Fast Retailing Lowers Earnings Forecast for Year to Aug.

Economy

Tokyo, Jan. 9 (Jiji Press)--Fast Retailing Co. <9983>, the operator of the Uniqlo casual apparel chain, on Thursday revised down its consolidated earnings forecast for the year to August 2020, citing sluggish winter clothing sales due to a warm winter.

Prolonged prodemocracy protests in Hong Kong and the boycotting of Japanese products in South Korea also pushed down the earnings projection.

Fast Retailing lowered its sales forecast to 2,340 billion yen from its previous estimate of 2,400 billion yen, operating profit projection to 245 billion yen from 275 billion yen, and net profit forecast to 165 billion yen from 175 billion yen.

"We're in a tough business environment (in South Korea), but it's an important market for us," Fast Retailing Chief Financial officer Takeshi Okazaki told a press conference.

"We'll continue to focus on what we've got to focus on," he said.

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Jiji Press