Shiseido 1-year earnings forecast downward revision Sales down in South Korea and Hong Kong Nov. 7 19:28
Announced by the biggest cosmetics company “Shiseido”, the financial results from January to September were the highest in terms of sales and final profits for this period due to strong sales of cosmetics in the domestic and Chinese markets. became. However, for the year-end financial results for the fiscal year ended December 31, the sales and final profit forecasts were revised downward due to sluggish sales in South Korea and Hong Kong.
According to the announcement of Shiseido for nine months from January to September, sales increased 5% over the same period of the previous year to 846.6 billion yen, and final profit increased 13% to 72.4 billion yen. Both of these reached a record high for this period.
This was due to the impact of last-minute demand before the consumption tax hike, and sales of cosmetics in Japan were strong, as well as sales in China and Europe.
However, for the three months until September, sales in South Korea decreased by about 30% from the same period of the previous year due to the deterioration of Japan-Korea relations, and in Hong Kong where large-scale protests continued. Sales also decreased by about 10%.
Shiseido has revised its forecasts for sales and final profit downward for the full year of the fiscal year ending December, assuming that sales in South Korea and Hong Kong will continue for the time being.
Shiseido's Michael Coombs, Chief Financial Officer, said, “We expect the impact on business in Korea and Hong Kong to continue next month, looking for expansion in other regions. I want to go. "