H&M competitor Fast Retailing beats expectations

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H&M competitor Fast Retailing beats expectations
Photo: Anne D'Innocenzio/AP

Japanese H&M competitor Fast Retailing, owner of the Uniqlo clothing chain, reported revenue above expectations, according to the company's interim report for the first quarter.

According to the interim report, revenue increased by 34 percent compared with the same period the previous year. Strong sales in Europe and North America, among other countries, contributed to the increase.

The clothing company is also raising its forecasts for the full year and expects record revenue for the fifth year in a row.

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By TT News AgencyEnglish edition by Sweden Herald, adapted for our readers

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