Fast Retailing’s Push Into Western Markets Softens China Slump
- Gains in US and Europe help make up for China slowdown
- Uniqlo facing cheaper alternatives, consumer pullback in China
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Fast Retailing Co.’s expansion into the US and Europe is paying off, with a strong performance in those markets helping to make up for a sharp deceleration in China.
The company behind popular brands Uniqlo and GU raised its full-year forecast for operating income to ¥475 billion yen ($2.9 billion) from ¥450 billion. Operating income for the three months ended May was ¥145 billion, exceeding analysts’ average estimate for ¥124 billion.