![]() ![]() The company revised downward its earnings forecast for its business year through August, citing the adverse impact on its business in China.Ĭlothing retail giant Fast Retailing Co had closed all 86 outlets of its Uniqlo clothing chain and eight stores of its GU casual brand in Shanghai as of Thursday. "We expect (the performance) in the second half of the business year (from March) to fall significantly below our forecast," President Nobuo Domae said Thursday. With the city locked down in line with Beijing's radical zero-COVID policy amid an increase in infections, Ryohin Keikaku Co, the operator of retail brand Muji, had closed about 50 of its over 300 stores in China as of last week. The coronavirus lockdown in Shanghai is forcing Japanese retailers to halt operations in the Chinese commercial and financial hub, while Japanese manufacturers have also been affected including through supply-chain disruptions.
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