Fast Retailing, a Japanese fashion retail holding company, has released its forecast for the company’s FY ’21 and it remains unchanged from what it announced in October 2020.

Reason cited by Fast Retailing for unchanged forecast is the difficulties involved in estimating corporate performance during the COVID-19 pandemic.

It’s worth mentioning here that the company predicted full-year consolidated revenue to be 2.20 trillion yen in FY ’21, marking 9.50 per cent growth on Y-o-Y basis.

The estimates of consolidated operating profit were 245 billion yen, with a growth of 64 per cent and profit attributable to owners of the parent company was predicted to be 165 billion yen which is 82.60 per cent yearly growth.

The fashion brands of Fast Retailing experienced 23.30 per cent surge in their operating profits during September-November quarter of FY ’21 and despite the rapid expansion of the COVID-19 pandemic since November ’20, the company says its first-half consolidated performance has been currently trending above plan.

UNIQLO International is expected to report a first-half decline in revenue and a sharp rise in profit, but that will still likely be below the parent company’s initial plan.

Meanwhile, UNIQLO Japan is expected to report a higher-than-expected rise in revenue and an improved gross profit margin and SG&A ratio, which is forecast to generate a large increase in profit.

On the other hand, GU is forecast to fulfill expectations for a steady year-on-year performance. With Theory, Comptoir des Cotonniers and other brands currently trending below plan, its Global Brands segment is expected to fall short of first-half estimates by reporting large declines in both revenue and profit.