By  on February 8, 2018

HONG KONG–Japan’s largest cosmetics company, Shiseido Group, posted a nearly 30 percent drop in annual profit dragged down by the impairment of its Bare Escentuals business, although sales in Asia and its home market grew by double digits as it invests more into the prestige segment and travel retail.

Net income for the year ended Dec. 31 was 22.7 billion yen–or $207.9 million at current exchange–a drop of 29.1 percent year on year. Sales increased 16 percent over the year before on a local currency basis. When converted into yen, net sales reached 1,005.1 billion–or $9.22 billion–an increase of 18.2 percent year on year due to a weakened Japanese currency. 

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