Fast Retailing Co. said Friday it chalked up a consolidated net profit of 11.89 billion yen in the first half of its current business year, down 44.8 percent from a year earlier.
The casual-clothing retailer, known for its Uniqlo brand, blamed the decline on a sales slowdown triggered by tough business conditions.
It cited factors such as sluggish personal consumption, intense price competition and mounting discrimination among consumers over products and services.
During the six-month period to Feb. 28, the number of visitors to Uniqlo shops fell 16.2 percent, while sales dropped 26.8 percent, Fast Retailing said.
These results were collated on a same-store basis.
The company, based in the city of Yamaguchi, also reported a group pretax profit of 23.36 billion yen for the half-year period, down 39.5 percent from a year earlier.
Its consolidated sales fell 19.3 percent to 165.38 billion yen.
Fast Retailing said it will pay an interim dividend of 20 yen per share.
For the entire business year through August, the company expects to generate a group net profit of 17 billion yen, down 39 percent from the previous year, and a pretax profit of 37.8 billion yen, down 26 percent.
It expects its consolidated sales to decline 10.6 percent to 307.7 billion yen.