Japanese fashion group Fast Retailing has done very well in the first 9 months of its fiscal year, thanks to strong sales in China and in other parts of Asia.
Drop in Japan
Third quarter net profit grew 36 % to 27.6 billion yen (202 million euro) and for the three quarters combined, net profit reached 132.3 billion yen (968 million euro), up 52 % compared to a year ago.
Turnover reached 398.4 billion yen (2.92 billion euro) in the past quarter, which was pretty much in line with what analysts had expected. Sales were mainly up thanks to excellent results in China and South Korea. Japan, its home territory, had a 12 % turnover increase over the past 3 quarters, but had to deal with a 11.7 % drop in June, its largest drop since October 2013 although the cold weather was to blame.
Fast Retailing, store chain Uniqlo's parent company, expects full-year turnover to grow 19.3 % and that its operational profit will grow 53.4 %.