Japan’s Fast Retailing Co. reported on 8 April a 56 percent rise in net profit for its fiscal first half due to its rapid expansion abroad, and the company said it is considering an international listing. Japan’s biggest apparel retailer by sales said its net profit for the six months ending February rose to JYP55.36 billion (USD593.4 million) compared with a JYP35.55 billion (USD381.2 million) profit the previous year.
Although many of Japan’s retailers are suffering as consumers cut back on spending because of the economic downturn, Fast Retailing’s Uniqlo has had solid sales on product lines ranging from low priced jeans to its Heattech line of undergarments.
Swedish fast fashion retailer H & M AB on 8 April also posted forecast-beating profits for the first quarter, but February same-store sales were below expectations.
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(Source: The Wall Street Journal Online)