NEWS · B2 Level - Part 2

Uniqlo reports first quarter results

Fast Retailing saw profits rise during the first quarter but had mixed results in Asia.

Level: B2 · 15 sentences

Transcript

  1. Fast Retailing saw profits rise during the first quarter but had mixed results in Asia.
  2. The operator of Uniqlo clothing chain said profit went up 7.4% on the year
  3. to just under 997 billion dollars in the three months through November.
  4. But that was slightly below analyst forecasts.
  5. The Japanese firm performed strongly in its home market but was hit by a sharp decline in China.
  6. Fast Retailing is seen as a bellwether for consumer spending in Japan and more recently China.
  7. Domestic sales have gained a boost from a surge in duty-free shopping as Japan enjoys a tourism boom fueled by a weak yen.
  8. But sales growth has cooled in China and led the company to scale back store openings.
  9. The firm said Japanese sales were boosted by cold weather in December that raised demand for thermals.
  10. It said unseasonably warm temperatures resulted in flat sales in China during October and November.
  11. Results were also strong in North America and Europe.
  12. Fast Retailing is pursuing an aggressive expansion strategy in both markets
  13. as it aims to become the world's number one clothing brand.
  14. Looking ahead, the firm kept its full-year operating profit forecast of 3.35 billion dollars.
  15. That would put it on course for a fourth year of record earnings.