Fast Re­tail­ing Records Q1 Profit on brisk over­seas Uniqlo sales

Perfect Sourcing - - International News -

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.

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