Uniqlo owner reports record quarterly profit bolstered by Chinese demand
Fast Retailing, the owner of Japanese clothing brand Uniqlo, reported a 35 per cent increase in quarterly profit today, and raised its annual profit outlook as it continues to be boosted by demand in China.
Fast Retailing’s operating profit in the three months to May surged to 110.3 billion yen.
Revenue for the quarter came in at 676.1bn yen, a 24 per cent year on year increase.
As a result, the company raised its full-year profit forecast to 370bn yen, up from 360bn yen, “to reflect the higher-than-expected performance in the three months from March to May 2023, particularly from the Uniqlo operation in the Mainland China market”.
It added that Uniqlo in “both North America and Europe continued their strong performances by reporting considerably higher revenue and profit levels”.