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Uniqlo Fifth Ave will be “latest and greatest store in the world” Friday, 8th April 2011
As Japan remains in the grips of another earthquake, Uniqlo CEO looks to international stores for stability.
Tokyo retailer Uniqlo is refusing to let the recent spate of tragic events for the country effect their trading. Parent company Fast Retailing’s first half figures may have slumped, but the company raised its full year profit guidance yesterday, with less than a single percent cut in its sales target.
The retailer announced net profit for the six months up to 28 February fell 24.7 percent to 41.67 billion yen, or around £314 million.
Uniqlo confirmed its March comps fell by 10.5 percent following the 11 March earthquake, although Fast Retailing’s chief executive Tadashi Yanai said there had been a gradual recovery of sales. The company expects to see same-store sales increase from April.
Yanai told the press on Thursday, “We need to work hard to recover, and Japan needs to try hard.” He touched on concerns that tourism to Japan has decreased since the tsunami and earthquakes hit the region describing it as “a big minus for Japan in terms of globalisation.”
However Fast Retailing is determined to look to their global expansion to secure growth, opening its third Uniqlo store in the United States this autumn, along with a previously announced Fifth Avenue flagship which Yanai described as “[Fast Retailing’s] latest and greatest store in the world.”
The retailer also plans to open 200 stores a year across Asia, including 100 a year in China.