October 10, 2019 / 6:18 AM / 11 days ago

Fast Retailing reports record annual operating profit on China strength

TOKYO, Oct 10 (Reuters) - Japanese fashion group Fast Retailing Co Ltd on Thursday said operating profit climbed 9% for its third consecutive record year, on strong sales at its Uniqlo stores in China.

Profit came in at 257.6 billion yen ($2.40 billion) in the year ended Aug. 31, in the face of a consumer boycott of Japanese goods in South Korea that dented sales at its Uniqlo stores there.

The firm expects profit to rise 6.7% to 275.0 billion yen in the current business year.

Analysts on average had forecast 10% growth for the past business year and 15% growth this year, Refinitiv data showed. ($1 = 107.4600 yen) (Reporting by Ritsuko Ando; Editing by Christopher Cushing)

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