By  on July 13, 2017
Uniqlo's London flagship

TOKYO — Fast Retailing said Thursday that its nine-month net profit soared 69.1 percent compared with the same prior-year period. In addition to higher sales, the increase was largely the result of a foreign exchange gain of 13.3 billion yen.Uniqlo's parent company said its net profit for the nine months ended May 31 totaled 120.1 billion yen. Operating profit grew 23.9 percent to 180.6 billion yen.Fast Retailing said its nine-month sales increased by 3 percent on the year to 1.48 trillion yen.Dollar figures are calculated at average exchange for the period to which they refer.Uniqlo continues to see strong growth internationally. Outside of Japan, the company’s operating profit jumped 61.3 percent to 68.1 billion yen. Uniqlo’s international sales grew 5.4 percent year-over-year to 561.5 billion yen.“In the third quarter, from March to May, Uniqlo Southeast Asia and Oceania and Uniqlo South Korea performed extremely well to report a doubling in operating profit,” the company said in a statement. “Profits continued to expand at Uniqlo Greater China thanks to successful sales campaigns timed to draw in customers over May Day and other public holidays, and strong sales of UT T-shirts, polo shirts and other core summer ranges.”Uniqlo’s sales also increased in Japan, where nine-month revenue rose 1.2 percent on the year to 653.4 billion yen.Fast Retailing also said that Theory has performed strongly in recent months.“Our Theory fashion brand reported significant rises in both revenue and profit in the third quarter,” the company said. “Theory's PLST label reported an especially strong rise in customer visits following the brand's decision to expand its product range into casual office clothing, and expand its client base through extensive digital marketing.”Fast Retailing left unchanged its guidance for the fiscal year ending Aug. 31. It is expecting net profit will more than double to 100 billion yen. While this figure is lower than its nine-month profit, the company said it “decided not to revise [its] forecast after considering various factors such as potential loss-making subsidiaries and store-related impairment losses, and unpredictable foreign exchange rate trends.”The retailer forecasts operating profit will gain 37.5 percent over the previous fiscal year, totaling 175 billion yen.It is predicting yearly net sales growth of 3.6 percent for a total of 1.85 trillion yen.

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