Shiseido’s Q1 Net Grows on Lower Tax Payments, Higher Sales
TOKYO — Shiseido said Tuesday that its net profit for its fiscal first quarter rose 16.1 percent compared to the same period last year. The gain was largely due to lower tax payments than the previous year, although net sales also increased. Japan’s largest cosmetics company said its net profit for the three months ended March 31 totaled 33.51 billion yen, or $305.5 million. The company’s operating profit, on the other hand, fell by 17.4 percent to 38.93 billion yen, due to increased investments in marketing, research and development, and human resources. Shiseido said the higher expenses and lower operating profit are in line with its current medium- to long-term strategy, a six-year plan intended to continue through 2020. Shiseido’s first-quarter net sales were up by 3.7 percent to 273.62 billion yen. On a local currency basis, sales increased by 5.1 percent year-on-year. The company saw its biggest growth in Asia excluding Japan. In China, sales gained 15 percent to total 52.51 billion yen, while sales across the rest of the Asia-Pacific region grew by 11 percent to 18.93 billion. The travel retail business also performed well, with revenues up 9.3 percent to 23.4 billion yen. “In the China business, the strong performance
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