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Shiseido Raises 2026 Core Profit Outlook to ¥87 Billion as Sales Expectations Weaken

Cost control, currency movements and tariff refunds support a higher profit forecast, while like-for-like sales expectations weaken.

Published: Nov 11, 2026 3:17 PM

By RETAILBOSS Team

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Shiseido Raises 2026 Core Profit Outlook to ¥87 Billion as Sales Expectations Weaken

Image: Shiseido Travel Retail, TFWA Cannes 2026 (illustrative corporate photograph).

Shiseido raised its 2026 core operating profit forecast to ¥87 billion from ¥69 billion, while cutting expected like-for-like sales growth to 1% from 3%, according to its November 10 results.

The split shows a recovery in profitability running ahead of underlying sales. Shiseido cited companywide cost management, currency movements and one-off benefits including tariff refunds as outweighing the profit impact of weaker sales.

Currency lifts reported sales Reported annual net sales are now forecast at ¥1.025 trillion, up from ¥990 billion, helped by the weaker yen. That increase should not be confused with stronger underlying growth: the company flagged soft sales trends in Japan, EMEA, the Americas and Asia Pacific.

Profit improves faster than demand Nine-month sales rose 6.8% to ¥741.1 billion, but just 0.7% like-for-like, which excludes currency and business-transfer effects. Core operating profit more than doubled to ¥67.5 billion.

Cost discipline is strengthening earnings, but the reduced growth forecast leaves a separate challenge: building sales momentum that can sustain the recovery beyond currency gains and one-off relief.

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