Deals
Shiseido Cuts Forecasts as M&A Costs, Stronger Yen Curb Profit
- Sales outlook reduced to less than average analyst estimate
- Rising yen pares outlook for profit from overseas businesses
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Shiseido Co. lowered its full-year net income forecast 13 percent, missing analysts estimates, as a stronger yen and the costs of its recent acquisitions dragged on profit.
Net income will probably be 30 billion yen this year, compared with a previous target of 34.5 billion yen, the company said Tuesday in a statement. That’s also lower than the 36.2 billion yen average of analyst estimates.