Uniqlo operator posts third straight year of record profit, founder sets aim at Western markets [Globe and Mail, The (Toronto, Canada)]
FAST RETAILING UNSP/ADR (FRCOY)
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Source: Globe and Mail, The
Log in or create a free account to listen to this article. The Japanese operator of the Uniqlo clothing chain booked its third consecutive year of record earnings on Thursday, with its leader laying out an aggressive plan for global growth. After Fast Retailing crossed 3 trillion yen ($20-billion) in revenue for the first time, Chief Executive Tadashi Yanai said the company was aimed at domination in Western markets on its way to annual sales beyond 10 trillion yen. “If we want to be truly the top global brand, we would not be able to claim that unless we can become number one in both of those regions, North America as well as Europe,” said Yanai, who founded the Uniqlo brand 40 years ago. Operating profit rose 31 per cent to 500.9 billion yen ($3.35-billion) in the 12 months through August, beating the company's own forecast and the consensus estimate of 478.3 billion yen from 15 analysts polled by LSEG. Fast Retailing said it expects operating profit to climb further to 5
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