Uniqlo owner Fast Retailing posts surge in profits amid China recovery
The owner of fashion giant Uniqlo has posted a spike in profitability as the retail recovery in China boosted its bottom line.
Japanese conglomerate Fast Retailing registered a 23% uplift in operating profit to Y167.9bn (£1.1bn) during the first six months of its financial year, despite a 0.5% dip in revenue to Y1.2trn (£8bn).
As a result, the group said it now expects to deliver an operating profit of Y255bn (£1.7bn) in 2020/21, compared with its previous estimate of Y245bn (£1.6bn).
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