Uniqlo owner trims profit forecast citing fresh COVID-19 related curbs [Reuters]
FAST RETAILING UNSP/ADR (FRCOY)
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Source: Reuters
Uniqlo owner trims profit forecast citing fresh COVID-19 related 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 slowed customer traffic to 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. Fast Retailing on Thursday said it now expects operating profit for the fiscal year ending August to rise 64% year-over-year to 245 billion yen ($2.23 billion), versus a previous estimate of 255 billion yen. Profit rose to 227.9 billion yen in the nine months ended May from 134.4 billion yen in the year-earlier period that was hit hard by the coronavirus crisis. The company has been among the more resilient retailers during the COVID-19 pandemic, as Uniqlo
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