TOKYO (Reuters) – Japanese group Fast Retailing, owner of clothing brand Uniqlo, posted a record profit for the third consecutive year on Thursday, driven by higher profit margins in its international segments.
Operating profit rose 31% to 500.9 billion yen (3.07 billion euros) in the 12 months ending in August, from 381.1 billion yen a year earlier, a the clothing maker said in a statement.
Markets had forecast an annual operating profit of 478.3 billion yen, according to estimates from 15 analysts compiled by LSEG, while Fast Retailing predicted a result of 475 billion yen.
The group said it expects a further increase in operating profit, which is expected to reach 530 billion yen in fiscal 2025.
Uniqlo has benefited from the historic weakness of the yen, both in Japan and abroad. On the one hand, Japan’s tourism boom has supported the rise in duty-free shopping, while revenues from Western markets have been inflated by exchange rates.
Fast Retailing’s profits, however, were less remarkable in China, the group’s largest overseas market.
(Rocky Swift report, Elena Smirnova, edited by Augustin Turpin)
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