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Uniqlo operator issues profit warning

Uniqlo operator, Fast Retailing, has issued a profit warning after it was forced into heavy discounting on its winter range caused by warmer than expected weather.

Fast Retailing forecast an operating profit of ¥260bn (£1.79bn) for Uniqlo in the full year leading up to August, down ¥10bn (£69m) according to reports by Reuters. Despite the discounting the profit of ¥260bn would be the company’s record highest result, showing a 10% year-on-year rise.

Sales and profits at the company for the second quarter of the year had increased by 20% year-on-year up to ¥68bn (£470m), which Fast Retailing says was the result of the growth of Uniqlo’s new online platform.

Uniqlo has been seeing its domestic e-commerce sales growing by 30% year-on-year, however Fast Retailing’s other brands such as Comptoir des Cotonniers have suffered from trouble on the high street.

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