Fast Retailing Posts 24% Rise In Q1 Profit, Lifts Full-Year Forecast

Fast Retailing Co FRCOY reported a rise in its first-quarter earnings and lifted its full-year forecast. Fast Retailing now expects full-year net profit of Y87 billion ($989 million), versus its earlier forecast of Y84.5 billion. Fast Retailing's quarterly net profit surged 24% to Y38.47 billion, from Y31.15 billion, in the year-ago period. Its sales rose 17% to Y318.14 billion from Y272.69 billion, while operating profit surged 17% to Y56.61 billion from Y48.45 billion. Fast Retailing shares closed at $26.04 yesterday.