Fast Retailing, the owner of Uniqlo, has increased its profit forecast for the year ending in August to 475 billion yen (US $ 2.94 billion), up from 450 billion yen. This is due to strong sales in Japan and other countries.
The weak yen has made shopping in Japan more attractive for tourists, boosting duty-free sales. Fast Retailing’s CFO, Takeshi Okazaki, highlighted the company’s efforts to attract more tourists. Uniqlo stores in North America, Europe, and Southeast Asia also performed well.
In China, Fast Retailing’s biggest overseas market, growth is slowing. The company now plans to open 50 to 80 new stores annually in China, down from its previous target of up to 100 stores. Uniqlo Greater China CEO, Pan Ning, said the market is maturing.
For the most recent quarter, Fast Retailing’s profit increased by 31% to 144.7 billion yen, beating expectations. The company’s shares have risen by about 26% this year, keeping pace with the Nikkei index.
