UNIQLO Owner Expects 50% Drop in Profit This Financial Year

Fast Retailing Co. -- the owner of Japanese apparel retailer UNIQLO -- has now readjusted its financial projections for the rest of the year, lowering its profit outlook as a result of the ongoing coronavirus pandemic.More specifically, the company now expects an annual operating profit of ¥130 billion JPY, roughly equating to $1.21 billion USD. This marks a 50 percent reduction, as compared to the lesser 44 percent drop previously predicted, which altered due to an operating loss of ¥4 billio...