Uniqlo operator Fast Retailing raises profit outlook

By Channel NewsAsia8 days ago

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TOKYO: Uniqlo's parent company Fast Retailing said Thursday (Apr 8) it expects a stronger rebound in full-year operating profit driven by a solid performance in East Asian countries hit less hard by virus lockdowns.

The Japanese clothing empire forecast 2020/21 operating profit of 255 billion yen (US$2.3 billion) -up slightly from its previous estimate of 245 billion yen.

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That marks a rise of 70.7 per cent from the year before, when business began to be hit worldwide by the COVID-19 pandemic with many shops forced to close for extended periods.

In the first six months of this financial year, Fast Retailing logged a 0.5 per cent dip in revenue year-on-year to 1,202.8 billion yen.

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