Fast Retailing cuts outlook on pandemic woes despite Uniqlo June rebound [Reuters]
FAST RETAILING UNSP/ADR (FRCOY)
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Source: Reuters
Fast Retailing cuts outlook on pandemic woes despite Uniqlo June rebound TOKYO (Reuters) - Japan’s Fast Retailing Co ( 9983.T ), owner of casual clothing brand Uniqlo, lowered its outlook for the year as the coronavirus pandemic wreaked havoc on its global fashion business. But it also reported a strong rebound in Uniqlo’s domestic same-store sales for June and said business in China was recovering faster than previously expected, suggesting it may weather the crisis better than many global peers. Store closures and weak consumer spending around the world has brought a halt to years of growth at the company, now Asia’s biggest fashion retailer and the world’s No. 3 after Zara-owner Inditex ( ITX.MC ) and H&M ( HMb.ST ). It forecast operating profit of 130 billion yen ($1.21 billion) for the year through August, down 50% from a year earlier rather than a previously expected 44%, following a surprise loss of 4 billion yen in the March-May quarter. It also forecast annual sales to f
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