Fast Retailing Cuts Earnings Projections
Tokyo, April 10 (Jiji Press)--Fast Retailing Co. <9983>, the operator of Uniqlo casual clothing stores, on Thursday cut its consolidated earnings estimates for the year ending in August.
The downward revision reflected sluggish sales of winter products due to unusually warm weather and store closures in Japan and overseas caused by the coronavirus pandemic.
The company now expects to log an annual fall in both sales and profits for the first time since it went public in 2002. It previously projected higher sales and profits.
Fast Retailing lowered its sales projection to 2.09 trillion yen, down 8.8 pct from the previous year. The net profit estimate was cut to 100 billion yen, down 38.5 pct.
"We don't see any serious impact at present" from the pandemic because the company has been dispersing operations such as product planning and sales, Tadashi Yanai, chairman and chief executive officer at Fast Retailing, said at a press conference.
[Copyright The Jiji Press, Ltd.]