Fast Retailing Posts Record 1st-Half Profit

Tokyo, April 9 (Jiji Press)–Fast Retailing Co., the operator of Uniqlo and other casual clothing stores, on Thursday reported record-high sales and net profit for September-February. For the first half of the business year through August, the company’s consolidated sales increased 14.8 pct from a year earlier to 2,055.2 billion yen, and its net profit rose 19.6 pct to 279.2 billion yen. The Uniqlo business enjoyed strong sales of year-round products and those to foreign visitors in Japan, while posting double-digit sales growth in North America and Europe. Fast Retailing raised its full-year sales estimate to 3.9 trillion yen from 3.8 trillion yen and the net profit forecast to 480 billion yen from 450 billion yen. The company believes that the situation in the Middle East will not significantly affect its production and logistics as it has secured materials necessary until around August. At a press conference, Fast Retailing Chairman and President Tadashi Yanai said that the company cannot avoid price hikes amid soaring crude oil prices, but added that it will make efforts where possible to offer affordable products. “We can’t do anything without oil,” Yanai said. “I hope the unnecessary war will end.” END [Copyright The Jiji Press, Ltd.]