TOKYO — Fast Retailing reported its net profit for the twelve months ended Aug. 31 fell 28.7 percent to 74.55 billion yen, or $733.53 million at average exchange rates for the period.
At a press conference, the company’s chief financial officer Takeshi Okazaki attributed the drop to a large loss at J Brand.
Operating profit slipped down 2.8 percent to 130.40 billion yen, or $1.28 billion.
The company’s yearly sales grew by 21 percent to 1.38 trillion yen, or $13.61 billion.
Fast Retailing’s chairman, president and chief executive officer Tadashi Yanai reiterated lofty plans for international growth and expansion. He aims to open 100 Uniqlo stores a year in China, for a total of 1,000 in the near future. In an effort to become the number one brand in the United States, Yanai plans to open 30 stores there per year in the coming years.
Yanai also said that by the fiscal year 2020 he aims to achieve sales of 5 trillion yen, or $46.19 billion at current exchange rates, and to become the leading brand in the world.
“I want us to become the number one brand in each country,” Yanai said.
Fast Retailing also released its earnings guidance for the current fiscal year, ending Aug. 31, 2015. It expects net profit to grow 36.1 percent to 108 billion yen, or $997.64 million at current exchange rates.
The company predicts operating profit will increase by 38 percent to 180 billion yen, or $1.66 billion.
It expects to see sales growth of 15.7 percent, for a total of 1.6 trillion yen, or $14.78 billion.