Uniqlo Owner Trims Profit Forecast On New COVID-19 Curbs

Japan’s Fast Retailing, owner of clothing brand Uniqlo, trimmed its profit outlook for the year, saying additional government restrictions in Japan and other markets to contain fresh COVID-19 infections has slowed customer traffic in stores. Last week, Japan, where the company operates some 800 Uniqlo stores, declared a fourth coronavirus state of emergency in Tokyo, just two weeks before the Olympic Games are due to begin. “With the declaration of a state of emergency again, it is expected that customers’ willingness to go out and shop will be more restrained,” Chief Financial Officer Takeshi Okazaki told reporters in Tokyo. “We expect that trend will continue for the time being, so we have revised our business forecast to reflect this.” Read more at Reuters.