Uniqlo owner lowers revenue expectations drapersonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from drapersonline.com Daily Mail and Mail on Sunday newspapers.
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Pic: Shutterstock Fast Retailing, a Japanese manufacturer and retailer, posted 0.5 per cent revenue decline to ¥1,202.8 billion (Japanese Yen) in its second quarter (Q2) YoY FY21 ended on February 28, 2021 compared to revenue of ¥1,208.5 billion in the same period prior fiscal. The company’s profit for the period rose 5.6 per cent to ¥109.2 billion (Q2 FY20: ¥103.4 billion). Gross profit for the six month period rose to ¥600.6 billion (¥576.8 billion). Selling, general and administrative expenses were ¥420.7 billion (¥438.8 billion). The company’s operating profit jumped to ¥167.9 billion (¥136.7 billion). Uniqlo Japan s revenue decreased 6.2 per cent to ¥492.5 billion (¥463.5 billion). Same-store sales for the first half were up 5.6 per due to strong sales of products such as loungewear and Heattech blankets that fulfilled customer demand for stay-at-home items, as well as buoyant
Uniqlo operator Fast Retailing raises profit outlook japantoday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from japantoday.com Daily Mail and Mail on Sunday newspapers.
Recent reports that leading apparel retailer Gap Inc is weighing options, including a potential sale of its business in the Chinese mainland, indicate how the fierce competition among fast-fashion brands is pushing them to further expand their physical presence and enhance digital-powered retail ecosystems.
The San Francisco-based clothing retailer is working with an adviser to study various options and has reached out to prospective suitors to gauge interest for the business, said sources, according to Bloomberg.
The firm, which owns Banana Republic and its namesake Gap brands, entered the Chinese mainland in 2010 and has faced mounting pressure from competitors like Japanese clothing group Fast Retailing Co Ltd, which owns Uniqlo, and Spanish fast-fashion brands such as Zara from Inditex SA.