Uniqlo Operator Fast Retailing’s Q3 Profit Jumps 45.7%, Raises Forecast
- On Thursday, Fast Retailing reported quarterly profit rose 45.7% to 213.79 billion yen in the three months through May, driven by strong global sales despite supply chain disruptions from the Iran war.
- From a single store in Hiroshima in 1984, Uniqlo now operates more than 2,500 locations globally, expanding aggressively in Europe and North America while maintaining nearly 900 stores in mainland China.
- Heatwaves in Europe and North America impacted demand while logistics disruptions from the Iran war complicated operations; Japan's tourism boom supported domestic sales despite the weak yen hovering near a 40-year low.
- The company raised its full-year operating profit forecast to 730 billion yen from 700 billion yen, positioning Fast Retailing for a fifth consecutive year of record results through August.
- CFO Takeshi Okazaki warned that currency volatility makes business planning difficult, stating the company expects to raise prices on autumn and winter items in Japan by about 4% due to yen depreciation.
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Global Market: Japan's Fast Retailing shares tumble as weak yen warning overshadows profit forecast hike
Fast Retailing shares declined after raising profit forecasts for the year. The Uniqlo owner cited concerns that a weak yen could impact domestic business. Strong demand in key markets supported recent financial results. Investors may be booking profits after a significant stock rally. The company anticipates the depreciating yen will affect its fourth-quarter performance.
Uniqlo owner raises profit forecast despite weak yen concerns | Honolulu Star-Advertiser
TOKYO >> The Japanese owner of clothing brand Uniqlo raised its annual profit forecast today on strong global sales but warned about the impact of the weak yen at home and heatwaves in Europe.
Fast Retailing, owner of Uniqlo network, raised its revenue and profit projections after recording strong results in the third quarter, released on Thursday (9). Performance reinforced the market expectations that the Japanese clothing retailer will surpass the H&M rival in annual sales for the first time. Exclusive material for subscribers. To have full access, access the link of the subject and register.
Uniqlo operator Fast Retailing's Q3 profit jumps 45.7%, raises forecast
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