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Fast Retailing Drops in Tokyo After Profit Forecast Cut

Fast Retailing Co., Asia’s biggest clothing retailer, fell the most in 10 months in Tokyo trading after lowering its annual profit forecast, citing higher costs and weak demand.

Net income will be about 88 billion yen ($866 million) for the year ending August, lower than a previous forecast of 92 billion yen, the Yamaguchi, Japan-based company said yesterday. That compared with the 94.5 billion-yen average of 19 analyst estimates compiled by Bloomberg.