Q2 2020 Shiseido Co Ltd Earnings Call Transcript
Good afternoon. I'd like to present our financial results for the second quarter and the first half of fiscal 2020 as well as our full year outlook.
Please see Page 3 of the deck. In the second quarter, sales and profits dropped significantly due to the severe impact of COVID-19. Our net sales fell 32.6% to JPY 190.9 billion like-for-like on an FX-neutral basis.
Prestige sales in Mainland China returned to above pre-COVID growth levels. Most other regions have also been picking up after hitting the bottom in April to May but are still struggling to fully recover to pre-pandemic levels. Meanwhile, e-commerce sales grew 40% year-on-year, partly offsetting a significant decline in off-line globally.
Operating losses amounted to JPY 9.9 billion, mainly stemming from the rapid deterioration in Japan and the Americas profitability, despite the fact that 42% of the gross profit decline was recovered through cost control measures. Extraordinary losses amounted to JPY 15.6 billion, mainly due to COVID-19-related
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