Japan's Fast Retailing Co , owner of clothing brand Uniqlo, said on Thursday that first quarter earnings slid 2%, reflecting weakness at home and continuing COVID-19 restrictions in China.
Fast Retailing's Uniqlo sign boards are displayed at a casual clothing store in Tokyo, Japan January 11, 2023. REUTERS/Issei Kato, owner of clothing brand Uniqlo, said on Thursday that first quarter earnings slid 2%, reflecting weakness at home and continuing COVID-19 restrictions in China.
The consensus forecast was for 135.3 billion yen, according to the average of five analyst estimates collected by Refinitiv. "Once 'with corona' lifestyles take root, we think a normal operations will come back on the Chinese mainland," CFO Takeshi Okazaki told reporters. The company, Japan's biggest retailer, sent shockwaves through the country on Wednesday by saying it wouldby as much as 40%. That greatly satisfied policymakers, who had been urging employers to raise wages to help offset the highest inflation in a generation.
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