Shiseido reports 7.6% revenue drop but profit surges

Shiseido's net sales fell 7.6% to 469.8 billion yen in the six months to June 30, but core operating profit surged 21.3% to 23.4 billion yen. Profit attributable to owners jumped to 9.5 billion yen from just 15 million yen previously.

The profit growth was driven by structural reforms in Japan and a rebound from prior year non-recurring expenses. The company maintains its full-year core operating profit target of 36.5 billion yen despite expecting significant reform expenses in the second half.