Uniqlo owner posts record Q3 earnings

TOKYO: Japan’s Fast Retailing Co yesterday reported a record high quarterly operating profit, in a sign the owner of clothing chain Uniqlo was reaping the benefits of a push to expand its overseas sales.

The retailer, which is chasing the top spot in worldwide apparel sales, flagged its ambitions last week when tennis star Roger Federer strode onto the court at Wimbledon in Uniqlo branded whites, in a sponsorship deal reportedly worth around US$30 million (RM121 million) annually.

For the quarter ended May, Fast Retailing’s operating profit was ¥68.4 billion (RM2.45 billion), up 37% from a year ago and above an average ¥59.1 billion estimate from four analysts polled by Thomson Reuters I/B/E/S.

Results were driven by overseas Uniqlo sales that topped domestic sales for a third consecutive quarter.

Fast Retailing, already Asia’s biggest clothing retailer, reiterated its full-year operating profit view of ¥225 billion. Analysts expect better at ¥228.8 billion.

The company’s international sales rose 28% and overseas operating profit jumped 65% in the nine months to May, driven mainly by Asian sales of Uniqlo apparel. – Reuters