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Fast Retailing nine-month profit jumps 32% to ¥35.7bn

Jul '06
Fast Retailing Co, the operator of Uniqlo clothing stores, reported that sales increased 17 percent to ¥346.1bln for the first nine months to May 2006.

The net profit of the company for the nine months to May 2006 rose 32 percent to ¥35.7 billion from ¥27.1 billion, a year ago. Overall net sales for the nine months to May 2006 rose 17.4 percent year-on-year to ¥346.1 billion from ¥294.8 billion last year.

Currently, the company is forecasting full-year overall net sales of ¥444.9 billion (up 15.9 percent year-on-year), operating income of ¥70.2 billion (up 24.0 percent year-on-year) and net income of ¥40.0 billion (up 18.0 percent year-on-year). It is planning a dividend per share for the year to August 2006 of 130 yen, including an expected 65-yen year-end dividend.

Following its entry into the US market in Autumn 2005, the company is continuing preparations to open a large flagship store of around 3300 square meters in New York in an effort to boost brand recognition in the US. Owing to the increased burden of the flagship store opening, it expects the US Uniqlo operation to generate a loss of ¥1.0 billion in the year to August 2006.

Fast Retailing Co Ltd - The Group's principal activity is to operate a chain of stores specializing in in-house brand casual wears. Tadashi Yanai, current Chairman of the Group, is the major shareholder with 26.68 percent of issued stock.

Fast Retailing Co

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