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China remains bright spot for Uniqlo

Uniqlo is doing well in China. Business remains a bright spot for the retailer despite concerns that a slowdown in growth in the world’s second-largest economy would eventually take a toll. For the February quarter, the brand posted a double-digit jump in sales and profit in China. There was a 19 per cent rise in operating profit. Uniqlo’s sales and profit in China rose around 20 per cent year-on-year in the first half. It expanded to 633 locations in the country in the last fiscal year, up 78 stores from a year earlier, while in Japan it went down four stores to 827. Uniqlo is also growing online, with e-commerce sales in Japan growing 30 per cent year-on-year.

However an unseasonably warm weather forced it to slash prices for winter clothes. Amid heavy discounting to offload winter inventory, the retailer now expects an operating profit of 260 billion yen for the financial year through August, versus its previous estimate of 270 billion yen. That would still be a record high and a ten per cent year-on-year rise. Uniqlo is part of the Japanese group Fast Retailing. Uniqlo is known for its simple and affordable clothes such as lightweight down jackets.

 
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