Uniqlo owner’s profits boosted by overseas surge as Japan sales fall By Reuters

Uniqlo owner's profits boosted by overseas surge as Japan sales fall By Reuters
Uniqlo owner's profits boosted by overseas surge as Japan sales fall © Reuters. FILE PHOTO: Clothes of the collaborative label +J from Uniqlo’s new tie-up with German designer Jil Sander, are displayed at the retailer’s press room in Tokyo, Japan November 6, 2020. REUTERS/Ritsuko Ando/File Photo

TOKYO (Reuters) – Japan’s Fast Retailing, owner of clothing brand Uniqlo, said on Thursday overseas markets powered profit growth in the first quarter, even as sales declined at home and in China.

The results marked a reversal from the past few years when China and Japan were the big sales and profit growth drivers for the retailer.

Operating profit rose 5.6% to 119.4 billion yen ($1.04 billion) in the three months ended Nov. 30. That beat the market’s consensus of 102.6 billion yen, according to the average of analysts’ forecasts from Refinitiv.

The company maintained its forecast for operating profit…

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