Monday, October 5, 2009

Japanese Retailer Sees Sales Soar

. Monday, October 5, 2009

By stockOzone team

Shares in Japanese clothing group Fast Retailing have jumped 16% after its Uniqlo store chain posted a big increase in same-store sales.

Excluding new shop openings, sales across Uniqlo's 700 outlets in Japan increased 32% in September from a year earlier, the biggest rise in 10 months.

Fast Retailing put the big jump in sales down to colder weather increasing demand for its new autumn collection.

The firm is due to report a rise in annual profits later this week.

"The increase in [Uniqlo's] September same-store sales was beyond our imagination," said retail analyst Masafumi Shoda of Nomura Securities.

"We are starting to see a sales trend that is even better than last year's strong sales, as new merchandise is creating demand."

Shares in Fast Retailing ended Monday trading up 16% to 13,710 yen.

Disclosure: Author does not own any of the stocks discussed here.

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