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Uniqlo owner Fast Retailing is raising its profit forecast after a strong first nine months. The return of Chinese consumers pushed its sales a fifth higher.
21% more sales
The removal of the last Covid-19 restrictions in China is a big relief for brands worldwide, but especially for Uniqlo: the brand has more shops on the “Greater China” market (925) than in its homeland, Japan. From January, the reopening of the Chinese market delivered a marked increase in sales and profits.
Sales rose 21 % to 2.144 trillion yen (14 billion euros) and grew in all regions, but the strongest risers were Japan and “Greater China”. Sales in Japan rose to 709.745 billion yen (4.6 billion euros), compared to 640.97 billion yen a year earlier. In China, Hong Kong and Taiwan, sales climbed from 410.77 to 476.33 billion yen (3.09 billion euros).
In the nine months to 31 May, operating profit rose 22 % to 330.6 billion yen (2.14 billion euros). For the full year, the company is now counting on 370 billion yen, instead of the 360 billion yen the fashion group originally assumed. Thanks to its success, including on the stock market, founder Tadashi Yanai has strengthened his position as Japan’s richest man.
