By Le Figaro with AFP
Posted update
This content is not accessible.
Japanese ready-to-wear giant Fast Retailing raised its 2022/23 annual targets on Thursday, expecting a recovery of its flagship brand Uniqlo in China in the second half, after benefiting from the former’s dynamism in other countries. The group now expects an annual net profit of 240 billion yen (-12.2% over one year), or around 1.6 billion euros, against 230 billion yen previously, according to a press release.
Its annual operating profit forecast rose from 350 to 360 billion yen (+21.1% over one year) and that of its turnover was raised to 2.680 billion yen (+16.5%) against 2650 billion yen previously. Internationally, Uniqlo will achieve “significantly higher sales and profitsin the second half and the group’s full fiscal year (September 2022-August 2023), predicts Fast Retailing.
This content is not accessible.
” READ ALSO – A spectacular increase of 40% for Uniqlo employees in Japan
Like many, Uniqlo suffered from “zero Covid”
As in the first half of the financial year, South-East Asia, India and Australia, North America and Europe should continue to drive the growth of Uniqlo, whose results in China continent should moreoversignificantlyto recover, again according to its parent company. Uniqlo suffered a lot in China at the end of 2022 because of the strategy “zero covidfrom the authorities in Beijing which weighed on the national economy, then from the outbreak of Covid-19 cases in the country after the abandonment of this policy. But its performance has started to recover in this key market since January.
Over its entire first half (September-February), Fast Retailing’s net profit stood at 153.3 billion yen (+4.5% year-on-year), for an operating profit of 220.2 billion yen (+16.4%) and a turnover of 1,467.3 billion yen (+20.4%), or 10 billion euros. These are record half-year results for the group in terms of turnover and operating profit, said Fast Retailing.