Investing.com - Japanese clothing firm Fast Retailing (TOKYO:9983) said on Thursday it would open fewer U.S. stores for its core Uniqlo brand this year after a rapid expansion failed to entice customers, leading to a lower-than-forecast annual profit.
Fast Retailing, which is seeking to overtake Zara-owner Inditex (MADRID:ITX) and H&M as the world's biggest fashion retailer, said it would only open five Uniqlo stores in the U.S. in the fiscal year that began on Sept. 1, after opening just over three times as many stores last year.
It posted a 164.5 billion yen profit, missing its own forecast for a 200 billion yen operating profit for 2014/15.
For the current year, Asia's biggest apparel retailer said it would again aim for an operating profit of 200 billion yen, lower than the average estimate of 228 billion yen. It projects revenue to rise 13% to 1.9 trillion yen.