TOKYO, Jan 11 Reuters Japan39;s Fast Retailing Co said on Thursday that strong overseas sales drove a 25 rise in first quarter operating profit, as the Uniqlo operator charts a thirdstraight year of record earnings.

Profit was 146.7 billion yen 1.01 billion in the three months through November compared with 117.1 billion yen a year earlier.

The consensus forecast was for 137.9 billion yen, according to the average estimate of five analysts surveyed by LSEG.

Fast Retailing held its fullyear operating profit forecast of 450 billion yen, following record earnings of 381.1 billion yen in fiscal 2023.

Among individual regions, Uniqlo39;s business in mainland China reported a large increase in revenue and profit in the first quarter, the company said.

The company, founded and run by Japan39;s richest man, booked successive record earnings in the past three years as it pressed an aggressive growth strategy overseas.

Business in mainland China, its biggest foreign market, came back to life in fiscal 2023 after more than two years of slowdown caused by stringent zeroCOVID policy involving citywide lockdowns.

While China was in the doldrums, the company made a renewed push in North America, where operating income nearly doubled last year. Fast Retailing plans to open 20 new stores in the United States and Canada in 2024, adding to 72 at the end of December.

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