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Profits dip at Uniqlo parent company

Fast Retailing, the parent company of Japanese fast-fashion retailer Uniqlo, said that its full-year net profit dipped 12%.

The Japanese-based company reported a decline in net profits to 54.35bn yen (£0.45bn) in the 12 months to August 31 while revenues in the period were flat, rising just over 0.7% to 820.35bn yen (£6.84bn).

Fast Retailing said that unseasonable weather patterns were to blame for the dip but that it expects to post double-digit profit and sales growth for its current financial year.

Fast Retailing did not split out the results to breakdown Uniqlo’s performance in the UK.

The results come as Uniqlo prepares to re-open a refurbished flagship store on London’s Regent Street as well as a high profile store on New York’s Fifth Avenue, which is to become the retailer’s global flagship.

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