Fast Retailing Posts 38.7% Rise In First-Half Net Profit, Lifts Forecast

Fast Retailing Co FRCOY reported a rise in its revenue and profits for the first half. It also lifted its full-year earnings forecast. Fast Retailing's net profit for the period surged 38.7% y/y to Y57.80 billion, from Y41.67 billion. Its sales climbed 14.9% to Y525.50 billion from Y457.33 billion. Its operating profit rose 11.8% to Y91.75 billion. For the full fiscal year, Fast Retailing lifted its net-profit forecast to Y81.50 billion, versus Y70 billion. It also raised its full-year view for sales and operating profit to Y941.5 billion and Y138.0 billion, respectively. It earlier expected sales of Y937 billion and operating profit of Y130.5 billion. Fast Retailing also lifted its full-year dividend payout outlook to Y260 per share versus Y230. Fast Retailing shares closed at $21.35 yesterday.