Tuesday, September 22, 2020

Uniqlo owner posts 80% profit jump


Uniqlo‘s parent company Fast Retailing has revealed a huge surge in profits during its second quarter as it cashes in on international expansion efforts.

The Japanese fashion retailer‘s operating profits jumped by 80 per cent to 42.1 billion yen (£310 million) in the three months to March.

This is ahead of the 38.5 billion yen (£281 million) analyst prediction, as the company leaves its full year financial expectations unchanged.

READ MORE: Uniqlo profits soar in first quarter

Last year the annual revenue goal was scaled back from five trillion yen (£36.55 billion) to just three trillion yen (£21.93 billion) by 2020 as a weak yen and underperforming international stores hit margins.

Chairman Tadashi Yanai has attributed cost cuts to the growing margins following a tepid previous quarter.

Investment in faster delivery and better distribution are understood to be targets for the retailer moving forward.

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