TOKYO — Fast Retailing Co. Ltd., parent of Japanese fast-fashion label Uniqlo, reported a 34.9 percent drop in net profits in the first quarter ended Nov. 30 to 22.71 billion yen, or $274.1 million at average exchange.
The company said Thursday that sales for the period dropped 4.7 percent to 250.99 billion yen, or $3.03 billion. Uniqlo, which previously was showing continuous signs of strong growth, has reported decreases in same-store sales over the past months. November figures fell 14.5 percent, and December same-store sales, which will likely affect the company’s second-quarter performance, were down 15.5 percent.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)