Fast Retailing Co., Asia’s biggest clothing retailer, cut its profit forecast as sales growth slowed the most in four years on the waning popularity of designs at its Uniqlo chain.
The company cut its net income estimate 4.9 percent to JPY67.5 billion (USD763 million) for the year ending in August, it said in a statement on Thursday.
The operator of the Uniqlo chain has lost 27 percent of its market value this year, making it the biggest loser among retailers in this year’s Morgan Stanley Capital International Asia Pacific Index.
(Source: BusinessWeek)