Casualwear has been the much-in demand attire all through 2020 for many of the fashion retailers and Uniqlo is no different.
The Japanese fast fashion giant saw its first quarter earnings reach an all-time high – all thanks to the growing popularity of its functional and casualwear.
Uniqlo posted an impressive jump of 23 per cent to 113.1 billion yen in its operating profit for the quarter that ended 30 November.
That beats the 101.5 billion yen predicted by analysts!
And what’s more, it is just marginally lower than 113.9 billion yen, which Fast Retailing had attained in its quarter 2 years back.
It’s been tough in Japan too and despite all challenges, consumers have consistently shown their preference for Uniqlo’s functional and casualwear, which has helped the retailer achieve higher same-store sales in its Japan stores for each month of the quarter.
An elated Takeshi Okazaki, CFO, Uniqlo, said on Thursday (14 January) that shoppers are thinking of Uniqlo first when they are in need of apparels and that’s helped their revenue.
Notably, e-commerce sales during the quarter rose by 48 per cent, thereby accounting for 15 per cent of total sales in Japan.