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Stock impact report

Uniqlo owner trims profit forecast on new COVID-19 curbs [Reuters]

FAST RETAILING UNSP/ADR (FRCOY) 
NASDAQ:AMEX Investor Relations: fastretailing.com/eng/ir
Company Research Source: Reuters
Uniqlo owner trims profit forecast on new COVID-19 curbs By Rocky Swift 3 Min Read TOKYO (Reuters) -Japan’s Fast Retailing, owner of clothing brand Uniqlo, trimmed its profit outlook for the year, saying additional government restrictions in Japan and other markets to contain fresh COVID-19 infections has slowed customer traffic in stores. Last week, Japan, where the company operates some 800 Uniqlo stores, declared a fourth coronavirus state of emergency in Tokyo, just two weeks before the Olympic Games are due to begin. “With the declaration of a state of emergency again, it is expected that customers’ willingness to go out and shop will be more restrained,” Chief Financial Officer Takeshi Okazaki told reporters in Tokyo. “We expect that trend will continue for the time being, so we have revised our business forecast to reflect this.” Fast Retailing said on Thursday it now expects operating profit for the fiscal year ending August to rise 64% year-over-year to 245 billion yen ($2.2 Show less Read more
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