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Fast Retailing: Saw no buying rush before sales tax hike, no fall off since
April 10, 2014 / 7:57 AM / 3 years ago

Fast Retailing: Saw no buying rush before sales tax hike, no fall off since

TOKYO, April 10 (Reuters) - Fast Retailing Co Ltd Chief Executive Tadashi Yanai said on Thursday that the company saw no rush in buying before Japan’s April 1 sales tax hike and no drop in consumer demand afterwards.

Fast Retailing, Asia’s biggest fashion retailer, cut its annual profit guidance on Thursday and lowered its domestic sales forecast for its flagship Uniqlo casual clothing brand as consumers stuck to discounted goods.

The company also said it hoped its U.S. operation would move into a profit during the next fiscal year that starts on Sept. 1 or the year after that. (Reporting by Sophie Knight; Writing by Dominic Lau; Editing by Edmund Klamann)

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