Fast Retailing, the Japanese parent company of the Uniqlo brand, reported that operating profit for the latest fiscal year rose 32%, setting a record high for a fifth consecutive year. Operating profit for the fiscal year ended August 31 came to 743.13 billion yen, or 4.7 billion US dollars, up from 564.3 billion yen a year earlier, and above the company's own forecast of 730 billion yen as well as the analysts' average estimate of 726.45 billion yen. For the fiscal year ending August 2027, the company expects operating profit to rise to 830 billion yen. However, the company warned that the weak yen is increasing pressure on its business in Japan through higher costs for imported goods, which is expected to weigh on fourth-quarter results and may force it to raise product prices. Its North American and European businesses were key drivers of overseas growth, helping offset sluggish performance in China, the company's largest overseas market. Meanwhile, Tadashi Yanai, the founder of Fast Retailing, told the Nikkei newspaper in August that the company aims to increase the number of its flagship stores in Japan to 20 over the next 10 years, roughly double the current number.
FAST RETAILING CO., LTD.Operating profit rose 32% to a record 743.13 billion yen, beating its own and analysts' forecasts.
