Japanese high-end cosmetics giant Shiseido returned to a small net profit in the first half after losses linked to restructuring costs in the first three months.
The group reports modest growth in net sales at 2.9% year-on-year for the first half of 2024, but experiences significant declines in profits, with core operating profit down by 31.3% and net profit almost wiped out, decreasing by 99.9% to 15 million yen (about EUR 93,500 or USD 102,000).
On a comparable basis, Shiseido’s half-year sales increased by 13% in Japan, by 6% in Asia-Pacific and by 12% in the EMEA (Europe, Africa and Middle East) zone. However, they decreased by 5% in the Americas zone and by 7% in China.
Despite the downturn in profit, Shiseido expects a rebound and maintained its growth forecast for 2024, expecting net profits to reach JPY 22 billion (+1.1% over one year) and a turnover of JPY 1,000 billion (+2.8%).
