Japan's Fast Retailing raises profit forecast after China growth
The parent company of Uniqlo "reported significant increases in both revenue and profit in the first quarter" of its fiscal year which runs from September, according to its financial statement.
In particular, Uniqlo International saw "a rise in revenue and double-digit year-on-year profit growth" in mainland China due in part to cold October weather.
As a result, Fast Retailing now expects a full-year net profit of 450 billion yen ($2.9 billion) for the fiscal year ending in August, compared with the previous estimate of 435 billion yen.