TOKYO Oct 11 Fast Retailing forecast a
13.5 percent rise in annual operating profit for this financial
year amid expectations that growth from overseas outlets of its
Uniqlo basic apparel and Japan cut-price clothing g.u. chains
will drive profits.
Asia's top apparel retailer projected on Thursday 143.5
billion yen ($1.83 billion) in operating profit for the year
that started in September, lower than the 148.8 billion yen
average estimate from a poll of 23 analysts by Thomson Reuters
For the past business year, the clothing company booked an
126.5 billion yen operating profit, an 8.7 percent year-on-year
rise, helped by higher sales at Uniqlo shops in Japan, which
account for about three-quarters of sales for the entire group.
Uniqlo dominates Japan's retail apparel market and Fast
Retailing is mounting a global push of the in-house brand of
affordable basics in order to leapfrog Zara owner, Inditex S.A.
, Hennes & Mauritz AB (H&M) and Gap Inc.
to become world's top apparel retailer by 2020.
Fast Retailing shares have jumped more than 25 percent since
the start of the calendar year, outperforming a 1 percent rise
in the benchmark Nikkei average.