Fast Retailing Records Q1 Profit on brisk overseas Uniqlo sales

INTERNATIONAL NEWS

Fast Retailing Records Q1 Profit on brisk overseas Uniqlo sales


January 25, 2017



Japan’s Fast Retailing Co Ltd. raked in an all-time high profit in the first quarter, beating consensus estimate, buoyed by brisk business at its overseas Uniqlo clothing stores. Its operating profit came in at 113.9 billion yen ($1.02 billion) in the quarter ended November, versus 88.59 billion yen a year ago, topping a 106.8 billion yen. Results were underpinned by the retailer’s Uniqlo business, famous for its HeatTech fabric clothing and ultra-lightweight down jackets, which saw its operating profit grow 54.7% abroad. Uniqlo earnings rose 18.6 percent at home. Sales at overseas Uniqlo stores outstripped those at domestic stores for the first time. The number of brick-and-mortar Uniqlo stores outside Japan has been growing steadily, with the company expanding into second- and third-tier Chinese cities with a target of hitting 1,000 stores by 2021 in that country from under 600 at end-2017.