Shiseido Gets a Boost From Strong China and Travel Retail Sales; Raising FVE to JPY 2,700
Narrow-moat Shiseido's third-quarter performance was better than we expected, mainly owing to increased growth of its China and travel retail businesses, as well as a delay in its marketing expense. While quarterly revenue dropped 4.5% in Japanese yen terms (increased 5% on a local-currency basis) year over year to JPY 210 billion, operating income was up 4.6% at around JPY 19 billion, and net income jumped 22% to JPY 13 billion. While the company maintained its full-year guidance, we revise our...Shiseido is mainly engaged in the manufacture and sale of cosmetics, toiletries, beauty products, health foods, beauty foods and pharmaceuticals. Along with its affiliates, Co. operates in seven business segments: Japan, China, Asia Pacific, Americas, EMEA, travel retail, and professional. Co. markets a wide range of skin care products, hair care products, body care products, perfumes, toiletries, health foods, pharmaceuticals, medical cosmetics, analyzers and other products through cosmetics specialty stores, drugstores, department stores, airport duty free stores and online. Co.'s principal brand names include "SHISEIDO," "cle de peau BEAUTE," "ELIXIR," "MAQuillAGE," "NARS" and "IPSA."
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