Uniqlo owner's profits boosted by overseas surge as Japan sales fall [Reuters]
FAST RETAILING UNSP/ADR (FRCOY)
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Source: Reuters
Clothes of the collaborative label +J from Uniqlo's new tie-up with German designer Jil Sander, are displayed at the retailer's press room in Tokyo, Japan November 6, 2020. REUTERS/Ritsuko Ando/File Photo TOKYO, Jan 13 (Reuters) - Japan's Fast Retailing (9983.T) , owner of clothing brand Uniqlo, said on Thursday overseas markets powered profit growth in the first quarter, even as sales declined at home and in China. The results marked a reversal from the past few years when China and Japan were the big sales and profit growth drivers for the retailer. Operating profit rose 5.6% to 119.4 billion yen ($1.04 billion) in the three months ended Nov. 30. That beat the market's consensus of 102.6 billion yen, according to the average of analysts' forecasts from Refinitiv. The company maintained its forecast for operating profit to climb 8.4% to 270 billion yen in the fiscal year ending in August. Uniqlo's international business reported record first-quarter results, driven by sales from Sout
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