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Uniqlo parent firm downgrades outlook despite earnings rebound
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Uniqlo parent firm downgrades outlook despite earnings rebound
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TOKYO (Reuters) - Japan s Fast Retailing, the owner of clothing brand Uniqlo, on Thursday reported a 23% jump in half-yearly operating profit and raised its full-year profit estimate, helped by a robust performance in China.
The company has been among the most resilient retailers during the COVID-19 pandemic, as Uniqlo s focus on China and Japan helped it escape the worst of the downturn that hit the United States and Europe. Sales and profits in China exceeded our projections, Chief Financial Officer Takeshi Okazaki told reporters in Tokyo. Profitability rose because we were able to limit discounts as we tried to improve our product value and branding.
Japan s COVID crisis reawakens deflation fears as cash hoarding returns Reuters 1/27/2021
By Leika Kihara and Kaori Kaneko
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TOKYO, Jan 27 (Reuters) - A spike in coronavirus infections in Japan is driving local households to do what they have always done in times of crisis: spend less and save more, stoking fears of a deeper retail recession and grinding deflation.
Fifty-year-old Hiromi Suzuki is doing just that having quit her job at a Tokyo novelty store in December after the pandemic hit sales. I try not to spend money, she said, walking her dog in the city. Since I don t go out much, I don t buy cosmetics or clothes any more.