Shiseido Sales Looking Up
TOKYO — Shiseido Group traded in red ink for black when it came to net income for the fiscal year ended March 31.
On a consolidated basis, net income was 14.4 billion yen, or $131.1 million, from last year’s net losses of 8.9 billion yen, or $81.1 million. This was “despite reporting an extraordinary loss related to the application of impairment accounting, as well as an impairment loss on a U.S. subsidiary,” the company noted.
Sales increased 4.9 percent to 671 billion yen, or $6.11 billion, from 639.9 billion yen, or $5.83 billion, a year ago. Domestic sales were up 2.1 percent to 473.7 billion yen, or $4.31 billion, and overseas sales grew 12.3 percent to 197.2 billion yen, or $1.8 billion.
Avon Earnings Fall
NEW YORK — Hurt by expenses from a three-year restructuring program, beauty company Avon Products Inc. reported on Friday first-quarter net earnings that fell by two-thirds, despite sales that increased 6.5 percent to $2 billion.
For the three months ended March 31, the consumer products company earned $56.2 million, or 12 cents a share, down 67.3 percent from $172 million, or 36 cents, a year ago.
Analysts had been calling for a profit of 27 cents.First-quarter net revenues were $2 billion from $1.88 billion a year ago. By region, sales in North America were up 3 percent at $613.8 million, while Latin America saw sales rise 28 percent in U.S. dollars to $612.6 million. Sales in China were down 27 percent in U.S. dollars to $47.4 million and sales in the Asian Pacific region dropped 11 percent in U.S. dollars to $190.4 million.
For complete coverage, see Monday’s WWD.