Uniqlo owner sees profits rise 16% to £1.3bn
Uniqlo parent company Fast Retailing said that the business recovery in China and strong sales in Europe and North America was the primary driver
Uniqlo owner Fast retailing has recorded a 16% rise in operating profit to ¥220bn (£1.3bn) during the first six months of the year to 28 February.
Fast Retailing said that the business recovery in China and strong sales in Europe and North America was the primary driver and helped revenues surge 20.4% to ¥1.46tn (£9.6bn).
In Japan, Uniqlo’s profit declined by 1.6% to ¥67.3bn (£441m) due to a sharp depreciation in the Japanese yen.
Its international arm reported revenues of ¥495.1bn (£3.2bn). It comes as it said North America recorded significantly higher revenue and profit in the first half, driven by core winter items throughout the six-month period.
Meanwhile, in the Greater China region Uniqlo reported a decline in first-half revenue and profit due to the heavy impact of COVID-19 in the first quarter.
However, it said that the “performance has since started to recover”, with the region generating strong sales from January and a rise in second-quarter profit.
Europe excluding Russia also reported higher revenue and profit as the company continues to expand its customer base.
Due to the performance Fast Retailing has increased its full-year profit forecast to ¥360bn(£2.2bn).
It also predicts that Uniqlo International will achieve significantly higher revenue and profit in the second half of fiscal 2023 and the full business year.
