billion yen, up 5 percent and profit attributable to owners of the parent declined to 70.3 billion yen or 0.7 percent