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Uniqlo owner Fast Retailing reports 5.6% rise in Q1 profit, beats estimates

Uniqlo owner Fast Retailing reports 5.6% rise in Q1 profit, beats estimates

FILE PHOTO: Clothes of the collaborative label +J from Uniqlo's new tie-up with German designer Jil Sander, are displayed at the retailer's press room in Tokyo, Japan November 6, 2020. REUTERS/Ritsuko Ando/File Photo

TOKYO: Japan's Fast Retailing, the owner of clothing brand Uniqlo, said on Thursday (Jan 13) its first-quarter operating profit rose 5.6 per cent from a year earlier, boosted by sales in South Asia, North America and Europe.

Profit rose to 119.4 billion yen (US$1.04 billion) in the three months ended Nov 30. The market's consensus forecast was for 102.6 billion yen, an average of analysts' forecasts from Refinitiv showed.

Uniqlo's international segment reported record first-quarter results, while revenue and profits declined at operations in Japan and mainland China, the company said in a statement.

The company maintained its forecast for operating profit to climb 8.4 per cent to 270 billion yen in the fiscal year ending in August.

Fast Retailing's shares have fallen 9.5 per cent year-to-date, compared with a 1.1 per cent drop in the benchmark Nikkei 225 index.

Source: Reuters/gs

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