Uniqlo owner upgrades forecast after record quarterly profits

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Fast Retailing, Asia’s largest clothing retailer and owner of the Uniqlo fashion brand, said it expects annual operating profits to rise to a record on the back of a stellar post-Covid recovery in China.

For the March to May quarter, the group, founded by Japan’s richest man Tadashi Yanai, said its operating profit rose 35 per cent from a year earlier to ¥110.3bn ($797mn). Revenue also increased 24 per cent to ¥676.1bn. 

The stronger-than-expected sales of summer clothing in China and Hong Kong also led to an upgrade in its annual guidance, with the group expecting record operating profits of ¥370bn.