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Fast Retailing posts record profit on strong global sales

Kyodo

Fast Retailing Co., operator of the Uniqlo casual clothing chain, said Thursday its group net profit rose 29.8 percent to a record ¥154.81 billion ($1.38 billion) in the year through August thanks to strong sales at home and abroad.

The company said its group operating profit climbed 33.9 percent to ¥236.21 billion on sales of ¥2.13 trillion, up 14.4 percent, both also record highs.

For the current business year, the retailer projects a 6.6 percent increase in group net profit to ¥165 billion and a 14.3 percent rise in operating profit to ¥270 billion on estimated sales of ¥2.30 trillion, up 8.0 percent.

Fast Retailing’s overseas operations posted particularly strong results, with sales growing 26.6 percent to ¥896.3 billion as the company enjoyed solid demand in Asian markets, new stores opened as planned and stores continued to refrain from discounting to clear inventory.

Domestic sales rose 6.7 percent to ¥864.7 billion, benefiting from colder-than-usual weather during the winter season and record temperatures in summer. Its online sales were up 29.4 percent at ¥63.0 billion, accounting for about 7 percent of domestic sales.