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Retail

Uniqlo owner raises profit forecast despite China woes

Casualwear brand pushing ahead with aggressive store expansion

Fast Retailing now estimates its net profit for this fiscal year will jump 47% from the previous year. (Photo by Shihoko Nakaoka)

TOKYO -- Despite inflation and COVID restrictions in China, strong overseas sales in Asia and Western countries have contributed to Uniqlo owner Fast Retailing making an upward revision on its full-year earnings forecasts.

"Our full-year earning forecast will be the record high. Even if excluding the effect of exchange rates, it would be a record high," said Takeshi Okazaki, CFO of Fast Retailing.

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