Shiseido

Beauty & cosmetics groups · 4911

The Japan read

From the company's own filing for H1 2026 (Jan–Jun) · reported 2026-08-05 · the filing

−0.8%Japan salesJapan business revenue, as reported; −0.4% like-for-like.

JapanJapan sales swung from a 4% like-for-like fall in the first quarter to 3% growth in the second, leaving the half down 0.4%; core operating margin improved 1.1 points to 14.4%.
InboundInbound purchases in Japan fell by a mid-teens percentage in the second quarter as Chinese visitors kept declining, while buyers from Thailand, Taiwan and Korea grew; local customer purchases rose low single digits.
JapanIn Japan, ELIXIR and ANESSA kept growing at double digits and SHISEIDO added new customers, but Clé de Peau Beauté stayed in decline as the company rebuilds its loyal-user base.

Other callouts in the filing

BasisThe weak yen did the work abroad: China and travel retail rose 10.0% and Europe 12.4% in yen, but both fell like-for-like (−0.1%, −1.2%); group sales were −0.2% like-for-like.
OutlookFull-year guidance was kept: Shiseido flags a revenue shortfall risk centred on Europe and the Americas but aims to beat its core operating profit plan, and says Japan–China tensions have not moved its outlook.
One-offPart of the operating-profit jump is smaller one-off charges: non-recurring items cost ¥2.5bn against ¥5.3bn a year earlier, while the Americas swung to a ¥2.0bn core profit from a ¥5.8bn loss on restructuring.

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 2026-08-05

Net sales¥499.0bn+6.2%

Operating profit¥41.9bn+131.8%

Net income¥29.7bn+211.4%

Japan−0.8%Japan business revenue, as reported; −0.4% like-for-like.

Shiseido's first half (January–June 2026) put revenue up 6.2% to ¥499.0bn and operating profit up 132% to ¥41.9bn; core operating profit, the measure the company leads on, nearly doubled to ¥44.4bn and net income tripled to ¥29.7bn. The Japan business, though, went backwards — revenue of ¥144.7bn, down 0.8% — even as its core operating profit rose 7.2% to ¥20.9bn. Abroad, China and travel retail (+10.0%), Europe (+12.4%) and Asia-Pacific (+10.1%) grew in yen, but mostly on the weak yen: like-for-like they moved −0.1%, −1.2% and +2.1%. For the department-store floors floortok maps, the profit recovery is real; the sales growth is largely currency, and none of it is at home.