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Uniqlo parent company posts record annual net profit

Uniqlo parent company posts record annual net profit

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TOKYO: Fast Retailing, the parent company of Japanese clothing giant Uniqlo, posted a record full-year net profit Thursday thanks to the weak yen and a rebound in demand after virus lockdowns.

For the year to August 2022, the retail behemoth logged a net profit of 273 billion yen ($1.86 billion), but forecast a more modest 230 billion yen for 2022-23.

"Sales recovered steadily in all markets in which we operate thanks to a steady recovery in demand for clothing now that the Covid-19 pandemic is being brought under control," the company said in a statement, reports AFP.

Efforts to "strengthen global branding", and mounting an agile response to production and distribution challenges also helped boost profits, it said.

The yen's dramatic fall -- from around 115 against the dollar in February to over 138 in late August -- was a boon for the company, which has Uniqlo stores in 25 countries and regions.