Uniqlo owner Fast Retailing sees 13.5 pct growth in 2012/13
TOKYO Oct 11 (Reuters) - Fast Retailing forecast a 13.5 percent rise in annual operating profit for this financial year amid expectations that growth from overseas outlets of its Uniqlo basic apparel and Japan cut-price clothing g.u. chains will drive profits.
Asia's top apparel retailer projected on Thursday 143.5 billion yen ($1.83 billion) in operating profit for the year that started in September, lower than the 148.8 billion yen average estimate from a poll of 23 analysts by Thomson Reuters I/B/E/S.
For the past business year, the clothing company booked an 126.5 billion yen operating profit, an 8.7 percent year-on-year rise, helped by higher sales at Uniqlo shops in Japan, which account for about three-quarters of sales for the entire group.
Uniqlo dominates Japan's retail apparel market and Fast Retailing is mounting a global push of the in-house brand of affordable basics in order to leapfrog Zara owner, Inditex S.A. , Hennes & Mauritz AB (H&M) and Gap Inc. to become world's top apparel retailer by 2020.
Fast Retailing shares have jumped more than 25 percent since the start of the calendar year, outperforming a 1 percent rise in the benchmark Nikkei average.
Trending On Reuters
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video