January 9, 2020 / 6:21 AM / 19 days ago

Fast Retailing cuts outlook, blames South Korea and Hong Kong

TOKYO, Jan 9 (Reuters) - Japan’s Fast Retailing Co cut its outlook for the full year after a weaker-than-expected quarter, citing riots in Hong Kong and a consumer boycott in South Korea which have hit sales at its Uniqlo stores.

The company, Asia’s biggest fashion chain thanks to the popularity of its affordably-priced basics, said it expected annual operating profit to fall 5 percent to 245.0 billion yen ($2.24 billion). It previously forecast a rise to 275.0 billion yen for the year through August.

Operating profit for the financial first quarter fell to 91.7 billion yen from 104.7 billion yen in the year-ago quarter. That compared with the market’s consensus forecast of 110 billion yen, according to Refinitiv data. ($1=109.3000 yen) (Reporting by Ritsuko Ando; Editing by Clarence Fernandez)

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