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Uniqlo owner slashes 2020 goal www3.nhk.or.jp
Fast Retailing, operator of the Uniqlo clothing chain, has given up a long-held goal to hit nearly 50 billion dollars in sales by 2020.
President Tadashi Yanai says that figure is out of reach. He's slashed the target to about 30 billion dollars.
The announcement came as Fast Retailing released its earnings report for the year through August. The company notched a sales increase of about 6 percent from the previous year in yen terms. But net profit was down more than 56 percent at about 460 million dollars.
Executives blame the strengthening yen, as well as poor sales of winter clothing over the colder months.
Yanai hopes to boost the company's fortunes through online sales.
Published Date:2016-10-14
