Worth reading
65In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
211
¥100 million (year-on-year change in core operating profit)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationFirst half of 2026 (January–June)7 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥4,990 million-0.2%
Operating profit¥419 million+132.0%
Net income¥297 million+211.0%
Gross Profit Margin78.9%
Operating profit margin8.4%
Selling, general and administrative expenses¥3,548 million
Results for the three months of the current quarter
Net Sales
¥2,670 million+10.5%
Core operating profit
¥314 million+107.7%
Operating profit
¥296 million
Full-year earnings forecast
Operating profit
¥590 million
Core operating profit
¥690 million
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Aiming to exceed the profit planBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Cost of sales
¥-10 million
Gross profit
¥302 million
Selling, general and administrative expenses
¥-118 100 million impact on profit
Marketing Investment
¥-109 100 million increase in expenses
Brand and research and development investment
¥10 100 million decrease in expenses
Personnel Expenses
¥-22 100 million increase in expenses
Expenses
¥3 100 million decrease in expenses
Other operating income and expenses
¥27 million
New initiatives
- Accelerating new product launches and marketing investment in the second half
- Focused investment in hero products
- Focused investment in Power Duos in the Americas
- Launch of the new Kamo Triple-PeptideTM Cover Drops product
- Simultaneous global launch of new large-format MaxMara fragrances
- Enhancing research and development through the use of AI
Key KPIsA metric the company considers important as a management benchmark.
- SHISEIDO global revenue-3 Year-on-year %
- Clé de Peau Beauté global revenue2 Year-on-year %
- NARS global revenue3 Year-on-year %
- ELIXIR global revenue7 Year-on-year %
- Fragrance global revenue1 Year-on-year %
- Americas online revenue+high-single digits%
- Asia Pacific e-commerce revenue+high teens %
Segment results
Japan
Net Sales
¥1,447 million-0.4%
Core operating profit
¥209 million+7.2%
China and travel retail
Net Sales
¥1,914 million-0.1%
Core operating profit
¥476 million+22.7%
Asia Pacific
Net Sales
¥371 million+2.1%
Core operating profit
¥22 million
Americas
Net Sales
¥546 million-0.9%
Core operating profit
¥20 million
Europe
Net Sales
¥669 million-1.2%
Core operating profit
¥-34 million
Other
Net Sales
¥44 million+6.2%
Core operating profit
¥-2 million
Medium-term management plan targets
TargetRestatement of the strategic pillars and initiatives of the 2030 Medium-Term Strategy
Target fiscal year2030
Market Size / Share
Qualitative commentary, including that the overall Chinese prestige market is growing steadily
ShareChina returned to growth, with market share also expanding
| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | First half of 2026 (January–June) |
| Net Sales | ¥4,990 million (YoY -0.2%) |
| Operating profit | ¥419 million (YoY +132.0%) |
| Net income | ¥297 million (YoY +211.0%) |
| Gross Profit Margin | 78.9% |
| Operating profit margin | 8.4% |
| Selling, general and administrative expenses | ¥3,548 million |
| Results for the three months of the current quarter | Net Sales ¥2,670 million (YoY +10.5%) / Core operating profit ¥314 million (YoY +107.7%) / Operating profit ¥296 million |
| Full-year earnings forecast | Net Sales Not disclosed / Operating profit ¥590 million / Core operating profit ¥690 million |
| Self-assessment against the plan | Aiming to exceed the profit plan |
| Segment results | Japan Net Sales ¥1,447 million (YoY -0.4%) / Core operating profit ¥209 million (YoY +7.2%) / China and travel retail Net Sales ¥1,914 million (YoY -0.1%) / Core operating profit ¥476 million (YoY +22.7%) / Asia Pacific Net Sales ¥371 million (YoY +2.1%) / Core operating profit ¥22 million / Americas Net Sales ¥546 million (YoY -0.9%) / Core operating profit ¥20 million / Europe Net Sales ¥669 million (YoY -1.2%) / Core operating profit ¥-34 million / Other Net Sales ¥44 million (YoY +6.2%) / Core operating profit ¥-2 million |
| Breakdown of Factors Affecting the Change | Cost of sales ¥-10 million / Gross profit ¥302 million / Selling, general and administrative expenses ¥-118 100 million (impact on profit) / Marketing Investment ¥-109 100 million (increase in expenses) / Brand and research and development investment ¥10 100 million (decrease in expenses) / Personnel Expenses ¥-22 100 million (increase in expenses) / Expenses ¥3 100 million (decrease in expenses) / Other operating income and expenses ¥27 million |
| Key KPIs | Indicator name SHISEIDO global revenue / Value -3 Year-on-year %, Indicator name Clé de Peau Beauté global revenue / Value 2 Year-on-year %, Indicator name NARS global revenue / Value 3 Year-on-year %, Indicator name ELIXIR global revenue / Value 7 Year-on-year %, Indicator name Fragrance global revenue / Value 1 Year-on-year %, Indicator name Americas online revenue / Value +high-single digits%, Indicator name Asia Pacific e-commerce revenue / Value +high teens % |
| Medium-term management plan targets | Target Restatement of the strategic pillars and initiatives of the 2030 Medium-Term Strategy / Target fiscal year 2030 |
| Market Size / Share | Market Size Qualitative commentary, including that the overall Chinese prestige market is growing steadily / Share China returned to growth, with market share also expanding |
| New initiatives | Accelerating new product launches and marketing investment in the second half, Focused investment in hero products, Focused investment in Power Duos in the Americas, Launch of the new Kamo Triple-PeptideTM Cover Drops product, Simultaneous global launch of new large-format MaxMara fragrances, Enhancing research and development through the use of AI |
Items this document does not state (14)
Ordinary incomeProgress against full-year forecastUnit price and quantity metricsNumber of stores and locationsNumber of employeesAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookFinancial targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlogKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Core operating profit increased due to the effects of structural reforms, primarily in the Americas, company-wide cost management, an improvement in the cost-of-sales ratio, and lower outsourcing and depreciation expenses. Revenue was weighed down by intensifying competition, mainly in Europe and the Americas, and weak performance by some brands, while momentum improved in the second quarter for major brands and in several regions.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.