Budget clothier cashes in on slump

TOKYO: Japan's Fast Retailing forecast a 10.5 percent rise in operating profit this financial year as its Uniqlo casual clothing chain continues to draw cost-conscious consumers away from rivals.

While most of Japan's retail industry is still reeling from a slump in consumer spending that shows little sign of abating amid rising job losses, Uniqlo has attracted customers with hit products such as underwear using heat-trapping fabric.