Japanese cosmetics giant Shiseido Co. has substantially downgraded its full-year profit projection by 42% due to weakened demand from Chinese consumers after the Fukushima water discharge. The company now expects a core operating profit of ¥35 billion ($231 million) for the fiscal year ending December 31, concurrently lowering its revenue projection by 2% to ¥980 billion. Sales in China and the travel sector both experienced a 10% downturn in the third quarter, leading Shiseido to curtail marketing activities and suspend promotions. The impact of the Fukushima water release is predicted to persist into the first quarter of 2024. The move has triggered criticism from Japan’s trading partners, with China halting imports of all aquatic products from Japan. Shiseido’s operating profit for the nine months ending September 30 fell 28% to ¥25.8 billion, and revenue declined 5.3% to ¥722 billion.
Shiseido Cuts Profit Outlook by 42% Amid Fallout From Fukushima Water Discharge
Shiseido revises profit forecast, citing a 42% decrease, influenced by declining Chinese demand following Fukushima's water release
