×
162
Fashion Jobs
L'OREAL GROUP
Executive - Sales - Matrix - Cochin
Permanent · Kochi
SUBIR SINHA
General Manager Production Manager
Permanent · Kanpur
RIVAARA LABS
we Are Area Sales Manager Like You to Join Our Sales Team
Permanent · Nashik
CAPITAL PLACEMENT SERVICES
sr.Manager Production Grinding Machines For Vadodara Gujarat
Permanent · Vadodara
L'OREAL GROUP
Area Sales Manager - South Bengal
Permanent · Kolkata
FUTURES AND CAREERS
Job Requirement For "Assistant Production Manager"
Permanent · Renigunta
KEWAL KIRAN CLOTHING LTD
Area Sales Manager (Channel Sales) Rajasthan, Jaipur
Permanent · Jaipur
FEDBANK FINANCIAL SERVICES LTD
Area Sales Manager- Doorstep Gold Loan(Chennai)
Permanent · Chennai
HERO HOUSING FINANCE LIMITED
Area Sales Manager
Permanent · Thane
PROJOBS
Manager Accounts - Garment Manufacturing (Cma)
Permanent · Coimbatore
HECTOR AND STREAK CONSULTING PVT LTD
Production Manager- Diagnostic Portfolio
Permanent · Mumbai
ELITE DECOR PVT LTD
Production Manager & Production Supervisor
Permanent · Vadodara
L'OREAL GROUP
Sales Executive - Professional Division - Bhopal
Permanent · Bhopal
L'OREAL GROUP
Executive - Sales Cpd - Bhatinda (n)
Permanent · Bathinda
L'OREAL GROUP
Sales Executive - Cpd - Bhatinda
Permanent · Bathinda
L'OREAL GROUP
Area Sales Manager, Cpd - Chandigarh
Permanent · Chandigarh
HEALTHKART
Area Sales Manager- Healthkart - Lucknow, Agra, Gwalior
Permanent · Lucknow
HALONIX TECHNOLOGIES PVT LTD
Area Sales Manager - Lighting Retail Sales (Rajkot)
Permanent · Rajkot
ELECTRONICA FINANCE LTD
Area Sales Manager - Bangalore Machinery Loan
Permanent · Bengaluru
NANDANI CREATION LTD
Production Manager
Permanent · Jaipur
ELECTRONICA FINANCE LTD
Area Sales Manager - Kolhapur Machinery Loan
Permanent · Kolhapur
DIAMOND RETAIL INDIA
Hiring For Sales Officer/Area Sales Manager (Jharkhand All District)
Permanent · Ranchi
By
Reuters
Published
Oct 10, 2019
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Fast Retailing books record profit, says South Korea boycott curbs outlook

By
Reuters
Published
Oct 10, 2019

Fast Retailing Co Ltd on Thursday booked record profit for a third consecutive year on strong sales at its Uniqlo stores in China, and forecast further growth in the current year albeit tempered by a boycott of Japanese goods in South Korea.




Operating profit climbed 9% to 257.6 billion yen ($2.40 billion) in the year ended Aug. 31, mostly in line with market expectations and helped by strong performance of its lower-priced brand GU.

While it projected growth in the current business year, the 6.7% rise to 275.0 billion yen was less than half the 15% growth forecast by analysts polled by Refinitiv. The company said it expected a sharp decline in South Korean sales amid a boycott brought about by a diplomatic dispute.

The Nikkei reported earlier that Uniqlo sales in South Korea, which account for around 8% of the chain’s total, declined 40% in July compared with the same month a year earlier, and fell even more in August.

Fast Retailing, without disclosing figures, called the situation “serious”, though Chief Executive Tadashi Yanai said he was not planning any major change to its business there.
“I don’t think it will last forever,” Yanai said at an earnings briefing. “I would like to think optimistically.”

Elsewhere, the company opened its first store in India last week and is expanding in markets such as Malaysia and Indonesia. However, its biggest growth market in recent years has been China, where it opened its first Uniqlo store in 2002 and now has 711 locations.

Uniqlo’s profit in Greater China rose 21% to 89 billion yen, Fast Retailing said. The company has said it expects revenue in the market to grow to 1 trillion yen by fiscal 2022 from 502.5 billion yen last year.

Another strong point in the just-ended year was Uniqlo’s sister brand GU, where operating profit jumped 139% to 28 billion yen. The brand was previously dismissed by some analysts as too similar to Uniqlo, but has proven popular for its more affordable and trendy items such as oversized sweatshirts.

© Thomson Reuters 2021 All rights reserved.