Fast Retailing cuts profit outlook by 41% as virus hits Uniqlo China sales, Retail News, ET Retail

Davida Erdahl

TOKYO : Quick Retailing, operator of relaxed apparel chain Uniqlo, slashed its annual outlook on Thursday, citing the impression of the coronavirus outbreak on China, a critical growth sector in latest years.

The pandemic briefly disrupted Uniqlo’s supply chain all through China and forced it to shut over fifty percent of its outlets there.

Uniqlo also shut about 170 shops in its residence sector this 7 days right after the Japanese govt declared a condition of emergency.

The firm forecast an running profit of one hundred forty five billion yen in the full yr by way of conclusion-August, down from a prior forecast of 245 billion yen.

Its running profit in the six months by way of conclusion-February fell 21% from the identical period a yr before to 136.7 billion yen.

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