not vested
Uniqlo Owner Sees June Sales Behind Forecast, Suspends Bangladesh Travel
By Shuli Ren
Fast Retailing (9983.Japan), owner of clothing chain Uniqlo, fell 3.5% in Tokyo after its June sales fell short of expectations.
In the second quarter, same-store sales at Uniqlo Japan rose 3.2% from a year ago, behind the company’s full-year guidance of 4% growth. In June, while same-store per-customer spend rose 8.5% from price hikes, customer traffic fell 3.6%.
After the terrorist attack last Friday in Bangladesh which resulted in the death of 7 Japanese citizens, Fast Retailing said it would suspend all non-essential business travel to Bangladesh. Bangladesh is one of the major Uniqlo production hubs outside China.
“Q3 profits are likely to have fallen as restructuring moves dent margins in Japan and overseas, with overseas operations in particular experiencing the negative aspects of yen appreciation, for example currency translation losses, before the positive aspects start to kick in,” noted Nomura Securities‘ Masafumi Shoda.
Source: Barron's Asia
http://blogs.barrons.com/asiastocks/201 ... sh-travel/