JAPAN: Fast Retailing lifts forecast on Q1 Uniqlo gains
- Q1 net income up 23.5% to JPY38.4bn
- Sales surged 16.7% to JPY318.1bn (US$3.6bn)
- Sees FY sales topping JPY1 trillion for the first time
The Fast Retailing Group expects to book record sales and profits in its current financial year after reporting "considerable gains" across its business during the first quarter.
The company, which operates the flagship Uniqlo casual clothing chain, today (10 January) said cold weather in the three months through November helped lift sales by 16.7% to JPY318.1bn (US$3.6bn) and expanded net income by 23.5% to JPY38.4bn.
At its 832 domestic Uniqlo stores, sales rose 7.7% year-on-year to JPY204.7bn, same-store sales were up 5.0%, and operating income climbed 6.2% to JPY39.9bn.
Demand was driven by sales of cold-weather products including Ultra Light Down, Heattech base layers, fleece and Danpan warm pants.
Uniqlo also posted strong gains from its international operations, mainly due to strong revenues in China and South Korea. Sales at its 347 international stores surged 51.1% to JPY64.5bn and operating income jumping 53.2% to JPY8.4bn.
Other brands also saw robust growth in the quarter, with same-store sales at the G.U. cut-price clothing chain rising by more than 20% year-on-year.
For the full year, the company expects consolidated sales to top JPY1 trillion (US$11.3bn) for the first time, with a forecast of JPY1.069.0trn coming in 15.1% ahead of the prior year.
Operating income is seen up 16.6% at JPY147.5bn, and net income is likely to be up 21.4% at JPY87.0bn.
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