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Uniqlo owner Fast Retailing's operating profit beats pre-pandemic level

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Both Uniqlo and cheaper sister brand GU benefit from strong demand for the kind of comfortable wear favored by stay-at-home workers and students.

The owner of Japanese clothing chain Uniqlo said on Thursday, January 14, its quarterly operating profit beat pre-pandemic levels, boosted by China's resurgence and solid demand for comfortable clothing such as stretchy jogging pants.

That beat the market's consensus view of 104.7 billion yen, although quarterly sales of 619.8 billion yen missed expectations for 640 billion yen, according to the average of analysts' forecasts from Refinitiv. It runs about 800 Uniqlo stores in mainland China, roughly the same number as in its home market, Japan.

The company said it booked a"large" profit gain in mainland China in the quarter, helped by strong demand for warm clothing and growth in online sales.

 

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