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Home Business Fast Retailing cuts profit outlook as pandemic hits Uniqlo sales | JT

Fast Retailing cuts profit outlook as pandemic hits Uniqlo sales | JT

Fast Retailing Co. changed downward on Thursday its team web profit outlook for the year via August, from ¥100 billion to ¥85 billion ($792 million), due partially to the longer-than-expected closure of Uniqlo shops overseas following the unique coronavirus pandemic.

The brand-new price quote by the informal garments chain driver adheres to an earlier cut to its web profit projection, from ¥165 billion, in April.

The company likewise decreased its operating profit price quote from ¥145 billion to ¥130 billion as well as sales forecast from ¥2.09 trillion to ¥1.99 trillion.

For the 9 months to May, Fast Retailing’s web profit dropped 42.9 percent to ¥90.64 billion while operating profit sank 46.6 percent to ¥132.38 billion. Its sales slid 15.2 percent to ¥1.54 trillion.

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