Fast Retailing Co. Predicts Net Income Of $94M, Benefits From Weakening Yen
Fast Retailing Co. "has raised its forecast for annual profit as the seller of Uniqlo-branded apparel benefits from a weakening yen," according to BLOOMBERG. The Yamaguchi-based company, Asia's largest clothing retailer, said Thursday net income will probably be ¥91.5B ($94M) for the year ending in August, higher than its previous forecast of ¥87B ($89M). Operating profit for the overseas Uniqlo business rose 40% "for the six months that ended in February," while declining 4.5% domestically amid price cuts. Billionaire Tadashi Yanai's casual clothing chain "has opened new stores, including one in Tokyo's Ginza shopping district, under a plan to revamp the Uniqlo brand's utilitarian image" (BLOOMBERG, 4/13).