Fast Retailing lowers full year outlook, sees around 50 percent profit decline

The Fast Retailing Group’s consolidated revenue for the first nine months, totalled 1.5449 trillion yen, down 15.2 percent and operating profit totalled 132.3 billion yen, down 46.6 percent caused primarily by the impact of Covid-19, which the company said, spurred its decision to either temporarily close or introduce shorter opening hours for many stores and resulted in large reductions in both revenue and profit across all four business segments. The company’s pre-tax profit declined to 142.4 billion yen, down 42.4 percent and profit attributable to owners of the parent declined to 90.6 billion yen or 42.9 percent in the nine months to May 31, 2020.