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Bloomberg
Fast Retailing Co lowered its full-year operating profit outlook 11% as the Uniqlo owner’s international segment — a key driver of growth — was hurt by geopolitical turmoil in South Korea and Hong Kong.
Asia’s largest retailer said earnings for the year through August will be 245 billion yen ($2.24 billion), according to a statement.
Fast Retailing in October predicted annual operating profit of 275 billion yen.
Fast Retailing has relied on strength from overseas to offset weakness at home. But pro-democracy protests that have devastated retailers in Hong Kong, and a boycott of Uniqlo products in South Korea amid a trade spat are taking a toll on sales.