ZCZC
BCN-36
JAPAN-COMPANY-UNIQLO-EARNINGS
Uniqlo operator logs record profits
TOKYO, Oct 11, 2018 (BSS/AFP) – Uniqlo’s parent company said Thursday that
it had logged a record annual net profit on a sharp rise in sales abroad that
outstripped those in its home market of Japan.
Fast Retailing announced a net profit of 154.8 billion yen ($1.4 billion),
a 30-percent gain on last year.
Turnover at Asia’s biggest retailer, a fierce rival of Zara, Gap and H&M,
soared by 14 percent to 2.1 trillion compared to last year’s figures.
Uniqlo represented 80 percent of the turnover and the firm said it
expected growth to continue at the brand, which now sponsors tennis stars
Roger Federer and Kei Nishikori.
Uniqlo sales abroad grew by 27 percent compared to last year, while
turnover in Japan climbed nearly seven percent, about the same growth rate as
last year.
Fast Retailing said it expected fresh record profits in the next trading
year, forecasting a net profit of 165 billion yen from turnover of 2.3
trillion.
BSS/AFP/HR/1340