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Uniqlo makes rebound after closing unprofitable stores
Posted : 2021-01-16 10:09
Updated : 2021-01-19 14:26 A college student holds a one-person protest against Japan, urging a boycott of Japanese products in front of Uniqlo s store in central Seoul on Oct. 24, 2019. / Yonhap
By Kim Jae-heun
Japanese casual wear brand Uniqlo, wholly owned by Fast Retailing, managed to make a rebound here, but only by shutting down unprofitable stores.
Fast Retailing did not reveal the exact size of its operating profit in Korea. But it said improvements in sales management costs and gross profit margin helped Uniqlo Korea make a turnaround. We saw a sharp decline in sales, but we were able to avoid losses by controlling our spending through the closures of loss-making stores, a Fast Retailing official said.