Uniqlo: yearly profits hit a record 1.4 billion francs

CLOTHING

The Japanese chain is unaffected by the pandemic and is anticipating a turnover boost

Uniqlo: yearly profits hit a record 1.4 billion francs
Uniqlo: annual profits record to 170 billion yen

Uniqlo: yearly profits hit a record 1.4 billion francs

Uniqlo: annual profits record to 170 billion yen

The Japanese clothing chain Uniqlo, which is not affected by the drop in consumer demand during the Covid pandemic and expects sales to strengthen as restrictions are loosened. For the 12 months ended Aug. 31, net income rose 88 percent to 169.8 billion yen, the equivalent of 1.4 billion francs.

An increase in demand for more casual clothing, due to changing work habits, and cost cutting, pushed sales to 2130 billion yen (17.5 billion francs).

In the second half of the year, with the return of regular store opening hours and the reduced impact of bans on people going out, Chief Financial Officer Takeshi Okazaki, said he was expecting a significant increase in sales and profits.

For the year ending August 2022, Uniqlo expects a net profit of 175 billion yen and sales of 2220 billion. However, the company expressed concern about the gradual increase in raw materials and a possible return of lockdown phases in some countries.

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