Fast Retailing cuts outlook on pandemic woes despite Uniqlo June rebound, Retail News, ET Retail

Davida Erdahl

By : Ritsuko Ando

TOKYO : Japan’s Fast Retailing Co , operator of relaxed clothes model Uniqlo, lowered its outlook for the yr as the coronavirus pandemic wreaked havoc on its world wide style business.

But it also described a potent rebound in Uniqlo’s domestic very same-retail outlet income for June and stated business in China was recovering quicker than previously envisioned, suggesting it may possibly weather the disaster better than lots of world wide friends.

Retail outlet closures and weak shopper paying out about the planet has introduced a halt to a long time of advancement at the company, now Asia’s most important style retailer and the world’s No. 3 right after Zara-operator Inditex and H&M.

It forecast functioning earnings of a hundred thirty billion yen ($one.21 billion) for the yr by way of August, down fifty% from a yr previously fairly than a previously envisioned 44%, subsequent a

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