Shiseido started 2026 with like-for-like sales down 3% in Q1. By Q2, they were up 2.1% bringing H1 net sales at ¥499.0bn (€2.74bn), effectively flat like-for-like (-0.2%), while core operating profit rose 90% to ¥44.4bn (€244m). Core operating margin expanded from 5.0% to 8.9%, and attributable profit rose to ¥29.7bn (€163m).
China & Travel Retail, 38% of H1 sales, was broadly flat (-0.1% LFL) but expanded core operating margin 2.5 points to 24.6%. China consumer purchases grew during 618, while Travel Retail remained affected by concession realignment in mainland China. Japan declined 0.4%, though its margin rose 1.1 points to 14.4% as local demand and double-digit Q2 growth from ELIXIR and ANESSA helped offset weaker Chinese inbound spending.
Asia Pacific grew 2.1% and returned to a 5.9% margin, led by South Korea and Vietnam. Americas fell 0.9% but moved from a ¥5.8bn (€32m) loss to a ¥2.0bn (€11m) profit as inventory-provision reversals and structural savings took effect. EMEA was still the weak point: sales fell 1.2% and the loss widened to ¥3.4bn (€19m) despite a Q2 rebound and fragrance demand led by Narciso Rodriguez. Other sales were ¥4.4bn (€24m), up 6.2% LfL, with a ¥0.2bn (€1m) loss.
At brand level, ELIXIR grew 7% and NARS 3%, while SHISEIDO fell 3%, Clé de Peau Beauté grew 2% and ANESSA fell 10%. NARS turned from +7% in Q1 to -1% in Q2 with its Natural Matte Longwear Foundation missing expectations.
Shiseido has kept its FY 2026 forecast unchanged, including ¥69bn (€380m) in core operating profit. It says sales were below plan in H1 and is increasing H2 investment, while citing downside risks in EMEA, the Americas, China and Travel Retail.
