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.