Fast Retailing announced strong revenue and profit for its first fiscal quarter, driven by an acceleration in the global growth of its Uniqlo casual clothing chain.
The Japanese parent company of Uniqlo and other brands stated on Thursday that for the three months ending in November, its net profit increased by 12% year-on-year to 147.45 billion yen (equivalent to $940.5 million). This net profit figure surpassed the 132 billion yen consensus estimate compiled by Visible Alpha from a survey of analysts.
First-quarter revenue also exceeded expectations, climbing 15% to 1.028 trillion yen. Operating profit surged by 34% to 210.91 billion yen.
The robust quarterly performance prompted Fast Retailing to raise its full-year profit forecast. For the fiscal year beginning in September, the company now anticipates a net profit of 450 billion yen and revenue of 3.800 trillion yen, up from its previous forecast of 435 billion yen in net profit and 3.750 trillion yen in revenue.
Fast Retailing also increased its dividend forecast for both the interim and year-end payments for the fiscal year, raising its full-year dividend projection to 540 yen per share from the previously anticipated 520 yen per share.
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