Fast Retailing Q1 Net Profit Rises 8.8%

Fast Retailing Co

reported an 8.8% rise in its first quarter net profit. Fast Retailing's quarterly net profit surged to Y41.85 billion ($399 million), from a year-ago profit of Y38.47 billion. Its sales climbed 22% to Y389.05 billion versus Y318.14 billion, while the company's operating profit jumped 13% to Y64.03 billion versus Y56.61 billion. For the full business year ending August, Fast Retailing lowered its sales outlook to Y1.322 trillion versus Y1.330 trillion. Fast Retailing shares closed at $38.94 yesterday.