Uniqlo owner Fast Retailing has raised its profit forecast for the year after posting a surge in sales and profit in its first quarter.
Operating profit for the Japanese giant rocketed 34% to ¥210.9bn (£1bn) during the three months to November 25.
Revenues climbed 15% to ¥1.027trn (£4.87bn), with its operations across South Korea, Southeast Asia, Australia, and India region, Europe, and North America all delivering “double-digit revenue and profit growth” during the quarter.
It attributed the strong growth to a mixture of new store openings and “the successful development and marketing of products that captured customer demand”.
The retail giant also noted that its bricks-and-mortar strategy has helped to drive brand recognition and customer trust in its markets.
As a result, Fast Retailing upgraded its full-year outlook. It expects to deliver sales of ¥3.8trn (£18bn), ¥50bn (£237m) higher than originally forecast.
Consolidated operating profit is anticipated to reach ¥650bn (£3.08bn), a growth of 15% year on year and ¥40bn (£190bn) higher than originally stated.
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