Fast Retailing Q3 profit boosted by sales growth

Fast Retailing

Japan’s Fast Retailing, owner of the Uniqlo casual apparel brand, has reported a boost in third-quarter net profit, boosted by higher sales across all of its brands.

Net income reached ¥22.9 billion ($230.5 million) for the three months to May, up 56% from the same period last year, while net sales increased 24.3% to ¥270.9 billion.

At Uniqlo Japan, profit slipped 5.4% to ¥19.3 billion, despite an 11.3% increase in sales to ¥154.4 billion and a 9.3% gain in same-store sales.

Uniqlo International, meanwhile exceeded company forecasts with a 60.7% sales hike to ¥60.6 billion, driven by accelerated store openings in China, Hong Kong and Taiwan.

Fast Retailing saw sales at its global brands rise 34.3% to ¥55.1 billion but profit fell due to a contraction at Comptoir des Cotonniers and Princesse tam.tam.

“While our low-priced GU casual wear brand continued to generate strong results, the extremely poor weather in Europe this spring pushed performance at France-based Comptoir des Cotonniers and Princesse tam.tam below target and the two brands reported a dip in profits,” the company said.

Year-to-date net income grew 21.9% to ¥88.4 billion, while sales rose 19.1% to ¥885.8 billion.

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