Japan-based cosmetics giant has managed to post a first quarter profit from January to March despite domestic sales being badly hit by the earthquake and tsunami that affected the North of the country.
Net sales for the quarter were up by 2.3 per cent to $AU2.05 billion, however, domestic sales were down 8.7 per cent to $AU1.07 billion.
With Japanese sales making up over half of Shiseido’s overall revenue, the natural disasters on March 11 saw profits decline due to distribution networks being badly affected throughout the country, services and resources occupied with clean-up operations and consumer sales down due to people being depressed over the trauma and loss.
Robust overseas sales helped drive the company to record a profit, with sales rising by 18 per cent due to large increases in markets such as Asia, Europe and North America.
The company is predicting a strong recovery for the next full financial year, forecasting net profits will increase by 64.2 per cent.