Shiseido Company, Ltd. recorded a 22.4% reduction in operating profit for 2023 to ¥29.8bn ($266m), attributable to slow post-pandemic recovery of the China business, which represents 25% of total sales, the Tokyo-based firm reported 9 February. While the firm saw strong sales in the first half of the year due in part to a low base effect from pandemic lockdowns, China sluggishness and backlash in the country over Japan’s Fukushima wastewater release into the Pacific Ocean impacted overall performance. The Shiseido brand recorded a 30% sales decline in the fourth quarter alone on a global basis, the firm says.
Net sales in China slipped 4% to ¥247.9bn for the year. Total net sales for the consolidated fiscal year fell...
