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.


Related posts

10 Winter Coats from Fall/Winter 2020

Perfect Sourcing Newsdesk

Indian denim brand Spykar eyes Rs. 700 Cr in FY 2018

Aditya Birla Group’s Birla Cellulose Ranked Number 1 in Canopy’s Hot Button Report ‘20

Perfect Sourcing Newsdesk

Leave a Comment