January 12, 2017 / 6:17 AM / a year ago

Fast Retailing Q1 operating profit up 16.7 pct y/y

TOKYO, Jan 12 (Reuters) - Japan’s Fast Retailing Co Ltd , the owner of the Uniqlo casual wear brand, on Thursday said its first-quarter operating income rose 16.7 percent from a year ago on increased sales and domestic cost-saving measures.

Operating profit for the three months ended Nov. 30 rose to 88.59 billion yen ($774.3 million), versus a profit of 75.9 billion yen a year ago.

The results were mostly in line with the expectations of four analysts who, on an average, had pegged quarterly operating profit at 88.84 billion yen, Thomson Reuters data shows.

Fast Retailing reiterated its operating profit forecast for the year to August at a record high of 175 billion yen. That compares with an average of 177.3 billion yen predicted by 18 analysts surveyed by Thomson Reuters.

$1 = 114.4100 yen Reporting by Thomas Wilson and Tim Kelly; Editing by Himani Sarkar

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