Fast Retailing cuts profit outlook by 41% as virus hits Uniqlo China sales [Reuters]
FAST RETAILING UNSP/ADR (FRCOY)
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Source: Reuters
Fast Retailing cuts profit outlook by 41% as virus hits Uniqlo China sales TOKYO, April 9 (Reuters) - Fast Retailing, owner of casual clothing chain Uniqlo, slashed its annual outlook on Thursday, citing the impact of the coronavirus outbreak on China, a key growth market in recent years. The pandemic briefly disrupted Uniqlo’s supply chain throughout China and forced it to shut over half of its shops there. Uniqlo also shut around 170 stores in its home market this week after the Japanese government declared a state of emergency. The company forecast an operating profit of 145 billion yen in the full year through end-August, down from a previous forecast of 245 billion yen. Its operating profit in the six months through end-February fell 21% from the same period a year earlier to 136.7 billion yen. (Reporting by Ritsuko Ando; Editing by Muralikumar Anantharaman)
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