Uniqlo owner on track to deliver 25% rise in Q3 profits
As a result of Covid’s impact in China, the group decided to turn its attention to its European and North American operations
Fast Retailing, the parent company of Uniqlo, expects to deliver an increase of 25% in profits in the third quarter, following strong growth across all of its markets.
Meanwhile, the group raised its full-year financial guidance in April from £2.1bn to £2.2bn after experiencing strong half-year growth in Europe and North America, as well as an increase in second quarter profit in mainland China.
According to Fast Retailing in April, its overall performance in China, which was knocked down hard by ongoing Covid restrictions, was “now on a recovery track”.
As a result of Covid’s impact in China, the group decided to turn its attention to its European and North American operations.
Uniqlo’s operating profit in the three months to 31 May is “likely” to have reached £567m, an increase from £453m in the previous year, according to the average of forecasts from seven analysts surveyed by Refinitiv.
The fashion retailer opened a flagship store in Covent Garden earlier this year, featuring a Theory store, a repair and reuse Re.Uniqlo station and its first in-store cafe.
