Uniqlo owner Fast Retailing has kept its outlook for profit and sales intact for the current fiscal year, as growth in overseas markets appears to be making up for any increased costs stemming from the retailer’s decision to raise employee wages in Japan.
Operating profit for the year ending August is forecast to reach ¥350 billion ($2.7 billion), the clothing retailer said in a statement on Thursday. That compares with the ¥357 billion average projected by analysts. Net sales are seen at ¥2.65 trillion, in line with analysts’ prediction.
The retailer, which is raising salaries in Japan as inflation picks up, reported profits of ¥117 billion for the three months that ended in November, missing analysts’ projection for ¥140 billion based on the average of estimates compiled by Bloomberg. Sales rose 14% to ¥716 billion — analysts were predicting revenue of ¥721 billion.