Uniqlo owner Fast Retailing Co. forecast operating profit ahead of analysts’ projections for the current fiscal year, citing growing sales in both home and overseas markets.
(Bloomberg) — Uniqlo owner Fast Retailing Co. forecast operating profit ahead of analysts’ projections for the current fiscal year, citing growing sales in both home and overseas markets.
Operating profit for the period through August 2024 will reach ¥450 billion ($3 billion), compared with the ¥423 billion average estimate by analysts, the apparel maker said in a statement Thursday. Sales are seen at ¥3.05 trillion, compared with a prediction for ¥3 trillion.
Asia’s largest apparel maker is entering a new expansion phase, seeking to eventually reach ¥10 trillion in sales to become “a true global player,” founder Tadashi Yanai said in April. The company is targeting ¥5 trillion in sales in about five years.
Fast Retailing relies on Japan and China for the majority of its revenue, and is shifting its focus to markets such as North America, Europe and other parts of Asia.
The stock has risen about 29% over the past year, roughly in line with the benchmark Topix Index.
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