TOKYO — Fast Retailing said Thursday that net profit for the nine months ended May 31 grew by 21.9 percent, due to the solid performance of its core Uniqlo fast-fashion brand, which saw increased sales both in Japan and abroad.
The company said net profit for the period rose to 88.4 billion yen, or $1.01 billion at average exchange rates for the period. All dollar rates are calculated at average exchange rates for the period concerned.
Operating profit grew by 4 percent to 124 billion yen, or $1.41 billion. The retailer posted a 19.1 percent increase in net sales to 885.8 billion yen, or $10.09 billion.
Uniqlo’s rapidly growing international business accounted for much of the growth, with net sales increasing 56.1 percent to 191.3 billion yen, or $2.18 billion. In contrast, Uniqlo Japan saw a nine-month sales increase of 7.6 percent to 541.6 billion yen, or $6.17 billion.
Fast Retailing’s global brands division, which includes brands like Theory, Comptoir des Cotonniers and Princesse Tam-Tam, posted sales of 150.8 billion yen, or $1.72 billion. This represents an increase of 30.1 percent on the year.
Separately, Uniqlo announced Thursday that it plans to open ten new stores in the U.S. this fall, making for a total of 17 stores across the country. Two of the new stores will be in New Jersey, three in New York State, one in Connecticut, and four in California.
“Uniqlo is ready to take our next step in our U.S. expansion by opening more smaller format and mall stores in the regions surrounding our current flagship stores in the tri-state and northern California regions,” said Larry Meyer, chief operating officer of Uniqlo’s U.S. business and senior vice president of Fast Retailing.
“Our goal is to continue to build brand awareness for new potential customers, and greater loyalty from our fans, with more convenient access to our high quality clothing and exceptional customer service,” he added.
Fast Retailing left unchanged its guidance for the twelve months ending Aug. 31. It expects net profit to rise 27.7 percent to 91.5 billion yen, or $910.14 million at current exchange rates.
The company is predicting operating profit will grow 16.6 percent to 147.5 billion yen, or $1.47 billion. It forecasts a sales increase of 18.8 percent to 1.1 trillion yen, or $10.94 billion.