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Retail

Fast Retailing cuts annual profit forecast by 38%

Operator of Uniqlo clothing shops hit by COVID-19 closures

Uniqlo has about 2,240 stores in 25 markets worldwide, but hundreds of stores in Southeast Asia, Europe and North America have been shut in response to the coronavirus epidemic.  (Photo by Yuki Kohara) 

TOKYO -- Japan's Fast Retailing, owner of the Uniqlo casual clothing brand, cut its full-year net profit forecast to 100 billion yen for the year ending August 2020, down 38% from the previous year, as the novel coronavirus outbreak forces it to shutter hundreds of stores worldwide.

That is sharply lower than its previous forecast for a 165 billion yen net profit, up 1% from the previous year. This is the second time the company has cut its earnings forecast for the current fiscal year. 

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