Uniqlo owner Fast Retailing has announced that its profit for the fiscal year declined 49% to 90.4m yen (£663,000) down from 178m yen (£1.3m).
The decline in profit was attributed to the temporary closure of all Uniqlo stores during the global pandemic.
Revenue decreased to 2.01bn yen (£14.7m) for the year, down 12.3% from last year with revenue at 2.29bn yen (£16.7m).
Looking to the next fiscal year, The Fast Retailing Group financial report expects Uniqlo to “achieve a consolidated revenue” and a strong operating profit aiming for it to increase by 64% to 245bn yen (£1.79bn).
Tadashi Yanai chairman, president and CEO of Fast Retailing said: “Our estimates for the second half of FY2021 from 1 March to 31 August 2021 assume COVID-19 infections will have been brought under control.
“[This will enable] us to achieve a large increase in revenue and a significant improvement in operating profit across all our business segments. Our business estimates for the year to 31 August 2021 are based on the premise that stores in all markets will be operating normally.”