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Fast Retailing profit surges, raises full-year guidance
Tokyo -- Japan’s Fast Retailing Co., parent of Uniqlo, reported Thursday that its net profit for the Sept.-Feb. period surged 38.7% to $705 million as an usually cold weather bolstered sales at Japan stores. Same-store sales in the period rose 2.3%.
The company lifted its full-year profit forecast to $1.7 billion from a previously announced $1.6 billion for the fiscal year ending in August, surpassing analysts’ projections.
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Fast Retailing net profit rises in Q1, but trims outlook
Tokyo -- Fast Retailing Co., operator of the Uniqlo apparel chain, reported Thursday a net profit of $405.3 million for the first quarter, a 37% rise that the company said was due in large part to a change in accounting methods. Operating profit dipped 2.8%.
Sales gained 8.6% overall for the quarter, but the company has trimmed its full-year outlook as sales in its home market remained sluggish.