Fast Retailing lowers FY20 estimates as Uniqlo sales hit in Hong Kong, South Korea

Fast Retailing Fast Retailing Group said that consolidated revenue of 623.4 billion yen (5.70 billion dollars) for the first quarter were down 3.3 percent, while operating profit of 91.6 billion yen (0.84 billion dollars), dropped 12.4 percent. The company attributed decline in revenue and profit to that South Korea and Hong Kong reporting significant contractions in profit, the weather remaining persistently warm during the 1Q, and Uniqlo Japan profits improving to a lesser extent than originally expected. Due to 10.3 billion yen foreign exchange gain under finance income, first-quarter profit before income taxes reached 102 billion yen (0.93 billion dollars), down 8.2 percent and profit attributable to owners of the parent was 70.9 billion yen (0.65 billion dollars), down 3.5 percent.