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G-III and Fast Retailing rocket after market close

By FashionUnited

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Asian stocks rose Wednesday early trading, with the regional

benchmark index climbing for the first time in three days, with Fast Retailing Co. the largest Asian apparel retailer, leading the wins. In US, G-III Apparel Group topped estimates.

Week has turned green for Asian stock markets as Japan’s central bank began a two-day policy meeting and better-than- estimated US factory orders buoyed exporters, boosting Asian stocks which were led by Fast Retailing Co.

The owner of Uniqlo chain climbed to the highest on record as warmer weather in Japan and an extra Sunday in March fuelled the biggest monthly sales jump in more than three years at Asia’s largest apparel retailer, reported Bloomberg.

In neighbouring China, China Xiniya Fashion Limited reported revenue in the fourth quarter of 2012 increased by 10.3 percent to 532.5 million Yuen, as compared to 482.8 million Yuen in the fourth quarter of 2011, which exceeded the prior guidance of 4 percent-7 percent.

Gross margin was 32.3 percent in the fourth quarter of 2012 as compared to 35.1 percent in the fourth quarter of 2011.

Profit before taxation in the fourth quarter of 2012 declined by 50.1 percent to million Yuen as compared to 150.0 million in the fourth quarter of 2011. Earnings per ADS were 0.16 dollars in the fourth quarter of 2012 as compared to 0.31 dollars per ADS in the fourth quarter of 2011, and were below prior guidance of 0.17-0.19 dollars per ADS.

Meanwhile, G-III Apparel Group Ltd.'s fiscal fourth-quarter profit jumped 62 percent as the company sold more clothing, explained the company Tuesday. G-III has earned $8.1 million, or 40 cents per share, for the period that ended Jan. 31. That compares with 5 million dollars, or 25 cents per share, for the same quarter the year before. Revenue grew 28 percent to 375.3 million dollars from 294.3 million, above the consensus estimate of 360.2 million dollars. Its profit outlook for the year fell short of Wall Street expectations, but shares rocketed in after-hours trading. The stock gained 66 cents, nearly 2 percent, to 40 dollars in after-hours trading.
FashionUnited