Uniqlo owner Fast Retailing’s operating profit beats pre-pandemic level
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The owner of Japanese clothing chain Uniqlo said on Thursday its quarterly operating profit beat pre-pandemic levels with the help of China’s resurgence and solid demand for comfortable roomwear such as stretchy jogging pants.
Fast Retailing’s quarterly profit rose to 113.1 billion yen (S$1.44 billion), up 23 percent from a year earlier when the novel coronavirus outbreak had yet to emerge.
The market’s consensus forecast was for 104.7 billion yen, although its quarterly sales of 619.8 billion yen missed the market’s view of 640 billion yen, according to the average of analysts’ forecasts from Refinitiv.
Questions & Answers
Q.What contributed to Fast Retailing exceeding its pre-pandemic operating profit?
What contributed to Fast Retailing exceeding its pre-pandemic operating profit?
The company's operating profit surpassed pre-pandemic levels due to China's resurgence and strong demand for comfortable roomwear, specifically mentioning items like stretchy jogging pants. These factors helped boost performance significantly.
Q.How did the company's recent quarterly operating profit compare to a year ago?
How did the company's recent quarterly operating profit compare to a year ago?
Fast Retailing's quarterly operating profit increased by 23 percent compared to the same period a year earlier. This growth occurred before the novel coronavirus outbreak had emerged globally, impacting their previous performance.
Q.Did Fast Retailing's quarterly sales meet market expectations?
Did Fast Retailing's quarterly sales meet market expectations?
No, the company's quarterly sales of 619.8 billion yen missed the market's expectation. Analysts had forecast sales of 640 billion yen, according to the average of Refinitiv's forecasts.
Q.By how much did Fast Retailing's operating profit exceed analysts' forecasts?
By how much did Fast Retailing's operating profit exceed analysts' forecasts?
The company's operating profit of 113.1 billion yen surpassed the market's consensus forecast by a notable margin. Analysts had anticipated a figure of 104.7 billion yen, indicating a stronger-than-expected performance.
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