Uniqlo Owner Posts 0.3% Rise in Nine-Month Net Profit, Raises Guidance

By Kosaku Narioka

Fast Retailing said Thursday that nine-month net profit increased 0.3% from a year earlier thanks to strong sales and boosted its full-year earnings guidance.

The Uniqlo owner said net profit rose to 238.52 billion yen ($1.72 billion) for the nine-month period ended May 31, from Y237.84 billion a year earlier.

Third-quarter net profit was Y85.13 billion, given net profit of Y153.39 billion in its first half, according to a Wall Street Journal calculation. That beat the estimate of Y70.23 billion from a FactSet poll of analysts.

Nine-month revenue increased 21% to Y2.144 trillion. Third-quarter revenue was Y676.15 billion, given revenue of Y1.467 trillion in the preceding six-month period.

Nine-month Uniqlo revenue increased for all reported regions. Revenue for Japan climbed to Y709.745 billion from Y640.97 billion a year earlier. Revenue for China, Hong Kong and Taiwan rose to Y476.33 billion from Y410.77 billion.

Fast Retailing raised its revenue and net profit forecasts for the fiscal year ending August, citing strong third-quarter results. It now expects revenue to increase 19% to Y2.730 trillion, compared with the previous forecast of a 16.5% rise, while it expects net profit to drop 4.9% to Y260.00 billion, compared with the previous view of a 12% decrease.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

July 13, 2023 02:50 ET (06:50 GMT)

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