Fast Retailing Co. revised downward on Thursday its group net profit outlook for the year through August, from ¥100 billion to ¥85 billion ($792 million), due partly to the longer-than-expected shutdown of Uniqlo stores overseas in the wake of the novel coronavirus pandemic.
The new estimate by the casual clothing chain operator follows an earlier cut to its net profit forecast, from ¥165 billion, in April.
The firm also reduced its operating profit estimate from ¥145 billion to ¥130 billion and sales projection from ¥2.09 trillion to ¥1.99 trillion.
For the nine months to May, Fast Retailing’s net profit fell 42.9 percent to ¥90.64 billion while operating profit sank 46.6 percent to ¥132.38 billion. Its sales slipped 15.2 percent to ¥1.54 trillion.
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.