Fast Retailing Reports 37% Surge In FQ1 Net Profit, Lowers Outlook

Fast Retailing Co FRCOY reported a 37% rise in its group net profit for the fiscal first quarter. Fast Retailing's net profit rose to Y31.15 billion, from Y22.71 billion, in the year-ago period. Its sales rose 8.6% to Y272.69 billion from Y250.99 billion. However, its operating profit dropped 2.8% to Y48.45 billion from Y49.85 billion. Fast Retailing's domestic same-store sales in December surged 14.2%. For the full fiscal year ending August, Fast Retailing cut its net profit forecast to Y70 billion from Y71 billion. Fast Retailing also lowered its full-year sales and operating profit view to Y937 billion and Y130.5 billion, respectively. It earlier projected an operating profit of Y135.5 billion on sales of Y965 billion. Fast Retailing shares gained 1.07% to close at $18.97 yesterday.