Fast Retailing posts a fifth record profit as Western sales pass China.

Fast Retailing reported annual operating profit of 743.13 billion yen, up 32% and above both its 730 billion yen forecast and the 726.45 billion yen average of 16 analysts polled by LSEG. It was the Uniqlo owner's fifth consecutive record year.

North American and European revenue totaled 877.6 billion yen, exceeding Greater China's 724 billion yen as weaker Chinese consumer spending and local competition weighed on growth there. The company forecast operating profit of 830 billion yen for the new fiscal year and reiterated a long-term 10 trillion yen annual-sales goal.