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Fast Retailing cuts its annual profit forecast

Fast Retailing cuts its annual profit forecast

Uniqlo owner Fast Retailing has lowered its annual profit forecast as a result of additional Covid-19 related government restrictions in Japan and overseas denting footfall.

The group anticipates a 64 per cent increase in operational profit for the fiscal year ending in August, to £176 billion, a ten-billion-dollar reduction from the earlier estimate.

However, profits increased to £149 billion in the nine months ending in May, up from £878 billion the previous year.

Uniqlo Japan reported large increases in revenue and profit in the first nine months, with revenue rising 12.7 per cent year-on-year and operating profit rising 51 per cent.

First-half revenue rose and profit “expanded significantly on the back of strong sales of products that fulfilled customer demand for stay-at-home items, as well as core Fall Winter ranges”.

Strong sales of Uniqlo U T-shirts, Kando pants, and other summer ranges, as well as loungewear, super stretch activity pants, and other goods, improved revenue from March to May 2021.

Its e-commerce revenue also increased as its online sales continued to expand, however  the Q3 Uniqlo Japan performance still fell short of its business plan.

 

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