TOKYO — Fast Retailing Co. Ltd. saw double-digit growth in the first nine months of the year, but uneven sales of spring items forced the company to cut full-year forecasts.
The Uniqlo parent said Thursday that net profit for the nine-month period ending May 28 rose 35 percent to 67.18 billion yen, or $738.98 million at average exchange for the period. Sales increased 22.7 percent to 659.06 billion yen, or $7.25 billion.
Uniqlo’s monthly sales performance so far this year has been mixed, an outcome the company has blamed on unseasonably cool spring weather and problems keeping some popular spring styles in stock. Just last week, the company said Uniqlo’s same-store sales in Japan fell 5.8 percent in the month of June.
On Thursday, Fast Retailing trimmed full-year profit and sales targets, the same ones the company raised in April when it released first-half figures.
The company now expects net profit for the full-year ending Aug. 31 to rise 35.6 percent to 67.5 billion yen, or $772.93 million at current exchange. That compares with a previous forecast of 71 billion yen, or $813 million.
The company said full-year sales should rise 19 percent to 815 billion yen, or $9.33 billion, compared with an earlier estimate of 834 billion yen, or $9.56 billion.
“While we have revised downward our second-half estimates for Uniqlo Japan, we are still predicting the operation will generate increased sales and profit for the full business year through August 2010,” the company said.
While Uniqlo’s sales growth in Japan appears to be slowing, the brand is still growing and expanding around the world. The company opened its first store in Russia this year. On May 15, Uniqlo opened its fourth global flagship in Shanghai and “met with phenomenal success,” according to the company.
“Uniqlo International is enjoying a favorable expansion, particularly in the Asian region. Uniqlo brand awareness is also increasing in the U.S. and Europe, generating improvements in sales and profit per store,” the company said Thursday.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast