TOKYO — Uniqlo’s corporate parent, Fast Retailing Co. Ltd., said Thursday its net profit for the nine months ended May 31 tumbled 20.5 percent as the company discounted unsold merchandise and racked up some onetime expenses linked to the earthquake and tsunami in March.
The retailer posted a net profit of 53.4 billion yen, or $647.22 million at average exchange rates for the period. A spokesman said discounts were accountable for much of the slide, as unseasonably warm winter weather and cold spring weather negatively affected the company’s sales.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"