Sportswear-maker Descente Ltd. on Wednesday sharply slashed its net profit outlook for fiscal 2019, hit by a widespread boycott of Japanese products in its mainstay South Korean market.
The seller of Umbro, Le Coq Sportif and Munsingwear brands said it expects group net profit to plummet 82.3 percent to ¥700 million ($6.4 million) in the year to March 2020, down from its previous forecast of ¥5.30 billion.
The Osaka-based company said it will report a net loss of ¥1.51 billion in the second half that started in October due to slumping sales in South Korea, which had accounted for about half its annual sales.