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Uniqlo Owner’s Stock Hits Record as Shoppers Go Casual in Pandemic

  • Quarterly results helped by strengths in China and Japan
  • Fast Retailing sees momentum continuing through first half
The Uniqlo Tokyo flagship store during the pandemic in the Ginza district of Tokyo.

The Uniqlo Tokyo flagship store during the pandemic in the Ginza district of Tokyo.

Photographer: Kiyoshi Ota/Bloomberg
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Fast Retailing Co.’s lineup of functional and casual attire continued to lure value-conscious shoppers whose preferences are changing in the midst of the Covid-19 pandemic, helping to push the Uniqlo operator’s first-quarter earnings close to an all-time high.

Operating profit rose 23% to 113.1 billion yen ($1.1 billion) in the three months ended Nov. 30, according to a company statement Thursday. That beat analysts’ average estimate of 101.5 billion yen, and comes just below Fast Retailing’s record quarterly results of 113.9 billion yen two years earlier. Sales for the quarter, however, fell 0.6% to 619.8 billion yen.