Quick Retailing stories document first-quarter efficiency, Retail Information, ET Retail

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Tokyo: Uniqlo operator Quick Retailing posted a document first-quarter revenue on Thursday and stored its yearly forecast unchanged, at the same time as enterprise in the important thing market of mainland China was hit by virus restrictions.

The Japanese casualwear behemoth mentioned better-than-expected gross sales and revenue within the three months to December might largely be defined by the “rising diversification” of its enterprise.

Whereas it doesn’t anticipate the unfold of the extremely contagious Omicron coronavirus variant to dent total efficiency in 2021-22, the corporate sounded a notice of warning over the unpredictable impression of the pandemic.

“We anticipate to realize our preliminary estimates, although we’ve difficulties concerned in trying to foretell the long run state of affairs as a result of international unfold of Covid-19,” it mentioned in an announcement.

Web revenue for the primary quarter jumped 33 p.c on-year to 93.6 billion yen ($817 million) marking its finest ever first quarter, Quick Retailing mentioned, as enterprise in lots of elements of the world rebounded from virus lockdowns.

Nevertheless, income and revenue declines have been seen in mainland China, which is pursuing a strict “zero-Covid” technique and has imposed powerful localised restrictions in latest months.

Gross sales dropped in Japan, too, following robust efficiency the earlier yr and as heat autumn climate hit demand for winter outfits.

The corporate, one of many world’s high attire retailers, stored its web revenue forecast for the yr to August 2022 unchanged at 175 billion yen — a three-percent improve from the earlier yr’s document determine.

Its outcomes have additionally been boosted by the depreciation of the yen, which not too long ago hit a five-year low towards the greenback.

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