Fast Retailing Lifts FY Operating Profit Forecast

TOKYO–Fast Retailing Co Ltd has raised its full-year operating profit forecast by 11 percent, lifted by strong sales at its Uniqlo stores in Japan and continued growth overseas. Asia’s biggest apparel retailer said it now expects operating profit of 200 billion yen, or $1.7 billion, for the fiscal year through August, versus its prior estimate of 180 billion yen. The average forecast of 22 analysts was for 197.25 billion yen. In its September-February fiscal first half, Fast Retailing’s net profit grew 56.2 percent to 104.75 billion yen, or $911.33 million at exchange rates for the period. Sales rose 24.2 percent to 949.68 billion yen, or $8.26 billion. Operating income rose 40.2 percent to 150.08 billion yen, or $1.31 billion. Uniqlo, known for its HeatTech fabric technology and rainbow colored-basics, enjoyed an 8.4 percent rise in same-store sales at its Japanese outlets during the half. Growth was also solid overseas, where expansion is key to Fast Retailing’s goal of becoming the world’s top apparel retailer ahead of Zara-owner Inditex SA, Hennes & Mauritz AB (H&M) and Gap Inc in coming years. Reuters contributed to this report.

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