By Kosaku NariokaFast Retailing shares rose sharply after the owner of apparel retailer Uniqlo posted a record annual net profit thanks to stronger global sales and projected further earnings growth ahead. The company's shares were recently 5.4% higher at 35,560 yen on Friday morning after rising as much as 6.2% earlier. Fast Retailing said Thursday after market close that net profit climbed 8.4% to a record high of Y296.23 billion ($1.98 billion) in the fiscal year ended Aug. 31. Fourth-quarter net profit was Y57.71 billion, given net profit of Y238.52 billion in the preceding nine months, according to a Wall Street Journal calculation. Fiscal-year revenue grew 20% to Y2.767 trillion, driven by sales growth across the world.

Source: Wall Street Journal October 13, 2023 01:29 UTC