Fast Retailing Q1 Profit Rises 64%

Fast Retailing Co. Ltd. FRCOY reported a 64% gain in its net profit for the fiscal first quarter. Fast Retailing's quarterly net profit surged to Y68.83 billion, versus a year-ago profit of Y42.00 billion. Its sales gained 23% to Y479.54 billion from Y389.05 billion. For the current business year, the company projects 16% growth in revenue to Y1.6 trillion and net profit to rise 34% to Y100 billion. Fast Retailing shares gained 2.03% to close at $36.77 yesterday.