The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Fast Retailing Co climbed the most in three months after projecting a record full-year profit on a weaker yen and as strong sales globally outweigh a China slump due to Covid Zero lockdowns.
Shares of Uniqlo’s owner surged as much as 8.5% in Tokyo, the biggest intraday gain since mid-April, and were 8.4% higher. The Topix was little changed.
The retailer raised its full-year operating forecast to 290 billion yen ($2.1 billion) from an earlier estimate of 270 billion, according to a statement.
That topped analyst projections and, if achieved, would beat the previous record set
in 2019.