Uniqlo-owner Fast Retailing forecasts rebound2021|01:07
Sales at Uniqlo are perking up as lockdowns ease. Owner Fast Retailing says it expects the recovery to keep going into 2022. On Thursday (October 14) it forecast that operating profits would climb to $2.4 billion over the coming fiscal year. That would be up more than 8%. The Japanese firm says lockdowns will still drag on results in the first half, with shopping habits then returning to normal in the following six months. Back in September it said some new product launches would be delayed as lockdowns hit suppliers in Vietnam. It's also seen output halted at some plants in Myanmar, due to the unrest there. Now Fast Retailing foresees some negative impact from the congested ports and other logistics headaches hitting companies around the world. But it's trying to move on from a consumer backlash in China over its response to alleged human rights abuses in Xinjiang province. Uniqlo now has improved monitoring of how it gets its raw materials, and aims to track content right back to the farm.