×
860
Fashion Jobs
HUGO BOSS
E-Commerce Operations & Logistics Manager
Permanent · London
VF INTERNATIONAL
Senior Credit Controller - Multibrand
Permanent · CALVERTON
EASTPAK
Credit Team Leader - Eastpak
Permanent · CALVERTON
HUGO BOSS
Buyer Emea
Permanent · London
ESTÉE LAUDER
Aveda - Omni National Account & Operations Executive
Permanent · London
ESTÉE LAUDER
Demand Planner - Supply Chain
Permanent · London
ESTÉE LAUDER
Director, International Business Development (Maternity Cover)
Permanent · London
PAUL SMITH
International Sales Executive
Permanent · LONDON
EASTPAK
Sales Manager
Permanent · LONDON
NEW BALANCE
Category Merchandising Manager Emea, Running Footwear
Permanent · Warrington
CONFIDENTIEL
Warehouse Area Manager
Permanent ·
ESTÉE LAUDER
Clinique - Consultant - John Lewis, Liverpool - 26 Hours - Part Time, Permanent
Permanent · Liverpool
ESTÉE LAUDER
Clinique - Consultant - Boots-Aintree, Liverpool - 11 Hours - Part Time, Permanent
Permanent · Liverpool
ESTÉE LAUDER
Clinique - Consultant - Fenwick, Newcastle - 12 Hours - Part Time, Permanent
Permanent · Newcastle upon Tyne
ESTÉE LAUDER
Clinique - Consultant - Boots, Bishops Stortford - 7.5 Hours - Part-Time - Permanent
Permanent · Bishop's Stortford
ESTÉE LAUDER
Clinique - Consultant - Boots, st Davids Cardiff - 37.5 Hours - Full Time, Permanent
Permanent · Cardiff
ESTÉE LAUDER
Clinique - Consultant - Boots, Oracle Reading - 28 Hours - Part Time, Permanent
Permanent · Reading
ESTÉE LAUDER
Clinique - Consultant - Flannels, Sheffield Meadowhall - 22.5 Hours - Part Time, Permanent
Permanent · Sheffield
ESTÉE LAUDER
Clinique - Consultant - John Lewis, Cribbs Causeway - 37.5 Hours - Full Time, Permanent
Permanent · Bristol
ESTÉE LAUDER
Clinique - Consultant - Boots, st Davids Cardiff - 30 Hours - Full Time, Permanent
Permanent · Cardiff
ESTÉE LAUDER
Art Director
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - Fenwick, Bracknell - 11.5 Hours - Part Time, Permanent
Permanent · Bracknell
By
Reuters
Published
Apr 5, 2010
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Fast Retailing shares plunge after March sales dive

By
Reuters
Published
Apr 5, 2010

TOKYO, April 5 (Reuters) - Shares of Fast Retailing (9983.T) tumbled 9 percent after its Uniqlo budget fashion chain posted in March its biggest sales drop in seven years as cold weather hurt sales of spring clothing.

Fast Retailing
Photo: www.uniqlo.co.uk

The 16.4 percent year-on-year decline in sales snapped a trend of generally robust growth since 2008 on the back of hit products like its "Heattech" line of basic garments made of heat-retaining fabric.

It was the biggest monthly decline since March 2003, with sales of light jackets sliding after robust sales of the items a year earlier.

"Momentum (of sales growth) will inevitably slow as it faces high year-earlier hurdles ahead, so it cannot support the stock's valuation," said Takeshi Osawa, senior fund manager at Norinchukin Zenkyoren Asset Management.

On Friday 2 April, before the March sales announcement, Fast Retailing shares ended at 16,690 yen, more than six times its book value. By contrast, Seven & I (3382.T) and other major Japanese retailers are traded around their book values.

Investors on Monday 5 April snapped up some retail stocks that had been overshadowed by Fast Retailing.

Shares of apparel chain operator United Arrows (7606.T), whose same-store sales rose 4.1 percent in March, soared 6.8 percent to 1,102 yen.

Osawa said there may be a shift for now towards undervalued retail stocks but he remained upbeat on Fast Retailing over the long haul.

"I don't think Uniqlo will go downhill. Its solid growth prospects have not changed," he said.

Fast Retailing has been aggressively opening stores in China to tap growing demand there. It also opened its first Uniqlo store in Russia last week, with an eye on India and Brazil next.

Fast Retailing was down 9.2 percent at 15,150 yen by the midday break, the biggest percentage drop since December 2008. The stock was the largest percentage loser on the Nikkei 225 .N225, which gained 0.5 percent. (Reporting by Taiga Uranaka; Editing by Chris Gallagher)

© Thomson Reuters 2021 All rights reserved.