Japan's Uniqlo to boost US stores as profit jumps

Tokyo — The operator of Japanese cheap-chic clothing chain Uniqlo said Thursday it will open 10 new stores in the United States, as it reported a 22 percent jump in net profit.

 

For the nine months to May, Fast Retailing booked a net profit of ¥88.4 billion ($880 million).

 

Operating profit edged up 4.0 percent to ¥124.0 billion on sales of ¥885.8 billion, an increase of 19.1 percent on-year, the retailer said in a statement.

 

For the full year to August, it expects a net profit of ¥91.5 billion, up 27.7 percent on-year, on sales of ¥1.1 trillion, up 18.8 percent.

 

The brisk figures are chiefly due to increases both in sales and profit in its business in Asia, it said.

 

Separately, it said it will open the new US stores later this year, more than doubling its presence. The new outlets will be in New York, New Jersey, Connecticut and California.

 

"To staff the new stores, Uniqlo will take on the ambitious plan to hire and train several hundred full-time and part-time employees at all levels," it said.

 

"The new Uniqlo stores represent the company's goal for a continued expansion within the important US market," it said, adding new stores will be in shopping centers and retail mall spaces. — Agence France-Presse