A South Korean boycott of Japanese goods is seen dragging down sales at Fast Ret...
TOKYO - A South Korean boycott of Japanese goods is seen dragging down sales at Fast Retailing Co Ltd’s Uniqlo stores, denting otherwise strong financial results due to be announced on Thursday by Asia’s biggest fashion group, analysts said.
Analysts on average expect operating profit of 258.6 billion yen for the year ended August, up 9.5% from a year prior, Thomson Reuters data showed. They see a 14% rise in the current year, helped by strength in China and new markets. J.P. Morgan analyst Dairo Murata recently lowered his Fast Retailing earnings forecast for the current year by 4.6% and cut his price target on the shares to 68,000 yen from 70,000 yen.“We foresee a double-digit decline in sales and a roughly 40% fall in operating profit for the South Korea business,” Murata said in a client note, adding that the yen’s appreciation against China’s yuan was another near-term negative factor.
He has said he does not want his two sons to take the top job, though both were promoted to the ranks of company directors last year.
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