Shiseido’s Full-Year Earnings In-Line; Slight Rise in Fair Value Estimate
Narrow-moat Shiseido reported in-line fiscal 2016 results, with revenue and operating income down 1.5% and 17%, respectively, compared with adjusted fiscal 2015 earnings. We are encouraged by what appears to be improving operating execution. First, there is concentration on profitable products. The double-digit expansion in the prestige product line has led to around 40% of total sales contribution in 2016. Second, a faster cash conversion cycle is benefiting cash flow and margins. Shorter recei...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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