©Reuters. FILE PHOTO: People wearing face masks walk past a store of Fast Retailing fashion chain Uniqlo in Beijing, China, May 22, 2020. REUTERS/Tingshu Wang
TOKYO (Reuters) – The Japanese owner of clothing brand Uniqlo reported record half-year profits on Thursday, even as COVID-19 lockdowns in China hampered sales in its largest overseas market.
Operating profit for the six months ended February rose 18% year over year to 189 billion yen ($1.51 billion), according to Fast Retailing Co.
Results were supported by sales growth in North America, Europe and other parts of Asia, while sales and profits declined in China.
Fast Retailing is an indicator of how major global retailers are being impacted by COVID-related closures in China, one of the biggest growth markets for many Western brands.
The retailer expects sales to decline and a sharp drop in profits in its Greater China segment in the second half and for the full fiscal year 2022.
The company stuck to its full-year earnings guidance of 270 billion yen. That compares to a consensus forecast for full-year earnings of 278 billion yen, according to a Refinitiv poll of 11 analysts.
($1 = 125.4300 yen)
https://www.investing.com/news/stock-market-news/uniqlo-operator-fast-retailings-h1-profit-rose-18-despite-china-slowdown-2803735 Uniqlo operator reports record half-year profit despite China slowdown By Reuters