Japanese giant goes into the red. Shiseido today released its results for the first quarter of the 2024 financial year and reported a loss of more than €18 million. This is alarming for the company, as in the same period last year, the Japanese cosmetics company claimed a profit of more than 54 million euros.
However, the company's revenues increased by almost 4% to 1.486 billion euros, with the Japanese market being its main driver, followed by China.
In the Europe, Middle East and Africa regions, the company achieved sales of more than 207 million euros, and in the Americas it was close to 190 million euros.
In the same document, the Japanese company explained that it is experiencing a recovery in duty free at airports and stations in China and that it is in the midst of recovering from the boycott suffered in certain regions of the country due to the dumping of waste from the Fukushima nuclear power plant.
The Japanese giant expects to reach 6,000 million euros in 2024 and to grow by 1.1% in profits, reaching 131 million euros.