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FAST RETAILING profits leap in first half to February 08
23
Apr '08
FAST RETAILING achieved a significant increase in profit in its interim results for the six months from September 2007 through February 2008.

Net sales increased 11.3% year on year to¥ 316.4bln, operating income increased 25.8% to¥ 54.2bln and net income increased 26.3% to¥ 28.6bln.

We enjoyed an increase in both income and profit at our mainstay UNIQLO Japan operation with net sales and operating income both exceeding forecasts.

The strong performance by core winter products such as HEAT TECH inner wear, cashmere sweaters and down jackets greatly reduced the need for later discounting.

UNIQLO International posted its first interim profit thanks to firm results from our UNIQLO New York global flagship store, and our continued favorable business expansion in China, Hong Kong and South Korea.

While our Japan Apparel operation slightly under performed versus target, our Global Brands operation continues to fulfill expectations.

We have decided to revise up our consolidated forecasts for the full business year to end August 2008 to reflect the significant out performance by UNIQLO Japan in the first half coupled with the revised forecasts for our Japan Apparel segment.

Our revised consolidated full year forecasts are for net sales to increase 11.5% year on year to¥ 585.5bln and operating income to increase 23.4% year on year to¥ 80.1bln.

We are predicting a profit per share of¥ 403.33. We expect to pay an interim dividend per share of 65 yen with the full year dividend in line with last year at 130 yen.

FAST RETAILING


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