Uniqlo owner’s annual sales exceed forecast for H&M
Fast Retailing’s reported annual revenue is above analysts’ forecast for H&M, but the two figures are not yet completed results for both companies.
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Uniqlo owner Fast Retailing generated just under ¥4 trillion (about €22.4 billion) in revenue in its financial year to August, according to an ANP/Bloomberg report carried by Nieuws.nl. Analysts surveyed by Bloomberg expect H&M to post annual revenue of 222.7 billion Swedish kronor, or less than €20 billion — below Fast Retailing’s reported revenue. The comparison is provisional: H&M’s figure is a forecast, and the report does not specify the period it covers. [1]
Fast Retailing’s revenue rose 17% from the previous year. The report links the increase to new stores in Europe and North America and demand for its relatively simple clothing. [1]
Fast Retailing founder and chief executive Tadashi Yanai told an earnings press conference that becoming the world’s largest clothing retailer had been a goal since the company’s founding. The report identifies Inditex, owner of Zara and Bershka, as the current leader. [1]
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