Fast Retailing Gains on Higher Profit, North America Push
- Keeps profit outlook despite headwinds in China, Europe
- Retailer seeking to push more aggressively into North America
A Uniqlo store in the Ginza district of Tokyo on April 12.
Photographer: Noriko Hayashi/BloombergThis article is for subscribers only.
Uniqlo operator Fast Retailing Co. rose the most in more than three weeks after reporting a 27% jump in quarterly operating profit and kept its outlook for the fiscal year despite the shutdown of its Russian operations and the resurgence of Covid in China that are fueling uncertainty in clothing sales across the world.
Fast Retailing rose as much as 6.9% in Tokyo trading, the biggest intraday gain since March 17. The stock, which hit a record in February 2021, had lost more than 40% of its value since then through yesterday.