TOKYO, July 10 (Reuters) - Japan's Fast Retailing ( FRCOF )
, owner of the Uniqlo clothing brand, on Thursday kept
its full-year forecast, as it expected early shipments of its
products to the North American market to limit the impact of
higher U.S. tariffs.
U.S. President Donald Trump has set a new August 1 deadline
for "reciprocal" tariff rates, which will affect nearly all
trading partners, unless negotiations in the coming weeks lead
to reductions.
"FY2025 impact is likely to be limited, whatever the tariff
rate," Fast Retailing ( FRCOF ) said in an earnings statement, adding it
has already shipped a substantial number of products to the U.S.
The majority of Uniqlo products sold in the U.S. are
produced in Southeast Asia and South Asia.
In a letter on Wednesday, Trump notified Sri Lanka, a major
apparel exporter to the U.S., would face a 30% tariff from
August 1. Its competitor Vietnam faces a lower 20% U.S. tariff
but trans-shipments from third countries through Vietnam will
face a 40% levy, Trump said last week.
Fast Retailing ( FRCOF ) said operating profit in the three months to
May 31 rose 1.4% to 146.7 billion yen ($1.00 billion), below a
consensus forecast of 153.8 billion yen based on a LSEG poll of
five analysts.
The company kept its full-year operating profit forecast at
545 billion yen.
($1 = 146.3600 yen)