Tokyo -- Fast Retailing Co., parent to the Uniqlo chain of stores, reported Wednesday that profit for the full year fell 12% to $709.2 million. The company blamed the performance decline on bad weather, but said it will accelerate store openings overseas, which will compensate for the decline.
On Friday, Fast Retailing will open it largest store to date – on New York City’s 34th Street at Fifth Avenue. Earlier, in September, the company unveiled plans to open 200 to 300 stores per year to make it the world’s biggest apparel retailer. It will launch a joint venture with SM Retail to operate its Uniqlo chain in the Philippines.
Same-store sales for the fiscal year dipped 6%, and revenue edged up 0.7%.