Fast Retailing Co., operator of the Uniqlo chain, announced Thursday its group net profit dropped 24.8 percent to 20.93 billion yen for the business year that ended Aug. 31, marking the second straight year of decline.
Sales decreased 10 percent to 309.79 billion yen compared with the year before.
Nevertheless, the company said it is on track for a strong recovery. Uniqlo, which became a household name when it enjoyed a fleece-jacket boom a few years ago, is in rapid growth mode again, planning to open a net 50 new stores during the current fiscal year.