TOKYO — Fast Retailing Co. Ltd. saw its first-quarter profits and sales grow at a double-digit clip, prompting it to raise its full-year forecasts.
This story first appeared in the January 11, 2013 issue of WWD. Subscribe Today.
The retailer said Thursday that its net profit for the three months ended Nov. 30 jumped 23.5 percent to 38.47 billion yen, or $484.72 million at average exchange rates for the period.
First-quarter sales were up 16.7 percent from the same period the previous year, coming in at 318.14 billion yen, or $4.01 billion.
Operating profit for the period increased 16.9 percent to 56.61 billion yen, or $713.27 million.
The group has a brand stable that includes Uniqlo, Theory and Helmut Lang.
For the first quarter, Uniqlo sales at its 851 stores in Japan rose 7.7 percent, while sales at Uniqlo’s 347 overseas outlets jumped 51 percent, boosted by aggressive expansion in Asian countries. Fast Retailing chief executive officer Tadashi Yanai has said that he plans to open up to 300 Uniqlo stores outside Japan per year.
Fast Retailing boosted its sales and profit forecasts for the full year ending Aug. 31. The company now expects net profit to grow by 21.4 percent to 87 billion yen, or $994.16 million at current exchange. This is up from the company’s forecast in October for sales of 84.5 billion yen, or $965.59 million.
The company said it now expects full-year sales to grow 15.1 percent to 1.07 trillion yen, or $12.22 billion. This is up from the October forecast of 1.06 trillion yen, or $12.07 billion.