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Category: Shiseido
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Listed beauty groups averaged 4.2% weighted like-for-like growth in Q1 26, but this masks a real divide. Half the peer group grew meaningfully while the other half was flat or in decline. I reckon that the differences partially come down to three variables: category mix, China exposure, and proximity to the Middle East conflict.
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Last week in beauty, Shiseido sales are down 3% but profit is surging.
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Shiseido reported Q1 26 net sales of €1.23bn (¥232bn), down 3% on a like-for-like basis versus the same period last year, yet core operating profit jumped 58% to €70m (¥13bn). The group is effectively trading near-term top-line for structural cost savings, and in Q1 at least, that trade is working.
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Beauty results for 2025 are in and a new emerging group doubled it sales last year.
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Shiseido closed 2025 with like-for-like sales down 1.8% to €5.34bn. Core operating profit rose 22.4% to €244.9m, beating its initial forecast. Free cash flow raised to €365.8m thanks to working capital improvements. However a €257.4m goodwill impairment in the Americas, triggered by sustained profitability declines, pushed the group to a net loss of €223.7m.