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Post-COVID rebound seen pushing Uniqlo owner to record profit by 2021

Fast Retailing says recovery in key Japan and China markets faster than expected

Uniqlo sales in Japan and China are recovering faster than expected. (Photo by Ken Kobayashi)

TOKYO -- Japan's Fast Retailing, which operates the Uniqlo chain, said Thursday it expects its earnings to hit a record high in the fiscal year ending in August 2021, after the coronavirus pandemic dragged down numbers this year.

The company expects its net profit to surge by 82% year-on-year to a historical high of 165 billion yen ($1.57 billion) in the year ending in August, surpassing a previous high of 162 billion yen in fiscal 2019.

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