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Uniqlo operator’s Q1 profit rises 7.4%

The operator of Uniqlo reported Q1 results that trailed analyst forecasts as a sharp decline in profit in China overshadowed strong sales in Japan. Fast Retailing said operating profit rose 7.4% to 157.6 billion Japanese yen ($997 million) in the three months through November from a year earlier, slightly below a consensus forecast of 160 billion yen ($1.01 billion). The company maintained its full-year operating profit forecast of 530 billion yen ($3.35 billion), on course for a fourth year of record earnings. Domestic sales were boosted by cold weather that increased demand for thermals, while unseasonably warm temperatures in China resulted in flat sales.

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