UPDATE 3-Uniqlo owner blames warm winter for profit fall, predicts tough Q2 [Reuters]
FAST RETAILING UNSP/ADR (FRCOY)
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Source: Reuters
UPDATE 3-Uniqlo owner blames warm winter for profit fall, predicts tough Q2 | Reuters 4 Min Read * Q1 oper profit falls 8 pct to 104.7 bln yen, misses consensus * Japan Uniqlo stores’ operating profit down 30 percent * Logs double-digit operating profit growth for Uniqlo in China (Adds details from statement, background) By Ritsuko Ando TOKYO, Jan 10 (Reuters) - Fast Retailing Co Ltd, the owner of Uniqlo, posted a surprise drop in profit as unseasonably warm weather hit sales of winter clothes, and outlined a tough second quarter as it offloads the inventory at a discount. The bleak results come at a time when Uniqlo - known for its simple and affordable clothes such as lightweight down jackets - is battling saturation in its main home market, Japan. There are also worries it could come under pressure due to a slowdown in China, where it typically logs a major proportion of its growth. Operating profit at Uniqlo’s Japan business, which accounts for more than a third of Fast Retailing’
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