Fast Retailing Records Q1 Profit on brisk overseas Uniqlo sales
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.