Fast Retail Uniqlo Sales Drop as Heat Wave Cuts Demand for Autumn Range
Fast Retailing Co., Japan’s biggest clothing retailer, posted the biggest decline in domestic sales at its Uniqlo chain in four months as the hottest summer on record reduced demand for its autumn clothing range.
Sales at stores open at least a year dropped 9.3 percent in August from the same month a year earlier, the company said in a statement today. For the year ended Aug. 31, sales rose 4.7 percent, compared with its July estimate for a 4.4 percent increase.
The average temperature between June and August was the highest since at least 1898, the weather agency said yesterday.
Fast Retailing fell 0.2 percent to 11,630 yen at the 3 p.m. close on the Tokyo Stock Exchange. The stock has dropped 33 percent this year.
To contact the reporter on this story: Naoko Fujimura in Tokyo at nfujimura@bloomberg.net.
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