Shiseido Co Ltd (TSE:4911)

円 2786.5 -10.5 (-0.38%) Market Cap: 1.11 Til Enterprise Value: 1.35 Til PE Ratio: 559.54 PB Ratio: 1.86 GF Score: 57/100

Q3 2020 Shiseido Co Ltd Earnings Call Transcript

Nov 10, 2020 / NTS GMT

Release Date Price: 円7375 (+4.74%)

Transcript

Michael Coombs

Shiseido Company, Limited - Corporate Officer & CFO

(technical difficulty) Present our financial results for the third quarter of fiscal 2020 as well as our full year outlook. Please see Page 3 of the deck.

Despite a challenging business environment due to COVID-19, our results in July to September recovered significantly from the second quarter, which we consider to be the worst-impacted quarter.

I'd like to focus on 5 key points today. First, momentum improved from the second quarter in all of our regions except Japan. Second, the share of skin care in our sales increased by 1.6 percentage points year-on-year, excluding inbound sales in Japan. Thirdly, e-commerce continued strong growth at over 30%, with our global e-commerce ratio reaching 20%. Fourth, we implemented relentless group-wide cost management, which allowed us to recover operating profit following the loss in the second quarter. Specifically, 55% of the gross profit decline in the third quarter was offset by cost reductions. Finally, we made solid progress with our global transformation initiatives.

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