By Fast Retailing has announced that its net profit for the nine-month period ended May 31 increased by 0.3% compared to the previous year. The owner of Uniqlo, a popular clothing brand, reported a net profit of 238.52 billion yen ($1.72 billion), up from 237.84 billion yen.
In the third quarter alone, Fast Retailing achieved a net profit of 85.13 billion yen. When combined with the net profit of 153.39 billion yen in the first half, the total beat the estimated figure of 70.23 billion yen from analysts polled by FactSet.
Over the nine-month period, Fast Retailing experienced a revenue increase of 21%, reaching 2.144 trillion yen. In the third quarter, revenue amounted to 676.15 billion yen, compared to 1.467 trillion yen in the preceding six-month period.
Uniqlo’s revenue increased in all regions during this nine-month period, with particularly significant growth seen in Japan, where revenue climbed from 640.97 billion yen to 709.745 billion yen. Additionally, revenue in China, Hong Kong, and Taiwan rose from 410.77 billion yen to 476.33 billion yen.
Based on its strong third-quarter results, Fast Retailing has raised its revenue and net profit forecasts for the fiscal year ending in August. The company now expects revenue to increase by 19% to 2.730 trillion yen, higher than the previous forecast of a 16.5% rise. However, it anticipates a 4.9% decrease in net profit to 260.00 billion yen, as opposed to the previous estimate of a 12% drop.
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