Fast Retailing raises forecast for the year after a good third quarter

Sumary of Fast Retailing raises forecast for the year after a good third quarter:

  • Uniqlo was also back in the green over the period in North America and Europe (excluding Russia, where the brand has temporarily suspended operations due to international sanctions related to the war in Ukraine).
  • But Fast Retailing chief financial officer Takeshi Okazaki believes Greater China (which also includes Hong Kong and Taiwan) will recover quickly.
  • Uniqlo’s Japanese parent company has significantly raised its targets for the 2021-2022 fiscal year ending at the end of August given the good results in the third quarter and the sharp depreciation of the yen.
  • However, the best-known group brand Uniqlo has generated a significant drop in sales and profits in China in the past quarter (early March to late May) due to the COVID-19 lockdowns.
  • Overall, Fast Retailing posted quarterly profit of 90.9 billion yen, twice as much as a year ago.
  • In the other regions, Uniqlo had a very solid quarter, such as in Japan and in the Asia-Pacific region.
  • Quarterly sales improved by 10.3 percent to 546.1 billion yen (EUR 3.9 billion).

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