Yanai Surrenders Fast Retailing Sales Goal as Growth Slows
- Revenue target cut 40% to 3 trillion yen by fiscal 2020
- Profit, sales targets for current year miss analyst estimates
Fast Retailing Abandons Sales Goals
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Fast Retailing Co. Chairman Tadashi Yanai caved in to reality and scrapped his eight-year-old target for the Uniqlo casual-wear owner to hit 5 trillion yen ($48 billion) in annual sales by fiscal year 2020.
The billionaire, who wants to make Fast Retailing the world’s largest seller of clothing, on Thursday slashed that revenue goal for the fiscal period ending August 2021 by 40 percent as the company reported annual sales and net income forecasts that missed estimates.