Fast Retailing Posts Rise In Net Profit

Fast Retailing Co FRCOY reported a 35.8% rise in its net profit for the nine-month period ended May. Fast Retailing's net profit for the period climbed to 75.52 billion yen, versus a year-ago profit of Y53.40 billion. Its revenue surged 14.0% to Y743.54 billion from Y652.02 billion, while operating profit gained 14.1% to Y119.32 billion from Y104.57 billion. In the March-May quarter, Fast Retailing's net profit surged 26% to Y14.7 billion from Y11.7 billion. For the full fiscal year ending August, Fast Retailing cut its earnings forecast. It now expects a net profit of Y79.0 billion, versus its earlier forecast of Y81.5 billion. It also lowered its full-year sales outlook for sales and operating profit. Fast Retailing shares closed at $19.65 yesterday.