Company Briefs: Uniqlo
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Uniqlo
Fast Retailing, owner of clothing brand Uniqlo, is expected to report a record annual profit on Thursday as the yen's slump has boosted the value of its overseas sales. The Japanese company has posted strong performances in North America and Europe in the first three quarters that ended in August, but investors will look for signs of a recovery in China, its biggest foreign market with nearly 900 stores.
Operating profit for the fiscal year is expected to rise nearly 17 per cent to 291 billion yen (S$2.9 billion), according to estimates from Refinitiv. Fast Retailing has forecast 290 billion yen.
REUTERS
LVMH
French luxury goods giant LVMH beat market forecasts in the third quarter, posting a sharp rise in sales as wealthy shoppers splashed out on fashion and Americans in Europe made the most of the strong US dollar. The luxury group, home to fashion brands such as Louis Vuitton and Dior, got a boost from improved business in China as Covid-19 curbs eased.
Demand for luxury goods has so far proved resilient to inflationary pressures, with affluent consumers less impacted by a cost-of-living crisis that has led the less well off to cut back on discretionary spending.
REUTERS
Toyota
Toyota Motor said on Wednesday that it has begun assembling cars at a new plant in Myanmar whose start was put on hold for more than 19 months after a military coup and during the coronavirus pandemic.
The plant has begun to assemble one or two vehicles a day, working from parts kits shipped to Myanmar in September.
Japanese companies and other multinationals have faced pressure to pull out of investments in Myanmar that have been seen to benefit the military.
REUTERS