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Fast Retailing - First Quarter Earnings Slip 2%

Fast Retailing Co, the parent company of clothing brand Uniqlo, reported a 2% decline in first-quarter earnings following last year's record figures.

Uniqlo store
Uniqlo store

Operating profit for the three months ending November 2022 was 117.1 billion yen ($889.82 million), compared to 119.4 billion yen in the same period of the previous year. The consensus forecast was 135.3 billion yen, according to the average of five analyst estimates collected by Refinitiv.

Uniqlo Earnings Slip in China and Japan

Profit had declined at Uniqlo operations in Greater China and Japan, while earnings in all other regions had increased, Fast Retailing said in a statement. The company held its full-year operating profit forecast at 350 billion yen.

Fast Retailing Announces Big Wage Hikes

A day after announcing plans for big wage rises, the company said operating profit had been 117.1 billion yen ($889.82 million) from November 2022, compared with 119.4 billion yen a year earlier. The company, Japan's biggest retailer, sent shockwaves on Wednesday saying it would lift its employees' wages by as much as 40%. That greatly satisfied policymaker, who had been urging employers to raise wages to help offset the highest inflation in a generation.