Uniqlo sales rise nearly 17%, putting it on course to overtake H&M

Uniqlo’s sales rose nearly 17% in the year ending August 31.

Its parent company, Fast Retailing, also reported that taxable profit rose 23.4%.

The company is on course to pass H&M and become the world’s second-largest fashion company, behind Inditex, which owns Zara.

Its growth could strengthen its position as it expands in Europe and the United States.