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Japanese cosmetics giant Shiseido said on Monday its full-year profit slumped 73 percent, partly due to a drop in consumer spending in key overseas market China, a trend the company expects to continue into 2025.
Shiseido said its operating profit came in at 7.58 billion yen ($49.9 million) in the 12-month period ended December 31, compared with 28.13 billion yen the prior year.
A retailer of high-end personal goods, Shiseido is seen as a barometer for consumer confidence in China, a market the company and its peers have come to rely on for sales growth.
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Shiseido Stock Plummets After Growth Plan UnderwhelmsThe Japanese conglomerate’s share price fell to an eight-year low after a plan to offset its ailing Chinese business failed to impress investors.
