Uniqlo owner says most shops in China outside Hubei have reopened [Reuters]
FAST RETAILING UNSP/ADR (FRCOY)
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Source: Reuters
Uniqlo owner says most shops in China outside Hubei have reopened TOKYO (Reuters) - Japan’s Fast Retailing ( 9983.T ) said only 30 of its 750 Uniqlo stores in China were still closed, meaning most of its shops outside Hubei province, the epicenter of the coronavirus outbreak, had reopened. Uniqlo had closed about 350 of its casual clothing stores in China, as well as closures at some partner factories, a month ago. The closures have raised fears of a major hit to Uniqlo’s profits. China has been a key growth market for the company, which faces a saturated market and weak consumer spending in Japan. Fast Retailing shares closed on Monday at 46,000 yen, down nearly 30 percent since the beginning of the year. Jefferies on Monday raised its rating on Fast Retailing to “hold” from “underperform”, saying the company was resilient and had enough liquidity to survive a possible recession. “China and Korea both appear to have gained control of the virus and many people appear to be returning
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