Shiseido Lowers Full-Year Forecast As China Slump Persists
- Core operating profit forecast for 2024 cut to 35 billion yen
- Co. sees persistent weakness in its key market of China
Shiseido now expects full-year operating profit to reach 35 billion yen, down from its previous forecast of 55 billion.
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Shiseido Co. slashed its profit outlook for the year as the Japanese cosmetics giant reported a profit plunge in net income amid a persistent slump in the key Chinese market.
Shiseido reported on Thursday a 26% decline in core operating profit over the first nine months of this year. Net income in the third quarter came in at ¥739 million ($4.8 million), much lower than the ¥13.4 billion average analyst estimate compiled by Bloomberg.