Fast Retailing's 9-Month Profit Tumbles 42 Pct
Tokyo, July 9 (Jiji Press)--Fast Retailing Co. <9983>, the operator of Uniqlo casual clothing stores, said Thursday that its consolidated net profit in September-May plunged 42.9 pct from a year before to 90,640 million yen.
The drop mainly reflected temporary closures of up to 311 Uniqlo outlets, about 40 pct of the total in Japan, between March and May due to the coronavirus outbreak.
Sales fell 15.2 pct to 1,544,924 million yen.
The company lowered its earnings projections for the year ending in August for the third time.
Fast Retailing lowered its sales projection to 1.99 trillion yen, down 100 billion yen from the previous estimate. The net profit estimate was reduced by 15 billion yen to 85 billion yen.
[Copyright The Jiji Press, Ltd.]