By Kosaku NariokaShiseido shares fell sharply after it cut its earnings guidance for 2023 due partly to a worsening of its business in China. Shares were recently 14% lower at 4,191 yen on Monday morning. The Japanese cosmetics maker said its business had been weak in China and its duty-free stores as retailers cleared their inventory. Shiseido said it will book Y6.0 billion of impairment losses from the restructuring of its plant operations in Osaka this year. For the nine months ended September, net profit dropped 29% from a year earlier to Y20.52 billion and revenue declined 5.3% to Y722.42 billion.

Source: Wall Street Journal November 13, 2023 03:10 UTC