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.
