Retailing-Specialty: June: Last year’s record heat created tough comps; weather unfavorable this year

研报英文原文证据摘录

Retailing-Specialty: June: Last year’s record heat created tough comps; weather unfavorable this year

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Retailing-Specialty

June: Last year’s record heat created tough

comps; weather unfavorable this year

Industry Overview

Tough hurdle from last year’s high temp. and heat wave 02 July 2026

Major fashion specialty retailers announced June monthly sales after the close on July 2. Equity

While summer products performed well in June 2025 on record high temperatures and Japan

an extreme heat wave, June 2026 was marked by unfavorable weather, with Retailing- Specialty

temperatures in eastern and western Japan broadly in line with normal levels and a Arashi Nishizawa >>

typhoon making landfall. Research Analyst

BofAS Japan

June sales declined after a strong March-May +81arashi.nishizawa@bofa.com3 6225 6402

While many companies performed well in March-May, many saw sales fall below year- Daisuke Aikawa >>

earlier levels in June. Sales momentum slowed particularly at Workman and UNIQLO, Research Analyst BofAS Japan

which have a high exposure to functional products. We will focus on whether companies +81 3 6225 7196

can clear summer inventory as temperatures rise in July. daisuke.aikawa@bofa.com

Record heat last July; early weather alerts issued

Last July had the highest monthly average temperature on record for the month, leaving

a high hurdle. However, temperatures are expected to remain high nationwide over the

next month. Early weather information has also been issued for some regions, and some

areas are likely to see extreme heat.

Exhibit 1: Specialty store sales

Monthly apparel data for 2025-26

2025 2026

June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June

UNIQLO JAPAN (9983) 6.4 2.4 5.3 -1.0 25.1 7.6 -6.6 14.0 4.6 9.2 10.2 10.1 -14.1