For the nine months to May, Uniqlo operator Fast Retailing said its net profit plunged 42.9 per cent to ¥90.64 billion. Operating profit and sales were also down. — Reuters pic
The firm now expects annual net profit to August of ¥85 billion , down from an earlier projection of 100 billion yen announced in April, and nearly a half of what it earned in the previous year. The revisions were necessary as previous forecasts did not account for the full impact of a state of emergency Japan declared earlier in the pandemic, which forced the firm to shut stores, as well as the slower-than-expected reopening of its branches overseas.
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