资生堂集团Shiseido（4911.T）2025年第一季度业绩报告「TSE」（英文版）（26页）.pdf

1、Kentaro Fujiwara President and CEOAyako HirofujiChief Financial OfficerMay 12,2025Shiseido Company,Limited2025 First Quarter Results(JanuaryMarch)In this document,statements other than historical facts are forward-looking statements that reflect our plans and expectations.These forward-looking state

2、ments involve risks,uncertainties,and other factors that may cause actual results and achievements to differ from those anticipated in these statements.Net Sales:228.2 bn(LfL*:9%):slightly behind 1H target of low single%Japan:Consumer Purchases maintained strong momentum despite sales decline due to

3、 temporally inventory adjustments by retailers China&Travel Retail:sequential sales decline but within expectations Americas:sharp sales decline continued with Drunk Elephant,striving for a swift turnaround EMEA:Consumer Purchases in Fragrances remained solid despite sales decline due to a rebound f

4、roma higher sales in Q1 last year driven by advanced shipment Core Operating Profit:8.3 bn(YoY:3.1 bn)Delivered tangible results from structural reforms notably in Japan,achieved profit largely in line with expectations bolstered by disciplined cost management global-wide Tariff impact Identified as

5、 potential downside risk;in addition to revisiting procurement sourcing and manufacturing footprint which has been in progress already,additional countermeasures,e.g.,pricing and utilizing tariff exemptions will be consideredCore operating profit remained broadly in line with target;Steady progress

6、on structural reforms while ensuring profitability;Reiterate full-year forecast while monitoring the tariff situation with risk mitigation actions3Q1 2025 Key Highlights*Like-for-like increase(decrease)in net sales excludes the impacts of foreign exchange translation and all business transfers in 20