Shiseido Jumps by Record as Tourist Buying Fuels Gain in Profit
- Visitors to Japan snapping up company's high-end cosmetics
- Operating profit gains, company reports on preliminary basis
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Shiseido Co. surged by the most on record in Tokyo trading after the Japanese cosmetics maker reported that buying by tourists helped fuel profit that beat analyst estimates.
The shares soared as much as 20 percent to 2,690.5 yen as of the 11:30 a.m. break in Tokyo trading. Operating profit climbed to 37.5 billion yen ($309 million) in the nine months ended Dec. 31, the company reported Jan. 29 on a preliminary basis.