Fast Retailing has cut its annual profit outlook as extra Covid restrictions in Japan and elsewhere dented footfall. But its nine-month and Q3 performances were broadly strong and Theory improved in the latest quarter.
Fast Retailing released H1 results on Thursday, plus its Japanese Uniqlo performance for March. Both reports showed the business is doing well in general, even if the H1 figures showed some smaller brands struggling.
Uniqlo's Japanese owner on Thursday said operating profits were higher than pre-pandemic levels in its Q1, boosted by China's resurgence and strong demand for stay-at-home clothes like jogging pants and loungewear.
Circumstances conspired against Fast Retailing in Q1 with the firm having faced several obstacles in the Asia market. And its Uniqlo chain was also at the mercy of the weather last month as high temperatures hit sales.
Fast Retailing has announced it has developed a new denim washing process which will help it save 3.7 billion litres of water by 2020, when the technology will be used to make all jeans sold by the group.
Uniqlo's sister brand GU is launching its first designer collaboration with Kim Jones. The collection will feature several designs from the brand's archive updated for both men and women to be released on March 21.