Uniqlo owner Fast Retailing hits highest-ever annual profit

TOKYO, Oct 14 (Nikkei) - Uniqlo owner Fast Retailing announced a record annual profit on Thursday, as most of the casual clothing retailer's markets rebounded from the COVID pandemic.

The Japanese fashion group said it expected a further rise of more than 15% in revenues in the current fiscal year to August 2023. But it said in a statement that the "business environment continues to be severe in light of progressive inflation and the rapid depreciation of the yen" and said net income would fall.

Fast Retailing said net income for the 12 months ended August rose 60.9 % to a record high of 273.3 billion yen, after annual sales rose 7.9% to 2.3 trillion yen. Group operating profit increased 19.4% year on year to 297.3 billion yen.

However, greater China, which accounts for about half of the revenue from sales for Uniqlo business outside Japan, remained sluggish, with what Fast said was a "significant contraction in profit", albeit with a recovery in the fourth quarter, due to the lingering effects of COVID restrictions in China. ...continue reading

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