TOKYO Jan 10 Fast Retailing Co's
quarterly operating profit rose 17 percent as price cuts and
chilly autumn weather lifted sales at home outlets of its
flagship Uniqlo casual clothing chain and the Japanese apparel
retailer lifted its annual profit forecast.
Asia's top clothing firm posted a September-November
operating profit of 56.6 billion yen ($644.32 million) after
sales during the period rose 5 percent at Uniqlo outlets in
Japan open more than a year.
Fast Retailing also lifted its operating profit forecast to
147.5 billion yen from its earlier estimate of 143.5 billion yen
for the full year to August. That compares with the average
estimate of 142.5 billion yen in a poll of 22 analysts by
Thomson Reuters I/B/E/S.
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.
Shares of Fast Retailing jumped more than 50 percent in the
2012 calendar year compared with a 23 percent surge in the
benchmark Nikkei average.