• FY net profit down 11.9% to JPY54.3bn
  • Sales up 0.7% to JPY820.3bn
  • Plans to continue international expansion in fiscal 2012

Uniqlo owner Fast Retailing recorded a double-digit fall in full-year net profit, impacted by sales and profit declines in Japan in the first half of the year.

The company said same-store sales and operating profit had improved in Japan during the second six months to August, but this was not sufficient to offset the weak first half performance.

However, Uniqlo International generated “considerable” gains in sales and income, while the Global Brands segment reported increased profits, mostly thanks to the success of the Theory brand operation.

Fast Retailing said it planned to open a number of new stores across Asia in fiscal 2012, and 107 new stores in total outside Japan, plus four new global flagship stores: on Fifth Avenue, New York, in Taipei, Seoul and in the Ginza shopping district of Tokyo.

The company is predicting a sales rise of 17.6% to JPY965bn (US$12.6bn) in fiscal 2012, and net profit up 30.6% to JPY71bn, boosted by continued strong growth from Uniqlo International.