Fast Retailing cuts annual outlook on virus woes; Uniqlo sales in Japan rebound [Reuters]
FAST RETAILING UNSP/ADR (FRCOY)
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Source: Reuters
Fast Retailing cuts annual outlook on virus woes; Uniqlo sales in Japan rebound TOKYO (Reuters) - Japan’s Fast Retailing Co, owner of casual clothing brand Uniqlo, lowered its profit outlook for the year through August as the global pandemic wreaked havoc on its global fashion business. It now expects an annual operating profit of 130 billion yen ($1.21 billion), down 50% rather a previously expected 44% drop, after an operating loss of 4 billion yen in March-May quarter. But the company also reported a strong rebound in Uniqlo’s domestic same-store sales for June and said business in China was recovering at a faster-than-expected pace, suggesting it may weather the crisis better than many global peers. Uniqlo’s domestic same-store sales, including online purchases, rose 26% in June from a year earlier, after falling 57% fall in April and 18% in May. The company said it was seeing a “faster-than-predicted pace of recovery” for Uniqlo in Japan and China, and said it would continue to o
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