Fast Retailing, the owner of Uniqlo, has lowered its full year forecast due to a “shortfall” in its Q3 results.
The group saw revenues rise 9.9% year-on-year to ¥1,698bn (£11.2bn), and gross profit increase by 14.4% to ¥859bn (£5.65bn) during the first three quarters of FY21.
Nevertheless, the company revised down its full-year consolidated revenue and profit forecasts by ¥60bn (£394m) and ¥10bn (£65.7m) respectively.
Despite the fact that “performance continues to be strong” in both the firm’s North American and European markets, the “weaker-than-anticipated” Q3 performance can be attributed as the reason for the lowered forecast.
Uniqlo’s international arm saw revenues rise at a similar rate to the group’s as a whole, increasing 9.8% year-on-year to ¥740bn (£4.86bn).
However, operating profit in the international division of Uniqlo spiked 88.7% to ¥97.7bn (£644m), up from ¥51.8m (£342m) for the first three quarters of FY20.
In total, Fast Retailing expects to record revenues of ¥2,150bn (£14.1bn) for the full-year under finance income/costs.