Japan's Fast Retailing Co , owner of casual clothing brand Uniqlo, lowered its outlook for the year as the coronavirus pandemic wreaked havoc on its global fashion business.
It forecast operating profit of 130 billion yen for the year through August, down 50% from a year earlier rather than a previously expected 44%, following a surprise loss of 4 billion yen in the March-May quarter.
The company said markets such as South Korea, the United States and several others including Indonesia had been particularly hard-hit, while adding that its two key markets, Japan and China, were recovering faster than expected. Analysts have said Uniqlo’s focus on practical, everyday wear rather than more trendy styles may work to its advantage as more consumers are spending time at home.
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