Uniqlo operator posts record profit amid pandemic

The operator of the Uniqlo clothing chain posted a record profit for the business year through August, thanks mainly to brisk sales of indoor casual clothing amid the coronavirus pandemic.

Fast Retailing said revenue rose six percent year-on-year to about 2.1 trillion yen, or nearly 19 billion dollars.

Casual clothes sold well as consumers spent more time at home amid the pandemic. The economic recovery in China also led to robust demand there.

These factors helped the company rack up nearly 1.5 billion dollars in net profits, an 88 percent increase from the previous year.

Yanai Tadashi, Chairman, President and CEO of Fast Retailing, said the pandemic is not over so uncertainty remains.

He said the company continues to expand its business beyond Japan into global markets.

Yanai reiterated that the firm is keeping an eye out for possible human rights issues in its supply chain.

He said Fast Retailing has been urging suppliers and other partners to comply with international standards.

He revealed that his company launched a team in July to check on farmers from which it procures cotton, and other suppliers.