Uniqlo proprietor posts 23% leap in HY revenue, raises annual revenue estimate By Reuters

© Reuters. FILE PHOTO: Girls stroll previous a retailer of the Quick Retailing’s vogue chain Uniqlo, in Beijing

TOKYO (Reuters) – Japan’s Quick Retailing, the proprietor of clothes model Uniqlo, on Thursday reported a 23% leap in half-yearly working revenue and raised its full-year revenue estimate.

The corporate has been among the many most resilient retailers in the course of the COVID-19 pandemic, as Uniqlo’s deal with China and Japan helped it escape the worst of the downturn that hit the USA and Europe.

Quick Retailing mentioned working revenue was 168 billion yen ($1.53 billion) within the six months via February, in opposition to 136.7 billion yen a 12 months earlier.

The corporate raised its full-year working revenue forecast to 255 billion yen from 245 billion yen. The common estimate in a Refinitiv ballot of 15 analysts was 262.9 billion yen.

In the course of the pandemic, Uniqlo briskly bought masks and noticed sturdy demand for its stay-at-home jogging pants and different snug attire.

Nevertheless, the corporate is now coping with crises in Myanmar and China which are upsetting its provide chain and one among its most necessary international markets.

Fires broke out at two of Quick Retailing’s accomplice factories in Myanmar final month amid unrest that adopted a navy coup. The corporate has needed to halt operations at some amenities within the nation as a consequence of martial regulation circumstances.

In China, the corporate and different Western manufacturers are going through a backlash over criticisms of alleged human rights abuses in Xinjiang province. Quick Retailing operates about 800 Uniqlo shops on the mainland, about the identical quantity as its residence market of Japan.

Western manufacturers together with H&M, Burberry, Nike (NYSE:) and Adidas (OTC:) have been hit by client boycotts in China for elevating issues about pressured labour in Xinjiang, a serious producer of cotton. 5 model ambassadors for Quick Retailing in China have give up amid the backlash.

($1 = 109.6500 yen)

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