Agenda-setting intelligence, analysis and advice for the global fashion community.
TOKYO, Japan — Fast Retailing Co. profit rose 8.8 percent in the fiscal first quarter, beating analyst estimates, as the Japanese casual clothing chain that doubled in market value last year boosted sales per-customer.
Net income rose to 41.8 billion yen ($398 million) in the three months ended in November, compared with 38.5 billion yen a year earlier, the Yamaguchi, Japan-based company said today. The result compares with the 37.2 billion yen average estimate from 3 analysts compiled by Bloomberg. Sales rose 22 percent to 389 billion yen.
The casual clothing retailer is benefiting after opening Uniqlo stores in higher-end shopping districts and boosting sales of higher-margin clothes including cashmere sweaters and cardigans. Per-customer spending rose 0.5 percent in the quarter after gaining in October for the first time in 11 months.
Fast Retailing fell 3.8 percent to 39,800 yen as of the close in Tokyo trading today, before the results were announced. The shares surged 99 percent last year, boosting the company’s market value to 4.6 trillion yen as of Dec. 30, compared with 2.3 trillion yen a year earlier.
By Yuki Yamaguchi; Editors: Dave McCombs, Stephanie Wong
