October 11, 2018 / 6:23 AM / 7 days ago

Fast Retailing books record annual profit, sees more growth

TOKYO, Oct 11 (Reuters) - Fast Retailing, owner of Japan’s popular clothing chain Uniqlo, booked a record full-year profit and forecast even stronger results in the current year, helped by growth in Asia and smaller losses at its U.S. stores.

The company said its annual operating profit rose 34 percent to a record 236.2 billion yen ($2.11 billion) in the year through August. That was in line with analysts’ median forecast for 237.5 billion yen, according to Refinitiv data.

Fast Retailing forecast 270 billion yen in operating profit for the current year.

Uniqlo, known for its simple and affordable clothes such as lightweight down jackets, has grown through decades of weak consumption in Japan. But it is also proving popular abroad, with overseas sales now exceeding revenue at home. ($1 = 112.1500 yen) (Reporting by Ritsuko Ando; Editing by Himani Sarkar)

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