Despite Korean Boycott Threats, Uniqlo Sees Record Profits
So much for the boycott of Uniqlo that South Korean activists were advocating for:
Fast Retailing Co.’s lineup of functional and casual attire continued to lure value-conscious shoppers whose preferences are changing in the midst of the COVID-19 pandemic, helping to push the Uniqlo operator’s first-quarter earnings close to an all-time high.
Operating profit rose 23% to ¥113.1 billion ($1.1 billion) in the three months ended Nov. 30, according to a company statement Thursday. That beat analysts’ average estimate of ¥101.5 billion, and comes just below Fast Retailing’s record quarterly results of ¥113.9 billion two years earlier. Sales for the quarter, however, fell 0.6% to ¥619.8 billion.
Japan Times
You can read more at the link.
Those dang free markets! They don’t fit the narrative!!
Commie moon is going to want some of those profits.
That is the good news. The bad news is Uniqlo is closing some of its stores here. Their flagship store in Myeondong is closing and I’ve also noticed that their store along the main Gangnam street has also closed.
FRC has also stopped sales of its lower cost GU brand here in Korea,
I’m not sure if this is part of an overall consolidation because of the hard times or the case of Uniqlo, like Nissan, slowly pulling out of the Korean market.