Uniqlo owner's profits boosted by overseas surge as Japan sales fall [Reuters]
FAST RETAILING UNSP/ADR (FRCOY)
NASDAQ:AMEX Investor Relations:
fastretailing.com/eng/ir
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Source: Reuters
The results marked a reversal from the past few years when China and Japan were the big sales and profit growth drivers for the retailer. Operating profit rose 5.6% to 119.4 billion yen ($1.04 billion) in the three months ended Nov. 30. That beat the market's consensus of 102.6 billion yen, according to the average of analysts' forecasts from Refinitiv. The company maintained its forecast for operating profit to climb 8.4% to 270 billion yen in the fiscal year ending in August. Uniqlo's international business reported record first-quarter results, driven by sales from South Asia, North America, and Europe. The pandemic weighed on results in China, while warm weather in Japan depressed sales of Fall and Winter clothes. The company said in October it expects a gradual recovery to pre-pandemic levels as COVID-19 vaccinations progress and as it makes further inroads in the Chinese market. Fast Retailing opened a flagship store in Beijing in November, its third megastore in main
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