Stock Market News

Uniqlo owner posts 31% jump in Q3 operating profit, raises forecast

2024.07.11 02:40

TOKYO (Reuters) – Japan’s Fast Retailing, the owner of clothing brand Uniqlo, said on Thursday its third-quarter operating profit surged 31%, buoyed by strong sales at home.

Profit rose to 144.7 billion yen ($894.81 million) in the three months to May 31 from 110.3 billion yen in the year-earlier period. The consensus forecast was for earnings of 127.1 billion yen, based on a LSEG poll of six analysts.

The company raised its full-year profit forecast to 475 billion yen from 450 billion yen.

Uniqlo is renowned for its quality, affordable basics, and Fast Retailing is benefiting from a slide in the yen to a 38-year low that has boosted the value of its overseas sales.

The company is plotting an aggressive growth trajectory in Greater China, North America and Europe, taking advantage of a post-pandemic shift among many consumers for value over luxury.

With more than 900 stores in mainland China, Fast Retailing is a bellwether for global retailers operating in the world’s second-biggest economy.

Through the nine-month period, operations in Greater China saw a decline in revenue and a large drop in profit, due in part to strong performance the previous year and a general slowdown in consumer appetite, the company said.

Fast Retailing shares have risen about 26% so far this year, about even with the advance in the benchmark gauge.

© Reuters. FILE PHOTO: A shopper looks on, inside a Fast Retailing's Uniqlo casual clothing store in Tokyo, Japan January 11, 2023. REUTERS/Issei Kato/File Photo

($1 = 161.7100 yen)

(This story has been corrected to change profit gain to 31% from 29% in the headline and paragraph 1)



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 81,421.82 4.45%
ethereum
Ethereum (ETH) $ 3,177.04 0.20%
tether
Tether (USDT) $ 1.00 0.00%
solana
Solana (SOL) $ 207.91 2.19%
bnb
BNB (BNB) $ 633.13 0.39%
dogecoin
Dogecoin (DOGE) $ 0.293392 28.32%
usd-coin
USDC (USDC) $ 0.999891 0.13%
xrp
XRP (XRP) $ 0.590771 2.98%
staked-ether
Lido Staked Ether (STETH) $ 3,174.88 0.12%
cardano
Cardano (ADA) $ 0.589401 4.21%
shiba-inu
Shiba Inu (SHIB) $ 0.000026 16.37%
tron
TRON (TRX) $ 0.165578 1.74%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,762.04 0.35%
the-open-network
Toncoin (TON) $ 5.36 1.22%
avalanche-2
Avalanche (AVAX) $ 31.98 2.19%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 81,454.82 4.79%
sui
Sui (SUI) $ 3.24 14.02%
weth
WETH (WETH) $ 3,177.69 0.27%
chainlink
Chainlink (LINK) $ 14.20 0.95%
bitcoin-cash
Bitcoin Cash (BCH) $ 439.33 2.11%
polkadot
Polkadot (DOT) $ 5.18 6.56%
leo-token
LEO Token (LEO) $ 7.09 5.56%
near
NEAR Protocol (NEAR) $ 5.17 9.85%
aptos
Aptos (APT) $ 11.23 3.35%
litecoin
Litecoin (LTC) $ 76.99 0.90%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,343.19 0.27%
usds
USDS (USDS) $ 1.00 0.28%
uniswap
Uniswap (UNI) $ 9.20 2.16%
pepe
Pepe (PEPE) $ 0.000013 9.70%
internet-computer
Internet Computer (ICP) $ 9.14 3.50%
bittensor
Bittensor (TAO) $ 561.64 7.92%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.51 1.85%
kaspa
Kaspa (KAS) $ 0.152422 11.98%
crypto-com-chain
Cronos (CRO) $ 0.139359 29.24%
ethereum-classic
Ethereum Classic (ETC) $ 23.18 3.34%
stellar
Stellar (XLM) $ 0.111907 6.31%
dai
Dai (DAI) $ 1.00 0.25%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.414304 4.24%
dogwifcoin
dogwifhat (WIF) $ 3.08 21.07%
blockstack
Stacks (STX) $ 2.03 15.45%
whitebit
WhiteBIT Coin (WBT) $ 20.74 3.19%
monero
Monero (XMR) $ 159.74 2.17%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.22%
aave
Aave (AAVE) $ 189.05 3.83%
okb
OKB (OKB) $ 44.44 3.66%
mantle
Mantle (MNT) $ 0.784427 1.71%
filecoin
Filecoin (FIL) $ 4.27 4.56%
arbitrum
Arbitrum (ARB) $ 0.641137 2.98%
injective-protocol
Injective (INJ) $ 25.61 5.67%
first-digital-usd
First Digital USD (FDUSD) $ 0.998738 0.87%