Fast Retailing Posts Drop In Profit, Lowers Profit Forecast

Japan's Fast Retailing Co (OTC:

) reported a 1.4% drop in its net profit for the first half of its business year and lowered its full-year outlook. For the full year, the retailer cut its profit forecast to Y88 billion ($862 million), versus Y92 billion, However, it lifted its revenue guidance to Y1.37 trillion versus Y1.32 trillion. Fast Retailing's net profit for the period fell to Y64.56 billion, from a year-ago profit of Y65.45 billion. Its sales climbed 24.3% to Y764.35 billion, while operating profit climbed 6.8% to Y103.20 billion. Fast Retailing shares closed at $37.20 yesterday.