Shiseido Company, Limited (OTCPK:SSDOY) Q3 2024 Earnings Conference Call November 7, 2024 3:30 AM ET
Company Participants
Kentaro Fujiwara – President and COO
Ayako Hirofuji – CFO
Conference Call Participants
Akiko Kuwahara – JPMorgan Securities
Oliver Matthew – CLSA Securities
Wakako Sato – Morgan Stanley MUFG Securities
Shima Yamanaka – SMBC Nikko
Katsuro Hirozumi – Daiwa Securities
Mitsuko Miyasako – Mizuho Securities
Hisae Kawamoto – Jefferies
Ayako Hirofuji
From here, I would like to explain the third quarter performance for 2024. First please take a look at summary on Page 3. After the summer, travel retail and China faced further challenges. The third quarter was a quarter focused on achieving profit by thoroughly improving efficiency and scrutinizing costs.
The good news is Japan. The results of the reforms implemented so far are clearly reflected in the significant increase in profits, which has become a key driver supporting the overall company’s profitability.
Consolidated net sales on a like-for-like basis, excluding the impact of foreign exchange and all business transfers, declined by 8% in the three months from July to September and by 3% on a cumulative basis for the third quarter.
In Japan, the core brands continue to perform well with the launch of new products in the third quarter, driving strong growth. Despite a slowdown in inbound sales, the overall business in Japan continued to show double digit growth on a cumulative basis.
In EMEA, sales declined in the third quarter due to shipping delays and other timing issues, but on a cumulative basis, sales showed an increase. On the other hand, in travel retail and China, the decline in Chinese consumer demand, which became evident in the first half of the year, accelerated further in the third quarter, resulting in a greater than expected decrease in sales.
In the
Read the full article here
