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




  • In Business
  • 2022-01-13 06:14:44Z
  • By Reuters
 

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

Profit rose to 119.4 billion yen ($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% to 270 billion yen in the fiscal year ending in August.

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

($1=114.5700 yen)

(Reporting by Rocky Swift in Tokyo; Editing by Clarence Fernandez and Subhranshu Sahu)

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