Uniqlo owner's shares surge on record profits

STORY: Bullish earnings from Uniqlo drove a share surge on Friday (July 15).

Brand owner Fast Retailing saw its stock jump as much as 8.5%, hitting highs for the year.

The jump came after it reported a record profit of about $587 million for the three months to the end of May.

Uniqlo is doing well despite a big downturn in China, its biggest overseas market.

Sales there were crimped by new lockdowns over the period.

However, a strong performance in North America and Europe more than compensated.

The firm is also benefiting from the yen’s slide to a 24-year low against the dollar.

That boosts the value of money earned overseas.

Friday also saw Fast Retailing raise its dividend and lift its full year operating profit forecast.

Analysts say it all bodes well for a more aggressive expansion in the U.S. market.

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