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)

RURIKA IMAHASHI, Nikkei staff writer

July 14, 2022 19:46 JST

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.