THE JAPAN NEWS


 

TOKYO (Jiji Press) — Fast Retailing Co., the operator of Uniqlo clothing stores, said Thursday that its group net profit in the business year through August plunged 56.3 percent from the previous year to ¥48 billion.

The sharp decline reflected negative effects from the yen’s rise and sluggish domestic sales of winter wear in the mainstay domestic Uniqlo business due to warmer temperatures, the company said.

Sales increased 6.2 percent to ¥1.78 trillion, while operating profit fell 22.6 percent to ¥127.29 billion, according to the company’s earnings report.

Its Uniqlo business overseas also posted a sales increase and a profit decline.

Fast Retailing lowered its sales target for fiscal 2020 from ¥5 trillion to ¥3 trillion.