Japan's Fast Retailing Co , owner of clothing brand Uniqlo, is expected to post a record annual profit on Thursday as the yen's slump has boosted the value of its overseas sales even as soaring living costs dampen prospects for retailers.
Customers line up outside store of the Uniqlo fast fashion retailer to attend its opening in the Sanlitun shopping district on a polluted day in Beijing, China, November 6, 2021. REUTERS/Thomas Peter, owner of clothing brand Uniqlo, is expected to post a record annual profit on Thursday as the yen's slump has boosted the value of its overseas sales even as soaring living costs dampen prospects for retailers.
The company, Japan's biggest retailer, has posted strong performances in North America and Europe in the first three quarters of the fiscal year that ended in August, but investors will look for signs of a recovery in China, its biggest foreign market with nearly 900 stores. Operating profit for the fiscal year is expected to rise nearly 17% to 291 billion yen , according to an average of 12 analyst estimates from Refinitiv. Fast Retailing has forecast 290 billion yen.That would exceed the previous profit record of 263 billion yen in the year ended in August 2019.
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