Fast Retailing Profit Drops 35% as Uniqlo Sales Slip
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Fast Retailing Co., Asia’s largest clothing chain, reported a 35 percent decline in first-quarter profit after sales fell at its Uniqlo stores in Japan.
Net income for the three months ended November dropped to 22.7 billion yen ($273 million) as revenue fell 4.7 percent to 251 billion yen, the Yamaguchi, Japan-based company said today in a statement. Its full-year sales forecast was cut 1.2 percent to 846 billion yen.