Register to get 2 free articles
Reveal the article below by registering for our email newsletter.
Want unlimited access? View Plans
Already have an account? Sign in
Uniqlo owner Fast Retailing has raised its full-year outlook after posting record profits for the third quarter of the year.
In the three months to 31 May, the retailer recorded operating profits of 81.8bn yen (£498m), up 36.5% YOY. The strong performance comes as revenues surged 10.3% to 546.1bn yen (£33bn).
It revealed that strong results in North America and Europe and S/SE Asia and Oceania, helped offset the performance of its Greater China region which reported large declines in revenue and profit after being “hit hard” by Covid-19 restrictions.
As a result Fast Retailing said it expects to generate consolidated revenues of 2.25tn yen (£13.6bn) (+5.5%) and operating profit of 290bn yen (£1.76bn) (+16.5%) in fiscal 2022.
It added that it represents an upward revision of 50bn yen (£304m) for revenues and 20bn yen (£121.6m) for operating profit compared to its previous business estimates announced in April.
It said: “These upward revisions were prompted by the strong third-quarter performance and the fact that performance also exceeded our forecasts in local-currency terms, as well as our decision to revise the assumed foreign exchange rate for our fourth-quarter business estimates to reflect the continued depreciation of the Japanese yen.”
