Shiseido’s sales rose 2.6% like-for-like in Q3 to €1.33bn (¥242.2bn), up 8.1% reported. Core operating profit more than tripled to €126.5m (¥23.0bn) from €36.9m (¥6.7bn), lifting margin from 3.0% to 9.5%. Attributable profit was €80.9m (¥14.7bn).
China & Travel Retail, 32% of Q3 sales, grew 4.6% like-for-like and expanded core operating margin from 11.8% to 15.7%, even as Chinese consumer purchases stayed below last year and Travel Retail declines continued to ease. Japan was nearly flat at -0.3% like-for-like, but core operating profit rose 58% to €73.2m (¥13.3bn), with margin up from 11.5% to 18.3%.
Asia Pacific sales grew 6.7% like-for-like and core margin rose from 9.8% to 15.1%. Americas sales rose 3.6%, returning to core profit of €19.8m (¥3.6bn) from a €9.9m (¥1.8bn) loss. EMEA sales were nearly flat (+0.1% like-for-like); core profit eased to €18.2m (¥3.3bn) from €19.3m (¥3.5bn), as margin fell from 9.2% to 8.2%. Other sales were €12.1m (¥2.2bn), up 60.1% like-for-like, with core profit of €1.1m (¥0.2bn) versus a €2.8m (¥0.5bn) loss.
At brand level, SHISEIDO grew 4%, Clé de Peau Beauté grew 6% and NARS grew 3%. Fragrance rose 8%, while ELIXIR fell 4%, ANESSA 13% and Dr. Dennis Gross Skincare 18%. The company said launches including Max Mara Fragrance, Clé de Peau Beauté Cream Supreme, ELIXIR Total V Cream and the new SHISEIDO Vital Perfection serum contributed to growth.
Shiseido lowered its FY 2026 like-for-like net sales growth forecast to +1% from +3% in May, with Q4 expected at +2%. Full-year net sales are forecast at €5.64bn (¥1,025bn), core operating profit at €478.5m (¥87bn) and attributable profit at €341m (¥62bn).
