Fast Retailing cuts profit forecast as pandemic affects Uniqlo sales
On Thursday, Fast Retailing Co. revised downward its group net profit forecast for the year through August, from ¥100 billion to ¥85 billion ($792 million), partially due to the longer-than-expected closure of Uniqlo stores overseas in the aftermath of the novel coronavirus pandemic.
The casual apparel chain operator’s latest estimate follows an earlier reduction to its net profit forecast, from ¥165 billion, in April.
The company also cut its operating profit estimate from ¥145 billion to ¥130 billion and sales projection from ¥2.09 trillion to ¥1.99 trillion.
Fast Retailing’s net profit fell 42.9 per cent to ¥90.64 billion while operating profit sank 46.6 per cent to ¥132.38 billion for the nine months to May. Its sales fell 15.2 per cent to ¥1.54 trillion.