Fast Retailing, owner of Uniqlo, reports 5.6% increase in first quarter profit, beats estimates By Reuters

© Reuters. FILE PHOTO: Collaborative label + J’s clothing, from Uniqlo’s new partnership with German designer Jil Sander, is on display in the retailer’s press room in Tokyo, Japan, November 6, 2020. REUTERS / Ritsuko Ando / File Photo

TOKYO (Reuters) – Japan’s Fast Retailing, owner of clothing brand Uniqlo, said on Thursday its first-quarter operating profit rose 5.6% from a year earlier, boosted by sales in Southeast Asia, North America and Europe.

Profit reached 119.4 billion yen ($ 1.04 billion) in the quarter ended November 30. The consensus market forecast was 102.6 billion yen, according to an average forecast from analysts at Refinitiv.

Uniqlo’s international segment posted record results in the first quarter, as revenues and profits declined in operations in Japan and mainland China, the company said in a statement.

The company kept its operating profit forecast up 8.4% to 270 billion yen in the fiscal year ending August.

Fast Retailing shares have fallen 9.5% year-to-date, compared to a 1.1% drop in the benchmark.

($ 1 = 114,5700 yen)

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