Uniqlo owner books third straight year of record results
STORY: It’s been another blockbuster 12 months for Uniqlo.
On Thursday (October 10), parent firm Fast Retailing posted a third straight year of record earnings.
Operating profit jumped 31% to over $3.3 billion.
That was ahead of both company and analyst forecasts.
And Fast Retailing says it expects profits to climb yet further next year.
Known for its affordable basics, Uniqlo has been boosted by a weak yen.
That increases the value of its overseas earnings, and encourages tourists to splurge while they’re in Japan.
China looks less positive, however.
With more than 900 stores there, the country is Uniqlo’s biggest overseas market.
It has become a bellwether for retail in the world’s second-biggest economy.
But China’s sluggish recovery has sapped consumer confidence, weighing on sales.
Founder Tadashi Yanai – Japan’s richest man – has long aimed to make Uniqlo the world’s biggest fashion retailer.
European rivals H&M and Zara stand in the way of his goal.
But Yanai says a consumer shift from luxury to value will help his firm grow more in the years ahead.
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