Uniqlo reported a 27% increase in profits – Kommersant
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The Japanese company Fast Retailing, which manages the Uniqlo clothing chain and owns a number of other brands, published reporting for the first quarter of the current financial year (September-November 2023). The company’s net profit for this period increased by 27% and amounted to $740 million, exceeding analysts’ forecasts. Revenue increased by 13% to $5.6 billion.
Behind the strong performance are strong sales outside Japan and especially the recovery of the Chinese market after restrictions during the pandemic. Overall, the retailer’s overseas sales rose 23% year-on-year, while in Japan the figure increased only 1.5%, as warm autumn weather dampened demand for warm clothing.
Fast Retailing management confirmed previously made forecasts for the entire current financial year. The company expects net income to reach a record $2 billion and sales of $21 billion. Fast Retailing’s previous fiscal year also finished with record net profit.
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