Uniqlo owner Fast Retailing hikes annual forecast after surge in quarterly profit [Globe and Mail, The (Toronto, Canada)]
FAST RETAILING UNSP/ADR (FRCOY)
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fastretailing.com/eng/ir
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Source: Globe and Mail, The
“In the first quarter we absorbed the impact of additional tariffs in the U.S. and beat our expectations for business profit margin,” Chief Financial Officer Takeshi Okazaki said at a press briefing. Quarterly profits beat analyst expectations Known for ?durable basic items and considered a bellwether for consumer sentiment in Japan and ?in China, Fast Retailing said operating profit climbed 34 per cent ?to 205.6 billion yen ($1.3 billion) during the September-November period on a ?15-per-cent ?increase in revenue. That easily beat an LSEG consensus estimate of 177 billion yen. Profit from its ?domestic business grew 20.6 per cent from a year earlier thanks to buoyant demand for sweatshirts and warm innerwear. Many overseas markets saw double-digit growth in revenue and profit. Autumn sales in China were strong and the launch of a collaborative business with e-commerce giant JD.com brought in new customers. Overall, its ?international segment posted profit growth of 41.6
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