Japan's Fast Retailing (6288), the owner of the Uniqlo clothing brand, on Thursday posted an 8 percent rise in net profit for the first nine months that ended May and maintained its full-year outlook, as it expected early shipments to North America to cushion the impact of higher US tariffs.
Net profit attributable to shareholders was 339.1 billion yen (HK$18.19 billion) for the nine-month period, up 8.39 percent from a year earlier.
US President Donald Trump has set a new August 1 deadline for "reciprocal" tariff rates, which will affect nearly all trading partners, unless negotiations in the coming weeks lead to reductions.
"FY2025 impact is likely to be limited, whatever the tariff rate," Fast Retailing said in an earnings statement, adding it has already shipped a substantial number of products to the US.
The majority of Uniqlo products sold in the US are produced in Southeast Asia and South Asia.
In a letter on Wednesday, Trump notified Sri Lanka, a major apparel exporter to the US, that it would face a 30 percent tariff from August 1. Its competitor Vietnam faces a lower 20 percent US tariff but trans-shipments from third countries through Vietnam will face a 40 percent levy, Trump said last week.
Fast Retailing said operating profit in the three months to May 31 rose 1.4 percent to 146.7 billion yen, below a consensus forecast of 153.8 billion yen based on an LSEG poll of five analysts.
The company kept its full-year operating profit forecast at 545 billion yen.
REUTERS and STAFF REPORTER
