Fast Retailing raised its full-year profit and revenue forecasts on Wednesday after a robust third quarter, positioning the Uniqlo parent to overtake H&M in annual sales for the first time.
The Japanese retailer posted fiscal third-quarter operating profit of 213.79 billion yen, up nearly 46% year-on-year, as domestic demand for seasonal clothing bolstered results. Net profit for the nine months through May rose 25.6% to 426.08 billion yen, with the company lifting its full-year net profit target to 500 billion yen. Full-year revenue is now projected at 3.97 trillion yen. The firm cautioned that Japan sales and profit may dip in the fourth quarter, with select fall and winter items facing price increases of around 4% due to currency pressures.
Separately, Fast Retailing has tightened human rights monitoring across its supply chain, deploying new auditing criteria at over 700 plants ahead of stricter European due diligence rules.