uniqlo operator profit soars on brisk sales cheap yen
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
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Uniqlo operator profit soars on brisk sales, cheap yen

Arab Today, arab today

Arab Today, arab today Uniqlo operator profit soars on brisk sales, cheap yen

Fast Retailing is the parent company of Uniqlo
Tokyo - AFP

Uniqlo's parent company said Thursday that its nine-month net profit soared nearly 70 percent from a year earlier on robust sales and as a cheaper yen inflated the value of its overseas assets.

Fast Retailing's net profit came in at 120 billion yen ($1 billion) in the nine months through May, while revenue rose 3.0 percent to 1.48 trillion yen, it said.

Asia's biggest retailer -- a rival of Zara, Gap and H&M -- said sales were particularly robust overseas.

Operating profit for the quarter doubled in the Southeast Asian/Oceania region as well as in South Korea, it said.

Nine-month operating profit rose 23.9 percent to 181 billion yen.

It has refocused its strategy on luring bargain-hunters after an earlier bid to raise prices hurt Uniqlo's sales. 

On Thursday, the group also said the yen's value had declined from the period a year earlier. That boosted the value of assets valued in foreign currencies, resulting in gains of some 13.3 billion yen.

However, the company left its full-year estimates unchanged, expecting a doubling of net profit to 100 billion yen, with operating profit set to rise by more than a third to 175 billion yen on revenue of 1.85 trillion yen, up 3.6 percent.

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