July 11, 2019 / 6:49 AM / 3 months ago

Fast Retailing quarterly profit disappoints on Uniqlo weakness at home

TOKYO, July 11 (Reuters) - Japan’s Fast Retailing Co Ltd posted a smaller-than-expected quarterly profit on Thursday as business at its Uniqlo clothing stores at home weakened even as overseas sales rose.

The company said operating profit for its third quarter through the end of May rose 9 percent to 75 billion yen ($695 million). That was below a consensus forecast for around 79 billion yen, according to Thomson Reuters data.

The company said Uniqlo stores in Japan had focused on running down excess inventory, and operating profit in the country fell almost 8 percent from a year earlier.

Uniqlo’s overseas operating profit rose 15 percent, helped by strength in China and the rest of Asia, it said. ($1 = 107.9800 yen) (Reporting by Ritsuko Ando; Editing by Himani Sarkar)

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