Shiseido's Full-Year Profit Plunges 73%

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Reuters

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Entertainment

Japan's Shiseido says annual profit plunges 73% amid sluggish sales in China

Summary

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79% Informative

Shiseido said its full-year profit slumped 73% partly due to a drop in consumer spending in key overseas market China .

The company said its China sales were down 4.6% year-on-year on a like-for-like basis, excluding the impact of foreign exchange and business transfers.

China 's once surging economy has been hobbled by a property crisis, mounting local government debt.

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