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Uniqlo cuts earnings outlook amid Asia political storm

South Korea boycott and Hong Kong protests hurt fast fashion giant

Uniqlo Japan's revenue fell 5% on the year last quarter on weak sales of cold-weather clothing.   © Reuters

TOKYO -- Fast Retailing, the operator of casualwear chain Uniqlo, downgraded its full-year earnings forecast on Thursday, as unrest in Asia, including the protests in Hong Kong and a boycott of Japanese products in South Korea, hampered the fast-growing company.

The Yamaguchi, Japan-based company now sees group net profit edging up 1% to 165 billion yen ($1.51 billion) for the year to August, down from the previous estimate of 175 billion yen. Its revenue forecast was cut to 2.34 trillion yen, a 2% rise from fiscal 2019. Operating profit, initially expected to grow, is now seen falling 5%.

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