Lowering its profit outlook for the year through April, Japan's Fast Retailing, owner of clothing brand Uniqlo, now expects its annual operating profit to decline by 50 per cent to 130 billion yen rather a previously expected drop of 44 per cent as the company reported operating loss of 4 billion yen in March-May quarter.
However, the company reported a strong rebound in Uniqlo's domestic same-store sales for June as its business in China was recovering at a faster-than-expected pace. Uniqlo's domestic same-store sales, including online purchases, rose by 26 per cent in June from a year earlier. The brand is seeing a faster-than-predicted pace of recovery in Japan and China, and would continue to open more stores around the world. Fast Retailing has also opened most of its stores in China and Japan. The company’s focus on Asia may help shelter it from the worst of the global pandemic.