Uniqlo owner Fast Retailing posts 38.6% profit surge

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Fast Retailing

Growth in its Asian markets has allowed Fast Retailing to record a 38.6 per cent spike in profit in its annual results.

The parent company of Uniqlo, based in Japan, said operating profit surged to 176.4 billion yen (£1,19 billion) for its financial year to August 31, bolstered by a 4.2 per cent rise in consolidated revenue to 1.86 trillion yen (£12.55 billion).

Meanwhile, the company‘s profit before income taxes rose to 193.3 billion yen (£1.3 billion), a 114.3 per cent increase.

Fast Retailing said its Uniqlo International division, of which Uniqlo’s British stores are a part, almost doubled its operating profit to 73.1 billion yen (£494.13 million) – a 95.4 per cent increase – and drove its overall group performance.

Uniqlo International revenue also rose 8.1 per cent to 708.1 billion yen (£4.79 billion).

On the back of strong growth, the company has forecast a 13.4 per cent rise in operating profit for the current financial year.

Uniqlo operates 10 stores in the UK.

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