Uniqlo owner Fast Retailing Co. expects full-year profit will hit a record as a weaker yen and strong sales globally outweighed a China slump due to COVID-19 lockdowns.
The Japanese retailer raised its full-year operating forecast to ¥290 billion ($2.1 billion) from an earlier estimate of ¥270 billion, according to a statement on Thursday. That topped analyst projections and, if achieved, would beat the previous record set in 2019.
The outlook was aided by robust quarterly earnings, with operating profit in the three months ended May 31 climbing to ¥81.81 billion, beating analysts’ average projection of ¥67 billion.