Fast Retailing profit surges 93pc

Business | Tracy Hu 13 Jul 2018

Japanese holding company Fast Retailing (6288), which owns UNIQLO, yesterday said it earned 23.48 percent more for the nine months ended May, to 148.3 billion yen (HK$10.35 billion).

The company yesterday halted the trading of its shares before releasing its results for the nine months. Revenue during the period rose 15.31 percent to 1.7 trillion yen.

For the latest three-month period, the company's third fiscal quarter, net profit surged 93.1 percent to 44.1 billion yen while total revenue rose to 517.3 billion yen, a 12.4 percent increase.

UNIQLO Greater China generated significantly higher-than-forecast profits. Same-store sales attained double-digit growth following a strong launch of the new spring/summer line-up.

GU, its casual-wear label, reported increases in both revenue and profit in the nine-month period, with revenue totaling 166.6 billion yen.

Meanwhile, Chow Tai Fuk Jewellery Group (1929) said that the same-store sales in Hong Kong and Macau rose 26 percent year on year for the three months ended 30 June, while that in the mainland increased 4 percent.

The growth in the Hong Kong and Macau markets is attributed to improving local consumer spending and a revival in mainland visitors, the company said.

Chow Tai Fuk opened a net of 71 sales points in the mainland during the quarter, while in Hong Kong, Macau and other markets, it opened one Chow Tai Fook T Mark retail outlet in Hong Kong and three Chow Tai Fook jewellery shops in Japan, Malaysia and Singapore.

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