Fast Retailing Posts Rise In Profit, Lifts Full-Year Outlook

Fast Retailing Co. Ltd. FRCOY reported a rise in its profit for the six months through February and raised its earnings outlook for the full year. Fast Retailing now projects a net profit of Y120 billion on revenue of Y1.65 trillion ($13.7 billion). The company had earlier expected earnings of Y100 billion on revenue of Y1.6 trillion. Fast Retailing posted a net profit of Y104.75 billion for the first half, versus a year-ago profit of Y67.08 billion. Its sales climbed 24% to Y949.68 billion. The company's sales at Uniqlo stores in Japan gained 12.1%, while international sales jumped 48.9%. Fast Retailing shares rose 0.05% to close at $39.75 yesterday.