Fast Retailing Co., owner of Japanese apparel retailer UNIQLO, has officially readjusted its financial forecasts for the rest of this year, lowering its profit outlook as a result of the ongoing coronavirus pandemic.
More specifically, the company now expects an annual operating profit of ¥130 billion JPY, approximately comparable to $1.21 billion USD. This marks a 50 percent decrease, as compared to the smaller 44 percent drop previously predicted, which altered due to an operating loss of ¥4 billion JPY ($37,400 USD) in the period between March and May.
Despite these forecasts, Fast Retailing Co. remains positive as it reports a strong bounce in domestic sales for the month of June in Japan as well as a faster-than-expected recovery in the Chinese market. UNIQLO’s domestic sales — which comprise online purchases — rose by a notable 26 percent last month compared to a year earlier, an impressive achievement by the retailer following a 57 percent decrease in April followed by being 18 percent down in May.
In light of these two recovering markets, the company says it will continue to open more stores globally.