Pursuits
Fast Retailing Profit Beats Estimates as Uniqlo Sales Jum
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Fast Retailing Co. reported a 64 percent spike in profit as Asia’s largest clothing retailer sold more Uniqlo casual-wear than expected in Japan and overseas, while the weakening yen further boosted returns.
Net income rose to 68.8 billion yen ($575 million) in the fiscal first quarter ended in November, compared with 41.9 billion yen a year earlier, the Yamaguchi, Japan-based company said today. This compares with the 48.4 billion yen average estimate from four analysts compiled by Bloomberg. Sales rose 23 percent to 479.5 billion yen.