Fast Retailing Co. reported profit rose 64 percent in the fiscal first quarter, beating estimates as Asia’s largest clothing retailer sold more of its Uniqlo brand casual- wear.
Fast Retailing brand Uniqlo | Source: Reuters
TOKYO, Japan — Fast Retailing Co. reported profit rose 64 percent in the fiscal first quarter, beating estimates as Asia’s largest clothing retailer sold more of its Uniqlo brand casual-wear in its Japanese home market as well as overseas.
Net income rose to 68.8 billion yen ($575 million) in the three months ended in November, the Yamaguchi, Japan-based company said today. This compares with the 48.4 billion yen average estimate from four analysts compiled by Bloomberg. Sales rose 23 percent to 479.5 billion yen.
Fast Retailing, headed by Japan’s richest man Tadashi Yanai, predicted in October net income may rise 34 percent to 100 billion yen for the year to August 2015, as it speeds up the Uniqlo chain’s overseas expansion. The retailer’s profit slumped in the last fiscal year due to a writedown at its J Brand premium denim unit.
The company’s shares rose 2.3 percent to 44,405 yen at the close in Tokyo trading today, before the results were released.
Uniqlo Japan, which accounted for 52 percent of Fast Retailing’s sales in the last fiscal year, reported sales at stores open at least a year increased on average of about 10 percent during the quarter.
By: Monami Yui and Daryl Loo; editors: Stephanie Wong and Daryl Loo.
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