Japan's Uniqlo Operator Downgrades Profit Outlook On Pandemic

Uniqlo operator Fast Retailing reported plunging profits and lowered its annual profit outlook on Thursday, with the Japanese giant citing the impact of the coronavirus pandemic, which forced lengthy store closures

Tokyo, (UrduPoint / Pakistan Point News - 9th Jul, 2020 ) :Uniqlo operator Fast Retailing reported plunging profits and lowered its annual profit outlook on Thursday, with the Japanese giant citing the impact of the coronavirus pandemic, which forced lengthy store closures.

The firm now expects annual net profit to August of 85 billion Yen ($792 million), down from an earlier projection of 100 billion yen announced in April, and nearly a half of what it earned in the previous year.

Annual operating profit is forecast at 130 billion yen and sales at 1.99 trillion yen, compared with earlier forecasts for 145 billion yen and 2.09 trillion yen respectively.

The revisions were necessary as previous forecasts did not account for the full impact of a state of emergency Japan declared earlier in the pandemic, which forced the firm to shut stores, as well as the slower-than-expected reopening of its branches overseas.