With Uniqlo's boom in casual clothing fading away, Fast Retailing Co. on Thursday cut its earnings projections for the business year to August from its previous estimate in January.
The Yamaguchi-based retailer expects to post a pretax profit of 60 billion yen, down 20 billion yen from January's projection, and an operating profit of 59.4 billion yen, down from the earlier forecast 79 billion yen. Net profit is now forecast to hit 34 billion yen, down by 11 billion yen from January.
In January and February, sales at Uniqlo shops open for more than a year fell by more than 30 percent on a year-on-year basis, the firm said.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.