Fast Retailing posts a jump in operating profit
The firm has also raised its full-year profit estimate
Stocks impacted: Fast Retailing Co. (9983)
Japan's Fast Retailing reported a 23% jump in half-yearly operating profit from a year earlier to $1.53 billion. The rise was mainly thanks to robust demand for its casual clothing in Japan and China. These two markets helped the firm escape the worst of the downturn that hit the United States and Europe. The company, known for its Uniqlo brand of clothing stores, also raised its full-year profit estimate. Fast Retailing revised upward its operating profit outlook for the current business year through August to 255 billion yen from an initial forecast of 245 billion yen. That marks a rise of 70.7 percent from the year before. The firm said it would continue to open new stores and expects to have 2,337 Uniqlo stores worldwide by the end of August. Fast Retailing stocks finished 1.66% higher on Thursday.
Make profit on it right now!