// Uniqlo owner Fast Retailing has recorded a 3.9% rise in sales for the first nine months of the year
// The company said it has raised its dividend and lifted its full-year operating profit forecast by 17%
Uniqlo owner Fast Retailing has posted a record quarterly profit and raised its full-year forecasts as a result.
Operating profit for the three-month period to the end of May jumped 37% from a year earlier to $587.4 million, an all-time high.
The group reported a 10.3% rise in revenues to £3.33bn for the third quarter while operating profits were up by 36.5% £500m, year on year.
The company raised its dividend and lifted its full-year operating profit forecast by 17%.
“These upward revisions were prompted by the strong third-quarter performance and the fact that performance also exceeded our forecasts in local-currency terms, as well as our decision to revise the assumed foreign exchange rate for our fourth-quarter business estimates to reflect the continued depreciation of the Japanese yen,” the retailer said.
Strong results in North America and Europe helped offset sharp declines in sales and profit in China, the group’s biggest foreign market that has been hit by Covid-19 restrictions on mobility and business, the company said.
“As a united group, we are strengthening initiatives designed to expand our business operations and promote sustainability as part of our quest to become a global number one brand,” Fast Retailing said.
However, Uniqlo Japan reported declines in both revenue and profit, with revenue down 5.1% and operating profit dipping down 0.4%.
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