Uniqlo owner Fast Retailing is expected to post a third year of record profits, which are forecast to have grown 24% for the 12 months through August to £2.46bn.
This is £20m more than the fashion retailer forecast and comes as Uniqlo has focused on expanding into Western markets. It opened the door to a new store at Coal Drops Yard in Kings Cross and is set to reopen its London White City store this week. It follows the launch of Uniqlo’s third Oxford Street store by Tottenham Court Road tube station earlier this year.
Fast Retailing previously raised its profit outlook in July as its third-quarter operating profit surged 29%, which it said reflected its strong growth in overseas sales despite an underwhelming performance in China.
Related Story
Uniqlo has been a star performer in the fashion sector in recent years with profits soaring last year thanks to its “banana” bag which went viral on TikTok.
The £14.90 bag, known as the “banana” due to its shape, became popular among Gen Z and millennials, after a TikTok user shared a video demonstrating how roomy the bag was.
Other Uniqlo items which garnered popularity on social media included a pair of wide-legged pleated trousers and a top with a built in bra.
Click here to sign up to Retail Gazette‘s free daily email newsletter