KOSÉ Holdings

Beauty & cosmetics groups · 4922

The Japan read

From the company's own filing for H1 2026 (Jan–Jun) · reported 2026-08-06 · the filing

−3.4%Japan salesJapan sales by customer location, as reported.

InboundAlbion's domestic duty-free sales fell, mainly for its Elégance make-up, as flight cuts under Japan–China travel restrictions hit; Albion's local demand held up, and KOSÉ expects duty-free stock adjustment to normalise around August.
JapanBehind Japan's 3.4% fall: ONE BY KOSÉ grew, DECORTÉ slipped against a big launch a year earlier, and KOSÉ Cosmeport's Clear Turn lost ground to competition, though Cosmeport returned to growth in the second quarter.
StoresKOSÉ's Thai brand Panpuri plans more than ten openings across Asia in the second half, including an Aoyama street store and a shop in GINZA SIX.

Other callouts in the filing

One-offThe year-ago half carried a ¥2.72bn gain on selling fixed assets; this half includes a ¥1.6bn US tariff (IEEPA) refund in cost of sales and about ¥2.5bn of one-off marketing and event costs.
BasisExcluding exchange-rate effects, sales grew only 0.2%; overseas customers accounted for 38.6% of group sales.
OutlookKOSÉ kept ¥350.0bn revenue and ¥20.0bn operating-profit guidance but cut its Japan sales plan and raised Asia; costs of an ~80-person voluntary retirement scheme will be booked as a special loss once known.

floortok's reading of the filing, in our own words. Figures are the company's own; where a growth rate is our arithmetic, it says so.

Show figures in

H1 2026 (Jan–Jun) · Year-to-Date

Reported 2026-08-06

Revenue¥164.9bn+2.7%

Operating profit¥6.6bn−41.5%

Net income¥5.7bn−19.9%

Japan−3.4%Japan sales by customer location, as reported.

KOSÉ Holdings grew revenue 2.7% to ¥164.9bn in the first half of 2026 while operating profit fell 41.5% to ¥6.6bn and net income 19.9% to ¥5.7bn. The split by region is the story: Japan — still nearly two-thirds of sales — fell 3.4% to ¥101.2bn, while Asia rose 24.0% to ¥26.1bn and North America 5.9% to ¥32.7bn. The company kept full-year guidance of ¥350.0bn revenue (+6.0%) and ¥20.0bn operating profit (+8.3%), which asks a great deal of the second half.