×
257
Fashion Jobs
BAJAJ FINANCE
Sales Manager (Digital Product Finance)
Permanent · Hyderabad
RAJARAJESHWARE BUILDDCON
Sales Manager
Permanent · Bengaluru
BAJAJ FINANCE
Sales Manager (Digital Product Finance)
Permanent · Dankuni
BAJAJ FINANCE
Sales Manager (Consumer Durable)
Permanent · Asansol
SAGAR PETROLEUMS
Territory Sales Manager
Permanent · Warangal
INCITE HR SERVICES
Area Sales Manager | Business Development Manager
Permanent · Durg
UNIBRAND DRINKS PVT. LTD
Horeca Sales Manager Mumbai Pune
Permanent · Pune
ORIENT ELECTRIC LTD.
Area Sales Manager - B2B Sales - Bangalore/ Belagavi
Permanent · Bengaluru
SUPRO CONSULTING
Area Sales Manager - on Roll
Permanent · Faridabad
THE INFINITY SPACE
Area Sales Manager - Team Handling
Permanent · Guwahati
ALKUSH INDUSTRIES
Area Sales Manager/Sales Officer
Permanent · Nashik
ALKUSH INDUSTRIES
Area Sales Manager/Sales Officer
Permanent · Alibag
SUPRO CONSULTING
Area Sales Manager
Permanent · Kolhapur
H&M
Administration Specialist
Permanent · BENGALURU
H&M
Sustainability Developer
Permanent · NEW DELHI
H&M
Program Specialist - Environment
Permanent · BENGALURU
INTERMEDICS HEALTHCARE LLP
Area Sales Manager - Asm - Ivf/Hormones (Medical Devices)
Permanent · Lucknow
CRESCENDO GLOBAL LEADERSHIP HIRING INDIA
Area Manager- Fmcg Sales- (2- 5 Years)- Bangalore
Permanent · Bengaluru
KEZAN INDIA
Area Sales Manager
Permanent · Pune
ACHYUTAM INTERNATIONAL
Sales Manager- Printing & Packaging- Africa
Permanent · Chennai
SWAT CERAMIC PRIVATE LIMITED
Area Sales Manager
Permanent · Pune
NR CONSULTING
Requirement- Direct Sales Manager- Rajasthan
Permanent · Ajmer
By
Reuters
Published
Apr 5, 2010
Reading time
2 minutes
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Fast Retailing shares plunge after March sales dive

By
Reuters
Published
Apr 5, 2010

TOKYO, April 5 (Reuters) - Shares of Fast Retailing (9983.T) tumbled 9 percent after its Uniqlo budget fashion chain posted in March its biggest sales drop in seven years as cold weather hurt sales of spring clothing.

Fast Retailing
Photo: www.uniqlo.co.uk

The 16.4 percent year-on-year decline in sales snapped a trend of generally robust growth since 2008 on the back of hit products like its "Heattech" line of basic garments made of heat-retaining fabric.

It was the biggest monthly decline since March 2003, with sales of light jackets sliding after robust sales of the items a year earlier.

"Momentum (of sales growth) will inevitably slow as it faces high year-earlier hurdles ahead, so it cannot support the stock's valuation," said Takeshi Osawa, senior fund manager at Norinchukin Zenkyoren Asset Management.

On Friday 2 April, before the March sales announcement, Fast Retailing shares ended at 16,690 yen, more than six times its book value. By contrast, Seven & I (3382.T) and other major Japanese retailers are traded around their book values.

Investors on Monday 5 April snapped up some retail stocks that had been overshadowed by Fast Retailing.

Shares of apparel chain operator United Arrows (7606.T), whose same-store sales rose 4.1 percent in March, soared 6.8 percent to 1,102 yen.

Osawa said there may be a shift for now towards undervalued retail stocks but he remained upbeat on Fast Retailing over the long haul.

"I don't think Uniqlo will go downhill. Its solid growth prospects have not changed," he said.

Fast Retailing has been aggressively opening stores in China to tap growing demand there. It also opened its first Uniqlo store in Russia last week, with an eye on India and Brazil next.

Fast Retailing was down 9.2 percent at 15,150 yen by the midday break, the biggest percentage drop since December 2008. The stock was the largest percentage loser on the Nikkei 225 .N225, which gained 0.5 percent. (Reporting by Taiga Uranaka; Editing by Chris Gallagher)

© Thomson Reuters 2023 All rights reserved.