Shiseido Co. slashed its profit outlook for the year as the Japanese cosmetics giant reported a plunge in net income amid a persistent slump in the key Chinese market.
Shiseido reported a 26% decline in core operating profit over the first nine months of this year. Net income in the third quarter came in at 739 million yen ($4.8 million), much lower than the 13.4 billion yen average analyst estimate compiled by Bloomberg.