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Fast Retailing Cuts Profit Outlook By 41% As Virus Hits Uniqlo China Sales

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.

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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.

(Reuters)


Tags assigned to this article:
uniqlo China Sales Covid 19