Uniqlo Owner Raises Profit Forecast After First-Half Profit Rose on Overseas Growth
By Kosaku Narioka
Fast Retailing raised its earnings outlook as it reported that net profit rose in its fiscal first half, driven by higher sales overseas.
The Japanese owner of Uniqlo and other clothing brands said Thursday that net profit increased 28% from a year earlier to 195.91 billion yen ($1.28 billion) for the six months ended Feb. 29. That beat the estimate of Y179.58 billion from a poll of analysts by data provider Visible Alpha.
It raised its net profit projection for the fiscal year ending August and now expects a 8.0% increase to Y320.00 billion, up from its previous expectation for a 4.6% increase.
First-half revenue increased 9.0% from a year earlier to Y1.599 trillion. Revenue from Uniqlo grew in overseas markets, though revenue for Japan declined.
Uniqlo's revenue from North America climbed to Y108.54 billion from Y86.52 billion in the year-earlier period as it benefits from a shift toward casual dressing and as inflation-weary shoppers in the U.S. become more price sensitive.
Uniqlo's revenue from China, Hong Kong and Taiwan rose to Y360.45 billion from Y320.98 billion.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
April 11, 2024 02:58 ET (06:58 GMT)
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