Japan's Fast Retailing cuts outlook after Asia strife hits Uniqlo sales [Reuters]
FAST RETAILING UNSP/ADR (FRCOY)
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Source: Reuters
Japan's Fast Retailing cuts outlook after Asia strife hits Uniqlo sales TOKYO (Reuters) - Japan’s Fast Retailing Co cut its full-year outlook after worse than expected quarterly results, hit by Hong Kong protests and a South Korean consumer boycott that dented sales at its Uniqlo stores. The company had come to depend on its Asian growth, especially in China, where Uniqlo’s mix of affordable basics and occasionally trendy items proved a massive hit among the burgeoning middle class. At home, Uniqlo has faced a saturated market and weak consumer spending. It has also struggled to build brand recognition in the United States, though the company expects its North America business to turn profitable this year. A weaker yuan and violent protests in Hong Kong during its financial first quarter to Nov. 30 served hit operating profit in the Greater China region, which includes its Hong Kong stores. The company’s South Korea business, meanwhile, fell into the red after a prolonged boycott of J
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