Shiseido takes a hit despite strength in China
Shiseido's net sales of cosmetics fell 14.9% in Q1 2009 to ¥139.7bn (€1.06bn) as strong results from China failed to offset the low level of domestic market consumption. Net profits declined by 57.8% to ¥43bn (€33m). The company says that in the reporting quarter consumer sentiment continued to weaken with Japanese cosmetics market conditions remaining difficult, while the European and American markets were affected by recession.
Shiseido's net sales of cosmetics fell 14.9% in Q1 2009 to ¥139.7bn (€1.06bn) as strong results from China failed to offset the low level of domestic market consumption. Net profits declined by 57.8% to ¥43bn (€33m). The company says that in the reporting quarter consumer sentiment continued to weaken with Japanese cosmetics market conditions remaining difficult, while the European and American markets were affected by recession.
Shiseido has now downgraded its forecast slightly for 2009 as a whole with net profits expected to reach ¥30bn compared with an earlier expectation of ¥31bn.