Fast Retailing Co., operator of the Uniqlo casual clothing chain, said Wednesday that due to the warm winter it has cut its net profit forecast by 10 percent to 36.81 billion yen for the year through August.
It revised its revenue projection to 376.63 billion yen, down 2 percent.
The chain explained that notably strong sales in October prompted management to boost inventory for the vital yearend season, but the aggressive sales forecast was betrayed by unusually warm weather.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.