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

20201015 Uniqlo Harajuku 2

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

AKANE OKUTSU, Nikkei staff writer

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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