Uniqlo parent Fast Retailing to strengthen online sales after beating retail gloom to report better-than-expected first-half profit
- Tokyo-based company reports 5.4 per cent rise in net profit to US$966.2 million for six months to February 28
- Online sales continued to be strong in all markets, Fast Retailing says
Fast Retailing, which owns Japanese brand Uniqlo, will seek to boost online sales after they helped it report a better-than-expected first-half profit.
The Tokyo-based company, one of the world’s largest fashion retailers, reported a 5.4 per cent rise in its net profit to 105.8 billion yen (US$966.2 million) for the six months to February 28. Its revenue edged up 0.5 per cent to 1.2 trillion yen.
“Online sales continued to be strong in all markets,” the company said on Thursday. “The group will enhance e-commerce sales by strengthening initiatives to provide services that fuse online and physical stores to create a new type of shopping experience.”
The company has also raised its full financial year revenue and profit forecast. Its overall first-half profit improvement was led by its home market, Japan, where it recorded 36.6 per cent operating profit and 6.2 per cent revenue growth. The market contributed 38 per cent of its total sales.
“Products such as loungewear and Heat-Tech blankets, that fulfilled customer demand for stay-at-home [during the pandemic] were especially popular,” Fast Retailing said, adding that ultra-stretch jogger pants and “sport utility wear” were also sought after.
