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☆ Uniqlo owner Fast Retailing annual profit rises 28% to fresh record
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +2 min

[1/2] A customer looks at a cardigan in a store of the Uniqlo fast fashion retailer in the Sanlitun shopping district in Beijing, China, November 6, 2021. REUTERS/Thomas Peter/File photo Acquire Licensing RightsTOKYO, Oct 12 (Reuters) - Japan's Fast Retailing Co (9983.T), owner of clothing brand Uniqlo, reported on Thursday that full-year operating profit rose 28% to reach its second consecutive record, aided by a post-pandemic recovery in China and the yen's slide. Profit was 381.1 billion yen ($2.56 billion) in the 12 months through August compared with 297.3 billion yen, the previous all-time high, a year earlier. Operating profit is expected to rise to reach another record of 450 billion yen next fiscal year, the company said. When its Chinese operations suffered during strict COVID-19 restrictions, Fast Retailing put increased focus on markets in North America and Europe.

Persons: Thomas Peter, Daisuke Tsukagoshi, Tadashi Yanai, Rocky Swift, Muralikumar Anantharaman, Jamie Freed Organizations: REUTERS, Rights, Retailing, Japan's, Forbes, Thomson Locations: cardigan, Beijing, China, Japan, North America, Europe

Operating profit for the fiscal year through August is expected to rise 26% to 374.6 billion yen ($2.52 billion), according to the average estimate of 12 analysts collected by LSEG. The company has forecast 370 billion yen, which would far exceed last year's 297.3 billion yen. Consensus estimates could be underplaying the company's results given the recovery in China, the weak yen, and strong performance in the United States and Europe, said LightStream Research analyst Oshadhi Kumarasiri. "I'm expecting a positive earnings surprise and a strong set of guidance for next year," added Kumarasiri, who publishes on the Smartkarma platform. Fast Retailing's shares are up 22% in 2023, about even with the gain in the benchmark Nikkei index (.N225).

Persons: Tadashi Yanai, Oshadhi Kumarasiri, I'm, Daisuke Tsukagoshi, Uniqlo, Yanai, Rocky Swift, Varun Organizations: Retailing, Japan's, Forbes, Nikkei, Thomson Locations: TOKYO, China, United States, Europe, doldrums, North America

☆ Uniqlo owner's 3Q profit surges 35%, raises forecast on China recovery
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

TOKYO, July 13 (Reuters) - The Japanese operator of apparel retailer Uniqlo reported record third-quarter profit on Thursday and raised its full-year forecast as its business in China continued to recover from a pandemic slowdown. Fast Retailing's (9983.T) operating profit in the three months through May surged 35% to 110.3 billion yen ($797 million), exceeding the 102.4 billion yen average of forecasts from seven analysts surveyed by Refinitiv. The company raised its full-year profit forecast to 370 billion yen, also a new record, from 360 billion yen previously. Fast Retailing's Uniqlo sign boards are displayed at a casual clothing store in Tokyo, Japan January 11, 2023. Fast Retailing's shares have soared 32% so far this year, helping founder Tadashi Yanai cement his place as Japan's richest person.

Persons: Uniqlo, Issei Kato, Tadashi Yanai, Rocky Swift, Stephen Coates, Tom Hogue Organizations: REUTERS, Business, Nikkei, Thomson Locations: TOKYO, China, Tokyo, Japan

☆ Uniqlo owner gives Japan Inc a jolt with 40% wage hike
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Jan 11 (Reuters) - Uniqlo parent Fast Retailing Co Ltd (9983.T) on Wednesday said it would raise wages by as much as 40%, focusing on its home market of Japan, where salaries have been under downward pressure for years. The move by the casual clothing giant may serve as a wake-up call for Japan Inc ahead of annual spring labour negotiations. The company, which operates over 3,500 clothing stores worldwide, said its remuneration system would be revised from March, and that levels in Japan would be significantly raised. read moreThe company's share price rose 1.4% in Tokyo morning trade, versus a 1% advance in the benchmark Nikkei (.N225) index. ($1 = 132.4400 yen)($1 = 132.5300 yen)Reporting by Rocky Swift; Editing by Tom Hogue and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Uniqlo owner set for record annual profit, but all eyes on China showing
▼ + stars: | 2022-10-12 | by ( Rocky Swift | ) www.reuters.com time to read: +3 min

REUTERS/Thomas PeterTOKYO, Oct 12 (Reuters) - Japan's Fast Retailing Co (9983.T), owner of clothing brand Uniqlo, is expected to post a record annual profit on Thursday as the yen's slump has boosted the value of its overseas sales even as soaring living costs dampen prospects for retailers. Operating profit for the fiscal year is expected to rise nearly 17% to 291 billion yen ($1.99 billion), according to an average of 12 analyst estimates from Refinitiv. Fast Retailing has forecast 290 billion yen. Register now for FREE unlimited access to Reuters.com RegisterThat would exceed the previous profit record of 263 billion yen in the year ended in August 2019. As its Chinese operations slumped, Fast Retailing has put increased focus on North America and expects to turn an annual profit in the region for the first time this year.

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