Shiseido revises forecasts down
Counting the cost of the earthquake
Japanese cosmetics group Shiseido has revised down its final sales and profits forecasts for fiscal 2010 and has reported a drop of 61% in net annual profits to some €110m, partly as a consequence of the economic effect of the earthquake.
The result was well below market expectations. Its shampoo products manufacturing site has already been closed and damage was sustained at other sites. Sales are reported to have fallen about 1.5% to €5.7bn.
Shiseido says end-of-year net sales are expected to have fallen below earlier forecasts owing to a lower recovery than expected in consumer confidence on the Japanese domestic market.