Fast Retailing reports record first-quarter performance

Uniqlo parent company Fast Retailing does not expect the spread of the highly contagious Omicron coronavirus variant to dent overall performance in 2021-22

Uniqlo operator Fast Retailing posted a record first-quarter profit on Thursday and kept its yearly forecast unchanged, even as business in the key market of mainland China was hit by virus restrictions.

The Japanese casualwear behemoth said better-than-expected sales and profit in the three months to December could largely be explained by the “growing diversification” of its business.

“We expect to achieve our initial estimates, though we have difficulties involved in attempting to predict the future situation due to the global spread of Covid-19,” it said in a statement.

However, revenue and profit declines were seen in mainland China, which is pursuing a strict “zero-Covid” strategy and has imposed tough localised restrictions in recent months.

The company, one of the world’s top apparel retailers, kept its net profit forecast for the year to August 2022 unchanged at 175 billion yen — a three-percent increase from the previous year’s record figure.


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