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Uniqlo owner Fast Retailing hits highest-ever annual profit

Sales expected to rise further this year despite inflation headwinds

A Uniqlo store in Tokyo's Ginza district. (Photo by Shihoko Nakaoka)

TOKYO -- Uniqlo owner Fast Retailing announced a record annual profit on Thursday, as most of the casual clothing retailer's markets rebounded from the COVID pandemic.

The Japanese fashion group said it expected a further rise of more than 15% in revenue in the current fiscal year to August 2023. But it said in a statement that the "business environment continues to be severe in light of progressive inflation and the rapid depreciation of the yen" and said net income would fall.

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