Uniqlo operator logs 23.5% jump in quarterly profit

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05:58 PM January 10th, 2013

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January 10th, 2013 05:58 PM

Uniqlo store in the Philippines’ Mall of Asia. The operator of cheap-chic clothing giant said Thursday, Jan. 10, 2013, that steady winter-clothing sales helped boost its latest quarterly net profit by 23.5 percent from a year ago. INQUIRER PHOTO

TOKYO—The operator of cheap-chic clothing giant Uniqlo said Thursday that steady winter-clothing sales helped boost its latest quarterly net profit by 23.5 percent from a year ago.

Japan-based Fast Retailing said it earned 38.5 billion yen ($437 million) in its September to November quarter on sales of 318.14 billion yen, up 16.7 percent on year. The company’s fiscal year ends in August.

The firm also upped its annual earnings forecast as it launches new large-scale stores and beefs up foreign operations.

It said it now expected an annual net profit of 87.0 billion yen, up 3.0 percent from an earlier projection.

Sales in the current fiscal year were on track to hit 1.069 trillion yen, the company said.

The latest quarterly earnings were boosted by strong sales of winter offerings, including its Heattech thermal clothing and down jackets, while overseas stores also performed strongly, the company said.

But the firm said risks including the global slowdown, a still-high yen and increasing manufacturing costs may weigh on results.

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