Even as shoppers stop spending in an economic slowdown, there is one thing that always sells: low-cost clothing basics. Uniqlo has been one of the outperformers that has kept growing as consumer sentiment weakens. The Japanese owner of the brand, Fast Retailing, is now expecting its third straight year of record-high profits.

Fast Retailing upped its full-year operating profit forecast to ￥475bn ($2.9bn) for the year to August from ￥450bn previously, as earnings rose in the latest quarter. In the three months through to May, operating profit rose 31 per cent, beating market expectations.

This may come as a surprise. Earnings in Greater China, where Uniqlo has more than 1,000 stores accounting for more than 40 per cent of its global total, fell sharply in the nine months to May.