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Reuters reported that Shiseido, citing “further” declines in consumer confidence in the domestic market, has lowered its consolidated full-year outlook for revenue from ¥700 billion to ¥690 million, operating profit from ¥57 billion to ¥48 million, ordinary profit from JPY 58,000 million to JPY 49,000 million, net profit from ¥30 billion to ¥21 billion for the fiscal year ended March 31, 2009.
“A major adjustment has been made to the forecast of net income due to an increase in extraordinary losses as the company registered an impairment loss in respect of its overseas subsidiaries,” Shiseido explained in a statement.
Shiseido previously lowered its performance forecasts for the full year in January after posting results for the nine months ending December 31, 2008. The company is expected to release definitive full-year results in early May 2009.