Uniqlo owner Fast Retailing forecasts profit recovery as pandemic abates, Retail News, ET Retail

TOKYO: Japan’s Fast Retailing expects a continued restoration in revenue and profits in the year to August 2022 as the pandemic abates, the proprietor of apparel manufacturer Uniqlo claimed on Thursday.

The firm explained it expects running financial gain to climb 8.4% to 270 billion yen ($2.4 billion) in fiscal 2021-22.

For the yr ended in August, it noted 249 billion yen in running income, topping the 245.7 billion forecast in a Refinitiv poll of 13 analysts.

“Vaccinations are currently being carried out all around the earth to handle the unfold of the sickness, and the economy is rising in earnest,” chief executive Tadashi Yanai advised reporters.

Rapidly Retailing expects the pandemic will continue to drag on success in the very first 50 percent of the fiscal calendar year but will then get better in the 2nd fifty percent as buying practices return to ordinary.

The organization said it expects

Read More