Uniqlo store operator posts record profit on strong global sales

Fast Retailing Co., the operator of the Uniqlo casual clothing chain, said Thursday its group net profit rose 29.8 percent to a record 154.81 billion yen ($ 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 yen on sales of 2.13 trillion yen, 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 yen and a 14.3 percent rise in operating profit to 270 billion yen on estimated sales of 2.30 trillion yen, up 8.0 percent.

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

Domestic sales rose 6.7 percent to 864.7 billion yen, 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 yen, accounting for about 7 percent of domestic sales.

All — Kyodo News+

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